Lotte Shopping to sell assets to shore up profit, focus now on online biz

Lotte Shopping Co., the operator of South Korea's biggest department store and second-biggest discount store chain, said Thursday it will sell 30 percent of its 700 outlets as it strives to improve profitability and meet customer demands. Lotte Shopping plans to sell off 200 of its 700 brick-and-mortar stores, including department stores, discount stores and supermarkets, across the country to shore up its falling profit and strengthen the e-commerce business, the company said in a statement.

IndustryFeb. 13, 2020

Seoul office buildings enjoy W11.5tr cash flow in 2019: Savills Korea

The office building transaction volume in major districts of Seoul came to 11.5 trillion won ($9.7 billion) for 2019, showing favorable cash flow in the city’s commercial real estate market, data showed Thursday. The figure comes amid an improved vacancy rate in prime office properties in the central, Gangnam and Yeouido business districts here, coupled with a low interest rate environment. According to real estate service firm Savills Korea’s research on Seoul prime office propert

MarketFeb. 13, 2020

Moon rallies corporate leaders’ support to curb economic impact of coronavirus

President Moon Jae-in on Thursday urged the country’s corporate community to go ahead with investments as planned, calling on business leaders to work with the government to minimize the economic impact of the coronavirus outbreak. Speaking at a meeting with leaders of the country’s largest conglomerates and business associations at the Korea Chamber of Commerce and Industry, Moon said the outbreak was holding back Korea’s economic recovery but the situation would end soon -

PoliticsFeb. 13, 2020

FM Kang heads to Munich for security forum

Foreign Minister Kang Kyung-wha left for Germany on Thursday to attend the Munich Security Forum. 　 During the annual three-day security conference from Friday through Sunday, Kang is set to speak about South Korean diplomacy to strengthen multilateralism, as a panel member at the conference’s main session. 　 While in Munich, the minister could hold bilateral or trilateral meetings with US Secretary of State Mike Pompeo and Japanese Foreign Minister Toshimitsu Motegi, who are also attend

Foreign AffairsFeb. 13, 2020

The Galleries Art Fair to go ahead, despite virus fears

The Galleries Art Fair, the oldest art fair in South Korea, will go ahead next week in Seoul’s Gangnam area despite worries over the spread of COVID-19. “We had thorough discussions and have agonized about whether to host the art fair amid a serial cancellation of cultural events including Art Basel Hong Kong, due to the novel coronavirus,” said Choi Woong-chull, the president of the association. “However, most of the galleries wanted to host the art fair as scheduled.

Arts & DesignFeb. 13, 2020

Mirae Asset Capital to buy W40b worth of brokerage unit’s stocks

South Korea’s Mirae Asset Capital, the parent company and largest shareholder of Mirae Asset Daewoo, agreed to buy its brokerage unit’s stocks for 40 billion won ($33.8 million), officials said Thursday. According to DART -- the Financial Supervisory Service’s electronic disclosure board -- Mirae Asset Capital decided to purchase some 570 common shares of Mirae Asset Daewoo during the local stock trading sessions. The financial consulting and corporate financing company will

MarketFeb. 13, 2020

Lotteria rolls out first veggie burger from burger chain in South Korea

Lotteria, retail giant Lotte’s fast-food chain, rolled out its “Miracle Burger,” the first veggie burger from a burger chain in South Korea, Thursday. According to the burger chain, the new burger, introduced under the slogan “Not beef, but veef,” features a plant-based patty with a meat-like texture that comes from a combination of proteins from wheat and beans. The company said it used soybeans instead of eggs for the taste of the Korean-style barbecue rib sa

ConsumerFeb. 13, 2020

KNF sets up booth at Singapore Airshow 2020

Aluminum supplier Korea Non-Ferrous Metals said Thursday it is participating in the Singapore Airshow 2020 to promote its high-tech metal processing and service of materials. The show held through Sunday at Changi Exhibition Centre is considered the biggest airshow in Asia, providing a venue for aerospace companies to expand their networks and market entries. “The Singapore Airshow is a good way to promote KNF to global markets. The KNF team will continue to plan our future together un

TechnologyFeb. 13, 2020

SK E&C inks $750m deal, set to begin beltway construction in Kazakhstan

SK Engineering and Construction said Thursday it has inked a financial agreement with Kazakhstan and will start the construction of a beltway in the country, marking the first public-private partnership infrastructure project there. According to the company, it signed the agreement to furnish the construction fund for Almaty Ring Road with a group of creditors consisting of multilateral development banks, including the European Bank for Reconstruction and Development, in Kazakhstan’s ca

IndustryFeb. 13, 2020

[Weekender] At home, safe from the virus

Since the first case of COVID-19 was confirmed last month, many South Koreans have put their social lives on hold, choosing to stay home most of the time. When they have to step outside, many cover their faces with masks, guarding against the possibility of contracting the potentially deadly coronavirus from strangers. Masks and hand sanitizers are everywhere, from subway trains to wedding halls. Movie theaters are empty, graduation ceremonies are canceled and more meals are being delivered

Social AffairsFeb. 13, 2020

US unit arrives in S. Korea for rotational deployment

Soldiers and equipment of a US armored brigade combat team have started to arrive in South Korea for a rotational deployment aimed at supporting the 2nd Infantry Division, the Eighth Army said Thursday.   Tracked vehicles and other equipment began arriving at the southwestern port of Gwangyang this week in line with the arrival of the 2nd Armored Brigade Combat Team of the 1st Infantry Division at Fort Riley, Kansas, according to the Eighth Army.   The arriving brigade is

DefenseFeb. 13, 2020

Hanwha Q Cells rolls out solar power solutions for Bundesliga club

Korean solar panel maker Hanwha Q Cells has provided a solar power system to one of the top-tier football league Bundesliga clubs in Germany. The company said Thursday that it has installed solar power solutions with a maximum output capacity of 102.3 kilowatt-peak for RB Leipzig’s Red Bull Arena stadium and the club’s training center Red Bull Academy. The company’s Q.Peak Duo solar modules and Q.Flat roof mounting system were used. For the stadium, a solar power solutio

IndustryFeb. 13, 2020

With MWC 2020 canceled, Korean firms put plans on hold

The Barcelona-based Mobile World Congress has withstood a bevy of bad news in its 33-year history, including the global financial crisis of 2007-2008 and the severe acute respiratory syndrome epidemic of 2002-2003, but it has now failed to survive the most recent viral outbreak from China. MWC 2020 has been completely off called, according to the announcement on Thursday made by the GSMA, the organizer of the world’s largest wireless show. It is the first time for the annual show to be c

IndustryFeb. 13, 2020

FSS to request probe on Woori’s alleged information-theft case

The nation’s financial watchdog plans to refer Woori Bank’s alleged information-theft case to the prosecution for investigation, according to internal documents acquired by a lawmaker Thursday. The bank’s employees allegedly changed passwords of around 40,000 customers without permission to improve its balance sheet. According to Financial Supervisory Service documents acquired by a lawmaker, the watchdog plans to send the case to “investigative authorities later on.&r

MarketFeb. 13, 2020

Korean Air to expand in-flight entertainment with more Korean contents

The country’s national flag carrier Korean Air said Thursday it will update its audio-video on demand inventory to meet the growing preference of passengers for Korean Wave contents. The airliner said Thursday it will add a new batch of K-dramas and entertainment contents to its library in response to the global Hallyu fever. The number of miniseries contents -- currently about 80 -- will be expanded to around 260. The AVOD update will commence in September and be completed by the en

IndustryFeb. 13, 2020

Genesis replaces Lexus as most reliable auto brand in US

Hyundai Motor’s premium brand Genesis ranked No. 1 in overall vehicle dependability among all brands in the US, industry data showed Thursday. According to the “Vehicle Dependability Study” announced by annual ranking researcher J.D. Power, Genesis ranked the highest with the score of 89 problems per 100 vehicles in its first year of eligibility. The study measured the number of problems per 100 vehicles (PP100) experienced during the past 12 months by original owners of

MobilityFeb. 13, 2020

‘Parasite’ to return to big screen in black and white

The black-and-white version of Oscar-winning social satire “Parasite” will be screened in local cinemas starting Feb. 26, distributor CJ Entertainment said Thursday. “The black-and-white edition of ‘Parasite,’ which results from director Bong Joon-ho and cinematographer Hong Kyung-pyo adjusting the contrasts and tones shot by shot, will present a different impression of the film,” the company said. Bong and Hong previously worked together to produce a spec

FilmFeb. 13, 2020

Main opposition party to merge with 2 minor parties ahead of April elections

The main opposition Liberty Korea Party (LKP) approved a plan to merge with two minor parties on Thursday in a bid to integrate conservatives ahead of the April parliamentary elections. The LKP gave the green light to a proposal to merge with the New Conservative Party and Onward for Future 4.0. A committee preparing for the merger is eyeing the launch of a new party on Sunday. "We push to merge with all parties, politicians and civic groups that uphold the Constitution and the principle

PoliticsFeb. 13, 2020

S. Korea steps up efforts to stabilize supply of face masks

SEJONG -- South Korea said Thursday it will step up efforts to stabilize supplies of face masks, as demand has soared over the spread of the novel coronavirus. Vice Finance Minister Kim Yong-beom told a meeting with relevant officials that the government will also take stern measures against those who hoard face masks or illegally ship them overseas. Currently, South Korean firms have enough materials to make about 10 million masks per day, Kim said. Earlier this month, the government app

EconomyFeb. 13, 2020

Barings Korea names CIO as co-head

Barings Asset Management Korea has named its Chief Investment Officer John Park as its joint head in a revamp to pursue efficiencies in management. Park will serve as one of BAMK’s two representative directors along with the incumbent CEO Ike Bae, as the firm adopts a multiple representative director system. The board approved the plan Wednesday. Park will lead investment management and support client relationships, while Bae will continue to lead the overall corporate management, inclu

MarketFeb. 13, 2020