Lotte Group said Sunday that it has sealed a deal to buy the New York Palace Hotel in Manhattan for $805 million from U.S. real estate management firm Northwood Investors.Hotel Lotte, one of the group’s core business units, plans to set up a new company in the United States to operate the hotel and complete the takeover by August. The deal, signed on Friday, marks the first time for Lotte to run a hotel in the heart of New York City.The New York Palace Hotel is a luxury hotel located in Midtown

Industry May 31, 2015

In South Korea ― one of the strongest IT powerhouses in the world ― information and communication technology is increasingly taking on a bigger role in drawing the local energy and resource sectors closer to users.The Korean government is actively cooperating with tech firms to make electricity monitoring and payments more convenient while also working to build new ICT-based infrastructure to provide households with real-time information regarding water use.The state-run Korea Electric Power Cor

Industry May 29, 2015

The CEO of SK Innovation, South Korea’s top oil refiner, on Thursday vowed to overcome difficulties facing the oil industry by overhauling its business structure. “Through reforming our business structure and profit routes, SK Innovation will turn the current industry crisis into an opportunity for growth. We will not waste a good crisis,” said company CEO Chung Chul-khil at a press conference in Seoul.Korean refiners ― which rely mainly on exports of its oil products for profit ― have been faci

Industry May 28, 2015

Jejudo Island and LG Group have joined hands to make the province carbon-free by the year 2030. The two signed a memorandum of understanding on Tuesday to initiate the “Global Eco Platform Jeju” project ― a 6 trillion won ($5.4 billion) investment project that aims to ensure that the island is powered solely by renewable energy by the 2030 deadline.The project’s agenda includes expanding the island’s wind turbines to reach a capacity of 2.35GW before 2030 ― up by more than 15 times from their cu

Industry May 27, 2015

Behind every successful global firm is the fusion of excellent design and well-fitting marketing strategies, according to the CEO of Han Sung Motor ― the largest Mercedes-Benz dealer in South Korea.“What almost all successful global companies have (in common) is that they have great design and great marketing,” said Ulf Ausprung during a lecture delivered Thursday to students studying marketing communication at Yonsei University.“The key message is that design creates great products, and with go

Mobility May 22, 2015

A high court will issue its verdict on Cho Hyun-ah, former executive vice president of Korean Air at the center of the so-called “nut rage” incident, on Friday.Cho received a one-year jail term in February for disrupting a flight and breaking aviation safety laws over her dissatisfaction with the cabin service. Shortly after, the attorney for the former Korean Air executive appealed the case to reduce her initial sentence, pleading that she was “deeply regretful about her actions.”Former Korean

Industry May 21, 2015

The chief technology officer of U.S. electric car manufacturer Tesla Motors forecast significant strides in the development of lithium-ion batteries over the next five to 10 years, as he eyed increased demand for electric batteries tailored for cars.“When we look forward to 2020, we think we will have around 1 million electric cars in total on the road that will amass about 70 gigawatt hours of total energy storage,” said JB Straubel, the CTO and cofounder of Tesla, during the 2015 Seoul Digital

Industry May 20, 2015

BEIJING -- For U.S.-based global direct sales giant Amway, East Asia stands as a critical region housing the company’s top three markets -- China, South Korea and Japan.Though the popular perception is that China, backed by a massive consumer base, is Amway’s most important market, Korea in fact stands as the company’s top-valued market, according to Amway executive Sam Rehnborg, president of the Nutrilite Health Institute.Nutrilite Health Institute president Sam Rehnborg (Amway Korea)“Our No. 1

Industry May 19, 2015

More than 100 tech-savvy Korean venture firms gathered last week at the Seoul-based start-up conference beGLOBAL SEOUL 2015, as an outlet for fostering new business, market expansion and sharing industry insights.Beijing-based startup accelerator TriBeluga, in its move to attract prospective Korean start-ups to China, joined hands with Chinese government officials for the introduction of Zhongguancun ― a tech district in Beijing, which the government hopes to foster as the Asian version of the C

Industry May 17, 2015

More than 1,000 vehicles, produced by Italian automaker Fiat Chrysler Automobiles and French manufacturer Peugeot Citroen Automobiles, are being recalled in South Korea due to defects, the Ministry of Land, Infrastructure and Transport said Friday.Fiat Chrysler is recalling more than 231 Jeep Grand Cherokee SUVs, produced between March 27, 2013 and Jan. 13, 2014, over a flaw in the air bag control system, which could prevent the safety device from normally deploying in a crash.Hanbul Motors, the

Mobility May 15, 2015