Former Lotte Holdings vice chairman Shin Dong-joo on Thursday sued his younger brother and Lotte Group chairman Shin Dong-bin to take claim of what he “was destined to have” -- control of the retail giant.　In an impromptu press conference, the eldest son of Lotte founder and honorary chairman Shin Kyuk-ho claimed that his expulsion from managerial roles of Lotte affiliates in both Korea and Japan was made through illegitimate processes, and that he would seek reinstatement as well as compensati

Korean delivery industry goes wide and deepKorea’s delivery industry is thriving. 　From clothes and books to groceries and even breast milk, nearly everything can be delivered, and the time has reduced to nearly a blink of an eye.The most iconic item in the delivery market is food. Whether you are on Haeundae Beach in Busan or at the Hangang Park in Seoul, you can order nearly any kind of grub with a phone call or, these days, via a smartphone application. According to the Ministry of Food and D

A generation gap is likely to have fueled the current family conflict at Lotte Group. According to industry insiders, while founder Shin Kyuk-ho has a very conservative business approach, his younger son Shin Dong-bin has a more aggressive and progressive management style.Given their different approaches, the final winner of the conflict and its outcome may eventually shape the future of Lotte as a corporation.The elder Shin, who set up Lotte Group in Japan, has largely adhered to the “conservat

Every company has a brand, and those identities are not made in haste as they are expected to be mentioned by the public for decades to come.Most of the brands have a story behind their names, be it a reflection of their business, a desire to succeed, or an inspiration from myth and literature.Denmark’s Lego is derived from “leg godt,” meaning “play well” in Danish. True to its name, Lego is currently one of the most successful toy companies in the world. According to Brand Finance, the Lego bra

At a time of low economic growth, dividends are rising as a means to promote a smooth economic circulation among the public.As Korean corporations generate more profit every year, foreign investors often mention that they receive too low returns, while ordinary Korean citizens criticize the superrich for receiving too high.But this year, the Korean government implemented a policy to expand dividends, increasing corporations’ dividend overall.Samsung GroupThe new policy has done well for Samsung

Lotte Hotel Moscow awarded ‘Best City Hotel in Russia’ Lotte Hotel Moscow has been awarded for “Best City Hotel in Russia” for three consecutive years by the luxury travel magazine Conde Nast Traveler. Opened in 2011, the hotel is the first overseas chain of the Korean hotel group Lotte Hotel. Located near the Red Square, Kremlin Palace and Bolshoi Theater, it has emerged as a luxury spot in Moscow. “We have committed to providing service of the highest standards to our guests. This award is exc

South Korean stocks ended higher Monday as China's weekend interest rate cut enhanced investor sentiment and Samsung Electronics reclaimed the spotlight with its latest Galaxy smartphones, analysts said. The South Korean won lost against the U.S. dollar.The benchmark Korea Composite Stock Price Index increased 11.01 points, or 0.55 percent, to close at 1,996.81.Trading volume was moderate at 355.3 million shares worth 5.43 trillion won ($4.94 billion), with gainers beating decliners 423 to 400.A

Canada’s trade minister led a mission to Korea last week to link businesses after a bilateral free trade agreement went into force this year. “The Canada-Korea Free Trade Agreement will open the Asia-Pacific market to Canadian businesses and the North American market to Korean businesses,” International Trade Minister Ed Fast told The Korea Herald in an interview. “As we move toward complete tariff elimination, our companies will gain international competitiveness through barrier-free, preferent

The Distribution Industry Development Act of 2012 is indeed unique in many respects. It is designed to restrict the business activities of large retailers such as E-Mart, Homeplus, Lotte Mart and Costco, so that small shops can survive and remain in the neighborhood. Who can criticize such a noble cause? the act bans opening of super supermarkets, or SSMs, of these large retailers within a 1-kilometer radius of traditional markets. It also offers a legal basis to impose a mandatory closedown of

Lotte Group apologized Wednesday for the recent death of a construction worker at its newly-opened high-rise shopping complex, which led to the operational suspension of part of the facilities.  "We bow in apology for causing (safety) worries to citizens due to the series of recent accidents including the construction worker's death near the concert hall," Lee Won-woo, CEO of Lotte Corporation, said at a news conference.    (Yonhap)The apology came a day after the 58-year-old worker was found de

Officials from the public and private sector in South Korea and a delegation from Myanmar will discuss the investment potential of the Southeast Asian nation in Seoul on Tuesday.They are to meet organizers from the ASEAN-Korea Center and the Korea Chamber of Commerce and Industry at the 2014 Investment and Business Environment Seminar on Myanmar.Myanmar began to open to international investment only after sanctions were lifted with the start of democratic reforms in 2010. U.S. Secretary of State

Lotte Department Store is considering entering the Chinese online shopping market by joining up with Chinese e-commerce heavyweight Alibaba. Such cooperation is expected to draw Chinese consumers in need of direct shopping from Korean companies, while at the same time enhancing Lotte’s brand name, which is referred to as “Letian” in China. Alibaba Group powers four-fifth of Chinese online consumer shopping and the company has posted $3.06 billion (3 trillion won) in the fourth quarter of 2013. “

The South Korean government’s certification system for family-friendly companies is encouraging the spread of a more balanced work-life culture.Over the past six years, the Ministry of Gender Equality and Family has issued “best family-friendly management” certifications to companies that provide a welfare system encouraging employees to put their family first. The certification aims to accelerate the creation of a family-friendly environment to address social changes that have taken place over

Hanwha Galleria, the department store unit of Hanwha Group, will manage the Jeju International Airport duty-free store from April 20, Korea Airports Corporation said Thursday.This marks the first duty-free store to be operated by the country’s 10th-largest family-run conglomerate. The store was previously run by Lotte. Hanwha has reportedly offered to pay an annual rent of 24.1 billion won ($22.7 million) to run the 409-square-meter store, located on the third floor of the airport’s internationa

Samsung C&T Corporation, the constructor of domestic “Raemian” brand apartments, topped this year’s National Customer Satisfaction Index, the Korea Productivity Center said. Top hotels and general hospitals also have managed to satisfy their users despite the sluggish economy, but the agency said it was not yet time to be complacent, stressing that businesses will have to find a unique approach to seek out more customers in the future. The NCSI is an economic indicator that measures consumer sat