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Lotteria's online server shuts down due to heavy internet traffic

A passenger walks by Lotteria restaurant in Seoul in this 2018 file photo. YonhapBy Kim Jae-heunLotte Group's fast food restaurant chain Lotteria suffered an internet server shutdown from 7 p.m. to midnight, April 19, preventing customers nationwide from ordering food online.Customers couldn't place orders through food delivery services Baedal Minjok, Yogiyo or Coupang Eats for five hours during the shutdown.Lotte GRS, the network operator of Lotteria, said it would provide compensation but that this would take some time. “We are currently seeking to arrange compensation according to damages suffered by different parties. This may differ between individuals according to which food delivery service they used,” a Lotte GRS official said.The company said that a sudden rise in online orders caused heavy traffic that overloaded the internet server. Other fast food franchisers are also struggling to cope with the increasing number of online orders. Lotte recently invested 10 billion in strengthening its computer network after food delivery services begin to thrive due to the ou

Apr 23, 2021By Kim Jae-heun
Lotteria's online server shuts down due to heavy internet traffic
Companies

Lotte close to decision on purchasing eBay

Lotte Group Chairman Shin Dong-bin talks to his executives during a company meeting at his office in Seoul on Jan. 14. Courtesy of Lotte Group By Kim Jae-heunLotte Group is expected to decide soon whether to take over eBay Korea to beef up its sluggish e-commerce operations. Expectations are rising, with Chairman Shin Dong-bin returning to work after a quarantine period in Seoul, following his trip to Japan two weeks ago. There are only two months left until the online retail platform selects its preferred bidders. The bid price offered by Lotte is expected to show just how much Shin wants eBay Korea, according to industry watchers.“Chairman Shin has been receiving business reports starting this week, and he is discussing various items on the agenda, including the acquisition of eBay Korea. We have different opinions on the case internally, and we will have to see what the outcome turns out to be,” a Lotte Group official said.The consensus view within Lotte Group is

Apr 23, 2021By Kim Jae-heun
Lotte close to decision on purchasing eBay
Companies

LS invites ASEAN bloc's top envoys for business cooperation

LS Group Chairman Koo Ja-yeol, center, poses with 10 ambassadors to Korea from the ASEAN Committee in Seoul at LS Yongsan Tower in Seoul, Thursday. Courtesy of LS GroupBy Kim Jae-heunLS Group invited members of the ASEAN Committee in Seoul to LS Yongsan Tower, Thursday, for a briefing about its global business and to discuss ways to cooperate with ASEAN countries for new business opportunities.The committee is made up of ambassadors to Korea from the 10 Southeast Asian countries ― Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. LS Group Chairman Koo Ja-yeol, LS Electric CEO Koo Ja-kyun and LS Mtron Chairman Koo Ja-eun participated in the event along with two more executives. All 10 ASEAN ambassadors joined the event. “ASEAN is a very important market for Korean companies including LS and that importance will continue to mount as their membership countries have endless potential for growth,” LS Group Chairman Koo said during his welcoming speech. “Just as LS has contributed to the development of infrastructure i

Apr 22, 2021By Kim Jae-heun
LS invites ASEAN bloc's top envoys for business cooperation
Companies

AmorePacific leads eco-friendly drive in local cosmetics market

From left, a person holds an AmorePacific's product created with recycled materials and a customer recycles empty bottles at an Innisfree store. Courtesy of AmorePacificBy Kim Jae-heunAmorePacific has collected 2,200 tons of empty cosmetics bottles at its stores as part of an eco-friendly campaign that started in 2003. A total of 14 million people have participated in the event as of last year.The cosmetics firm started a new corporate social responsibility (CSR) project called “GREENCYCLE” to recycle cosmetics containers or use them to create works of art.AmorePacific became the first cosmetics company to use what is called the “terrazzo technique” by mixing crushed make-up containers and cement to make benches. The very first piece was installed last August at the Chollipo Arboretum Foundation in Taean, South Chungcheong Province, and AmorePacific donated eight more to Jongno-gu Office in Seoul, together with Sampyo Group, in December. The cosmetics firm said it will continue to donate benches to various organization for three more years.Last October, AmoreP

Apr 21, 2021By Kim Jae-heun
AmorePacific leads eco-friendly drive in local cosmetics market
Companies

Yanolja reviews acquiring DH's food delivery service

Scooters of Yogiyo are parked in front of Delivery Hero's local branch in Seoul in this 2020 file photo. YonhapBy Kim Jae-heunThe country's top travel and lodging service platform operator Yanolja is reviewing whether to bid for Delivery Hero's food delivery company Yogiyo. DH's leading underwriter for the sale of Yogiyo is Morgan Stanley and it has sent an investment memorandum to potential buyers including Lotte, Shinsegae and GS Group as well as Yanolja.The company has to consider if it can create synergy between the country's No. 2 food delivery service and its travel platform. Yanolja currently has over 15 million members, and management believes acquiring Yogiyo can help it to become a comprehensive platform in the fields of travel, dining and accommodation. Bookings for hotels and restaurants account for 60 percent of the global travel market currently; and as quality of travel has become important, demand to dine at fine restaurants and stay at deluxe hotels has soared. The variety of platforms for recommending good restaurants and making bookings is large. Yanolja is set to

Apr 21, 2021By Kim Jae-heun
Yanolja reviews acquiring DH's food delivery service
Companies

Market Kurly seeks W300 bil. in investments before IPO

Market Kurly's corporate image / Courtesy of KurlyOnline grocer's future looks tough in competition against Shinsegae, Lotte ShoppingBy Kim Jae-heunFresh food delivery platform Market Kurly is seeking 300 billion won ($269.8 million) in investments prior to its listing that could happen this year.The move is a part of the firm's broader strategy to bump up its monetary value on the over-the-counter market to 3 trillion won before an initial public offering (IPO).The firm separately raised 200 billion in a previous round of funding in May 2020. At that time, Market Kurly was valued at an estimated 900 billion won.The company has sought to expand its business across the country, increase sales and improve its enterprise value with the money it attracts.Market Kurly has accordingly pushed to expand overnight delivery services nationwide. The service is currently available only in the greater Seoul area.Starting in May, Market Kurly will introduce the service in the central Chungcheong provinces and expand it to major cities including Gwangju, Daegu and Busan.“We are thoroughly rev

Apr 21, 2021By Kim Jae-heun
Market Kurly seeks W300 bil. in investments before IPO
Companies

KEPCO taps former vice minister of MOTIE as new CEO

Chung Seung-il / Korea Times fileBy Kim Jae-heunFormer Vice Minister of Trade, Industry and Energy Chung Seung-il has been practically nominated as CEO of Korea Electric Power Corporation (KEPCO), the ministry said, Sunday. According to the ministry, the appointment for KEPCO's leader position will be announced officially by next month. The state-run enterprise has been publicly recruiting its CEO since March and Chung has been the only applicant. KEPCO extended the recruiting period to receive additional applicants but no one joined.Chung passed the 33rd Higher Civil Service Examination in 1989 and has served key positions in the ministry including director general for the energy industry and head of the international trade and investment team.The five power corporations of KEPCO held a general meeting of shareholders individually from April 14 to 16 to nominate their own CEOs. Korea Southern Power selected Lee Seung-woo, former chief of Korean Agency for Technology and Standards, as its new CEO.Korea South-East Power appointed former KEPCO Vice President Kim Hoe-cheon as its new le

Apr 19, 2021By Kim Jae-heun
KEPCO taps former vice minister of MOTIE as new CEO
Companies

Colombia Embassy to host event to bolster bilateral ties with Korea

Pamphlet for the Colombia Embassy's event “Colombia ― Korea: Commercial Strategies for the Americas” / Courtesy of Colombia Embassy in KoreaBy Kim Jae-heunThe Embassy of Colombia in Korea, along with the Chamber of Commerce of Bogota, are organizing the hybrid event “Colombia ― Korea: Commercial Strategies for the Americas,” to be held on Wednesday from 8:00 to 10:30 a.m. (KST), at the Presidential Palace in Bogota.The event aims to strengthen bilateral relations between Korea and Colombia and expose the trade, investment and nearshoring challenges and opportunities between these nations. It also seeks to create a space for dialogue between the authorities and private-sector representatives of Colombia, the United States and Korea, and to identify opportunities for business, where Colombia can get involved in international production chains, becoming a business hub for the region and a gateway to the United States.In 2022, Colombia and Korea will commemorate 60 years of diplomatic relations. According to a press release by the embassy, in Korean culture &ldquo

Apr 19, 2021By Kim Jae-heun
Colombia Embassy to host event to bolster bilateral ties with Korea
Companies

Lotte's food business in Vietnam slumps

Lotte Holdings' corporate logo / Korea times fileBy Kim Jae-heunLotte GRS said its food and retail business in Vietnam is facing problems due to a halt in facility construction and delays in the import of equipment due to the COVID-19 pandemic.“It is true that Lotte GRS is leaving the Indonesian market but we are continuing with our franchise and food retail businesses in Vietnam,” a Lotte GRS official said. Lotte GRS has established Lotte F&G Vietnam together with Lotte Foods last year. The retail company's second overseas corporation in Vietnam is an affiliate of Lotte GRS, whose mother company is Lotte Holdings based in Seoul. Lotte GRS's 2020 financial statements showed it did not trade anything with Lotteria Vietnam. Lotte GRS said this was is because the company belongs to Lotte Holdings and its overseas sales cannot be recorded as its own.Lotteria Vietnam's book value reached 26.8 billion won as of early last year and it declined to 15.6 billion after showing 11.2 billion won of valuation loss. Its net loss surpassed 10 billion won in one year. Lotte had a plan

Apr 18, 2021By Kim Jae-heun
Lotte's food business in Vietnam slumps
Companies

Angry investors call for Namyang boycott over pseudoscientific claims

Namyang Dairy Products' Bulgaris drinking yogurt is on display at a supermarket in Seoul, last week. Yonhap By Kim Jae-heunAngry investors are calling on consumers to vote with their wallets by boycotting Namyang Dairy Products, after the company released the pseudoscientific claim that its yogurt drink Bulgaris can help control COVID-19.After Namyang's claim, its share price rose over 8 percent, April 13, and by 28.68 percent the following morning. However, experts including those at the Korea Disease Control and Prevention Agency and the Ministry of Food and Drug Safety questioned Bulgaris' effectiveness against the coronavirus and concluded that the company had exaggerated “research” results. The dairy product firm's stock nosedived by nearly a third over the next four days. Angry investors who bought into the claim and purchased stock in the company are now protesting the move by Namyang.They are employing social media to call for the public to join them in boyc

Apr 18, 2021By Kim Jae-heun
Angry investors call for Namyang boycott over pseudoscientific claims
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