Shin Young-ja, the chairwoman of Lotte Foundation and daughter of Lotte Group founder Shin Kyuk-ho, appeared at the Seoul Central Prosecutors’ Office on Friday morning as the bribery investigation involving the chairwoman deepens in South Korea.Shin Young-ja is the elder sister of Lotte chairman Shin Dong-bin and SDJ Corp. chief Shin Dong-joo, who have been fighting over control of the group.Lotte Foundation chairwoman Shin Young-ja appears at the Seoul Central Prosecutors’ Office on Friday morn

Shin Young-ja, the chairwoman of Lotte Foundation and the eldest daughter of Lotte Group founder Shin Kyuk-ho, appeared at the Seoul Central Prosecutors’ Office on Friday morning as a bribery investigation involving the chairwoman continued to deepen in South Korea.Shin Young-ja is the eldest sister of Lotte chairman Shin Dong-bin and SDJ Corporation chief Shin Dong-joo, who continue to wrestle for control over the group.She is the first person from Lotte’s founding family to be summoned by the

Hard-pressed by Samsung Electronics and Apple in the high-end smartphone segment, second-tier smartphone makers LG Electronics and Pantech are vying for leadership in the lower-priced smartphone market in South Korea.Pantech, once Korea’s third-largest mobile phone manufacturer after Samsung and LG, unveiled its new mid-tier smartphone Sky IM-100 on Thursday in Seoul, returning to the local smartphone market after a two-year hiatus.LG Electronics' X Cam (LGE)The Sky IM-100, pronounced as “Sky I

Brexit could become a headache for export-driven South Korean biopharmaceutical companies as they may be required to go through separate processes to obtain sales approvals and handle litigation issues both in Britain and Europe, regarded as their biggest overseas market destinations.　According to local reports, industry watchers have suggested that Britain’s departure from the European Union could mean an exit from the European Medicines Agency, the European version of the U.S. Food and Drug Ad

SARASOTA, Florida -- At a glance, the Mall at University Town Center, the largest shopping mall in Sarasota, Florida, embodies the typical features of a traditional U.S. shopping mall. Stepping inside, shoppers are greeted with a spacious layout, with rows of shops. The Mall at University Town Center in Sarasota, Florida (Shinsegae Group)Taking a closer look, however, reveals several unique design elements. A 20-meter ceiling and a continuum of glass sunroofs naturally light up the building, cre

SARASOTA, Florida -- At a glance, the Mall at University Town Center, the largest shopping mall in Sarasota, Florida, embodies the typical features of a traditional U.S. shopping mall. Spacious and horizontally spread out, with rows of shops, the mall offers immediate relief and creates anticipation to all who step inside. The Mall at University Town Center in Sarasota, Florida (Shinsegae Group)Taking a closer look inside, however, reveals several unique design elements. A 20-meter ceiling and a

Celltrion said Tuesday that it is on track to introduce the world’s first therapeutic antibody for the treatment of universal influenza, as the new drug will begin the second part of its phase II clinical trials by the end of this year.　The South Korean biopharma company, best known for its biosimilar drugs that reference blockbuster biologic drugs like Remicade, is currently preparing its new influenza drug CT-P27 for phase II 2b trials.Celltrion said it has yet to determine where the next-step

The year 2016 had been set to become a major turning point for Lotte chairman Shin Dong-bin to build up a “Global Lotte.”From the much-anticipated initial public offering of its hotel unit to a flurry of new mergers and acquisitions to be set in motion, the country’s fifth-largest conglomerate had been on track to fulfill its ambition to expand its business empire beyond its domestic boundaries.Yet, all came tumbling down on June 10. Seoul prosecutors kicked off a record-scale probe into the cou

Philips opens makeshift shop at Hyundai Department StorePhilips Korea is running a makeshift shop at Hyundai Department Store at Coex in southern Seoul until June 23, offering its home beauty devices including those for cleansing and hair removal. Visitors to the temporary shop can see and try out the brand’s flagship products including its facial massagers, automatic facial cleansing devices and laser hair-removal devices.The brand is offering discounts and promotions as well as free gifts for

Lotte Group said Friday that it has hired South Korea’s mega law firms to represent and defend its position as Seoul prosecutors widen their probe into the country’s fifth-largest conglomerate over alleged embezzlement and slush fund creation.　Korea’s top law firms including Kim & Chang, Bae, Kim & Lee (Taepyeongyang), Lee & Ko (Gwangjang) and Shin & Kim (Sejong) are set to represent Lotte Group’s headquarters and its major affiliates which are currently under heavy investigation, according to l

[THE INVESTOR] South Korea’s leading plasma-derived drugmaker Green Cross said Friday that it has secured a record-scale export deal to supply its flagship immunodeficiency drug IVIG-SN to Brazil. The Korean drugmaker is slated to supply $25.7 million worth of IVIG-SN — human normal immunoblobulin G for intravenous administration — to Brazil starting from July until March of next year, the company said. IVIG-SN Green CrossIt marks the largest single order of IVIG-SN secured by the company since

South Korea’s leading plasma-derived drugmaker Green Cross said Friday that it has secured a record-scale export deal to supply its flagship immunodeficiency drug IVIG-SN to Brazil.The Korean drugmaker is slated to supply $25.7 million worth of IVIG-SN — human normal immunoblobulin G for intravenous administration — to Brazil starting from July until March of next year, the company said.  IVIG-SN (Green Cross)It marks the largest single order of IVIG-SN secured by the company since it began expo

South Korea’s leading snack maker Lotte Confectionery on Thursday said it will start operations in Africa from next week, becoming the first homegrown food company to enter the 12 trillion won ($10.2 billion) African market. Lotte Confectionery has set up its first office in Nairobi, Kenya and will officially begin operations starting from next Monday. The new office was established by Lotte India Corp., the company said.“Lotte Confectionery’s newly formed Kenya office marks a milestone in setti

Organica Day, the juice-making arm of Herald Corp., said Wednesday that it had acquired around 8,600 square meters of new land for the expansion of its juice production plant in Anseong, Gyeonggi Province.　“We decided on the major purchase to expand our facilities and respond to fast-growing demand for our Just Juice Cleanse products,” Organica Day CEO Lee Young-jin said in a statement.New land purchased by Organica Day in Anseong, Gyeonggi Province (Organica)The newly-acquired land lies adjacen

Seoul prosecutors executed a second round of raids on several key affiliates of South Korean retail giant Lotte Group on Tuesday in a widening probe into the country’s fifth-largest conglomerate over alleged embezzlement and slush fund creation.The Seoul Central District Prosecutor’s Office said it raided 15 offices, including Lotte Chemical, Lotte Confectionery, Lotte Chilsung Beverage and Lotte Engineering & Construction, an unlisted company. Lotte Group’s headquarters in central Seoul (The Ko

Hotel Lotte on Monday officially canceled its initial public offering scheduled for next month, as a large-scale embezzlement probe into the group and its affiliates deepened with emerging reports of confirmed wrongdoings.“We are pushing back our IPO to a later time and cancelling all remaining procedures in consideration of Lotte’s current circumstances and investor interests,” Hotel Lotte said in an emailed statement.Hotel Lotte in Seoul (Yonhap)“Listing the company is an integral part of refo

[THE INVESTOR] South Korean retail giant Lotte Group is facing its worst management crisis to date as the prosecution expands its probe on the group and its seven affiliates over allegations of embezzlement and the creation of a multibillion won slush fund.More than 200 investigators from the Seoul Central Prosecutor’s office raided 17 Lotte offices Friday morning, including the group headquarters in central Seoul and the residence of Lotte Group chairman Shin Dong-bin and key executives.Lee San

[THE INVESTOR] Hanmi Science, the holding company of South Korea’s Hanmi Pharmaceutical, said Thursday that it has acquired local medication management automation company JVM Co. under a stock swap agreement.　Hanmi Science acquired a 30 percent stake in JVM by purchasing 1.89 million JVM shares for 129 billion won ($112 million) -- 20 percent of which was paid in cash and the remaining 80 percent through Hanmi Science shares.Hanmi Science (Yonhap)“Through the merger, we expect great synergies be

Organica Day, the organic juice and food development unit of Herald Corp., said Thursday that it has released the “Cajun Chicken Whole Wheat Bistro Box,” a tortilla wrap made with chicken and fresh vegetables, at some 800 Starbucks Coffee stores in South Korea.The new locally launched product is based on Starbucks’ signature “Bistro Boxes” that have been garnering high popularity in the U.S. It was codeveloped by Organica and Starbucks for local introduction.“With the launch of the ‘Bistro Box,’

Shake Shack Burger to open in GangnamShake Shack Burger, a famous roadside burger joint from New York City, will be opening its first store in South Korea in Gangnam, southern Seoul, its local operator SPC Group said Tuesday.The new store, which is now under construction, is on the main road that connects Gangnam Station with Shinnonhyeon Station. It is about 150 meters from exit 5 of Shinnonhyeon Station.The burger joint is scheduled to open “within summer,” presumably before August, according