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Monday, January 22, 2018

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The prosecutors’ investigation drove the cash-strapped Lotte Group to turn its direction for fund raising toward commercial paper (CP) instead of issuing corporate bonds.

Money Needed

23 August 2016 - 10:00am
Jung Suk-yee

Lotte Group affiliates are dubbed as big issuers in the corporate bond market. Out of them, five affiliates including Hotel Lotte are assigned with a credit rating of AA+ representing very high quality. The number of blue-chip affiliates with credit ratings of more than AA- reaches eleven. Lotte affiliates issued corporate bonds worth 4.78 trillion won in 2014 and 4.751 trillion won in 2015 due to their high credit ratings. Amid a shortage of blue chips caused by a polarized corporate bond market, Lotte’s corporate bonds were much sought after.

But things have been entirely changed...

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Adrian Slater (4th from R), General Manager, Grand Hyatt Seoul; John Riley (4th from L), Deputy Head of Mission, New Zealand Embassy Seoul, and members of The Kiwi Chamber pose with girls from Songjukwon Girl’s Orphanage on Friday, Aug. 19, 2016.

Social Outreach

19 August 2016 - 7:45pm
Matthew Weigand

To enjoy nature and the outdoors, a Grand Camping summer event for Sungjukwon Girl's Orphanage was held on Friday, Aug. 19, 2016, at the Grand Hyatt Hotel Seoul. The event, which was sponsored by the hotel and supported by the ANZ Bank and Kiwi Chamber, was a big success and was attended by Grand Hyatt Seoul General Manager Adrian Slater, New Zealand Embassy Deputy Head of Mission John Riley, New Zealand Trade and Enterprise Trade Commissioner Ryan Freer, members from ANZ Bank and The Kiwi Chamber and over 20 girls and teachers from Sungjukwon. The Hyatt Thrive program for the students...

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Mike Orgill (L), director of public policy for the Asia Pacific region for Airbnb, and Ahn Hee-jung (R), governor of Chungnam Province, hold a signed MOU for mutual cooperation on Aug. 5, 2016 at Hongseong-gun, Chungcheongnam-do, South Korea.

Embracing Innovation

8 August 2016 - 6:45pm
Matthew Weigand

Ahn Hee-jung, governor of Chungnam Province, on Friday signed an agreement with global room-sharing service Airbnb to cooperate on providing accommodations to visitors attending Korea’s 97th National Sports Festival. Airbnb’s Director of Public Policy for the Asia Pacific Region, Mike Orgill, represented the company at the ceremony. The ceremony also included several prominent bed-and-breakfast owners in the province.

The signed Memorandum of Understanding (MOU) outlines a many-part agreement in which both the provincial government and the room-sharing service will work to encourage...

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The container terminal in Yantai port handled around 200,000 TEUs in relation with South Korea last year, showing a 10% increase year on year up to now this year.

Foothold of ‘One Belt, One Road’

27 July 2016 - 1:30pm
Jack H. Park

With a heavy rain pouring down, the Korean press delegation visited the Yantai China-South Korea Industrial Park in Yantai City located in Shandong Province, China, on June 23. There were plenty billboards lining the roads around the park, which read “Choose Yantai, Way Forward for the Future” and “Cross Park Development in Two Nations, Growth through Strategic Partnership.”

As a port city in Shandong province, Yantai has stressed the connection between China’s One Belt, One Road Initiative and Korea’s Eurasia Initiative, focusing on the attraction of Korean firms. The China-South...

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The European Commission imposed a fine of 37.121 million euros on Hitachi-LG Data Storage Inc.

Fine Imposed by European Commission

23 March 2016 - 12:15pm
Cho Jin-young

It has been found that a fine of 37.121 million euros was imposed on Hitachi-LG Data Storage Inc., which is a joint corporation of LG Electronics and Hitachi, last year after the European Commission’s investigation into optical disc drive (ODD) price fixing allegations.

The investigation started in 2014 and the amount of the fine was determined last year. The corporation has filed a suit against the decision. LG Electronics handled its 697.5 billion won fine as an estimated loss last year.

According to the Fair Trade Commission’s data, in the meantime, LG Electronics paid a...

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