No bids were placed for the fashion and accessories duty-free area in the second terminal at Incheon Airport, officials said Thursday.A spokesman for the airport corporation said the result was “unexpected” and the airport was currently “reviewing plans for another tender.”(Yonhap)The fashion and accessories area was one of three licenses open to bids from large companies at the second terminal. Four companies, including Lotte Duty Free, Shilla Duty Free, Shinsegae DF and Hanwha, placed bids on

Incheon International Airport Corp. on Wednesday accepted bids from duty-free companies hoping to open shops in its new second terminal, pushing bidders to outdo rival’s offers while facing an uncertain revenue forecast.Lotte Duty Free, Korea‘s largest duty-free operator, submitted bids for each of the three slots reserved for large companies, alongside Shinsegae DF, Shilla Duty Free and Hanwha Galleria. Doosan, which was also considering a bid, decided not to apply for a slot.A duty-free store

South Korea's liberal Democratic Party on Monday renewed its call for a parliamentary inspection of the ongoing deployment of a US missile defense system, raising suspicion that the government may have pressured a local company to agree to offer land to host the missile shield unit.The largest political party's special committee on the issue insisted Lotte Group's decision to provide its 18-hole golf club in Seongju, 300 kilometers southeast of Seoul, was made under government pressure, if not c

However luminous the brains of the leaders at Beijing’s Jongnanhai may be, the current Chinese “countermeasures” on Korea’s decision to introduce the US-built Terminal High Altitude Area Defense system are unjustified and inappropriate. Above all, they will be counterproductive. 　While we were in the impeachment turmoil over the past few months, China took a variety of restrictive measures on Korean businesses and pop entertainers operating in the country. It appeared that anti-South Korea hyste

Lotte Group continues to be the target of government inspections in China, as tensions rise between the country and Korea over the deployment of a US anti-missile system here.On Wednesday, Lotte Shanghai Food Corp.’s chocolate factory was directed to shut down for one month after a building safety inspection Monday.  (Yonhap)The corporation is a 50-50 joint venture between Lotte Confectionery and US-based candy maker Hershey’s. “In cooperation with the government, as of March 8, the LSFC factory

Korean tech and retail giants are on high alert over the changing political climate in their biggest export markets, the US and China.With the US moving to a protectionist stance in its international trade and China seemingly choosing to retaliate through trade against Seoul’s decision to deploy a US Terminal High Altitude Area Defense, Korea’s key exporters, including Samsung, LG and Lotte, are bearing the brunt of the political pressure. The US, which is Samsung and LG’s largest handset and ho

The latest trade tension with China comes in the form of a new registration process for certain cosmetics imported from South Korea to China through ports in the Pudong New Area of Shanghai. The measure took effect Wednesday, according to the Korea International Trade Association Thursday.The new cosmetics regulations, which were announced in January, allows certain cosmetics brought in through Pudong to be distributed after a simple registration process before going through the existing license

Saturday’s announcement of six new duty-free licenses in South Korea brought a sense of closure to heated competition, yet simultaneously amplified ongoing debates on the efficacy of the current licensing process on duty-free operations.The Korea Customs Service gave three highly-coveted duty-free licenses to conglomerates in Seoul, bringing the total number of duty free shops in the capital to 13.The golden tickets went to Shinsegae DF, Hyundai Department Store and Lotte Duty Free, after a long

The special investigation team has imposed travel bans on conglomerate chiefs as it prepares to dissect the political scandal involving President Park Geun-hye and her confidante Choi Soon-sil, according to news reports on Sunday. Samsung Electronics’ Vice Chairman Lee Jae-yong, SK Group’s Chairman Chey Tae-won and Lotte Group’s head Shin Dong-bin have been banned from travelling abroad. The ban came as the independent counsel team is set to begin a 70-day investigation into the scandal from Mon

Korean conglomerates embroiled in bribery allegations are on alert after the embattled President Park Geun-hye was impeached in a parliamentary vote Friday.Seven business moguls were included in the impeachment motion proposed by three opposition parties, on claims they donated money to the Mir Foundation run by Park’s close friend, Choi Soon-sil, after meeting with the president.　The motion also mentions Samsung C&T Corporation and its controversial merger with Cheil Industries, as well as SK a

Korea‘s customs service finalized plans Thursday to grant the next round of duty-free licenses next week, despite growing pressure to change the schedule amid a political scandal that has also spilled over to the duty-free project.The Korean Customs Service alerted bidders for new licenses that the evaluation of their presentations would take place over three days, from Thursday to Saturday next week.  Lotte World Tower in souther Seoul, where Lotte would re-open a duty-free store if granted a l

South Korean prosecutors on Friday continued their ongoing investigation into companies that raised money for nonprofit foundations linked to President Park Geun-hye and her confidante, seeking to prove that the money involved amounted to bribes for the president’s inner circle.Earlier in the day, the special investigative team summoned an official from SK Group for questioning on allegation that the corporation illegally lobbied the Park administration to win back its duty-free shop licenses it

Hyundai Chemical said Tuesday it would start producing mixed xylene (MX)as the construction of its new plant has been completed.  Hyundai Chemical is a joint corporation that was established in 2014 by Hyundai Oilbank and Lotte Chemical with a financial injection of 1.2 trillion won ($1 billion). MX is a base material for benzene, toluene and xylene, which are used for producing polyester fiber, PET and gasoline additive. The new plant will refine 130,000 barrels of condensate per day, and produ

South Korean prosecutors said Thursday they will question the heads of seven local conglomerates over allegations that President Park Geun-hye had pressured them to make donations to two nonprofit organizations, possibly in exchange for favors.Investigators have arrested Choi Soon-sil, the president’s close confidante accused of pulling strings behind the scenes, Choi’s associates and former presidential secretaries on suspicions they coerced 53 companies to raise some 77.4 billion won ($67.4 mi

Prosecutors on Wednesday raided the homes of four former and current presidential aides as they accelerated a probe into the influence-peddling scandal surrounding a close friend of President Park Geun-hye.The homes of Ahn Bong-geun and Lee Jae-man, who served as presidential secretaries for public relations and administrative affairs, respectively, were included on the raid list, according to the prosecution. Their work logs and cell phones were confiscated in the process. The two are among Par