Subscribe to our free daily newsletters
. Military Space News .




Subscribe to our free daily newsletters



NUKEWARS
S.Korea's Lotte to sell China shops in face of boycott
by Staff Writers
Seoul (AFP) Sept 15, 2017


South Korea's Lotte Group is to sell some of its Chinese stores in the face of crippling measures imposed by Beijing over a US missile defence system, it said Friday -- and could dispose of them all.

Lotte provided a golf course to Seoul for the THAAD missile-interception system installed by South Korea and the US to defend against the North's missile threats.

China strongly opposes the system as a threat to its own security, and has hit the retail giant -- South Korea's fifth-biggest conglomerate -- with unofficial sanctions.

About 80 percent of the 112 Lotte Mart stores in China have been closed for more than six months as authorities tightened safety and sanitary inspections and consumers boycotted them, costing Lotte hundreds of millions of dollars.

"We have decided to start selling stores in China where we've been unable to operate normally for a long while," a Lotte Group spokeswoman told AFP.

"But it has not yet been decided whether we will sell them all or some of them," she added.

The group's key subsidiary, Lotte Mart, in March had to inject 360 billion won ($318 million) of emergency funds to keep the China stores afloat and recently decided to pour in an additional 340 billion won.

Lotte Mart estimates it could lose 1 trillion won this year if the trend continues.

Lotte, which has invested more than ten trillion won in its Chinese operations since 1994, has named US investment bank Goldman Sachs as the lead manager to sell the China stores, the spokeswoman said.

The group has also been dogged by a bitter family feud, with the founder's two sons engaging in public mudslinging over the succession.

The younger of the two, Shin Dong-Bin, eventually prevailed and is now chairman of the group. His brother Dong-Joo is to sell most of his shares in group companies, his representatives said this week, drawing a line under the row, with the proceeds estimated at 600-700 billion won.

Several other South Korean firms have struggled with China's tacit retaliatory measures.

Hyundai Motor Co., South Korea's top automaker, saw its second-quarter China sales plunge a whopping 64 percent year-on-year to 105,000 vehicles.

Separately, the Yonhap news agency reported South Korea's biggest supermarket chain E-Mart, which has suffered years of operating losses in China, is winding up its five remaining shops in the country and in talks to sell them to Thai conglomerate Charoen Pokphand Group, which runs other supermarket chains there.

ckp/slb/dan

GOLDMAN SACHS GROUP

NUKEWARS
N. Korean group demands US be turned to 'ashes and darkness'
Seoul (AFP) Sept 14, 2017
A North Korean organisation demanded Thursday that the United States be "beaten to death" like a "rabid dog" for spearheading fresh UN sanctions on Pyongyang over its latest nuclear test, adding ally Japan should be "sunken into the sea". The UN Security Council unanimously imposed an eighth set of sanctions on the North Monday, banning it from trading in textiles and restricting its oil imp ... read more

Related Links
Learn about nuclear weapons doctrine and defense at SpaceWar.com
Learn about missile defense at SpaceWar.com
All about missiles at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

NUKEWARS
Navy tests AN/SPY-6(V) Air and Missile Defense Radar

S. Korea, US deploy missile defence amid China protest

S.Korea, US to deploy more anti-missile defences: Seoul

S. Korea launches missile drill after North's nuclear test

NUKEWARS
Leonardo, Thales integrating missile-protection systems in Britain

Sales deals for TOW missiles, boats for Bahrain in works

Atlantic Diving Supply receives $17.6 million contract for rocket launchers

Raytheon receives $614.5M for SM-3 Block IIA ballistic missile interceptors

NUKEWARS
Atlas Dynamics Introduces Fixed Wing UAV with 5-Hour Flight Time, 150 Kilometer Operational Range

Atlas Dynamics Unveils NEST Smart Protective Charging Station for Enhanced Performance of Atlas Pro Platform

X-37B Flies Again In First SpaceX Launch

Insitu receives $21M order for RQ-21A Blackjack drone parts

NUKEWARS
Airbus prepares the future European Governmental Satellite Communications programme

82nd Airborne tests in-flight communication system for paratroopers

North Dakota UAS Training Center Depends on IGC Satellite Connectivity

Northrop awarded contract for support of Air Force communications system

NUKEWARS
Army ordering new shoulder-fired recoilless rifles

Australia developing wearable 'Fight Recorder' for soldiers

Marines use freeze-dried plasma to save foreign ally

Mobile Camouflage System displayed at DSEI 17

NUKEWARS
L3 Technologies acquires Adaptive Methods Inc.

Trump pushes hardware to allies -- and ups pressure on N.Korea

United Technologies buying Rockwell Collins for $30 billion

Middle East conflicts boost Bulgarian arms exports

NUKEWARS
Russia launches war games on NATO's eastern flank

Turkey signs landmark Russian weapons deal

Poland's defence chief to hold talks in Paris on Wednesday

Joint military drills begin in Ukraine as Russian war games loom

NUKEWARS
'Nano-hashtags' could provide definite proof of Majorana particles

UMass Amherst environmental chemist flashes warning light on new nanoparticle

A more complete picture of the nano world

What the world's tiniest 'monster truck' reveals




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement