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

South Korea’s net cosmetics production reached a record 10.73 trillion won ($9.3 billion) last year, led by strong exports to China, the Ministry of Food and Drug Safety said Wednesday.Korea’s cosmetics production rose on-year by 19.64 percent in 2015, lending a hand in doubling the country’s cosmetics trade surplus on-year to roughly $1.5 billion last year, the ministry said.Cosmetics shops inside the main Shinsegae Department Store in central Seoul (Yonhap)Korea’s cosmetics exports rose 43.76

Korea Drug Development Fund CEO Joo Sang-aun (left) and Mathai Mammen, senior vice president of cardiovascular diseases, metabolic diseases, immunology and oncology at U.S.-based pharmaceutical company Merck Sharp & Dohme signed a memorandum of understanding Tuesday at the 2016 BIO International Convention taking place in San Francisco. The two have agreed to launch a new joint research and development program geared at linking Korea’s new drug development capabilities with global pharmaceutical

Lotte Chemical, the petrochemicals unit of South Korea’s Lotte Group, said Tuesday that it has made an offer to buy U.S.-based chemicals producer Axiall Corp. with aims to expand its business portfolio and strengthen its footing in North America.The company said it submitted its bid to take over Axiall Corp. last Saturday. No further details were disclosed, including its offering price.Axiall Corp. is an Atlanta-based chemicals firm that specializes in producing integrated chlorovinyls and vinyl

Yuhan-Kimberly, Korea's leading manufacturer of diapers, tissues and feminine hygiene products, is stirring controversy with the release of a new, more expensive premium line of sanitary pads, seemingly contrary to its previous decision to freeze prices on the products. Last month, the firm announced plans to raise prices on its sanitary pads by up to 20 percent, starting from June 1. The notice immediately sparked backlash from local consumers and advocacy groups against the company, which acco

Hyundai Motor sealed an agreement with France’s leading industrial gas supplier Air Liquide on Saturday to boost cooperation in the development of hydrogen fuel-cell electric vehicles, the Korean automotive giant said. 　The two companies signed a memorandum of understanding in Grenoble, a city in southeastern France, agreeing to spread the use of hydrogen fuel-cell EVs and to build more hydrogen charging infrastructure around the world.South Korean President Park Geun-hye (center) fuels hydrogen

U.S. pharmaceutical giant Amgen is preparing to introduce innovative therapies to local patients at affordable costs, stressing “accessibility” as the company’s key value, the chief of Amgen Korea said last Thursday.　“Our foremost vision is to offer local patients with limited or no treatment options access to our drugs in a fitting and timely manner,” said Amgen Korea’s general manager Noh Sang-kyung during an event to mark the opening of Amgen’s Korean office in Seoul last Thursday.Amgen Korea

Like many others, Lee Jun-sung, a 33-year-old office worker living alone in Seoul, spends most of his day sitting at his office. He also eats out frequently and drinks several times a week with clients — all of which have steadily taken a toll on his physical health.Seeking to relieve his indigestion as well as hangovers, Lee started taking a probiotic supplement every morning upon a friend’s recommendation that probiotics can improve intestinal health.Cell Biotech’s Duolac“Since I began taking

LG Life Sciences on Tuesday said that it has begun phase III clinical trials for its new Humira biosimilar under development in South Korea, with plans to commercialize the drug in Korea and Japan by 2018.　The Korean Ministry of Food and Drug Safety approved the final-stage clinical trials for LBAL, LG’s Humira biosimilar on May 27, prompting the company to begin its trials, said company spokesman Park Jun-hyoung.Developed by U.S. pharmaceutical giant AbbVie, Humira (adalimumab) is the world’s t

South Korea’s five newly licensed duty-free stores in Seoul are seeing steady improvements in their daily revenue, with HDC Shilla and Hanwha in the lead so far, the companies said Tuesday.　HDC Shilla said its new duty-free store in Yongsan has been racking up some 1.1 billion won ($925,000) in daily sales since April. It opened on Mar. 25 as the first of the five new stores permitted to begin business this year.Hotel Shilla president and CEO Lee Boo-jin looks around Shilla I’Park Duty Free stor

Samsung Bioepis said Monday that Flixabi, its biosimilar drug referencing Johnson & Johnson’s blockbuster rheumatoid arthritis treatment Remicade, has been approved by the European Medicines Agency.　The EMA has approved Flixabi for the treatment of rheumatoid arthritis, Crohn’s disease, ulcerative colitis, ankylosing spondylitis, psoriatic arthritis and psoriasis, the company said.Samsung Bioepis' headquarters in Songdo, Incheon (Samsung Bioepis)It is the second Remicade (infliximab) biosimilar