Lotte took the worst hit from by Korea's diplomatic friction with China and Japan in recent years, which led to boycotts of its outlets. The reason for the devastating China boycott was that the Park Geun-hye administration asked the conglomerate to hand over a golf course in the southeast so the U.S. could station a Terminal High-Altitude Area Defense battery in Korea. … [Read more...] about Lotte to Shut Scores of Stores as Profits Plummet
Lotte recorded a sales loss of W20 billion as it closed its branch on Jeju Island for six days from Feb. 2 after a Chinese person infected with coronavirus visited the store. Its main Myeong-dong store in Seoul also suffered a loss of W50 billion as it shut down from Feb. 7 to 9 after it was confirmed that another infected patient had been to the outlet. … [Read more...] about Lotte Makes Donation to Coronavirus Fight as Sales Plummet
President Moon Jae-in is busy visiting fresh markets and meeting with the heads of major conglomerates following the coronavirus outbreak. The president is doing his job by shaking hands with traders and business leaders to allay unwarranted fears and spur private consumption. But the publicity stunt reveals that his grasp of reality remains shaky at best. "There had been signs of the economy improving since late last year, but they were all thwarted by coronavirus," he told traders in Namdaemun Market, and in the meeting with business leaders he said essentially the same. One trader summed up every thinking person's response. "We were already in trouble due to the slump, and the coronavirus outbreak has only made it worse." … [Read more...] about Gov’t Can’t Blame Coronavirus for Its Economic Blunders
Meanwhile, there are fears that North Korea is seeing an increase in coronavirus infections. On Wednesday, the UN Food and Agriculture Organization's representative in North Korea, Bir Mandal, expressed doubt about the regime's claim that there is no coronavirus outbreak there, according to VOA. … [Read more...] about 50,000 N.Koreans Press-Ganged into Mt. Baekdu Treks
3 Koreans in China's Shandong Test Positive for Coronavirus Gov't to Provide Financial Assistance to People Quarantined over Coronavirus 3 More Coronavirus Infections Reported over Weekend 1,000 People in Self-Quarantine in Korea More Patients Catch Coronavirus from Family Members 1st Coronavirus Patient in Korea Thanks Medical Team After Making Recovery Korea Sees 1st Coronavirus Patient to Make Full Recovery More Coronavirus Patients Infected Outside China Coronavirus Hotline Available 24/7 for Foreigners Coronavirus Infections Rise to 15 in Korea Korea Reports 1st Human-to-Human Coronavirus Transmission Korea Confirms 4th Case of Coronavirus Korea's Pneumonia Patient Free of SARS-Like Mystery Virus New Strain of Coronavirus Blamed for Mystery Pneumonia 1st Viral Pneumonia Case from China Confirmed in Korea … [Read more...] about Has Coronavirus Come to a Halt in Korea?