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Lotte chief convenes CEO meeting to discuss growth strategy

South Korea's fifth-largest conglomerate Lotte Group on Tuesday held its biannual meeting of top executives to review business performances and seek ways for sustainable growth amid increasing market volatility and uncertainty. Some 80 executives, including Chairman Shin Dong-bin and Lotte Corp. CEO Lee dong-woo, attended the meeting, which it refers to as its "Value Creating Meeting," held at the Lott. ....

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Monsoon rain ravages farms, kills livestock

Nearly 30,000 hectares of farmland across the country were damaged by the recent torrential rain, raising concerns that agricultural product prices which have recently soared due to a heat wave will consequently rise even more. Some 27,094 ha of farmland have been damaged between July 10 and Monday due to record rainfall, according to a report released by the Ministry of Agriculture, Food and Rural Affairs. By . ....

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Daewoong Bio set to ramp up antibiotics biz to W100b in value

Daewoong Group subsidiary Daewoong Bio Inc. on Friday unveiled a vision to scale up its antibiotics business to 100 billion won ($79 million) in value, amid the slowing market for antibiotics. Daewoong Bio said it has invested 50 billion won to build a new plant for manufacturing Cephalosporin, or beta-lactam antimicrobials used to manage a wide range of bacterial infections, in Hwaseong-si, Gyeonggi Province. The fi. ....

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Korea to stick to previous aspartame regulation, as WHO states limited carcinogenicity

South Korea’s Ministry of Food and Drug Safety said Friday it has decided to retain the standard acceptable daily intake (ADI) of aspartame in foods and beverages here, despite the assessment of a WHO agency concluding that the artificial sweetener is "possibly carcinogenic to humans." The International Agency for Research on Cancer announced Friday it has determined aspartame should be reclassified a. ....

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Nongshim sets vision to achieve $1.5b in sales by 2030

In celebration of his second year in office, Shin Dong-won, chairperson of Korean food giant Nongshim, on Thursday unveiled a vision to post $1.5 billion in global sales by 2030 and become the No. 1 ramen seller in the US amid its soaring performance there. According to the company, Nongshim's plan, which is to triple its annual sales by 2030 from its current $490 million, mainly centers on scaling up its US bus. ....

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