ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
Global Markets Slide as Tech Stocks Sink, Yields Rise, and AI Concerns Deepen 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
Asian Stocks Rally as Tech Rebounds, China Lags on Nvidia Competition Concerns 
Oil Prices Edge Higher as U.S. Seizes Sanctioned Venezuelan Tanker 
SoftBank Shares Slide as Oracle’s AI Spending Plans Fuel Market Jitters 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
United Airlines Flight to Tokyo Returns to Dulles After Engine Failure During Takeoff 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Samsung SDI Secures Major LFP Battery Supply Deal in the U.S. 
Microsoft Unveils Massive Global AI Investments, Prioritizing India’s Rapidly Growing Digital Market 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated 
Coca-Cola’s Costa Coffee Sale Faces Uncertainty as Talks With TDR Capital Hit Snag 
Moore Threads Stock Slides After Risk Warning Despite 600% Surge Since IPO 
Lotte Department Store branch in Gwangbok, Busan, has been temporarily shut due to a conflict with the city government. It was revealed that the retail shopping chain’s permit expired on Tuesday, May 31, and the Busan Metropolitan Government refused to extend it.
According to Yonhap News Agency, the local government only issued a temporary license to Lotte Department Store’s Gwangbok location, and when it was time to renew the permit, it did not approve the extension. Based on the reports, the reason was Lotte’s reluctance to build a landmark commercial and residential building that has been named the Lotte Tower.
The city government also said that Lotte Shopping did not show a firm willingness to move forward with the project. Thus, it had not issued another license when it expired this week. It was in 2009 when the Busan local government granted a temporary license to Lotte Department Store, and it was issued in connection with its plan to construct a 107-story Lotte Tower.
However, the company continued to postpone the construction, and the Busan Metropolitan Government noticed that Lotte seemed to be not that keen on the project. The Lotte Tower was announced in 2000, and the retail giant has made very little progress since then. In 2019, the company also changed the design, and from a 107-story and 428-meter high building, it was reduced to just a 56-story, 300-meter edifice.
In any case, Lotte’s Gwangbok branch in Busan, including its aquarium and amusement facility, will be shut starting Wednesday, June 1, due to the non-issuance of license. This may affect over 3,000 employees who work at the department store that holds more than 800 shops. It is not clear when the operation is resuming since the company has yet to come up with an agreement with the city officials.
Haps Korea reported that in case the department store has to stop operating for an extended time, the workers may possibly lose their jobs. Meanwhile, Lotte Corporation bought the land where the Gwangbok department store was built in 1995, and construction of the buildings commenced in 1998. The place was formerly occupied by the old city hall in Jung-gu.
