Australia GDP Beats Forecast, Boosting RBA Rate Hike Bets 
Bank of England Sees Surge in Higher-Risk Collateral 
US Tech Giants’ AI Bond Boom Raises Euro Zone Borrowing Risks 
Asian Stocks Tumble as Oil Surge Fuels Rate Hike Fears 
German Retail Sales Drop 3.4% in July 
France Targets Shein, Temu With Fast-Fashion Fees 
CIA-Linked Investor Helped Quantum Systems Expand in US 
Thomson Reuters C-Track Cyberattack Hits Courts Across U.S. and Canada 
Trump Says ExxonMobil Among Oil Majors Planning Venezuela Return 
Oil Prices Slip as Trump Eases Iran Supply Fears 
Honda Targets $9.4 Billion in Cost Cuts as China EV Competition Intensifies 
Microsoft to Reveal Azure Revenue in Major Reporting Shake-Up 
China Services PMI Beats Forecasts as Domestic Demand Improves 
Berkshire Hathaway Eyes Bigger Stakes in Japan’s Top Trading Houses 
Australia Trade Surplus Beats Forecasts in July as Exports Fall 
Asian Stocks Rise as Bond Yields Ease, Oil Prices Stabilize 
Star Entertainment Shares Fall After A$307 Million FY2026 Loss 
Add as a preferred source on Google
Lotte Foods revealed that it will be making some changes in the workplace. It will be replacing all its company cars and shift to using electric vehicles.
Why Lotte is switching to EVs
Lotte Foods said that the EVs will be mostly used for the company’s sales activities, and it made the decision in an effort to help lower carbon dioxide emissions on the planet. The Korea Herald reported that the Seoul-based food manufacturing firm will be buying a total of 380 Chevrolet Bolt EV units and distribute them to its sales employees who travel for business, at an average of more than 20,000 kilometers per year.
The car distribution will take place in May and in June. Now, with the shift, the company is also making some preparations such as the installation of 90 electric vehicle chargers in its 12 regional offices.
Lotte Foods is hoping that this effort will help reduce around 2,000 metric tons of greenhouse gas emissions per year. The company also said that the new EVs will also make it more comfortable for its employees, who do sales work, to drive long hours.
“Electric cars are quieter, so it is less tiring to drive, and it feels good that (the EVs) are environmentally friendly as well,” the company said in a statement. “It is meaningful in that we are expanding our environmentally friendly policies to sales, going beyond manufacturing products.”
Lotte GRS in Vietnam
At any rate, while the company is trying to improve its business in S. Korea, its restaurant franchise business affiliate, Lotte GRS or Lotte Global Restaurant Service in Vietnam is not doing well. It is facing issues due to delays in the import of equipment to its facility that is being built there.
The facility’s construction has been stopped altogether as the COVID-19 is making it difficult to proceed. "It is true that Lotte GRS is leaving the Indonesian market but we are continuing with our franchise and food retail businesses in Vietnam," The Korea Times quoted an official as saying.
Finally, it was said that Lotte GRS launched Lotte F&G Vietnam along with Lotte Foods in 2020 but at this point, its sales have been declining. Lotte planned to expand its food material business in Southeast Asia but COVID-19 closed down the borders and this led to Lotte GRS’ decision to suspend its global business scheme.
