Qatar LNG Exports Plunge 96% as U.S.-Iran War Disrupts Gulf Energy Trade 
Salesforce Shares Surge as AI Demand Powers Q2 Earnings Beat 
BNP Paribas, KB Kookmin Eye $2 Billion Techcombank Stake 
SK Biopharmaceuticals Secures Global Rights to Biohaven Epilepsy Drug Opakalim 
Hong Kong Home Prices Fall 0.5% in July, Ending Long Winning Streak 
Dollar Rises as Hotter PCE Inflation Lifts Fed Rate Hike Bets 
BofA Names ASML Top Semiconductor Equipment Pick on Growth, Valuation 
BOJ’s Himino Signals Timely Rate Hikes as Inflation Risks Rise 
Asian Currencies Slip as Dollar Rebounds on Iran Sanctions 
Shein Hong Kong IPO to Raise $1.7 Billion at $26.5 Billion Valuation 
OpenAI AI Agent Swarm Behind Hugging Face Hack 
Yindjibarndi Appeals Fortescue Mining Compensation Ruling 
Gold Prices Rise Toward $4,650 Ahead of Warsh’s Jackson Hole Speech 
Asian Stocks Slip Ahead of Nvidia Earnings and US Inflation Data 
Tesla Raises Cybertruck Prices by $5,000 in US 
Trump Escalates Canada Trade War With 50% Tariffs 
Add as a preferred source on Google
Lotte Group has teamed up with Meritz Securities Co. to address the debt mess which Lotte E&C is facing. The two set up a KRW1.5 trillion joint fund to support the struggling engineering and construction company, which is an affiliate of the Lotte Group.
Lotte Group and Meritz Securities will work together to bring in liquidity amid the credit crunch in South Korea. As per Pulse News, business insiders said that the companies agreed to the creation of a $1.18 billion support fund for Lotte Engineering and Construction firm. The companies are scheduled to sign the agreement on Jan. 9, Monday.
The money will help Lotte’s construction arm in its multi-million dollar real estate project financing (PF), including the repayment of debt at maturity. Some of the Lotte Group’s major affiliates, such as the Hotel Lotte Co., Lotte Corp., and Lotte Fine Chemical Co., will also help after they were listed as those that will be responsible for part of the funding requirement,
The companies will have to give KRW600 billion in total as subordinated creditors. On the other hand, Meritz Financial Group’s affiliates, including Meritz Securities, Meritz Fire & Marine Insurance, and Meritz Capital, will handle the remaining KRW900 billion as a senior creditor.
The money is set to be used to buy some maturing asset-backed commercial paper (ABCP) guaranteed by Lotte E&C. Help pours in for the construction firm after its parent company, the Lotte Group, implemented self-rescue measures by calling up its group affiliates to ask them to provide financial support for Lotte E&C.
The construction firm plunged into a liquidity crisis after the developer of the Legoland theme park in Korea defaulted and caused a huge problem in the local public debt market.
“We believe that Lotte E&C currently has enough liquidity to calm concerns caused by a temporary financial market crunch in 2022,” Business Korea quoted an official at Meritz Securities as saying in a statement. “We look forward to seeing our partnership with Lotte E&C further solidified.”
