News Snapshot:
SEOUL: Starbucks Corp is exiting its $2 billion worth joint venture in South Korea by selling stakes to local partner E-Mart Inc and Singapore sovereign wealth fund GIC, as it looks to invest more in fast-growing international markets. E-Mart, one of the largest retailers in South Korea with over 160 stores and the owner of half of the JV, will buy an additional 17.5% stake in Starbucks Coffee Korea for $411 million, it said in a filing on Tuesday. It will continue to operate the Starbucks stores. GIC will own the remaining 32.5%. This suggests a $2.35 billion valuation for...
