Korea Moves To Ban Apple and Google From Forcing Developers To Use Their Payment Systems

Reuters | |

A South Korean parliamentary committee voted early on Wednesday to recommend amending a law, a key step toward banning Google and Apple from forcibly charging software developers commissions on in-app purchases, the first such curb by a major economy.

Apple Inc and Alphabet Inc's Google have both faced global criticism because they require software developers using their app stores to use proprietary payment systems that charge commissions of up to 30%.

Samsung Group To Invest $205 Billion Globally Over Next Three Years

Kimberly Redmond | |

Samsung Group will invest $205 billion (240 trillion won) over the next three years to expand its global footprint in key industries like biopharmaceuticals, robotics and next-gen telecommunications.

On Tuesday, the tech giant unveiled the plan, saying it is aimed at preparing Samsung “for great changes in industry, international order, and social structure expected after the COVID-19 pandemic.”

Samsung Head Lee Jae-Yong Freed on Parole as Critics Allege Preferential Treatment

AP News | |

Samsung leader Lee Jae-yong walked out of prison Friday a year early in a parole decision demonstrating the conglomerate’s outsized influence in South Korea as well as continuing leniency for bosses who commit corporate corruption.

Wearing a gray suit and a mask, Lee left the prison near Seoul to a barrage of camera flashes and bowed in apology over the anger ignited by his case, which was related to the explosive corruption scandal that toppled South Korea’s previous president in 2017. Hundreds of demonstrators standing behind police lines simultaneously shouted slogans denouncing or welcoming his release.

Kakao Bank Soars 79% in Debut, Becoming Korea's Largest Lender by Market Value

Reuters | |

Digital lender Kakao Bank Corp made a stunning debut on Friday, surging 79% from its IPO price to become South Korea's biggest financial services firm by market value.

It is the first online-only bank in Asia to go public, according to a person who worked on the deal - a milestone that has prompted frenzied demand, particularly as Chinese listings have fallen out of favour in the wake of regulatory crackdowns.

E-mart To Acquire 80% of eBay's Korean Businesses for $3 Billion

Kimberly Redmond | |

E-Mart Inc announced Thursday it plans to acquire an 80.01% stake in eBay Inc’s South Korean business for 3.4 trillion won ($3 billion).

Jamie Iannone, eBay’s chief executive officer, said in a statement, “This deal brings together two strong e-commerce and retail companies that can unlock tremendous potential in Korea and provide more choice for customers.”

Samsung's Lee Family Announces Plan To Pay $10.8 Billion Inheritance Tax

Kimberly Redmond | |

The family of Samsung Electronics Co’s late chairman said Wednesday it will be paying off a massive inheritance tax bill of $10.78 billion and donating his vast private art collection to help offset tax liability, according to reports.

In a statement, Lee Kun-hee’s family said, “As provided for under the law, the Family plans to pay the full amount of the inheritance tax over a period of five years, starting in April 2021.”

Hyundai To Launch Electric Vehicles in China Annually Starting in 2022

Kimberly Redmond | |

Hyundai Motor Group announced Thursday it plans to roll out electric vehicles in China every year, starting in 2022, as part of an effort to revive sales in the world’s biggest market for cars.

By 2030, the South Korean auto group said it will unveil a total of 21 EV models from Hyundai Motor Company and Kia Corporation, including fuel-cell and hybrid vehicles, Reuters reported.

SoftBank-Backed Coupang Soars on NYSE Debut

Reuters | |

SoftBank Group Corp-backed Coupang was valued at around $109 billion in its market debut on Thursday after South Korea’s largest e-commerce company raised around $4.6 billion in the biggest U.S. initial public offering this year.

Coupang’s stock soared 81% to open at $63.50. The company had priced 130 million shares sold in the IPO at $35 per share, higher than the marketing range $32-$34 per share, giving the Seoul-headquartered e-commerce giant a market value of $60 billion.

Korean E-Commerce Giant Coupang Seeks $58 Billion IPO Valuation

Reuters | |

(Reuters) - South Korea’s Coupang Inc, which is backed by SoftBank Group Corp, is seeking a valuation of more than $58 billion in its U.S. stock market debut, after the e-commerce giant raised the price range for its offering on Tuesday.

The company’s stock market launch is poised to be the largest IPO in New York by a foreign company since Alibaba Group’s mega listing in 2014, and underscores unprecedented investor appetite for technology companies, which ha...

South Korea Commits $43 Billion To Build World's Largest Wind Farm

Kimberly Redmond | |

The Republic of Korea announced a 48.5 trillion won ($43.2 billion) plan to build the world’s largest wind power plant by 2030, a project that government officials said will help reduce the country’s reliance on fossil fuels and further its goal of achieving carbon neutrality.

The project announced Friday by President Moon Jae-In calls for the construction of the wind farm off the southwestern coast, by Sinan, that will have a maximum capacity of 8.2 gigawatts, Reuters reported.

Sponsored Financial Content

Market Movers