On Wednesday, a parliamentary committee in South Korea voted to recommend amending a law – a key step in banning Google and Apple from forcibly charging software developers commissions on in-app purchases. The development marks the first such step by a major economy. The amendment will come to a final vote in parliament. Both US…
On Friday, in a statement South Korea’s SK Group said, it will invest up to $100 million in the fintech unit of AirAsia Group Bhd. BigPay, a unit of AirAsia’s digital arm, offers a prepaid debit card, local and international money transfers, micro-insurance, bill payments and a budgeting tool. “Our ambition has always been to establish…
On Thursday, South Korean game developer Krafton Inc said, it had priced its initial public offering (IPO) at the top of its indicative range to raise $3.75 billion (4.3 trillion won). Krafton’s shares were priced at 498,000 won compared with a range of 400,000-498,000 won per share. Despite the target cut, it is the second-biggest…
Late on Monday, a South Korean newspaper reported, Samsung Electronics Co Ltd is likely to begin the construction of a planned $17 billion U.S. chip plant during the third quarter of this year and has target to begin operations at the plant in 2024. In a report, the Electronic Times reported citing unnamed industry sources, Samsung…
On Thursday, in a statement Samsung Electronics stated, it has raised its planned investment in non-memory chips to $151 billion (171 trillion won) through 2030, in a development that sees the company joining its peers in ramping up investments in the sector midst a global shortage in semiconductors. Samsung’s has increased its investment target from…
In a report a South Korean newspaper said, SK Hynix Inc, the world’s second-largest memory chip maker, is close to signing a long-term deal to provide automotive memory chips to German auto supplier Robert Bosch GmbH. Both companies are negotiating for a 10 year or more auto memory chip supply chain, reported South Korea’s Maeil…
On Monday, in a significant development South Korea’s LG Electronics Inc said it will stop the production and sales of its loss-making smartphone division. Earlier this year in January, LG had announced that it was considering all options for the business after recording nearly six years of losses totaling to nearly $4.5 billion. Talks to…
In a statement on Thursday, Kakao Corp, the parent of South Korea’s Kakao Mobility said, it has secured a strategic investment of $50.1 million (56.5 billion won) from Google. Kakao T, Kakao Mobility’s app, has registered user base of 28 million consumers, and offers South Korea’s most popular taxi-hailing service as well as other transportation…
According to a senior executive from South Korea’s LG Energy Solution, the company plans on investing more than $4.5 billion in its U.S. battery production business over a span of four years; as part of that strategy, it plans on building at least two new plants. The investment will boost the U.S. battery production capacity…
On Tuesday, Spotify Technology SA made its long-awaited debut in South Korea marking its entry into the sixth largest music market in the world. Spotify has a market presence in more than 90 countries and has entered into several new markets in the last two years including India, Middle East and Russia. It will have…
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