Bom Suk Kim

08 Aug

Kakao Founder Charged With Stock Manipulation in Landmark Case

stp2y0 CommentsRAG modelsBom Suk Kim, Executives, JULY SARL/CAEN, KAKAO CORP, SAMSUNG ELECTRONICS CO LTD, Seoul, shopping, SM ENTERTAINMENT CO LTD, social media, South Korea, Technology

South Korean prosecutors have indicted Kakao Corp. founder Brian Kim on charges of stock manipulation, kicking off a watershed case that’s transfixed South Korea’s young internet industry.Prosecutors formally charged the entrepreneur with market violations during his company’s takeover battle for SM Entertainment Co., Yonhap news service reportedBloomberg Terminal Thursday. Kim was allegedly involved with an attempt to buy and push SM stock above a rival offer of 120,000 won ($87) from BTS-agency Hybe Co., the agency reported. Executives carried out that alleged maneuver over a total of four days, in mid-February 2023 as well as later that month, Yonhap said,…

07 Aug

Coupang Posts First Loss Since 2022 as Farfetch Deal Saps Profit

stp2y0 CommentsRAG modelsALIBABA GROUP HOLDING-SP ADR, Bom Suk Kim, COUPANG INC, E-commerce, Earnings, Government, PDD HOLDINGS INC, regulation, South Korea, taiwan, Technology

Coupang Inc. posted its first loss in two years, after the acquisition of unprofitable Farfetch Holdings Plc and a government regulatory fine offset strong growth in its core e-commerce business.South Korea’s largest online retailer posted a net loss of $77 million for the June quarter, versus an average estimate for a loss of $11.7 million. Excluding Farfetch and a fine from the Korean authorities, Coupang’s second-quarter net income came to about $124 million, it said in a statementBloomberg Terminal. Source link lol