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South Korean court approves arrest warrant for Kakao founder
  + stars: | 2024-07-23 | by ( ) www.cnbc.com   time to read: +1 min
A South Korean court approved early on Tuesday a prosecution request for a warrant to arrest Brian Kim, the billionaire founder of tech giant Kakao Corp, on accusations of stock manipulation during a 2023 acquisition. It is the latest legal twist for Kakao after the company and an executive went on trial last year for alleged wrongdoing during the same acquisition. Prosecutors say Kim was involved in manipulation of the stock price of SM Entertainment in February last year to hinder a competitor, Hybe, from acquiring the K-Pop agency. Not yet formally charged, Kim has denied the accusations, saying he has never ordered or tolerated any illegal activity, the company said in a statement. The high-profile tech entrepreneur is the largest shareholder of Kakao Corp, with a stake of 24% controlled by him or affiliated entities.
Persons: Brian Kim, Kim Organizations: Kakao Corp, Prosecutors, SM Entertainment
Seoul, South Korea —The billionaire founder of South Korean tech giant Kakao Corp, Kim Beom-su was arrested on Tuesday on accusations of manipulating stocks during the acquisition of a K-Pop agency last year. The case is the latest legal twist for Kakao, which runs South Korea’s largest chat app, after the company and another executive went on trial last year for alleged wrongdoing during the same acquisition. Any case against him could jeopardize Kakao’s investments into artificial intelligence as well as its overseas expansion plans, industry experts said. The high-profile tech entrepreneur is the largest shareholder of Kakao Corp, with a 24% stake that he and affiliated entities control. Kakao Corp shares dropped 3.4% during morning trade to the lowest since November, after falling 24% year-to-date.
Persons: Kim Beom, su, Kim, Brian Kim, Jakub Porzycki Organizations: South, Kakao Corp, Prosecutors, SM Entertainment, Seoul Southern, Court, Detention, KakaoBank Corp Locations: Seoul, South Korea, South Korean, Korean, Kakao
The billionaire founder of South Korean technology giant Kakao, Kim Beom-Su, was arrested on Tuesday on allegations of stock manipulation related to the company’s investment in one of the country’s largest K-pop agencies. A high-profile bidding war broke out over the agency, SM Entertainment, early last year. Prosecutors allege, Kakao manipulated SM Entertainment’s stock price to hinder Hybe, the company behind BTS, from acquiring the agency, whose roster of artists includes Girls’ Generation. Last year, prosecutors indicted Kakao’s chief investment officer and the company itself on stock manipulation charges. The Seoul Southern District Court confirmed that Mr. Kim had been arrested on Tuesday morning.
Persons: Kim Beom, Kakao, Mr, Kim Organizations: SM Entertainment, Prosecutors, Seoul Southern, Court Locations: Korean, Hybe, Seoul
CNN —Cambodian strongman leader Hun Sen has thrown his weight behind a new homegrown messaging app, which critics say is a way for the government to monitor and undermine political discussion in the country. One of the world’s longest-serving leaders, Hun Sen has ruled Cambodia with an iron fist for more than three decades. Though his eldest son, Hun Manet, succeeded him as prime minister last year, Hun Sen remains the ruling party’s center of power. Greater online surveillanceInternet freedom in Cambodia has experienced a drastic regression under Hun Sen’s rule, rights groups say. CNN has reached out to Hun Sen’s office for comment.
Persons: Hun Sen, WhatsApp, , Vietnam’s, Hun Manet, Lim Cheavutha, Hun Sen’s, Hun, Mu Sochua, leader’s, China’s, , Sam Rainsy, ” Sam Rainsy Organizations: CNN, Facebook, US State Department, United Nations, Meta, Reuters, Communist Party, CoolApp Locations: Cambodian, Cambodia, Southeast Asia
Alex Brown, a UK native, moved to South Korea to teach English after quitting his IT job in 2023. Despite language and navigation challenges, Brown enjoys his new job and life in South Korea. AdvertisementThis as-told-to essay is based on a conversation with Alex Brown, a 30-year-old from Hampshire, England, who moved to South Korea to teach English. AdvertisementI started researching and discovered programs where I could teach English in different countries. AdvertisementI'm glad I picked South Korea to live for a yearMy experience here has been positive so far.
Persons: Alex Brown, Brown, , Cheongju, I've, I'd, Uber, haven't Organizations: Service, Google, Cheongju Locations: South Korea, Hampshire, England, Bali, Cambodia, India, Turkey, Cheongju, Jikji, Asia, America, Caribbean
The Kakao messaging application and the Kakao T taxi booking application are seen on a mobile phone in this illustration photo March 13, 2018. REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsSEOUL, Nov 15 (Reuters) - Kakao Mobility, a South Korean taxi-hailing service provider, plans to acquire European taxi platform FreeNow, Maeil Business Newspaper reported on Wednesday. Kakao Mobility will make a proposal as early as next week to acquire about an 80% stake in the Germany-based mobility service provider, the newspaper reported, citing an unidentified source. Responding to a Reuters request for comment, Kakao Mobility said it did not have anything to say on the matter. Kakao Mobility, a subsidiary of South Korean tech giant Kakao (035720.KS), has a market share of more than 90% of the country's taxi-hailing market.
Persons: Thomas White, Jihoon Lee, Mark Potter Organizations: REUTERS, Rights, Kakao, South, Maeil Business, Kakao Mobility, Thomson Locations: Rights SEOUL, South Korean, Germany
The Kakao messaging application and the Kakao T taxi booking application are seen on a mobile phone in this illustration photo March 13, 2018. South Korean President Yoon Suk Yeol told a public meeting on Wednesday that the market behaviour of Kakao Mobility's taxi-hailing service was monopolistic and required a review. Its regulatory troubles escalated last month when one of its executives was arrested for suspected stock market manipulation during its acquisition of K-Pop agency SM Entertainment (041510.KQ). Last week, regulator Financial Supervisory Service (FSS) said it will refer Kakao, its affiliate Kakao Entertainment and executives involved in the SM Entertainment acquisition to public prosecutors for suspected violation of the Capital Markets Act. "It is necessary to pay attention to legal risks, as problems may arise in the status of KakaoBank depending on the probes' results."
Persons: Thomas White, Yoon Suk Yeol, Kakao, Oh Dong, hwan, Joyce Lee, Miyoung Kim, Sam Holmes Organizations: REUTERS, Kakao Corp, Naver Corp, Reuters, Mobility, SM Entertainment, Financial Supervisory Service, Kakao Entertainment, Pension Service, NPS, Samsung Securities, Thomson Locations: SEOUL, Korean, Kakao
"Going forward, we still find valuation/earnings support for value tech stocks over growth or expensive tech names," the analysts wrote. "We would recommend avoiding expensive tech names as well as tech stocks that are unprofitable and expected to remain unprofitable." These are some names in its screen of value Asia tech stocks: MediaTek , JD.com , Lenovo Group , Foxconn Technology and Samsung SDS. And these are some of those that showed up on its screen of high-growth Asia tech stocks: Naver , SK Hynix , AAC Technologies , Luxshare and Kakao Games. On the whole, Bernstein is relatively positive on the Asia tech sector.
Persons: they're, Bernstein, we've, — CNBC's Michael Bloom Organizations: Stock, Lenovo Group, Foxconn Technology, Samsung SDS, SK Hynix, AAC Technologies, Kakao Locations: Asia, China, U.S
While generative AI startups are attracting more investment overall, 2023 could be a notably slow year for venture capital investment in sports AI following several years of activity, according to new data from PitchBook. The year could mark the lowest level of investment in the sector since 2018 when PitchBook tracked just under $200 million in VC activity. Both those years had 114 VC investments, compared to just 54 in 2023 through mid-October, PitchBook data shows. These are the top 16 highest-valued sports AI companies globally in 2023, according to PitchBook:1) SigmaStar — $4.55 billion. The Beijing-based computer vision technology company offers solutions in sports and health, evaluating movement in real-time, according to its website.
Persons: PitchBook, Hudl, STATSports, Creatz, Ligatech, Simplebet, Zepp Organizations: Yi Technology, WSC Sports, Cleveland Cavaliers, Kakao, Arsenal FC, US, National Soccer Team, Duke University, Kansas City Chiefs, Ligatech, Tempus, Francisco's Tempus, Chelsea FC, NFL, Sports, NBA, MLS, Premier League, AI Research Locations: deepfakes, Beijing, Israel, New York, Korean, Europe, Mexico, Lincoln , Nebraska, Northern Ireland, Shanghai, PitchBook, Los Angeles, China, Vancouver
Built using AI technology, Eternity is one of the latest South Korean acts pushing the boundary between real and virtual entertainment. And she’s a natural-born actress.”Video Ad Feedback Are AI-powered virtual bands the future of K-pop? Using deepfake and motion capture technology, Pulse9 then produced the band’s first music video (to accompany the ironically titled track “I’m Real”) in 2021. Metaverse EntertainmentMetaverse Entertainment used AI technology to generate faces, merging the features and hairstyles deemed most desirable into four final characters. The music video for MAVE’s first single, “Pandora,” has already racked up 25 million views on YouTube since its release in January.
Persons: , , Ji, Zae, Pulse9, Lil Miquela, “ I’m, Lee Soo, Netmarble, Metaverse, Kang Sung, MAVE’s, Pandora, Kang, Siri, ” Kang, ” Eternity's, — they’re Organizations: CNN, Pulse9, YouTube, South, SM Entertainment, Metaverse Entertainment, SM, Kakao Entertainment, Entertainment, Wall Street, Park Locations: , South Korean, , Indonesian
The leader of tech's favorite texting app suspects there will never be a WeChat in the U.S.Elon Musk is attempting to turn Twitter, renamed X, into just such an app. AdvertisementAdvertisementThe odds of Elon Musk turning Twitter into the next "super app" are slim, according to the president of Signal. Signal is a fully encrypted app for calls and texts that is widely used in the tech industry, including by Musk. "People have been talking about it for years, and we still don't have a super app," she said in an interview with Swiss magazine Schweizer Monat. Meta, formerly known as Facebook, has also been attempting for a couple of years to build WhatsApp into something akin to a super app.
Persons: Elon Musk, Meredith Whittaker, Signal's, Whittaker, Schweizer, Musk, Linda Yaccarino, Mark Zuckerberg, Dara Khosrowshahi, Uber Organizations: U.S, Elon, Twitter, Morning, Google, Swiss, Facebook Locations: China, Asia, WeChat, Japan, Kakao, Korea, U.S, West
A couple takes a selfie with the camping site for the 25th World Scout Jamboree in Buan, South Korea, August 4, 2023. REUTERS/Kim Hong-Ji/File PhotoSEOUL, Aug 11 (Reuters) - South Korea hosted a K-pop concert on Friday for thousands of teenage scouts, seeking to salvage national prestige as an ill-fated World Scout Jamboree hit by extreme weather and criticised for poor organisation draws to an end. Around 40,000 people gathered for the concert headlined by NewJeans and IVE at Seoul's World Cup stadium. K-pop agency HYBE and tech group Kakao said they were providing free merchandise for scouts attending Friday's concert. "It is the first time in over 100 years history of World Scout Jamborees to face such compounded challenges," Ahmad Alhendawi, Secretary General of the World Organization of the Scout Movement, said in a statement on Tuesday.
Persons: Kim Hong, NewJeans, Han Duck, Han, Kakao, Ahmad Alhendawi, 1,325.0700, Hyunsu Yim, Ed Davies, John Stonestreet Organizations: REUTERS, Democratic Party of, World Organization of, Scout Movement, Thomson Locations: Buan, South Korea, SEOUL, Saemangeum, South Korea's, Singapore, Seoul, North Jeolla Province, Democratic Party of Korea
In October, the billionaire said buying Twitter was an "accelerant to creating X, the everything app," without providing further details. Musk called WeChat 'great'Super apps refer to a type of app that allow users to carry out multiple functions without having to leave the app. The biggest super app in the world is called WeChat which is run by Chinese technology giant Tencent and has over 1.3 billion users. While China pioneered the super app, the idea has taken off in other parts of Asia. Musk has likely taken inspiration from WeChat, an app he called "great" last year.
Persons: Elon, Harun Ozalp, Elon Musk, China's WeChat, Musk, Linda Yaccarino, WeChat Organizations: HK, Anadolu Agency, Getty, Twitter, Google Locations: China, Asia, Singapore
‘Boys Love’ genre finds new audiences in South Korea
  + stars: | 2023-07-17 | by ( Jake Kwon | ) edition.cnn.com   time to read: +9 min
Not only was the TV series part of a genre — Boys’ Love, or BL for short — that was lesser-known in South Korea, it depicted something rarely seen on the country’s screens: same-sex romance. “Semantic Error,” which was based on a popular web novel of the same name, tells the story of two male college students who fall in love. And the risk paid off: “Semantic Error” became a hit upon its release in 2022. There are currently more than 20 BL shows being produced in South Korea. The on-screen adaptation of "Semantic Error" stars Park Seo-ham as Jang Jae-young and Jaechan as Chu Sang-woo.
Persons: Park Jae, chan, ” Jaechan, Jaechan, Chu Sang, , , , Kim Hyo, Jeong Areum, Kakao, Kim, Jennifer Konig, J, Kim Hye, ” Kim, Jang Jae, Thomas Baudinette, Jeong, South Korea’s, Go Tae, Holland, ” Holland, “ That’s Organizations: CNN, Elle, Cosmopolitan, BL, Seoul National University . Local, Sydney’s Macquarie University, South Locations: South Korean, South Korea, Japan, Seoul, Asia, Taiwan, Thailand, Korean
SEOUL, June 9 (Reuters) - Open AI Chief Executive Sam Altman is set to meet with South Korean President Yoon Suk Yeol and about 100 local startups on Friday, as the country seeks to encourage domestic competitiveness in artificial intelligence. After crisscrossing Europe last month meeting lawmakers and national leaders to discuss the prospects and threats of AI, Altman has travelled to Israel, Jordan, Qatar, United Arab Emirates, India and South Korea - all this week. The European Union is moving ahead with its draft AI Act, which is expected to become law later this year, while the United States is leaning toward adapting existing laws for AI rather than creating whole new legislation. South Korea has new AI regulation awaiting full parliament approval, which is seen as less restrictive than the EU's version. South Korea's Ministry of Science and ICT announced in April plans focused on fostering local AI development, such as measures to provide datasets for training hyperscale AI, while continuing discussions in AI ethics and regulations.
Persons: Sam Altman, Yoon Suk, Altman, Naver, OpenAI, ChatGPT, Joyce Lee, Heekyong Yang, Deepa Babington Organizations: South Korean, crisscrossing, LG, Financial Times, Microsoft Corp, European, South Korea's Ministry of Science, ICT, Thomson Locations: SEOUL, crisscrossing Europe, Israel, Jordan, Qatar, United Arab Emirates, India, South Korea, Korea, United States, China, Kakao, Spain, Mexico, South
Here are Thursday's biggest calls on Wall Street: Morgan Stanley reiterates Ford as overweight Morgan Stanley said it's standing by its overweight rating on Ford. Evercore ISI upgrades Walmart to outperform from in line Evercore said the "traffic turn [is] building" for Walmart. Morgan Stanley downgrades Charles Schwab to equal weight from overweight Morgan Stanley said it has "less confidence" in the stock. Evercore ISI reiterates Meta as outperform Evercore said it's bullish on Meta's messaging monetization opportunity. Piper Sandler reiterates Tesla as overweight Piper said it's bullish heading into the automaker's delivery numbers this weekend.
Hong Kong/Seoul CNN —South Korean internet company Kakao has become the largest shareholder of SM Entertainment, winning a battle for control of one of the country’s most iconic music agencies. Kakao and its entertainment unit have increased their stake in SM to 39.9%, they said in a Tuesday regulatory filing. In securing a controlling stake, Kakao has seen off rival HYBE, South Korea’s top music agency and home to boy band sensation BTS, after a bruising takeover battle. In a separate Tuesday filing, HYBE said it had sold some of its SM shares to Kakao, reducing its stake to 8.8%. Aespa is represented by SM Entertainment.
SEOUL, March 28 (Reuters) - South Korean social media giant Kakao's stake in K-pop agency SM Entertainment (041510.KQ) has reached 40%, the target said on Tuesday, in a deal that has left former bidder HYBE (352820.KS) stuck with more than half of its stake in SM. But Kakao's tender offer for a 35% stake at 150,000 won per share attracted acceptances for more than double the targeted stake, forcing it to scale back allotments in proportion. HYBE said it was left with an 8.81% stake in SM. Kim Hyun-yong, an analyst at Hyundai Motor Securities, said maintaining the remaining stake in SM could help HYBE contain Kakao in the long run. HYBE plans a substantial number of acquisitions and investments this year as the K-pop giant looks to boost its U.S. presence, its chairman Bang Si-hyuk said this month.
Here are some of the more prominent global tech firms that have axed staff despite earning big money. 30 despite a "dynamic environment," CEO Satya Nadella said in the tech giant's annual report. Despite that, Microsoft announced in January that it's laying off 10,000 workers as the firm braces for slower revenue growth. The enterprise software company also returned to positive operating profit growth of 2%. However, SAP announced in January that it's cutting up to 3,000 jobs, as the leadership seeks to steer the company toward double-digit profit growth in 2023.
[1/2] Members of K-pop boy band BTS pose for photographs during a news conference promoting their new album "BE(Deluxe Edition)" in Seoul, South Korea, November 20, 2020. The company's efforts to expand its portfolio of music labels and fan community platforms come after HYBE on Sunday withdrew its plan to take over rival label SM Entertainment (041510.KQ) after a weeks-long battle with social media giant Kakao (035720.KS). HYBE owns multiple subsidiary labels and management companies including Ithaca Holdings, boasting a range of artists including BTS, Ariana Grande and Justin Bieber. The slowdown was largely, but not exclusively, due to the absence of BTS, who are currently on a break as a group, he said. Bang declined to comment on details of a new partnership deal with Kakao Entertainment on fan platform businesses, but added he was "personally satisfied" with the arrangement despite losing the bid to acquire SM Entertainment.
[1/3] Footages of virtual girl group MAVE is played at the control room of MBC in Seoul, South Korea, February 28, 2023. Apart from backing MAVE:, Kakao launched a 1.25 trillion won ($960 million) tender offer last week to buy South Korean K-pop pioneer SM Entertainment (041510.KQ). SM is home to popular K-pop groups such as Girls' Generation, H.O.T., EXO, Red Velvet, Super Junior, SHINee, NCT Dream and Aespa. MAVE: is an "ongoing" project to explore new business opportunities and find ways to work around technological challenges, said Chu Ji-yeon, who heads Metaverse Entertainment. But South Korean technology has made much progress since then in creating virtual characters.
The company dropped its plan to take control of K-pop pioneer SM Entertainment. Hybe, the agency representing top-selling South Korean boy band BTS, dropped its plan to take control of K-pop pioneer SM Entertainment, the company said on Sunday. Hybe's withdrawal put an end to a weeks-long takeover battle with social media giant Kakao, and will allow Kakao to expand its entertainment business further. Hybe said its decision to halt the takeover bid came after the price to acquire SM exceeded a fair range as the competition intensified. On Friday, shares in SM Entertainment closed at 147,800 won.
For more than two decades, the K-pop industry was dominated by the trio until BTS rose to global fame in recent years, making its agency HYBE the largest music label in the country. It is the second-largest entertainment group in South Korea by market value at $2.8 billion, trailing HYBE, which is worth $5.5 billion. Lee filed an injunction request to block the deal that was approved by a court, and sold a 15% stake in SM to rival agency HYBE, setting up a takeover battle. Kakao, the most popular social media platform in South Korea, is expanding aggressively into the entertainment industry where it already owns a smaller K-pop agency, Starship Entertainment. In January, Kakao Entertainment announced a 1.2 trillion won ($966.27 million) investment from Singapore's GIC and Saudi Arabia's Public Investment Fund, giving it more firepower for the SM bid.
Hong Kong/Seoul CNN —BTS agency HYBE says it has called off a takeover bid for SM Entertainment, ending weeks of corporate mudslinging that has dominated headlines in South Korea. Last week, tech giant Kakao and its entertainment unit said they had doubled down on their quest to take control of SM, the iconic K-pop music agency. Kakao offered SM shareholders 150,000 won ($115) per share, much more than HYBE’s previous offer of 120,000 won ($92) per share, which garnered only mild interest from investors. SM Entertainment said in a statement that it “welcomes” HYBE’s decision to suspend its takeover bid. Kakao and its entertainment unit will continue with their existing tender offer to SM shareholders, which will wrap up on March 26, they told CNN.
WWE girds for insider-betting fight
  + stars: | 2023-03-09 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, March 9 (Reuters Breakingviews) - Want to bet on a match where the outcome is fixed in advance? The league is in talks with U.S. state gambling regulators to legalize bets on its staged matches, according to CNBC. For WWE the number of insiders may be bigger: Writers, trainers and wrestlers might be among those with an idea of what’s in store. Overseas bettors can already wager on an upcoming six-woman tag WWE team match, the Eurovision Song Contest and Love Island 2023. Meanwhile, the WWE has put itself up for sale, so some theatrical limbering up for future revenue opportunities is a smart way to juice the price.
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