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☆ Poshmark's new pricing change backfired, so the CEO did something rare—it's great leadership, says expert
▼ + stars: | 2024-10-28 | by ( Ashton Jackson | ) www.cnbc.com time to read: +2 min

Not every public apology from a CEO resonates — which is why a recent memo from Poshmark founder Manish Chandra stands out, says a leadership expert. Customers revolted, leaving Poshmark sellers stranded: For many, the loss of sales was worse than any savings they pocketed from the reduced fees, Chandra wrote in an apology blog post last week. "We have decided to revert to our original fee structure effective October 24, 2024," he wrote. That's a rare effective CEO apology, says Talia Fox, a leadership strategist, author and head of KUSI Global, an executive consulting firm. "Even the smallest gesture ... some tangible incentive that backs up the apology [can go a long way]."

Persons: Manish Chandra, Chandra, Talia Fox, Fox Organizations: South Korean, Naver Corporation, Customers, KUSI, CNBC

☆ Kakao faces growing regulatory risks as political scrutiny rises
▼ + stars: | 2023-11-03 | by ( Joyce Lee | ) www.reuters.com time to read: +4 min

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

☆ A.I. could threaten search ad market, but South Korean tech giant Naver also sees an opportunity
▼ + stars: | 2023-05-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The Naver Corp. website arranged on a screen in Gimpo, South Korea on Sept. 9, 2021. While artificial intelligence chatbots like ChatGPT pose a threat to the search ad market, South Korean internet giant Naver sees the rise of AI as an opportunity for the company. Naver is South Korea's most used search engine, according to Statista, commanding a 61.2% market share of monthly active users. In contrast, the ever ubiquitous Google has a 28.55% market share in the country. If fewer people use search engines, that would lead to a decline in search ad revenue, often the largest revenue stream for their operators.

[1/2] AI chip startup Rebellions co-founder and chief executive Park Sunghyun works at the company headquarters in Seongnam, South Korea February 2023. SEOUL Feb 13 (Reuters) - South Korean startup Rebellions Inc launches an artificial intelligence (AI) chip on Monday, racing to win government contracts as Seoul seeks a place for local companies in the exploding AI industry. "But it's not set in stone because AI chips can carry out different functions and there aren't set boundaries or metrics." A100 is the most popular chip for AI workloads, powerful enough to create - in industry lingo, "train" - the AI models. Rebellions declined to give a forecast for its AI chip venture.

☆ S.Korea's Yoon calls for quick resumption of popular messaging, portal services
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +2 min

Service disruptions, some of which continued into Sunday, hit some of the country's most-used apps and websites, including Kakao messenger and the company's online payment, gaming and music streaming services. read moreThe outages highlighted how reliant South Korea is on Kakao messenger, which is the default form of communication for many government and business services. Register now for FREE unlimited access to Reuters.com Register"We ask that government ministries also make every effort to ensure that Kakao and others can responsibly and promptly restore services," Yoon said, according to his spokeswoman. Yoon ordered the science and ICT minister to provide personal support, and called for an investigation to identify the exact causes behind the incident. Register now for FREE unlimited access to Reuters.com RegisterReporting by Josh Smith; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Fire knocks out services at South Korea tech giants Kakao, Naver
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 15 (Reuters) - A fire at a suburban data centre south of Seoul damaged servers of South Korea's major tech companies, Kakao Corp. (035720.KS) and Naver Corp. (035420.KS) on Saturday, causing extensive disruption to the country's dominant messenger service and internet portal. The fire at SK C&C (034730.KS) on Saturday afternoon affected the operations of companies including Kakao and Naver housed at the data centre in Pangyo, on Seoul's southern periphery, an SK official said. Kakao messenger and some affiliated services remained down more than eight hours after the fire broke out. Safety precautious were preventing Kakao from resuming power supplies to its data centre, Yonhap news agency reported. Kakao's messenger app Kakao Talk has more than 47 million active users in South Korea and 53 million globally, the company said in a report in August.

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