Internet giant ignites South Korea’s Chinese response …

Internet giant ignites South Korea’s Chinese response …


Cacao and neighbors plunged and were set to the biggest decline in years after South Korean lawmakers warned the country’s Internet giants about abusing market power in pursuit of profits.

Kakao, the operator of South Korea’s largest messaging and social media service, plummeted by more than 11% towards the worst decline since 2012. Naver, which runs the messaging platform Line and numerous apps, fell by more than 8%. We are poised to suffer the greatest loss in six years.

Cocoa should not follow the vast path of the country Zaibatsu The ruling Democratic Party of Japan’s prime minister, Song Young-gil, told the conglomerate, which ignored fair competition, to a forum hosted by fellow lawmakers, Yonhap News Agency reported. According to another report from Dong-A Ilbo, the ruling party has decided to focus on platform operators in its annual meeting audit starting October 1.

South Korea is moving to curb foreign and local tech companies, reflecting months of crackdowns in China that have wiped out more than $ 1 trillion in value for China’s largest companies.

Like Beijing, Seoul regulators and politicians have expressed concern about the growing power and reputation of Internet companies such as cacao, neighbors and Coupin after the pandemic has spurred an unprecedented surge in Internet activity. bottom.

eBEST Investment & Securities Co. “Regulatory issues are not a one-time issue. If stock performance is very high, regulatory issues can be hit hard,” said Sung Jonghwa, an analyst at.

Cacao and neighbors were one of the most prominent beneficiaries of the pandemic stay-at-home order on the Korean stock market.

Neighbors have risen 32%, while cocoa has risen 78% in the last 12 months. This is supported by the mega share floats of subsidiaries such as Kakao Games Corporation and Kakao Bank Corporation.

South Korean lawmakers have recently targeted large technology and industrial parks like Samsung Electronics over monopoly behavior and corruption scandals. This week’s move is one of the strongest to date for the domestic Internet sector, which has grown to rival traditional conglomerates in terms of corporate strength and market value.

In addition to parliamentary criticism, the sector is also facing pressure from financial regulators. The Financial Services Commission said Tuesday that online platforms that promote financial products could be subject to regulations that seek to protect consumers.

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Mizuho Bank has now suffered a seventh ATM system failure …

Mizuho Bank has now suffered a seventh ATM system failure …


According to a major Japanese banking group, Mizuho Bank suffered a system failure on Wednesday, disrupting the operation of about 100 ATMs, making it the seventh outage this year.

A “hardware problem” caused a failure around 9:20 am, but the affected services were restored, the bank said.

The last system issue on August 23 confused about 130 ATMs, followed by a wider turmoil on August 20 that affected transactions at branch counters nationwide. Mizuho Bank is the core unit of Mizuho Financial Group.

Banks also confirmed major system failures in April 2002 and March 2011.

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PayPal Acquires Japanese Unicorn Paidy for 30 Billion Yen …

PayPal Acquires Japanese Unicorn Paidy for 30 Billion Yen …


PayPal Holdings Inc. announced that it will acquire Japanese startup Paidy Inc. for 300 billion yen ($ 2.7 billion) in order to deepen its efforts for postpaid products.

PayPal said in a statement Tuesday that the acquisition would be “minimally diluted” to 2022 adjusted earnings per share. According to PayPal, the transaction is expected to close in the fourth quarter and will be paid primarily in cash.

Japan is home to the world’s third-largest online shopping market, but it is also one of the few developed markets where banknotes are still the king. Almost three-quarters of domestic purchases are still paid in cash, according to PayPal.

Therefore, Paidy is rare among the world’s “pay now” providers, as Japanese consumers can buy products online and pay directly at local convenience stores each month. Founded in 2010, the company has 4.3 million active accounts.

Russell Summer, founder and chairman of Paidy, said:

PayPal said Paidy’s president and CEO, Summer and Riku Sugie, will continue to lead the business. Paidy also maintains the brand and operates its existing business.

The Buy-now-pay-later (BNPL) option allows users to split their purchases into smaller payments without charging interest, instead collecting a small amount from the seller each time the consumer uses the product. You can make the most of your money. In a pandemic-fueled e-commerce boom, their use is skyrocketing around the world.

Paidy traded last month with Jack Dorsey’s Square Inc. Is Australian BNPL company Afterpay Ltd. Was done after agreeing to buy the company for $ 29 billion. Sweden’s Klarna Bank AB raised $ 45.6 billion in June and SoftBank Group Corp. Led the funding round. PayPal itself launched the BNPL service last year, and since then customers have used it to make $ 3.5 billion in purchases.

Paidy’s backers include Soros Capital Management, Visa Inc., and Japanese trading company ITOCHU. The startup raised $ 120 million in its latest funding round in March, and research firm CB Insights said it had a valuation of $ 1.2 billion.

Canadian Kammer founded the company after working as a credit trader at Goldman Sachs Group Inc. in Tokyo. Paidy began offering BNPL services in 2014. This is Amazon.com Inc. Available on the Japanese site of Apple Inc. for customers purchasing from Apple in Japan in June. We have started a partnership with.

Peter Kenevan, PayPal’s head of Japan, said: “Combining Paidy’s brand, capabilities and talented team with PayPal’s expertise, resources and global scale lays a strong foundation for accelerating momentum in this strategically important market.”

Bank of America Corp. was PayPal’s sole financial adviser, and White & Case was the primary legal counsel for the transaction. Goldman Sachs was Paidy’s only financial adviser, and Coolie and MHN were its legal counsel.

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Toyota will spend 1.5 trillion yen on vehicle batter by 2030 …

Toyota will spend 1.5 trillion yen on vehicle batter by 2030 …


Toyota will spend 1.5 trillion yen ($ 13.7 billion) on the development and supply of batteries for hybrid and electric vehicles by 2030, and will invest in anticipation of growing demand in collaboration with other global automakers. We plan to expand.

Toyota executives announced at an online briefing on Tuesday that the world’s number one automaker will spend about 1 trillion yen on the production line. We also aim to install 70 EV battery lines by 2030, and aim to secure the battery supply of 180gWh to 200gWh, which was the previous target by then.

BMW AG announced on Monday that it will increase battery cell orders from the previous € 12 billion to more than € 20 billion ($ 23.8 billion). Toyota’s move looks modest compared to Volkswagen AG’s $ 29 billion push to build six battery plants in Europe for a total of 240 gWh by the end of the decade, but questioned it in the past. It reflects a more bullish stance from Japanese automakers. Whether the high cost of electric vehicles hinders short-term adoption.

Toyota is currently preparing “more” batteries worth 200gWh based on the “faster than expected” potential of battery EVs, Chief Technology Officer Masahiko Maeda said at a briefing. “Zero-emission vehicles are important in areas where renewable energy is widely used,” Maeda said. Therefore, “Toyota is preparing a full lineup of vehicles with reduced CO2 emissions,” he said.

Earlier this year, Toyota announced plans to introduce 15 EVs worldwide by 2025, somewhat eliminating concerns that the industry-wide pivot to electric vehicles is lagging behind. The seven models are part of Toyota’s new “bZ” series, the first of which was previewed at the 2021 Shanghai Motor Show in April.

Still, at a briefing on Tuesday, Toyota stuck to the usual message that non-EVs, such as hybrids, will continue to play a lasting role in the global automotive market in the coming decades.

EV emissions reduction capacity is three times that of hybrid vehicles, but “we can offer hybrid vehicles at an affordable price,” Maeda said. So, at this point, “using hybrids is an effective way to reduce carbon emissions.”

Going forward, Toyota aims to make many improvements to its batteries to reduce the total cost of EVs. According to Maeda, the company aims to reduce the cost per battery by 50% in the future.

The company also believes that solid-state batteries will improve the performance of hybrid and battery-electric vehicles, and is aiming for next-generation batteries in the first half of 10 years, he said.

Bloomberg Intelligence analyst Tatsuo Yoshida said the path to decarbonization of the automotive industry is still unclear, but “Toyota has shown a path that can adapt to various changes.” “Toyota will be able to respond flexibly,” said Yoshida, due to factors such as the uptake of renewable energy in various regions.

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Medical device maker PHC is planning an IPO of 172 billion yen, Jap ..

Medical device maker PHC is planning an IPO of 172 billion yen, Jap ..


Japanese medical device maker PHC Holdings and its shareholders are aiming to raise 172 billion yen ($ 1.6 billion), the largest in Japan in about three years, through an initial public offering (IPO) in Tokyo.

According to the terms of the acquisition, the sale will consist of approximately 46.5 million shares, of which 5.8 million are new and 40.7 million are private equity firm KKR & Co. Is from existing shareholders, including. The reference price of the IPO is set at 3,700 yen per share, but the final price will be decided on October 6.

According to data compiled by Bloomberg, PHC’s IPO will be the first public offering in Japan since the SoftBank Group’s telecommunications business went public for $ 21 billion in December 2018.

Since then, it has been difficult to achieve a large-scale IPO in Japan, and memory chip maker Kioxia Holdings spun out of Toshiba in 2018, disadvantaged the $ 2.9 billion IPO planned about a year ago. It was postponed due to the bad market conditions.

This year, about $ 3.4 billion was raised through a Japanese IPO. The data show that this is a significant increase from the $ 804 million earned during the same period in 2020.

After it was announced that Prime Minister Yoshihide Suga would resign, Japanese equities faced growing interest, optimistic about new policies to revitalize the economy, and received a renewal of Tokyo’s finest equities. rice field.

Dating back to 1969, PHC develops, manufactures and sells medical devices, including diabetes monitoring and other diagnostic systems, in areas such as life sciences and healthcare IT, according to its website.

The company plans to use the proceeds of the IPO to strengthen its distribution and logistics network in the diabetes management segment, increase its diagnostic and life sciences capacity, and repay its debt.

Shareholders selling PHC’s IPO are KKR PHC Investment LP, Mitsui & Co., Life Science Institute Inc., Panasonic Corp., and LCA 3 Moonshot LP.

The price range will be announced on September 28th and the listing is scheduled for October 14th.

Goldman Sachs Group, Inc., Bank of America Corporation, JP Morgan Chase and Company, Morgan Stanley, KKR, Sumitomo Mitsui Financial Group, Inc., Mizuho Financial Group, Inc. are all offering this offering. Is a co-global coordinator of.

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