Business

Seoul Doesn’t Have Beijing’s Crackdown Muscle

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Western behemoths aren’t the one ones copping it. Kakao Corp. and Naver Corp., the nation’s largest web and messaging suppliers, have been pilloried by lawmakers, antitrust regulators and monetary authorities over a spread of supposed sins, together with their market dominance, share-listing valuations and fintech product choices. Whereas their merchandise are ubiquitous in Korean society, the companies behind them lack the dimensions and energy loved by counterparts in China and even the U.S., which have additionally been below hearth. But precise allegations and authorized prices have been scant, leaving corporations to aim to clear their names within the court docket of public opinion.One such government who succumbed to strain is Brian Kim, founding father of Kakao and an emblem of South Korea’s new wave of expertise leaders who eschew conventional {hardware} companies for the high-growth areas of software program, web and social media. On Tuesday,  he pledged 300 billion received ($256 million) to assist small retailers whereas contemplating dipping out of sectors that compete with mom-and-pop retailers. “The latest criticism is a robust alarm bell for Kakao,” Kim wrote in a press release, which included contrite buzzwords like “social accountability” and “elementary modifications.”

https://www.washingtonpost.com/enterprise/seoul-doesnt-have-beijings-crackdown-muscle/2021/09/14/57d6dda2-15d5-11ec-a019-cb193b28aa73_story.html?utm_source=rss&utm_medium=referral&utm_campaign=wp_business | Seoul Doesn’t Have Beijing’s Crackdown Muscle

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