Korea Moves To Ban Apple and Google From Forcing Developers To Use Their Payment Systems

Reuters | |

A South Korean parliamentary committee voted early on Wednesday to recommend amending a law, a key step toward banning Google and Apple from forcibly charging software developers commissions on in-app purchases, the first such curb by a major economy.

Apple Inc and Alphabet Inc's Google have both faced global criticism because they require software developers using their app stores to use proprietary payment systems that charge commissions of up to 30%.

Samsung Group To Invest $205 Billion Globally Over Next Three Years

Kimberly Redmond | |

Samsung Group will invest $205 billion (240 trillion won) over the next three years to expand its global footprint in key industries like biopharmaceuticals, robotics and next-gen telecommunications.

On Tuesday, the tech giant unveiled the plan, saying it is aimed at preparing Samsung “for great changes in industry, international order, and social structure expected after the COVID-19 pandemic.”

Samsung Head Lee Jae-Yong Freed on Parole as Critics Allege Preferential Treatment

AP News | |

Samsung leader Lee Jae-yong walked out of prison Friday a year early in a parole decision demonstrating the conglomerate’s outsized influence in South Korea as well as continuing leniency for bosses who commit corporate corruption.

Wearing a gray suit and a mask, Lee left the prison near Seoul to a barrage of camera flashes and bowed in apology over the anger ignited by his case, which was related to the explosive corruption scandal that toppled South Korea’s previous president in 2017. Hundreds of demonstrators standing behind police lines simultaneously shouted slogans denouncing or welcoming his release.

Kakao Bank Soars 79% in Debut, Becoming Korea's Largest Lender by Market Value

Reuters | |

Digital lender Kakao Bank Corp made a stunning debut on Friday, surging 79% from its IPO price to become South Korea's biggest financial services firm by market value.

It is the first online-only bank in Asia to go public, according to a person who worked on the deal - a milestone that has prompted frenzied demand, particularly as Chinese listings have fallen out of favour in the wake of regulatory crackdowns.

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