The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: July 9.
Kakao founder called in for questioning over alleged stock manipulation
Kakao founder Kim Beom-su was called in for questioning by the prosecutors’ office on July 9 for allegedly manipulating SM Entertainment’s stock price when Kakao acquired 39.87% of the entertainment agency last year. The investigation aims to determine whether Kim breached the Capital Markets Act by manipulating SM Entertainment’s stock price with private equity firm OneAsia Partners. Prosecutors suspect Kakao of purchasing 240 billion won ($173 million) worth of SM shares at prices above the tender offer price of HYBE, a rival bidder, to hinder HYBE’s acquisition efforts.
South Korea drops plan to suspend licenses of doctors on strike
South Korea announced that it will withdraw its earlier plan to suspend the licenses of striking doctors, regardless of whether they return to work or not, to resolve the country’s months-long medical impasse. Over 90% of the country’s 13,000 medical interns and residents walked off their jobs in February to protest the government’s plan to increase medical school admissions. The government will also introduce a special training program that allows resigned doctors to apply to other hospitals during the second-half-year recruitment process, which starts in September. This way, doctors can re-enter the workforce without returning to their original hospitals, as previously required, giving them a chance to switch workplaces.
“The government came to this decision after careful consideration, because it is in the public’s best interest to minimize the medical vacuum regarding the treatment of severely ill patients and to maintain the continuity of the training system so that specialists can enter the workforce in a timely manner,” said Health and Welfare Minister Cho Kyoo-hong.
Samsung to launch ‘Paris Olympics phone’ with French luxury giant LVMH
Samsung Electronics will launch a new smartphone with a luxury brand at the Galaxy Unpacked 2024 event on July 10. “Samsung will unveil a smartphone featuring one of LVMH’s fashion brands,” said a source familiar with the matter to the Chosunilbo. The smartphone is expected to be an ‘Olympics edition’ phone, specifically designed for athletes participating in the Paris Olympics. LVMH, the world’s largest luxury conglomerate, manages 75 luxury brands, including Louis Vuitton, Dior, and Moet-Chandon.
