Share to Twitter Share to Linkedin South Korean billionaire Lee Hae-jin ’s Naver, the country’s largest internet company by market capitalization, agreed to acquire American fashion e-commerce platform Poshmark for $1.2 billion, furthering the tech giant’s international expansion. In the deal, Naver will purchase all of Poshmark’s shares for $17.90 in cash, a premium of 15% to its closing stock price the day before—but less than half the online retailer’s trading price of $42 during its IPO last January. Poshmark will become a standalone subsidiary of Naver while retaining its current management team, led by its founder and CEO Manish Chandra. “Bringing Naver and Poshmark together will immediately put us at the forefront of creating a new, socially responsible, and sustainable shopping experience designed around sellers of all sizes and interests,” said Choi Soo-yeon, Naver’s CEO, in a statement . Cofounded in 1999 by Lee and Kim Jung-ho, both … [Read more...] about Korean Internet Giant Naver To Buy American Fashion Reseller Poshmark For $1.2 Billion
Gilas Pilipinas center Kai Sotto during a game against Saudi Arabia in the Fiba World Cup Asian Qualifiers at Mall of Asia Arena. Photo by Fiba MANILA, Philippines — Japeth Aguilar sees Kai Sotto as Gilas Pilipinas’ core player, believing the Filipino prodigy could be a “dominant player in Asia and even the world” someday. Aguilar, a member of the Gilas group that returned the country to the world stage in 2014, displayed great chemistry with the 7-foot-3 center as they led the Philippines to an 84-46 rout of Saudi Arabia in the Fiba World Cup 2023 Asian Qualifier last Monday at Mall of Asia Arena. “For me, Kai, as young as he is, is already a core player of Philippine basketball. I can’t say any advice because he knows what to do,” said the Barangay Ginebra forward in Taglish after posting eight points, three rebounds, and three assists against the Saudis. The 6-foot-9 big man, who once pursued the NBA and was drafted by the Santa Cruz Warriors in the D-League (now the … [Read more...] about Japeth Aguilar has high hopes for Kai Sotto ‘in Asia and even the world’
According to the indictment, Yoo Dong-kyu, a former planning director and acting president at the Seongnam Development Corporation, Choi Yoon-gil, former Seongnam City Council chair, and lawyer Nam Wook and accountant Jeong Young-hak, key members of Hwacheon Daeyu — the company behind the Daejangdong scandal — were all closely associated with the founding of the Seongnam Development.When opposition party councilmen opposed the founding bill, Choi attempted to put it to an unprecedented anonymous vote. When the conservative party members walked out in protest to cause shortage in quorum, he pushed ahead with a vote through show of hands. He even included members standing near the assembly doors in the quorum to pass the bill. In another shock, accountant Jeong — a member of Hwacheon Daeyu who was awarded with Daejangdong development project — had designed the tender guideline to select the private developer. He demanded to rule out participation of private builders in the bid and … [Read more...] about A scheme for methodical collusion unfolds
Share to Twitter Share to Linkedin Linebacker Jamie Collins is set to return to the New England Patriots organization that drafted and ... [+] traded him away. (Photo by Kevin Sabitus/Getty Images) Getty It is a reunion that would’ve been hard to picture during the 2016 NFL trade deadline. It is a reunion that’s still hard to picture now. But Jamie Collins is back with the organization that shipped him away in the midst of a contract year, as NFL Media’s Ian Rapoport and the Boston Globe’s Jim McBride reported Wednesday. He is back with the organization that drafted him in the second round in 2013, and the same one that was willing to take a third-round compensatory pick to move on from him. “In the end, we did what was best for the football team,” New England Patriots head coach Bill Belichick said on WEEI in the hours following the trade. “There are a lot of things to take into consideration. I’m sure we could bring up a lot of … [Read more...] about Three Years Later, Patriots Look To Hit The Reset Button With Linebacker Jamie Collins
SEOUL -South Korean e-commerce company Naver Corp announced a $1.2-billion purchase of U.S. fashion resale platform Poshmark Inc but investors questioned the timing of its biggest acquisition amid a slowing economy and sent its shares tumbling. Naver, which is also South Korea’s top search engine, will pay $17.90 cash for each Poshmark share and acquire all of its outstanding stock in a foray into the U.S. e-commerce market. Poshmark is the largest fashion consumer-to-consumer platform in North America, with 80 million registered users led by Millennial and Gen Z active users, Naver executives said in a conference call on Tuesday. The deal will combine Poshmark’s shopping platform with Naver’s technology, likely starting with live-streaming, a key driver of e-commerce in South Korea, followed by technologies such as image recognition and artificial intelligence, the two companies said in a statement. With Millennials and Gen Zers leaning toward value-driven consumption such as … [Read more...] about S.Korea’s Naver buys U.S. Poshmark in $1.2-B deal, invites skepticism
Share to Twitter Share to Linkedin On behalf of everyone at U.S. Global Investors, I’m extending strength and resilience to the people of Florida, where more than half a million homes and businesses were still without power as of Monday morning. Hurricane Ian is already believed to be among the costliest hurricanes in U.S. history, with the upper range forecast at $70 billion in damages. That would put it in at least the top 10 costliest storms, adjusted for inflation. Of particular concern is Florida’s systemic lack of flood insurance. Just 18.5% of homes in Florida counties that were told to evacuate have coverage through the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). Most regular homeowners’ insurance policies don’t cover flood damage, which is why Congress created the NFIP in 1968. But at an average cost of $995 a year, according to Forbes, the insurance may be out of reach to … [Read more...] about Which Industries Benefit The Most After A Hurricane?
A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,215.22 points on Wednesday, up 5.84 points, or 0.26 percent, from the previous trading day. [YONHAP] Stocks inched up Wednesday as investors picked up tech bargains following solid gains on Wall Street over hopes for the Federal Reserve's slowdown in its aggressive monetary tightening. After choppy trading, the benchmark Kospi added 5.84 points, or 0.26 percent, to end at 2,215.22, extending its winning streak to a second straight session. Trading volume was moderate at 847.91 million shares worth 9.34 trillion won ($6.62 billion), with losers outpacing gainers 633 to 248. Institutions sold shares a net 550.8 billion won worth of stocks, while retail investors bought a net 454.3 biliion won and foreign investors a net 76.7 billion won. The market opened sharply higher, tracking U.S. rallies, but had moved between positive and negative terrain before ending with modest gains amid lingering … [Read more...] about Stocks inch up Wednesday as investors pick up tech bargains
SoftBank Group CEO Masayoshi Son, right, and Samsung Electronics Vice Chairman Lee Jae-yong,left, enter the Korea Furniture Museum in central Seoul in 2019 to meet with other Korean business leaders. [OH JONG-TAEK] SoftBank Group CEO Masayoshi Son did not bring up the subject of selling all or some of Arm to Samsung Electronics during a meeting with the Korean company Tuesday, according to a report in the JoongAng Ilbo. Arm, the British company that almost monopolizes microprocessor technology for smartphones, is set to be sold by the Japanese company. Korean press has been speculating that SoftBank Group may try to unload the asset in a sales to Samsung Electronics despite a deal of that nature being almost impossible for antitrust reasons. Son, a Japanese citizen of Korean descent, met with Lee Jae-yong, Samsung Electronics vice chairman, Roh Tae-moon, Samsung Electronics mobile experience CEO, and Kyung Kye-hyun, Samsung Electronics device solutions CEO. Device solutions … [Read more...] about SoftBank’s Son does not offer Arm to Samsung Electronics: Sources