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Games & Commerce

KFTC starts review of alleged Google app market abuse over GVP contracts

South Korea\'s Fair Trade Commission has begun deliberations over allegations that Google abused its dominant position in the app market. The case focuses on GVP contracts signed with 22 major game companies from 2019 that required most-favoured terms for the Google Play Store in timing and quality, in return for support for premium services. The watchdog’s staff proposed corrective orders and a fine that could reach up to 6 percent of relevant revenue.

Finance

Korean banks tighten lending standards ahead of government property measures

South Korea\'s financial sector is raising lending hurdles ahead of a possible government property package as early as next month. Banks are tightening self-imposed rules, including reducing credit loan limits and strengthening management of overdraft facilities, even as decisions on mortgage and jeonse loan curbs remain undecided. Markets are watching possible tighter jeonse loan guarantees and renewed focus on second-tier lenders. Internet-only banks are also cutting limits as demand shifts.

Finance

Woori Financial joins government-led fund to support first-generation new town redevelopment

Woori Financial Group said on Wednesday that Woori Bank and Woori Asset Management will join the government-led Future City Fund as key partners to support redevelopment projects in first-generation new towns. The fund was created to meet redevelopment demand for about 530,000 households in Bundang, Ilsan, Pyeongchon, Sanbon and Jungdong. Woori Bank will invest 480 billion won in the first 600 billion won master fund and supply low-interest initial project financing.