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Games & Commerce

Naver says nothing decided on report of consortium bid to buy Baemin

Naver said on May 19 it has not made any specific decisions on a report that it is forming a consortium with Uber to acquire Delivery Hero-owned food delivery app Baedal Minjok, also known as Baemin. It said it is reviewing various options to strengthen business competitiveness and will make a follow-up disclosure when details are decided or by June 18. Reports said the firms joined a preliminary bid and floated an 8 trillion won offer.

Industry

Seagate CEO remarks on factory expansion time hit U.S. memory chip stocks

Shares of memory chip maker Seagate fell sharply on May 18 on worries it may not keep pace with memory demand from expanding AI investment. The selloff widened after CEO Dave Mosley said building new factories or installing new equipment would take too long, and that boosting capacity could slow the pace of growth in current technology. The weakness spread across memory stocks including Micron, SanDisk and Western Digital.

Finance

Korea Investment & Securities posts 9.6 billion won Q1 operating profit, up 85 percent

Korea Investment & Securities said its first-quarter operating profit rose 85.0 percent from a year earlier to 9.6 billion won, while net profit climbed 75.1 percent to 7.8 billion won. The brokerage attributed the gains to broad-based growth across its main businesses, including brokerage, wealth management, investment banking and trading. It also expanded AI-based functions in its mobile trading system and strengthened partnerships with global financial firms.