NAVER WEBTOON LISTED ON NASDAQ

NAVER WEBTOON LISTED ON NASDAQ

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Naver Webtoon has listed on the U.S. Nasdaq market. Trading started at $21.30 per share, above the initial offering's upper range. Through this, Naver Webtoon has raised approximately 315 million U.S. dollars.

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Webtoon Entertainment based in the United States and backed by Korean online giant Naver was listed on Nasdaq on Thursday. The inaugural trade opened at 21 dollars and 30 cents, higher than the initial public offering price. Naver Webtoon had put up 15 million shares on the market and its estimated to have raised about 315 million U.S. dollars. The stock closed at 23 dollars, nearly 10% up from the IPO price, recording a market capitalization of nearly 2.9 billion dollars. Webtoon Entertainment's listing came almost 20 years after Naver had launched its webtoon service. Naver Webtoon said that Webtoon Entertainment is providing service to some 170 million readers in 150 countries. Korea's premier online comics platform livened up the atmosphere on the IPO day by holding a cosplay and webtoon artist signing event.

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Entering the American stock market in itself could boost corporate trust and subsequently help attract more investment or expand the market. Even when a company is in the red, it could be listed based on its potential value in the future. Korea's e-commerce company Coupang was also suffering deficit when it was listed on the New York Stock Exchange about three years ago, but it succeeded in raising roughly 3.7 billion dollars. At present, however, Coupang is being traded at 60% of its IPO price. Naver Webtoon now faces the challenge of raising its corporate value as its growth has been slowing down since the pandemic.

MOTION TO IMPEACH KCC HEAD

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Five opposition parties, led by the Democratic Party, have initiated an impeachment motion against Kim Hong-il, Chairman of the Korea Communications Commission. They aim to sound the alarm against the administration and convey public sentiment from the recent general election. In response, the People Power Party accuses the Democratic Party of trying to shield its former Chairman, Lee Jae-myung, from judicial risks. They claim the Democratic Party has a sinister intent to subdue and dominate the media.

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The five opposition parties including the main opposition Democratic Party have given five reasons for the impeachment. They include the unlawful approval by the two-member KCC, an unjust change to local news broadcaster YTN's largest shareholder, poor oversight of the Korea Communications Standards Commission and broadcaster TBS that constitutes dereliction of duty as well as refusal to appear before parliament and submit materials.

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Noh Jong-myun (Floor spokesperson, Democratic Party): The current situation where two KCC members handle the agency's key decisions is unlawful and constitutes abuse of power.

The opposition however made it clear the impeachment motion is first and foremost to sound the alarm against the administration's repeated attempt to control the media and convey to the government the public sentiment shown in the recent general election. The target date for a plenary vote is July 3rd or 4th and the motion is expected to pass as an approval requires majority support from the opposition-held Assembly. The ruling People Power Party has strongly protested the latest move citing the opposition's sinister motive to take control of broadcasting. The PPP believes it is the DP's tact to tame the media in an effort to shield its former chairman Lee Jae-myung from a number of judicial risks he faces. The ruling party questions that if the KCC's two-member regime is a problem, then why doesn't the DP recommend its share of commission members despite a persistent request to do so.

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Choi Hyung-du (Science and ICT, broadcasting committee (PPP)): The motion, sure to be dismissed by the Constitutional Court, hides an ulterior motive to keep status quo of Foundation for Broadcast Culture...that was set up under former Pres. Moon to control media.

The PPP also suspects the opposition's hasty push to approve three contentious media bills that call for revising the way public broadcaster chiefs are appointed as also politically motivated.

NK EXECUTIONS FOR SHARING K-DRAMA

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The government has released its second report on North Korea's human rights. It includes new testimonies from about one hundred defectors. Notably, instances of public executions by North Korean authorities are documented for the first time. These acts were carried out under the 'Law on Rejecting Reactionary Ideology and Culture'.

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Life in North Korea was like being trapped in a matchbox.

This is a scene from a video report on North Korea's human rights condition. The Ministry of Unification published this report for the second time, following the first one in 2023. The report includes the testimonies from 141 North Korean refugees in addition to 508 accounts upon which last year's report was based. The report also contains for the first time public executions based on violating the regime's new Law on Rejecting Reactionary Ideology and Culture, legislated to tighten its grip on society during the pandemic. At a mine in Hwanghaenam-do Province in 2022, a 22-year-old man was executed in public for watching and listening to South Korean movies and songs and distributing them. There were even testimonies stating that public executions took place in early 2023. A North Korean refugee who escaped on a wooden boat via the East Sea last year...testified that he had heard that three of his acquaintances were publicly executed last year for watching South Korean dramas. The report also included claims that North Korean authorities are strengthening their control of residents through 3 key laws. A bride wearing a white dress or a resident wearing sunglasses are defined as 'reactionary.' North Korean authorities also frequently censored the residents' mobile phones to crack down on them using South Korean terms or expressions like Appa or 'Dad' in their contact lists. However, the number of North Koreans refugees plunged since the pandemic, suggesting that the report based on the accounts of a few North Koreans should be verified more thoroughly. The Ministry of Unification said that the 2024 report is the first time that a video report was produced in addition to a written one. Actor Yoo Ji-tae, who was appointed as the publicity ambassador for North Korean human rights, narrated the video report.

RECKLESS DRIVING STILL RAMPANT

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In the early hours, biker gangs are increasingly running rampant through city streets. Previously active around anniversaries, these gangs now appear unpredictably. Apparently, they now use social media to coordinate frenzied races at all hours.

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A sedan appears to be changing lanes...when all of a sudden it crosses over the median and rotates in the middle of the road. It scares pedestrians on the sidewalk, making them take a few steps back. Several motorcycles perform dangerous stunts on the road. They even spray fire extinguishing powder. The rascals generate loud noise in the wee hours of the night, when most people are fast asleep, and continue to ride recklessly in circles. When a police car pulls up, they chase it within inches as if trying to mock the authorities.

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They are on a chase.

When it's pushed out of the motorway, the riders are elated. The crazy ride finally came to an end when the motorcycles crashed into each other. Early morning on June 25th. Motorways in Cheonan and Asan, Chungcheongnam-do Province, turned into a scene of chaos...because of a dangerous race between a car and a motorcycle. Local residents could not fall asleep because of the deafening roar. The so-called "biker gangs" get together using social media. They also live-stream their insane acts on social media. In the past, they used to stage their reckless rides on days commemorating special occasions such as Liberation Day. But nowadays, they do it whenever they want. To evade crackdowns, they either cover or remove their license plates altogether.

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Cho Tae-hyung (Daejeon Metropolitan Police Agency): We couldn't identify them because they covered license plates and wore helmets. We traced security camera footage when they began to gather.

Police have rounded up ten bikers this time. The apprehensions come after three months of persistent investigations. But even when reckless drivers are detained, most of them are just levied a fine. Critics say harsher laws are needed to stop their reckless acts.

SUMMER BOX-OFFICE RELEASES

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It's now the peak season for summer movies. A comedic film starring the acclaimed actor Lee Sung-min has kicked off the lineup. This and more from the box office.

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Don't they look suspicious? (How so?) Folks like them are always into something.

Jae-pil and Sang-gu, both with looks that won't make good first impressions, move to the countryside, but end up being the target of local cops.

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(Isn't that Mi-na?) What? Kidnapped?

While rescuing a drowning woman, they are mistaken for kidnappers.

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It's really scary! What's going on?

They do nothing wrong, but everyone who visits them somehow ends up dead. This new comedy was produced by the same company that gave us ‘Inside Men’ and ‘12.12: The Day.’

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Lee Sung-min (Role of Jae-pil): This movie quenches the thirst for acting outside the box in an open-minded, unrestrained way to express diverse emotions.

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Lee Hee-joon (Role of Sang-gu): The best part was unpredictability. Unlike existing scripts, this one was impossible to predict. I like this kind of movies.

North Korean war orphans who were living in East Europe in the 1950s are one day repatriated and have to say goodbye. This film traces their turbulent lives in five East European countries, including Poland and Bulgaria.

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Kim Deog-young (Director): This movie is about the preciousness of freedom. To these people, freedom has an acute meaning.

A high-school girl one day discovers the biological limitations of humans and begins her quest to find the answer. This movie focuses on the infinite multiverse and ordinary people encountered on the other side of the universe. Its philosophical message conveyed through some peculiar humor received rave reviews at Jeonju International Film Festival.

PREMIER LEAGUE OFFER FOR YANG

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Eighteen-year-old Yang Min-hyuk, a rising star in professional football, is close to joining the English Premier League. KBS found that a top Premier League club has offered him a substantial transfer. Here's more.

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Yang Min-hyuk, a high school senior, made a stellar debut in the K-League. His ability to seize the right moment to score a goal is just too good for a high school student. Thanks to his swift and agile dribbles, he scored five goals and three assists, making him a viable candidate for the Young Player of the Month award.

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Yang Min-hyuk (Gangwon FC): My strength lies in speedy dribbles.

Gangwon FC signed a pro-contract with the football prodigy on June 17th. But less than ten days later, he received a transfer offer from a big European Premier League club. Gangwon FC says it cannot disclose the name of the club yet due to a confidentiality agreement, but it's a very well-known club in the Premier League. It added Yang has been offered over 5 billion won, or 3.6 million dollars that's more than Lee Chung-yong received in 2009. Gangwon FC CEO Kim Byung-ji officially announced Yang Min-hyuk's planned transfer to the Premier League in a video message.

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Kim Byung-ji (CEO, Gangwon FC): The contract can be signed next month or the month after. But the time of actual transfer may be different.

Now all eyes are on which club Yang will be transferred to. The possible candidates aside from the top football clubs are Chelsea, Tottenham, Newcastle United and West Ham United. After final details are worked out, Yang's transfer will be announced officially. He will become the fourth Korean football player to join the Premier League after Son Heung-min, Hwang Hee-chan and Brentford's first team defender Kim Ji-soo.

NEWJEANS TOKYO DOME FAN MEETING

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Girl group NewJeans has just hit the stage at Tokyo Dome, Japan's biggest concert venue. The place is known as the 'dream stage' by local artists. We have the details.

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K-pop girl group NewJeans held their first fan meeting in Japan at the Tokyo Dome on Wednesday and Thursday. This comes just 5 days after the group released a single album and made its official debut in Japan. The management agency said NewJeans has set foot in the prestigious Tokyo Dome less than 2 years since their debut...calling it the fastest in K-pop history. With the fan meeting tickets sold out, tickets for seats with restricted view were also rolled out. As a result, 90-thousand fans took part in the two-day event, 45-thousand each per day. Many celebrities are known to have been spotted at the fan event as well, including Hong Kong film star Leung Chiu Wai, also known as Tony Leung.