The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Thu, June 30, 2022 | 15:27
Oh Young-jin Column
Naver founder has a job to finish
Posted : 2018-08-24 15:44
Updated : 2018-08-25 15:55
Print Preview
Font Size Up
Font Size Down
Naver founder Lee Hae-jin / Yonhap
Naver founder Lee Hae-jin / Yonhap

By Oh Young-jin

Can Naver founder Lee Hae-jin save the company, over which he has given up ― at least by appearances ― most of his control?

There was news from France on Thursday. Lee, Korea's dominant portal's global investment officer (GIO), is leading an investment of 258.9 billion won ($227 million) through Naver France, a subsidiary in Europe. Naver is to purchase 2 million new shares issued by its French subsidiary.

"Naver is preparing to launch a new platform while expanding the acquisition of content and investment in startups," an unnamed Naver official told Maeil Economic Daily.

Besides the latest investment, Naver already has 200 million euro, or 259 billion won, in French venture capital to invest in a ride-sharing startup in Estonia, voice recognition firm Snips and eight others. It has bought the Xerox Research Center in Europe that is engaged in machine learning and other Fourth Industrial Revolution technologies. The investments are Lee's work.

Lee's latest move sent Naver's stock price up 3.35 percent, or 25,000 won, to 772,000 won Thursday. It fell a little in Friday morning trade.

This month alone, Naver's stock has risen about 8 percent thanks to foreigners' purchases. But there is a lot of ground to cover to recover to the new-year high near 1 million won.

Six brokerages have predicted the portal's profitability will worsen because of rising costs. FnGuide, a financial information firm, expects Naver's third-quarter operating profit to shrink 15.9 percent to 262.5 billion won.

"Naver hired over 2,000 last year and the aggressive employment policy is expected to continue this year," the Korea Economic Daily quoted Oh Dong-whan, a Samsung Securities analyst, as saying. "The profitability will suffer this year at least and may continue next year. It's not advisable to keep the Naver stock for a long time."

The paper said the company's fortunes depend on how its Line business, a messaging service popular in Japan and Southeast Asia, fares.

But the bigger problem lies in whether Naver behaves like Facebook.

Naver has been under siege for being a monopoly at the expense of, for instance, all news outlets, which are putting themselves at Naver's beck and call.

The portal also was criticized for allegedly being taken advantage of by a political force.

Then there are allegations that Naver has set an agenda for the media, depriving them of their role.

Some say Naver has become too big.

Lee has been avoiding the fracas, casting himself away from the National Assembly's scrutiny.

There is a rumor that Lee is so thin-skinned that he did not want to face parliamentary inspection.

Being away from the heat, Lee may have thought he is safe, but it is inevitable he should finish the job he started.


Emailfoolsdie5@ktimes.com Article ListMore articles by this reporter
 
LG
LG
  • Bodies found in missing family's car in Wando
  • How I lost my period after shooting my first 'body profile'
  • Korea looks to Europe to diversify trade partners as China's growth slows
  • Luna collapse causes chaos
  • Yoon, first lady attend gala dinner hosted by King of Spain
  • [INTERVIEW] 'Asia-Pacific region has potential to lead global decarbonization sector'
  • Korea's first NATO summit to show expanded global role: experts
  • Korea will stick to principles despite China's objection, PM says
  • SK Bioscience gets final approval for Korea's 1st COVID-19 vaccine
  • S. Korea, US, Japan agree to step up pressure on North Korea
  • [INTERVIEW] With unusual nicknames and backgrounds, MIRAE eyes becoming next big K-pop star [INTERVIEW] With unusual nicknames and backgrounds, MIRAE eyes becoming next big K-pop star
  • [INTERVIEW] Jean-Michel Othoniel's glass garden of enchantment 'is for everybody' [INTERVIEW] Jean-Michel Othoniel's glass garden of enchantment 'is for everybody'
  • [INTERVIEW] Park Hae-soo talks about differentiating his character in 'Money Heist' remake [INTERVIEW] Park Hae-soo talks about differentiating his character in 'Money Heist' remake
  • Girl group aespa to perform in 'Good Morning America' 2022 Summer Concert Series Girl group aespa to perform in 'Good Morning America' 2022 Summer Concert Series
  • Park Hae-il 'honored' to play war hero Admiral Yi Sun-sin in 'Hansan' Park Hae-il 'honored' to play war hero Admiral Yi Sun-sin in 'Hansan'
DARKROOM
  • Afghanistan earthquake killed more than 1,000 [PHOTOS]

    Afghanistan earthquake killed more than 1,000 [PHOTOS]

  • Divided America reacts to overturn of Roe vs. Wade

    Divided America reacts to overturn of Roe vs. Wade

  • Namaste: Yogis to celebrate International Yoga Day

    Namaste: Yogis to celebrate International Yoga Day

  • Poor hit harder by economic crisis

    Poor hit harder by economic crisis

  • Roland Garros 2022

    Roland Garros 2022

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group