Food prices will climb everywhere as temperatures rise due to climate change – new research 
Why is the London Stock Exchange losing out to the US 
Digital trade protocol for Africa: why it matters, what’s in it and what’s still missing 
Inflation is slowly falling, while student debt is climbing: 6 graphs that explain today’s CPI 
TikTok Vows to Fight US Ban After Biden Signed Bill 
PUMA and Scuderia Ferrari HP Unveil Miami Limited Edition Collection 
Hybe Accuses ADOR Subsidiary’s CEO of Breach of Trust 
How cuts to marginal income tax could boost the UK’s stagnant economic growth 
Nigerians throw naira notes around to show love: but it could land you in jail 
Will global oil supply be at risk if Iran and Israel pull the Middle East into war? 
PUMA x KIDSUPER Collaboration Elevates Basketball Fashion with New MB.03 Shoe 
The yen plunges to 34-year low despite interest rate hike 
Kakao Corp. announced its plan to ditch the sale of its 10% stake in Kakao Mobility. The South Korean Internet company was supposed to sell it to a private equity fund (PEF) firm, MBK Partners, but decided to withdraw this week as unionized workers have opposed it.
Kakao Corp.’s made the announcement on Thursday, Aug. 18, and with its decision, the company was apparently defeated by the unionized mobility affiliate workers that have already been protesting for a month. In any case, the union opposition said claimed that Kakao’s move to sell is "an irresponsible tactic" to sidestep accountability for a long list of failures in its corporate performance.
The group has repeatedly asked the company to cancel the plan since the stake sale was first revealed in June. Kakao owns the majority of the stake in Kakao Mobility which operates the Kakao T ride-hailing service firm. Currently, it owns a 57.5% stake in the online taxi-hailing and parking services provider.
The Korea Herald reported that Kakao’s announcement ends the tug-of-war between the management and the unionized workers. The TPG Consortium currently holds 29% of Kakao Mobility. This makes it the second-largest shareholder, and the union said that if MBK Partners is also owning a stake, it could turn Kakao Mobility’s business “into a target of speculative investment.”
“We have decided to halt the review of changing the shareholder structure of Kakao Mobility to respect the conclusion that our union has come up with,” the publication quoted Kakao’s Corporate Alignment Center, as saying in a statement. “We respect the union’s will to continue our company’s sustainable and social growth and plan to provide support.”
The union immediately welcomed Kakao Corp.’s decision to cancel the sale to MBK Partners. The group’s leader, Seo Seung Wook, also lauded the move and described the turn of events as a “result of active participation of the Kakao community and employees.”
Meanwhile, experts and observers commented that strict regulations in the country, in addition to the union’s opposition, have become major obstacles to the expansion of Kakao Mobility.
