June 28, 2024
(WEBTOON ENTERTAINMENT (WBTN) DEBUTED ON THE NASDAQ ON JUNE 27, 2024)
June 28, 2024
Hello everyone,
A Major Australian Bank in a $4.9 billion takeover of Suncorp
ANZ has received approval from the Federal Treasurer for its $4.9 billion takeover of Suncorp’s banking arm. It will become Australia’s third-biggest bank once the takeover of Suncorp is finalized. The approval was made on the condition that ANZ and Suncorp maintain their regional branch numbers throughout Australia for three years. Furthermore, approval was also given if there were no net job losses because of the takeover for three years. Completion of the acquisition is expected to happen at the end of July.
Multiple rate hikes could be on the cards for Australia
Economists are predicting multiple rate hikes increases will be needed to bring inflation to within the RBA’s range.
Annual inflation came in hotter than expected this week at 4%, which was well above market expectations.
Experts believe rate hikes in quick succession, possibly in August and September, will be pivotal in bringing inflation down.
Korean webcomic platform makes its debut on June 27.
Webtoon Entertainment (WBTN), a webcomic platform, has set its market value at $ 2.67 billion ahead of its US listing.
Its shares are due to start trading on the Nasdaq stock exchange today (June 27) at $21 each, the top end of their marketed range.
South Korean technology giant Naver, based in Los Angeles, has been boosted by the growing online popularity of Korean and Japanese comics.
Webtoon says it has 170 million monthly active users in more than 150 counties around the world.
The company is aiming to sell 15 million shares and raise $315 million in the initial public offering (IPO).
The world’s largest fund manager BlackRock has expressed interest in buying up to $50 million of shares.
Webtoon also owns the Japanese webcomic and manga app Line Manga, the web novel platform Wattpad, and the Korean webcomic offering Naver Webtoon.
It offers thousands of titles covering different genres – including action, romance, horror, and science fiction.
The webtoon industry, which focuses on online-only comics optimized for reading on mobile, first emerged in South Korea two decades ago.
Their popularity exploded globally turning them into a major South Korean cultural phenomenon alongside K-pop and Korean dramas.
Webtoons are cheap to produce – a single artist can create one using a tablet – which can make popular comics very profitable.
The webtoon industry made $4.7 billion in 2021 and is projected to grow to $60.1 billion by 2030, according to Spherical Insights & Consulting.
June 27, Webtoon Entertainment’s first day on the Nasdaq.
(This is an article of interest, not a recommendation to buy the stock currently).
Cheers,
Jacquie
