South Korea's antitrust regulator will closely inspect unfair business activity by online platform giants Naver Corp. and Kakao Corp. amid their increased market dominance.
There are increasing concerns that the online platform operators have abused their dominant market status and engaged in unfair business practices that threaten small businesses.
Joh Sung-wook, chief of the Korea Fair Trade Commission (KFTC), said that while consumers are given new opportunities for market access, damage due to unfair business activity is on the rise.
The KFTC is investigating alleged unjust business practices by leading taxi-hailing firm Kakao Mobility Corp., and e-commerce giant Coupang.
Groups of taxi firms alleged that Kakao Mobility deliberately prioritizes affiliated taxis.
Meanwhile, there are allegations that Coupang abused its search algorithms to place its own brands on the top of its website and mobile platform, and that it pressed suppliers to lower the prices of its goods than its rivals.
The KFTC had also submitted to parliament a bill designed to penalize unfair business practices by online platform operators. Consequently, the ruling Democratic Party is aiming to regulate unfair business practices by mainstream platform giants.


OpenAI Pulls the Plug on Sora, Ending $1 Billion Disney Partnership
Time to buy local: war fuel price shocks reveal the folly of a long food supply chain
Nanya Technology Shares Surge 10% After $2.5 Billion Private Placement from Sandisk and Cisco
AWS Bahrain Region Disrupted by Drone Activity Amid Middle East Conflict
Australia's Inflation Eases in February but Core Pressures Persist
Currency Markets Show Caution Amid U.S.-Iran Negotiations
Delivery Hero Sells Taiwan Foodpanda to Grab for $600 Million in Debt-Reduction Push
9 Tips for Avoiding Tax Season Cyber Scams
Goldman Sachs Raises ECB Rate Hike Forecast Amid Persistent Energy-Driven Inflation
ECB Eyes Rate Hike Amid Iran Conflict-Driven Energy Price Surge
Gold Prices Surge on U.S.-Iran Ceasefire Reports
Reflection AI Eyes $25 Billion Valuation in Massive $2.5 Billion Funding Round
UK Consumer Confidence Weakens Amid Middle East Conflict and Rising Living Costs
Wall Street Slides as Iran War Uncertainty, Oil Surge, and AI Fears Rattle Markets
Asian Markets Rally as Oil Prices Tumble and Middle East Peace Hopes Emerge
Meta Ties Executive Pay to Aggressive Stock Price Targets in Major Retention Push
Asian Currencies Stay Muted as Dollar Holds Firm Amid Iran Uncertainty 



