SEOUL, Jan. 23 (Korea Bizwire) — South Korea on Friday rejected claims by U.S.-based investors in Coupang that the government had targeted the e-commerce giant, calling their use of remarks by Prime Minister Kim Min-seok in a planned international arbitration case a “deliberate distortion.” The Office for Government Policy Coordination said an arbitration notice submitted [...]
SEOUL, Jan. 22 (Korea Bizwire) — Two major U.S. investment firms backing Coupang have asked the United States government to investigate what they describe as discriminatory treatment by South Korean authorities, raising the prospect that a domestic regulatory dispute could escalate into a bilateral trade issue. Reuters reported Thursay that Green Oaks Capital and Altimeter Capital [...]
SEOUL, Jan. 21 (Korea Bizwire) — South Korea’s e-commerce market is showing early signs of change following a recent personal data breach at Coupang, as consumers begin moving to rival platforms — particularly for fresh food delivery — lifting usage and sales metrics across the industry. According to retail industry data released Tuesday, Market Kurly reported [...]
SEOUL, Jan. 15 (Korea Bizwire) — South Korea’s largest e-commerce platform, Coupang, is facing a growing backlash from civil society groups over its compensation plan for a massive personal data breach, with activists urging customers to reject the company’s offer and, in some cases, leave the platform altogether. A coalition of 135 civic and social organizations, [...]
SEOUL, Jan. 12 (Korea Bizwire) – Ordering a temporary suspension of business operations at e-commerce giant Coupang Corp. may be possible, the head of South Korea’s antitrust watchdog said Monday, amid an ongoing investigation over a recent large-scale data breach at the U.S.-listed company. “If an order is not implemented or if it is deemed [...]
SEOUL, Jan. 8 (Korea Bizwire) – The financial watchdog will launch an official audit of e-commerce giant Coupang Inc.’s financial unit next week over its high-interest loan product following a preliminary inspection, officials said Thursday. Coupang Financial has come under fire for charging high interest rates on loans to vendors by leveraging its dominant market [...]
SEJONG, Jan. 6 (Korea Bizwire) — The nation’s highest court is set to deliver a high-profile ruling on whether Coupang, the country’s dominant e-commerce platform, violated fair trade laws by collecting sales promotion fees and incentives from its suppliers—a decision that could reshape regulatory oversight of online retail practices. The case stems from penalties imposed by [...]
SEOUL, Jan. 2 (Korea Bizwire) — Online shopping sales in South Korea jumped 6.8 percent from a year earlier to a record high in November, driven by strong demand for food-related services, data showed Friday. The value of online shopping transactions stood at 24.15 trillion won (US$16.75 billion) in November, up 1.53 trillion won from [...]
SEOUL, Dec. 31 (Korea Bizwire) — The interim head of Coupang Corp., the South Korean unit of U.S.-listed Coupang Inc., said Wednesday that the company’s compensation plan for a recent data breach will not include any conditions requiring customers to waive their right to file lawsuits against the e-commerce giant. Responding to a question from [...]
SEOUL, Dec. 31 (Korea Bizwire) — Coupang disclosed the results of its controversial internal probe into a massive data breach directly to U.S. regulators without prior coordination with the South Korean government, according to filings reviewed Tuesday. In a submission to the U.S. Securities and Exchange Commission dated Monday, the U.S.-listed e-commerce giant said that [...]