SEOUL, July 23 (Korea Bizwire) – For consumers who use new types of e-commerce such as cross-border shopping and social commerce, Korea’s fair trade watchdog will implement more safeguards against unfair practices such as exaggerated discount rates. The Fair Trade Commission announced on July 22 that it would revise the Guidelines for Consumer Protection in Electronic Commerce [...]
SEJONG, June 19 (Korea Bizwire) – South Korea’s antitrust watchdog said Friday that it has slapped a 114 million won (US$103,100) fine on convenience store chain Ministop Korea for unfair trade practices, ordering the firm to take corrective action. The penalty against the local affiliate of Japan’s AEON group, one of the largest retailers in Asia, comes [...]
SEJONG, June 18 (Korea Bizwire) — South Korea’s antitrust watchdog said Thursday that it has started a probe to determine if local multiplex theaters engage in unfair trade practices that hurt consumers. The Fair Trade Commission (FTC) said it is trying to determine if CJ CGV, Lotte Cinema and Megabox forced customers to view extended advertisements and made [...]
SEOUL, May 14 (Korea Bizwire) — As car leasing grows in popularity in Korea, Korea’s fair trade authority announced that it has corrected several unfair practices in use by leasing firms, including the shifting of registration and acquisition taxes to customers. The Fair Trade Commission (FTC) exposed the unfair practices that burdened customers with unwarranted taxes. [...]
SEOUL, April 3 (Korea Bizwire) – A housewife surnamed Lee recently received a 50,000 won mobile gift coupon from her friend. She used it at a large supermarket, on a purchase totaling 49,100 won. However, the supermarket refused to pay the 900 won in change, as it was not obliged to. Lee can use the [...]
SEJONG, March 23 (Korea Bizwire) — South Korea’s anti-trust regulator on Monday ordered the local subsidiary of Bayer to sell its oral contraceptive pill operation that it acquired when its parent bought Merck & Co., citing conflicts with the country’s fair trade rules. The Fair Trade Commission (FTC) said it ordered Bayer Korea to dispose of its [...]
SEOUL, Feb. 12 (Korea Bizwire) – The Fair Trade Commission of Korea has ordered Lock & Lock to correct an advertisement that unfairly claims that the food containers of a rival company are inferior to its own products, based on false tests. According to the fair trade watchdog, Lock & Lock, a food container manufacturer, made [...]
SEOUL, Dec. 3 (Korea Bizwire) – As the popularity of Honey Butter Chips increases, tie-in sales are becoming more frequent. A grocer combined a box of sweet potatoes with a bag of the Korean-style potato chips. Some sellers bundled various cookies, chocolates and the chips into a plastic bag in an effort to sell other [...]
SEOUL, Nov. 25 (Korea Bizwire) – The Korean Fair Trade Commission has set out to investigate the pricing policy of IKEA following a controversy surrounding large price differences charged by the furniture giant in Korea and elsewhere. Chang Deok-jin, director in charge of consumer protection with the Fair Trade Commission, said on November 24 in a press [...]
SEOUL, Oct. 30 (Korea Bizwire) – The number of holding companies in Korea has exceeded 130 for the first time since 1999 when the holding company scheme was introduced. Even though large corporations with assets in excess of 5 trillion won were restricted by law to take advantage of the holding company structure as it constitutes cross-shareholding [...]