FALLS CHURCH, Va., Jun. 5 (Korea Bizwire) — Northrop Grumman Corporation (NYSE:NOC) announced today that the U.S. Federal Trade Commission (FTC) has cleared Northrop Grumman’s proposed acquisition of Orbital ATK Inc. The FTC’s Bureau of Competition has completed its review of the merger, and the Premerger Notification Office has informed the company that the waiting [...]
SEJONG, Nov. 28 (Korea Bizwire) — South Korea’s antitrust watchdog on Tuesday ordered Maersk Line, the world’s largest container shipper, and its smaller German rival Hamburg Sud to withdraw from their alliances with other firms on some routes if they want to go ahead with their proposed merger. In October last year, Maersk proposed a [...]
SEJONG, Nov. 14 (Korea Bizwire) — South Korea’s corporate watchdog said Tuesday that it had foreign online travel agencies revise their unfair refund policies. The Fair Trade Commission (FTC) said it has looked into provisions and clauses of four firms — Agoda, Booking.com, Hotels.com and Expedia — and discovered unfair terms that restrict the cancellation [...]
SEJONG, Sept. 26 (Korea Bizwire) — South Korea’s antitrust watchdog said Tuesday that it has slapped a combined 1.78 billion-won (US$1.57 million) fine on Mercedes-Benz Korea and its dealerships for fixing labor costs for auto repairs. Mercedes-Benz Korea, the local unit and importer of German carmaker Daimler AG, allegedly suggested to eight dealerships fixing rates [...]
SEOUL, Jun. 21 (Korea Bizwire) — South Korea’s presidential policy advisory panel said Tuesday that within the next five years it will abolish the country’s antitrust watchdog’s exclusive rights to file a complaint with the state prosecution for any fair trade violations. “We will remove the Fair Trade Commission (FTC) of its exclusive authority to [...]
SEOUL, May 18 (Korea Bizwire) – President Moon Jae-in on Wednesday tapped a well-known critic of large conglomerates as the new chief of the corporate watchdog Fair Trade Commission (FTC). Kim Sang-jo, a economics professor from Seoul’s Hansung University, has been nominated as the new head of the FTC, according to the presidential office Cheong Wa Dae. “He has been nominated as he is considered the right person to set the direction for a new relationship between larger and smaller businesses based [...]
SEJONG, April 20 (Korea Bizwire) – South Korea’s antitrust watchdog said Thursday that it has imposed a combined 70.2 billion-won (US$61.4 million) fine on four local builders for rigging bids for a state railway project. The four companies — Hyundai Engineering & Construction Co., Hanjin Heavy Industries & Construction Co., Doosan Heavy Industries & Construction [...]
SEOUL, July 29 (Korea Bizwire) – Though the South Korean government quashed SK Telecom’s attempt to take over CJ HelloVision, one of Korea’s leading telecommunications companies is still stepping up to shift its strategy to a ‘digital platform’. SK Telecom had proposed acquiring the nation’s largest cable TV operator, CJ HelloVision, and then merge it with [...]
SEOUL, June 22 (Korea Bizwire) – While the social commerce market has been growing rapidly in Korea, the Korean Fair Trade Commission (FTC) has begun investigating unfair trade practices at Korean social commerce businesses. According to an industry expert, Coupang and Ticketmonster are being accused of violating the Large Scale Distribution Law, which triggered the FTC’s [...]
SEOUL, June 20 (Korea Bizwire) – The Korean Fair Trade Commission (FTC) has launched an investigation into Apple’s marketing operations in Korea, with the company suspected of imposing some of its advertising costs on local telecom companies. According to an industry expert, Apple has been accused of forcing local carriers to cover part of the advertising [...]