South Korean IT giant Kakao's transportation platform, Kakao Mobility, which is the largest ride-hailing platform in South Korea, has recently been fined 72.4 billion Korean won (approximately 53.74 million USD) by the South Korean Fair Trade Commission.
This marks the highest penalty ever imposed on a domestic ride-hailing platform in South Korea. The Fair Trade Commission stated that Kakao Mobility had disrupted the fair trade order by leveraging its overwhelming advantage in the regular taxi calling market, hindering the operation of competing companies and impeding the development of related businesses.
However, in response to the Fair Trade Commission's ruling, Kakao Mobility has announced that it will file an administrative lawsuit.
Kakao Mobility Faces Record Fine in South Korea for Fair Trade Violations
Published on Oct 6, 2024
Image Credit: Jhany Blue
Tags
The European Commission has recently announced that South Korea will be joining the "Horizon Europe" plan, marking the first participation of an East Asian country in the EU's prestigious scientific…
Bank of Korea's recent report highlights the potential impact of artificial intelligence on the labor market, warning that around 4 million jobs may be replaced by AI. The report sheds light on the sectors most susceptible to job displacement, while also acknowledging the opportunities and advancements AI brings to fields like research, development, and data analysis.
