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☆ The Antitrust Enforcers Aimed at Big Tech. Then Came the Backlash.
▼ + stars: | 2024-02-16 | by ( Jin Yu Young | Daisuke Wakabayashi | ) www.nytimes.com time to read: +1 min

The South Korean government unleashed a wave of panic across the internet industry: The country’s antitrust regulator said it would enact the toughest competition law outside Europe, curbing the influence of major technology companies. The Korea Fair Trade Commission, with the backing of President Yoon Suk Yeol, said in December that it planned to make a proposal modeled after the 2022 Digital Markets Act, the European Union’s landmark law to rein in American tech giants. This bill also seemed to target South Korea’s own internet conglomerates just as much as the Alphabets, Apples and Metas of the world. The commission said the law would designate certain companies as dominant platforms and limit their ability to use strongholds in one online business to expand into new areas. After a furious backlash from South Korean industry lobbyists and consumers, and even the U.S. government, the Fair Trade Commission said it would delay the bill’s formal introduction to solicit more opinions.

Persons: Yoon Suk Yeol Organizations: South, Korea Fair Trade, ., Fair Trade Commission Locations: Europe, South

☆ Japan launches antimonopoly probe into Google's search dominance
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

Google app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsCompanies Alphabet Inc FollowTOKYO, Oct 23 (Reuters) - Japan's competition watchdog on Monday said it would start investigating Google's (GOOGL.O) possible breach of antimonopoly laws in web search services, following similar steps taken by authorities in Europe and other major economies. The Japan Fair Trade Commission (JFTC) said it would investigate whether Google violated Japan's Antimonopoly Act, including by returning part of its revenues to Android smartphone makers on the condition that they not install rival search engines. The decision follows similar moves by antitrust regulators in the European Union, the United States and others. Reporting by Kiyoshi Takenaka and Kantaro Komiya Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Google's, Kiyoshi Takenaka, Chang, Ran Kim Organizations: REUTERS, Japan Fair Trade Commission, Google, European Union, Thomson Locations: Europe, United States

☆ Japan probes Google for alleged antitrust violations in search practices
▼ + stars: | 2023-10-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The regulator is also examining whether Google services are prioritized on Android phones. The Japan Fair Trade Commission said it is examining whether Google made agreements with Android smartphone makers to share search ad-related revenue on the condition that the device manufacturer does not install a rival search engine. Japan's competition watchdog on Monday said it is investigating Alphabet -owned Google for alleged antitrust law violations in regards to its search practices on mobile platforms, ramping up regulatory pressure on the U.S. technology giant. In response, Google said Android is an "open-source platform that has enabled a diversity" in partners and device manufacturers. The EU said Google unfairly favored its own services by forcing smartphone makers to pre-install Google apps Chrome and Search in a bundle with its app store, Google Play.

Persons: CNBC's Lauren Feiner Organizations: Google, Japan Fair Trade Commission, Japan FTC, CNBC, European Union, EU, U.S . Department of Justice Locations: Japan, EU, U.S

☆ S.Korea's antitrust watchdog fines Broadcom for unfair supply deal to Samsung Electronics
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: 1 min

[1/2] A smartphone with a displayed Broadcom logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSEOUL, Sept 21 (Reuters) - South Korea's antitrust watchdog said on Thursday it will tentatively fine Broadcom Inc (AVGO.O) and affiliates 19.1 billion won ($14.24 million) for forcing a long-term supply deal that was unilaterally disadvantageous to Samsung Electronics (005930.KS). The country's Fair Trade Commission will also issue a corrective order to Broadcom, it said in a statement. A representative of Broadcom could not be immediately reached. ($1 = 1,340.9300 won)Reporting by Joyce Lee; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, 1,340.9300, Joyce Lee, Kim Coghill Organizations: Broadcom, REUTERS, Rights, Broadcom Inc, Samsung Electronics, Trade, Samsung, Thomson Locations: Rights SEOUL

☆ Newmont clears regulatory hurdle for Newcrest deal, awaits shareholder vote
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

The world's largest gold producer had in August received a clearance from Australia's competition regulator. Newmont also received a clearance from Japan's Fair Trade Commission last week, allowing the transaction to be closed anytime post September-end. If the deal goes through, Newcrest shareholders would receive 0.400 Newmont share for each share, with an implied value of A$29.27 a share. The deal still awaits the crucial Newcrest shareholder vote, scheduled for Oct. 13, as well as nods from regulators in the Philippines and Papua New Guinea. Australia's largest gold miner, Newcrest, had in May backed the takeover offer from Newmont, in what would be the third-largest deal ever involving an Australian company.

Persons: Dado Ruvic, Newmont, Newcrest, Rishav Chatterjee, Shilpi Majumdar Organizations: REUTERS, Newmont Corp, Foreign Investment, Board, Fair Trade, Reuters, Thomson Locations: Philippines, Papua New Guinea, Newmont, Bengaluru

☆ Yes, cold weather affects EV batteries. Here's why they drain faster.
▼ + stars: | 2023-08-12 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

EV car batteries drain much quicker in cold conditions, significantly affecting their performance. Charging EV batteries in cold weatherCharging can also be an issue in cold conditions. The Idaho National Laboratory reported that EV batteries can take up to three times as long to charge in cold temperatures. But some startups are seeking to make cold weather issues a thing of the past. There are a few ways that drivers of electric vehicles can prolong their cars' battery lives in cold weather.

Persons: Tesla, Venkat Srinivasan, Insider's Tim Levin, Anna Stefanopoulou, Stefanopoulou, EVs, Domenick Nati Organizations: EV, Reuters, South, Korea Fair Trade Commission, Center for Energy Storage Science, University of Michigan's Energy Institute, Wired, Idaho National Laboratory, Bay Technology, Bloomberg Locations: Argonne, Idaho, Bay, British

☆ Tesla created secret team to suppress thousands of driving range complaints
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: +19 min

He expected to get something close to the electric sport sedan's advertised driving range: 353 miles on a fully charged battery. The directive to present the optimistic range estimates came from Tesla Chief Executive Elon Musk, this person said. Driving range is among the most important factors in consumer decisions on which electric car to buy, or whether to buy one at all. Electric cars can lose driving range for a lot of the same reasons as gasoline cars — but to a greater degree. Independent automotive testers commonly examine the EPA-approved fuel-efficiency or driving range claims against their own experience in structured tests or real-world driving.

Persons: Daniel Acker, Alexandre Ponsin, Tesla, Elon Musk, Elon, Scott Case, Case, Gregory Pannone, Pannone, carmaker, Ford, Jonathan Elfalan, Edmunds, Elfalan, They've Organizations: Tesla Motors Inc, North American, Bloomberg, Getty, Reuters, Tesla, South, Environmental Protection Agency, EPA, Ford, Chevrolet, Hyundai Kona, National Science Foundation, SAE International, U.S, Porsche, Benz, EV, Independent, General Motors, Hyundai, Korea Fair Trade Commission, Service Locations: Detroit , Michigan, Colorado, California, Las Vegas, Austin , Texas, Nevada, U.S, Seattle, Vegas, Henderson, Utah

☆ Tesla’s secret team to suppress thousands of driving range complaints
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +21 min

He expected to get something close to the electric sport sedan’s advertised driving range: 353 miles on a fully charged battery. Driving range is among the most important factors in consumer decisions on which electric car to buy, or whether to buy one at all. Electric cars can lose driving range for a lot of the same reasons as gasoline cars — but to a greater degree. The EPA said all the changes to Tesla’s range estimates were made before the company used the figures on window stickers. Independent automotive testers commonly examine the EPA-approved fuel-efficiency or driving range claims against their own experience in structured tests or real-world driving.

Persons: Alexandre Ponsin, ”, Tesla, Elon Musk, “ Elon, Scott Case, Case, Gregory Pannone, Pannone, “ They've, carmaker, Ford, I’m, ” Pannone, ” Jonathan Elfalan, Edmunds, Elfalan, ” Elfalan, Santa Clara –, Ponsin, ” Ponsin, “, Steve Stecklow, Norihiko, Heekyong Yang, Peter Henderson, Eve Watling, Lucy Ha, Ilan Rubens, Brian Thevenot Organizations: Reuters, Tesla, South, Environmental Protection Agency, EPA, Ford, Chevrolet, Hyundai Kona, National Science Foundation, SAE International, U.S, Porsche, Benz, EV, Independent, General Motors, Hyundai, Korea Fair Trade Commission, Virtual Service, Santa, San Francisco Art Locations: AUSTIN, Texas, Colorado, California, Las Vegas, Austin , Texas, Nevada, U.S, Seattle, Vegas, Henderson, Utah, Santa Clara, London, Austin, Seoul, San Francisco

☆ Shares in K-Pop agencies fall after report of antitrust probe
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 5 (Reuters) - Shares in K-Pop management agencies fell on Wednesday, after South Korea's antitrust watchdog began investigations into any potential infractions of subcontracting rules when outsourcing production of albums and merchandise, Yonhap reported. The Korea Fair Trade Commission (KFTC) sent investigators to the offices of HYBE (352820.KS), SM Entertainment (041510.KQ) and YG Entertainment (122870.KQ) on Tuesday, Yonhap news agency reported citing unnamed industry sources. HYBE, SM and YG did not immediately respond to a request for comment. Shares in HYBE, the management agency of K-Pop sensation BTS, fell 2.1% in early morning trade, versus a flat wider market (.KS11). SM Entertainment and YG Entertainment shares also fell 1.5% and 0.4%, respectively, as of 0015 GMT, although YG later reversed losses.

Persons: Yonhap, 1,300.0000, Joyce Lee, Jacqueline Wong Organizations: Korea Fair Trade Commission, SM Entertainment, YG Entertainment, SM, YG, Investment, Securities, Thomson Locations: SEOUL, HYBE

Shares of K-pop agencies dipped briefly on Wednesday after a reported investigation by South Korea's antitrust watchdog. The report said government agencies sent "examiners" to the offices of Hybe, SM Entertainment, YG Entertainment, according to a CNBC translation of the article. Hybe, the agency behind BTS, saw its shares fall as much as 3%, while SM Entertainment fell as low as 2.19%. When contacted by CNBC, South Korea's FTC said they could not confirm or deny the Yonhap report. Hybe said that it has no comments, while YG Entertainment and SM Entertainment did not respond to requests seeking comments to the Yonhap report.

Persons: Lisa, Jennie, Yonhap, Hybe, — CNBC's Kimberly Kao Organizations: Coachella, Valley Music, Arts Festival, Korea's Fair Trade Commission, Yonhap, SM Entertainment, YG Entertainment, CNBC, South, FTC Locations: INDIO , CALIFORNIA, Indio , California, South Korean, Hybe

☆ S.Korea's top court tells Google to disclose user information sharing -report
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 13 (Reuters) - South Korea's top court on Thursday said Alphabet Inc's (GOOGL.O) Google should disclose whether the technology giant had shared local user information with third parties, news agency Yonhap reported, sending the case back to a lower court. The group alleged that the tech company had shared private user information through PRISM, a U.S. National Security Agency surveillance programme. "We will review the Supreme Court's full written decision carefully," a Google spokesperson said. The Supreme Court's decisions on both cases are in line with South Korea's recent tendency to take a tough stance on regulatory matters concerning foreign technology giants. On Wednesday, South Korea's anti-trust regulator fined Google 42.1 billion won ($31.88 million) for blocking the release of mobile video games on a competitor's platform.

☆ South Korea fines Google $32 mln for blocking release of games on competitor’s platform
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 11 (Reuters) - South Korea's antitrust regulator has fined Alphabet Inc's (GOOGL.O) Google 42.1 billion won ($31.88 million) for blocking the release of mobile video games on a competitor's platform. The KFTC said the move against the U.S. technology giant is part of efforts by the government to ensure fair markets. Game makers affected by Google's action include Netmarble (251270.KS), Nexon (225570.KQ) and NCSOFT (036570.KS), as well as other smaller companies, the antitrust regulator added. In 2021, Google was fined more than 200 billion won by the KFTC for blocking customised versions of its Android operating system. ($1 = 1,320.4200 won)Reporting by Hyunsu Yim; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea fines Google $32 million for blocking release of games on competitor’s platform
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

[1/5] Delivery trucks are parked at a parking area along the highway in Chiba, east of Tokyo, Japan April 6, 2023. On April 1, 2024, the government will limit truck drivers' annual overtime to 960 hours, among other reforms officials say are meant to improve the job's notoriously gruelling conditions and make it more attractive. The global consultancy Roland Berger expects a 20% decline in the number of Japanese truck drivers in the decade to 2030. Fierce competition and high fuel prices mean truck drivers are squeezed too despite an acute labour shortage. That would make it difficult for small companies to hire to make up for the lower number of legal working hours per driver.

Companies Qualcomm Inc FollowMarch 21 (Reuters) - A federal judge has ruled that shareholders suing chip maker Qualcomm Inc (QCOM.O) for allegedly hiding anticompetitive sales and licensing practices may bring their claims as a class action. U.S. District Judge Jinsook Ohta on Monday rejected Qualcomm's argument that the sales practices were already publicly known. The class covers investors who bought Qualcomm common stock between Feb. 1, 2012 and Jan. 20, 2017 and incurred losses. Qualcomm paid the Korea Fair Trade Commission 1.03 trillion won ($912.34 million) in 2017 for what the regulator called unfair business practices in licensing and chip sales. The case is Shah v. Qualcomm Incorporated et al., U.S. District Court, Southern District of California, No.

☆ Japan authorities seek criminal charges against Dentsu, others over Olympics contracts
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Feb 28 (Reuters) - Japan's Fair Trade Commission said on Tuesday it filed criminal complaints against Dentsu (4324.T) and five other firms as well as seven individuals over alleged bid-rigging on contracts for the Tokyo 2020 Olympics. The complaint marks the latest development in months of investigations into alleged corruption in the planning and sponsorship of the Tokyo Olympics and Paralympics Games, held in 2021 after a pandemic-driven postponement. Tokyo prosecutors are planning to the bring the charges on Tuesday, Kyodo News agency said. Dentsu, Cerespo and Fuji Creative have already been barred from bidding for contracts at the industry, foreign and education ministries for nine months. Reporting by Satoshi Sugiyama, Kantaro Komiya, Kaori Kaneko; Editing by Chang-Ran Kim and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Align Partners' stake in SM, a pioneer in K-pop behind acts like Girls' Generation and Red Velvet, is just 1% - but still worth tens of millions of dollars. HYBE hasn't disclosed whether it intends to buy more of SM after the current tender offer. Taken together, the 40% stake would cost HYBE about 1.137 trillion won ($884 million) under current plans - though SM shares traded above HYBE's tender offer price on Thursday. Align's Lee said this would become a proxy fight, with SM's current executives wooing shareholders with plans to improve SM's sales and profitability. ($1 = 1,284.9500 won)Reporting by Hyunsu Yim and Joyce Lee; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ S. Korea fines German automakers for colluding to curb emissions-cleaning technology
▼ + stars: | 2023-02-09 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/FilesSEOUL, Feb 9 (Reuters) - South Korea's anti-trust regulator said on Thursday it would impose a combined fine of 42.3 billion won ($33.48 million) on three German automakers for colluding to curb emissions-cleaning technology for their diesel cars. Mercedes-Benz was fined 20.7 billion won, BMW 15.7 billion won and Audi 6 billion won, the regulator said, adding that Volkswagen was not fined because it did not earn revenue relevant to the issue. BMW, Volkswagen and Audi were not immediately available for comment outside business hours. Last year, Mercedes-Benz and its Korean unit were fined 20.2 billion won for false advertising tied to gas emissions of diesel passenger vehicles. The European Commission in 2021 fined Volkswagen and BMW a total of 875 million euros for colluding to curb the use of emissions-cleaning technology they had developed.

☆ South Korea fines German automakers for rigging diesel car emissions
▼ + stars: | 2023-02-09 | by ( Hyunsu Yim | ) www.reuters.com time to read: +1 min

[1/4] A Mercedes-Benz badge on one of the German company's cars at the 43rd Bangkok International Motor Show, Thailand, March 22, 2022. REUTERS/Athit Perawongmetha/File PhotoSEOUL, Feb 9 (Reuters) - South Korea's anti-trust regulator said on Thursday it would impose a combined fine of 42.3 billion won ($33.48 million) on three German automakers for colluding to rig emissions of its diesel cars using software. Mercedes-Benz was fined 20.7 billion won, BMW 15.7 billion won and Audi 6 billion won, the regulator said, adding that Volkswagen was not fined because it did not earn revenue relevant to the issue. Mercedes, BMW, Volkswagen and Audi were not immediately available for comment. Last year, Mercedes-Benz and its Korean unit were fined 20.2 billion won for false advertising tied to gas emissions of diesel passenger vehicles.

☆ South Korea fines Tesla $2.2 million for allegedly exaggerating driving range of EVs
▼ + stars: | 2023-01-03 | by ( ) www.cnbc.com time to read: +1 min

South Korea's antitrust regulator said it would impose a 2.85 billion won ($2.2 million) fine on Tesla for failing to tell its customers about the shorter driving range of its electric vehicles in low temperatures. The Korea Fair Trade Commission said that Tesla had exaggerated the "driving ranges of its cars on a single charge, their fuel cost-effectiveness compared to gasoline vehicles as well as the performance of its Superchargers" on its official local website since August 2019 until recently. The driving range of the U.S. EV manufacturer's cars plunge in cold weather by up to 50.5% versus how they are advertised online, the KFTC said in a statement on Tuesday. Tesla could not be immediately reached for comment. On its website, Tesla provides winter driving tips, such as pre-conditioning vehicles with external power sources, and using its updated Energy app to monitor energy consumption, but does not mention the loss of driving range in sub-zero temperatures.

☆ Tesla has been slapped with a $2 million fine in South Korea over claims it falsely advertised the range of its vehicles in cold weather
▼ + stars: | 2023-01-03 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

South Korea's antitrust regulator said it's fining Tesla $2.2 million for false advertising. The regulators said Tesla had exaggerated the driving range of electric vehicles in cold weather. Tesla's electric vehicle's driving range plummets by over 50% in cold weather, South Korea's regulator said. The driving range of Tesla's electric vehicles drops by 50.5% in cold weather, more than what was advertised online, the KFTC said. Tesla has winter driving tips on its website advising drivers to precondition their vehicles and to use its energy app.

☆ South Korea fines Tesla $2.2 mln for exaggerating driving range of EVs
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Jan 3 (Reuters) - South Korea's antitrust regulator said on Tuesday it has decided to fine Tesla Inc (TSLA.O) 2.85 billion won ($2.23 million) for false advertising related to the driving range of its electric vehicles (EVs). The Korea Fair Trade Commission (KFTC) said the U.S. EV maker exaggerated the driving range of its cars on a single charge as well as the cost-effectiveness. ($1 = 1,276.1700 won)Reporting by Ju-min Park and Hyunsu Yim; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

TOKYO, Nov 28 (Reuters) - Japan's Fair Trade Commission has issued no notice of antitrust fines to Kyushu Electric Power Co (9508.T) and Chugoku Electric Power Co (9502.T), the two utilities said on Monday, following a report they were in trouble for anti-competitive behaviour. The regulator would penalise Kyushu Electric, Chugoku Electric and Chubu Electric Power Co (9504.T) for agreeing not to expand into each other's industrial power-supply markets, the Nikkei said. Nikkei said Kansai Electric Power Co (9503.T) had also been part of the scheme and, along with the three other firms, had been raided by the commission last year. Kansai Electric had probably avoided penalty by reporting the matter to the antitrust regulator and taking advantage of a leniency policy, the newspaper said. A Kansai Electric spokesperson said on Monday the company was fully cooperating with the regulator, which so far had not called it to appear before an investigation hearing on the matter.

☆ Kyushu Electric says it will cooperate with Fair Trade Commission probe
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 28 (Reuters) - Japan's Kyushu Electric Power Co (9508.T) said on Monday that it has not received any notification of antitrust fines from the Fair Trade Commission and would fully cooperate with the regulator's investigation. Kyushu Electric Power said it is under the investigation and it will announce information swiftly if necessary. The Fair Trade Commission declined to comment on a report Friday in The Nikkei the commission has decided to fine three major utility firms including Kyushu Electric Power tens of billions of yen in total for breaching antitrust laws. The newspaper reported that the regulator will penalise Kyushu Electric Power, Chugoku Electric Power Co (9502.T) and Chubu Electric Power Co (9504.T) for agreeing not to expand in each other's industrial power supply markets. Reporting by Kaori Kaneko and Yuka Obayashi; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Prosecutors raid Dentsu over suspected bid-rigging for Olympics test events -media
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 25 (Reuters) - Tokyo prosecutors raided the headquarters of ad agency Dentsu Inc and an events company on Friday on suspicion of rigging bids for Tokyo Olympics test events, public broadcaster NHK and other domestic media reported on Friday. Shares in its parent company Dentsu Group Inc (4324.T) slumped 4% on the news. The move marks a widening of scandal over the Tokyo 2020 Olympics that also saw Dentsu Inc offices raided earlier this year. The Tokyo District Public Prosecutors Office and the Japan Fair Trade Commission declined to comment on the reports of suspected bid-rigging. Prosecutors have also searched the home of a Tokyo 2020 Organising Committee executive who was suspected of having handled the project orders for the test events, Kyodo news agency reported.

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