The Korean Fair Trade Commission (KFTC), under the new leadership of former civic activist Kim Sang-jo, seems to be targeting major global IT companies – Google and Facebook – in regard to collecting information that are considered key elements of the so-called fourth industrial revolution technologies.
In his interview with Yonhap, Kim said the antitrust agency is “reviewing” whether there has been any monopolizing of information or violation of related antitrust regulations using the companies’ dominant influence in the market.
“The networks are installed through [Korean] taxpayer’s money but they are sweeping the information without paying the cost,” Kim told Yonhap.
The KFTC Chairman said in the case of fourth industrial revolution technologies – big data, cloud storage system, Internet-of-Things and artificial intelligence – network effects, where demands for certain goods and services increase with more people using them, play a pivotal role.
As a result, he said, once companies take the lead, late comers have difficulty in entering the market, which deters fair competition.
Kim said it is the KFTC’s role not only to reform the conglomerate-reliant economic structure, but also to create the basic market structure for new future industries. This is not the first time that Google has been investigated by the Korean antitrust agency.
Full Content: Yohanp News Agency
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Biden Administration Supports Antitrust Suit Against FIFA
Mar 18, 2024 by
CPI
Apple in Talks to Incorporate Google’s Gemini AI Amid Antitrust Scrutiny
Mar 18, 2024 by
CPI
Appeals Court Revives Regeneron’s Antitrust Lawsuit Against Novartis Over Vision Treatment
Mar 18, 2024 by
CPI
Apple Responds to Criticism Over EU’s Digital Markets Act Compliance
Mar 18, 2024 by
CPI
Turkey Imposes Interim Measures on Meta Platforms
Mar 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Pricing Algorithms
Feb 28, 2024 by
CPI
Pricing Algorithms and Antitrust Enforcement: Sandboxes to the Rescue?
Feb 28, 2024 by
CPI
AI, Algorithmic Pricing, and Collusion
Feb 28, 2024 by
CPI
Competition & Collusion in a World of Algorithmic Pricing: Antitrust Risks & Enforcement Trends
Feb 28, 2024 by
CPI
Pricing Algorithms in Antitrust’s Sights?
Feb 28, 2024 by
CPI