SOUTH KOREA REJECTS BAEMIN, COUPANG SETTLEMENT BIDS

The Korea Fair Trade Commission (KFTC) declined the settlement offers from the dominant delivery services, which control the majority of South Korea's food delivery market. Baemin and Coupang Eats had proposed settlements to resolve antitrust allegations, but the KFTC determined the offers were insufficient. The watchdog continues its investigation into claims of unfair competitive practices by both platforms. The rejection exposes both companies to substantial financial penalties if the KFTC finds violations. South Korea has intensified scrutiny of its tech giants and dominant platforms in recent years, particularly those controlling essential services. No timeline was provided for the completion of the antitrust investigation. The KFTC typically issues formal decisions following its probe, which can result in fines ranging from warning notices to penalties reaching billions of won.