OpenAI Weighs AI Development Slowdown Over Safety Risks 
UK Economy Grows 0.4% in July, Beating Forecasts 
Elon Musk’s Boring Company Raises $3 Billion at $23 Billion Valuation 
BOJ Set to Raise Rates to 1.25% as Inflation Risks Build 
Asian Stocks Fall as Oil Tops $100, Yields Rise 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
OpenAI Agents Used Websites for Unauthorized Communications 
TSMC August Revenue Jumps 53% on AI Chip Demand 
GLP-1 Weight-Loss Drug Use Surges Among U.S. Children 
Australia Plans New Rules Giving Users Control Over Social Media Feeds 
Volkswagen Job Cuts Put Lower Saxony Leader Under Political Pressure 
Huawei, Chinese AI Chipmakers Raise Prices as HBM Shortage Bites 
ECB Rate Hike in Focus as Oil Tops $100 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
Longsys Raises $903 Million in Hong Kong IPO as Shares Debut Flat 
Asian Currencies Steady as Yen Holds Firm, Oil Tops $100 
Add as a preferred source on Google
Coupang, a leading e-commerce company in South Korea, reported CJ Olive Young Corp. to the country’s Fair Trade Commission (FTC) on Monday, July 24. The company accused the CJ Group’s health and beauty arm of violating certain retail business laws while operating its business.
In its complaint, Coupang said that CJ Olive Young engaged in unfair business practices as it has been discouraging cosmetic manufacturers and retailers from supplying their products to its e-commerce platform. The company said that its rival also stops sellers from doing business with Coupang, as per Pulse News.
With the unfair actions, Coupang said that its entry into the beauty market was a letdown. It also claimed to have incurred substantial losses due to CJ Olive Young’s actions. The company said this happened because it was not able to procure competitive products from suppliers as a result of its rival’s illegal moves.
“CJ Olive Young has been treating Coupang as a competitor since 2019, when Coupang started selling cosmetics in earnest, and has been continuously hindering its entry and growth in the beauty market,” the e-commerce firm stated in its complaint to the FTC. “CJ Olive Young explicitly prohibits suppliers from supplying to Coupang, or penalizes them for selling to Coupang, while imposing exclusive deals on suppliers or hindered their dealings with other businesses.”
Korea Joongang Daily reported that Coupang’s complaint falls under the country’s Article 13 of the Act on Fair Transactions in Large Retail Business. In this order, the regulators specifically forbid large-scale retailers from abusing their dominant market power over suppliers.
Meanwhile, in response to the allegations, CJ Olive Young denied everything that Coupang claimed against the company. The competition board and the FTC have yet to issue statements regarding this issue.
Photo by: Coupang Newsroom
