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Kakao's online car-hailing service, under the Kakao brand, was fined 72.4 billion Korean won for unfair competition.
South Korea's antitrust regulatory institution stated on Wednesday that it has decided to impose a fine of 72.4 billion Korean won (approximately 54.82 million US dollars) on Kakao Mobility, a online car-hailing service company under Kakao Group. The reason is that Kakao is suspected of requiring competitors' taxi franchise operators to sign cooperation agreements and preventing them from using Kakao's taxi service Kakao T when they refuse this request. It is reported that Kakao has asked 4 smaller competitors including Uber, Banban Taxi, Macaron Taxi, and Tada to sign the agreement.
TD Cowen Maintains Uber Technologies(UBER.US) With Buy Rating, Maintains Target Price $90