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MOL, NYK, OTHERS BREACH SOUTH KOREAN ANTITRUST LAW

Japanese shipping company Mitsui O.S.K Lines (MOL) has been found guilty of violating South Korean antitrust law with respect to car carrier services.

Following an investigation, the Fair Trade Commission of South Korea (KFTC) announced on August 21, 2017 (South Korea time) that several companies including MOL breached the country’s antitrust law.

Commenting on the ruling, MOL said that it has fully cooperated with the KFTC during the investigation.

“Though the KFTC announced that they found the violation of South Korean antitrust law and imposed a fine, MOL and its subsidiary company, Nissan Motor Car Carrier Co., Ltd. (NMCC) were exempted from all penalty including the fine because KFTC granted MOL’s and NMCC’s joint application under the KFTCs leniency program,” the company said in a statement.

“We are taking the KFTC’s announcement very seriously. We are making our best efforts to prevent any recurrence of such issues, to further enhance MOL’s compliance structure, and to regain public confidence,” MOL added.

Other rival companies named by the KFTC are MOL’s Japanese counterparts Nippon Yusen Kabushiki Kaisha (NYK) and K Line, followed by EUKOR, CSAV, ZIM, Hoegh, Wallenius Wilhelmsen Logistics (WWL), Eastern Car Liner (ECL) and an unnamed non-vessel-owning carrier.

According to the regulatory body, a total of KRW 43 billion-worth (USD 37 million) of fines will be imposed on the car carriers for colluding on price-fixing and market sharing manipulations

Source: http://worldmaritimenews.com

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Mobile phones exported to South Korea increased by more than 100%

VCN- While mobile phones exported to important markets slightly increased or decreased, mobile phones exported to South Korea sharply increased by 107.7%.

xuat khau dien thoai sang han quoc tang hon 100
Illustrative photo.

According to the latest statistics of the General Department of Vietnam Customs, in January 2017, Vietnam exported mobile phones to 37 countries and territories.

Notably, compared to the same period in 2016, South Korea has surpassed the United Arab Emirates (UAE) to become the largest export market of Vietnam in the field of mobile phones and components.

Specifically, in January 2017, mobile phones and components exported to South Korea reached $US 229.6 million, an increase of $US 125.6 million compared to the same period in 2016, equivalent to an increase of 107.7%.

Meanwhile in the UAE market, exported mobile phones of Vietnam fell from $US 365 million in January 2016 to $US 228.5 million in January 2017, equivalent to a decrease of 37.4%.

By the end of January 2017, mobile phones and components continued to be the largest export item of Vietnam with a turnover of $US 2,329 billion, an increase of 2.6% compared to the same period in 2016.

In addition to the 2 big markets South Korea and the UAE, in January 2017, the largest import markets of mobile phones from Vietnam with a turnover of more than $US 100 million included: the United States with an import turnover of $US 206.8 million; Austria with an import turnover of $US 163.3 million; Italy with an import turnover of $US 144.8 million and Hong Kong with an import turnover of $US 112.3 million.

By Thai Binh/ Hoang Anh

Source: http://customsnews.vn/