FTC chief acknowledges role of conglomerates in economic growth

What happened: Fair Trade Commission chief Ju Biung-ghi told a parliamentary audit that he does not deny conglomerates' role in South Korea's economic growth, responding to opposition criticism of his earlier remarks that chaebol exploited the country. Why it matters: Ju said his remarks were meant to stress the need for more transparent governance and to address the adverse effects of economic concentration to bolster business groups' global competitiveness. Key numbers: Audit held Wednesday at the National Assembly.

FTC chief acknowledgment of conglomerates' economic growth role signals regulatory stance shift.

FTC chief acknowledgment of conglomerates' economic growth role signals regulatory stance shift. — impact context not separately stored; see What changed.