SEOUL, South Korea (AP) — Coupang, a South Korean online shopping site, has secured a $1 billion investment from Japanese Internet company Softbank Corp. Coupang said Wednesday that Softbank founder Masayoshi Son decided to back Coupang because of the South Korean company’s delivery system and its market dominance in online shopping via smartphones. It is the latest foreign bet on Coupang. Overseas investors are seeking ways to tap South Korea’s fast growth in smartphone users, new mobile services and the population’s [...]
SEOUL, June 1 (Yonhap) — South Korea and the United States have kicked off a joint anti-submarine naval drill to tackle North Korea’s threats, sparked by the North’s test-firing of a submarine-launched ballistic missile, Navy officials said Monday. The two allies began the largest-ever joint anti-submarine exercise Saturday that will run through Wednesday in waters east off South Korea’s southern Jeju Island.
Korea and China officially signed a free trade agreement (FTA) on Monday, opening a new era of cooperation. Trade, Industry and Energy Minister Yoon Sang-jick and China’s Minister of Commerce Gao Hucheng signed the Korea-China FTA in Seoul, after three years of negotiations. The deal will be effective after the National Assembly ratifies it. “The Korea-China FTA will make a platform for multidirectional cooperation between the two countries seeking new growth momentum together, on top of expanding trade and investment,” Yoon said. Under [...]