Shilla Duty Free, South Korea's leading duty-free operator, said Thursday it will make inroads into China through a partnership with a Chinese industry player. Shilla Duty Free said it has signed a memorandum of understanding on a strategic partnership with Hainan Tourism Duty Free City based in the southern Chinese island of Hainan. Established as a subsidiary of Hainan Tourism Investment Development Co. last year, the 95,000-square-meter Hainan Tourism Duty Free City is deemed as a must-go s

South Korea's antitrust regulator said Thursday it extended the deadline for the sale of Delivery Hero's food delivery affiliate here, Yogiyo, until Jan. 2 next year, as the German company is facing difficulty in finding a potential investor. In December last year, the Korea Fair Trade Commission (KFTC) ordered Delivery Hero to sell Yogiyo, South Korea's No. 2 food delivery app, if it wants to buy the country's top food delivery app operator, Woowa Brothers. Delivery Hero had been required to

Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said Thursday it recently began supplying tires for Volkswagen's all-electric ID.4 SUV this year. Hankook Tire has provided the high-performance Ventus S1 evo3 ev tires for the ID.4 model since the second quarter of the year, the company said in a statement. To enhance its global brand image, the tiremaker has provided its OE tire products for 320 kinds of vehicles of nearly 50 foreign carmakers, including Audi, B

South Korea's daily new coronavirus cases hit a fresh high of over 1,800 on Thursday with mass infections from a virus-hit Naval unit, while authorities are increasingly inclined to extend the toughest virus restrictions in the wider Seoul area amid no signs of letup. The country added 1,842 COVID-19 cases, including 1,533 local infections, raising the total caseload to 184,103, according to the Korea Disease Control and Prevention Agency (KDCA). The latest figure was the highest ever since th

Global credit appraiser Fitch Ratings said Thursday it has maintained South Korea's credit rating at "AA-" with a stable outlook. Fitch's rating for South Korea has been AA-, the fourth-highest level of the agency's sovereign ratings, since 2012. "Korea's rating balances robust external finances, resilient macroeconomic performance and modest fiscal headroom against geopolitical risks related to North Korea and medium-term structural challenges from an ageing population. The str

TOKYO -- Five years ago at the Rio de Janeiro Olympics, South Korea pulled off an unprecedented sweep of four archery gold medals. The national anthem, "Aegukga," was played at every medal ceremony, covering the men's and women's individual and team events. For this year's Tokyo Olympics, a fifth event, the mixed team, has been added. It can only mean one thing: a chance for South Korea, the most dominant archery power in the Olympics, to make even more history. Since the modern arch

ASAN -- An Uzbek national, infected with the new coronavirus, was captured shortly after he escaped from a residential treatment center in a South Chungcheong Province city earlier this week, sources said Thursday. The 24-year-old ran away from the Police Human Resources Development Institute in Asan, about 100 kilometers south of Seoul, at around 2 p.m. Tuesday. The institute is currently being used as a treatment facility for COVID-19 patients with mild or no symptoms. Upon learning of the

TOKYO -- South Korea's objective at this year's Tokyo Olympics is to win six to seven gold medals. And more than half of that total could come on the first full day of the competition following Friday's opening ceremony. Barring major upsets, South Korean athletes should contend for medals in archery, shooting, fencing and taekwondo Saturday. The most optimistic prognosticator predicts five gold medals. Jin Jong-oh, one of the most accomplished pistol shooters in Olympic history, could be the

South Korean stocks opened higher Thursday as hopes for robust corporate earnings in the second quarter boosted investor sentiment. The benchmark Korea Composite Stock Price Index (Kospi) rose 26.74 points, or 0.83 percent, to 3,242.65 points in the first 15 minutes of trading. Stocks rebounded after the Kospi retreated 2.14 percent in the past four sessions amid the fourth wave of the new coronavirus in the country. Tech, financial and auto gains led the KOSPI's hike, while bio slumped. Market

US Deputy Secretary of State Wendy Sherman was set to meet Foreign Minister Chung Eui-yong and other Seoul officials on Thursday for talks on stalled diplomacy with North Korea and other shared challenges, officials said. Sherman arrived here on Wednesday for a three-day visit, after she and her South Korean and Japanese counterparts, Choi Jong-kun and Takeo Mori, held three-way talks in Tokyo to highlight trilateral cooperation against a recalcitrant North Korea and an assertive China. Her As

WASHINGTON -- South Korea offers a safe and stable environment for US investors that is also equipped with a highly skilled workforce, but may be failing to attract as much foreign investment as possible due to its complicated regulations, the US State Department said in an annual report released Wednesday. In its 2021 Investment Climate Statements, the State Department noted the country offers political stability and public safety, as well as world-class infrastructure and a highly skilled wor

WASHINGTON -- Cooperation between South Korea and the United States is critical to addressing the issue of weak supply chains for key technological products such as semiconductors, senior diplomats of the allied countries said Wednesday. They also argued increased support for cooperation between their technological industries will help shape the future success of both nations. "We are working together to build resilient, diverse and secure supply chains for critical technologies," Ma

South Korea's top internet portal operator Naver Corp. said Thursday its net profit jumped nearly six times in the second quarter from a year earlier largely due to a stellar performance of its fintech and commerce businesses amid the new coronavirus pandemic. Net profit reached 540.6 billion won ($468.5 million) in the April-June period, compared with a profit of 90.7 billion won a year earlier, the company said in a press release. Operating income reached a quarterly high of 335.6 billion wo

Defense Minister Suh Wook met with his British counterpart Ben Wallace in Seoul on Wednesday and discussed ways of deepening cooperation, the defense ministry said, as the European country seeks to expand its presence in the Indo-Pacific region. Calling South Korea a key cooperation partner in the region, Wallace said he hopes to boost exchanges and cooperation with the country in the defense sector, noting that his trip highlights Britain's commitment to prosperity and development of the Indo

Singapore's antitrust watchdog has approved SK hynix Inc.'s deal to acquire Intel's NAND business, the company said Wednesday. Last October, South Korea's No. 2 chipmaker signed a deal to buy Intel's non-volatile business for $9 billion, which includes the U.S. firm's solid state drive business and a NAND flash chip plant in Dalian, China. Following the deal, SK hynix had to obtain approval from antitrust regulators in major countries. The Competition and Consumer Commission of Singapore clea