Kencoa Aerospace Signs Deal to Supply Embraer C-390 Sheet-Metal Parts to European Defense Firm Kencoa Aerospace said Tuesday it has signed a large contract with a European aerospace defense manufacturer to supply major sheet-metal parts for Embraer’s C-390 program. The company said it secured the order after completing capital spending last year to expand its sheet-metal production facilities. Under the agreement, Kencoa will supply key sheet-metal components for the C-390. It did not disclose the customer, contract value or other terms, citing a confidentiality clause. Kencoa said it aims to complete development and deliver initial parts for the project this year. It said technical talks are underway under a detailed schedule and preparations are being made to build prototypes, while a mass-production system is being put in place. The company said additional requests for quotes from global firms have followed the contract, raising expectations for more orders. Kencoa said it has made major equipment investments to strengthen high-precision, high-quality aircraft sheet-metal production, including automated equipment and quality-control systems to meet stringent international certification requirements in aerospace and defense. It called the Czech order its first visible result. The C-390 is a next-generation tactical transport aircraft seeing rising demand globally, including in Europe. The aircraft has also been selected as a model for the South Korean Air Force’s second large transport aircraft program, the company said. Chief Executive Officer Lee Min-gyu said the deal goes beyond parts supply and reflects renewed recognition of Kencoa’s process technology and quality competitiveness in the international defense market. He said the company will strengthen cooperation with overseas partners through continued investment in technology and quality innovation. * This article has been translated by AI. 2026-03-10 14:51:16

South Korea fines Mercedes-Benz for allegedly hiding EV battery supplier information South Korea’s Fair Trade Commission ordered Mercedes-Benz to take corrective steps and pay a penalty surcharge of 11.339 billion won, accusing the automaker of deliberately omitting and concealing information about electric-vehicle battery cells. Mercedes-Benz Korea denied wrongdoing and said it is considering an administrative lawsuit to contest the decision. On the 10th, the commission said Mercedes-Benz installed Farasis battery cells in many EV models, including the EQE and EQS, but failed to disclose that fact. Instead, it allegedly created “vehicle sales guidelines” that dealers used in marketing, making it appear that all of its EVs used cells from CATL, described as the world’s No. 1 battery cell maker. The FTC said that amounted to deceiving consumers and imposed the corrective order and the 11.339 billion won penalty surcharge. Separately, the FTC said it found grounds to believe Mercedes-Benz Korea and the German headquarters were directly or indirectly involved in the violations and decided further investigation was needed. It referred the case to prosecutors. Under current law, penalty surcharges for unfair trade practices can reach up to 4% of related sales. The FTC said its order against Mercedes-Benz applied the maximum 4% rate. According to the FTC, Mercedes-Benz instructed dealers to promote sales by highlighting CATL’s strengths without mentioning Farasis. But the FTC said that, contrary to the guidance, Farasis cells were installed in four of six EQE models and one of seven EQS models that Mercedes-Benz released. Information on the battery cell manufacturer is a key factor for consumers choosing an EV, the FTC said. It said dealers, relying on the company’s sales guidance, marketed and sold vehicles as equipped with CATL batteries. The FTC said about 3,000 EVs with Farasis cells were sold from June 8, 2023, when Mercedes-Benz notified dealers of the sales guidance, until Aug. 12, 2024, when disclosure of battery cell makers began after an apartment underground parking garage fire in Incheon’s Cheongna district on Aug. 1, 2024. The FTC put sales at about 281 billion won. Mercedes-Benz Korea said it did not violate the law and called the FTC’s conclusion unfair. In a statement, the company said it respects the FTC’s decision but disagrees with its judgment and will present its position through legal procedures, including an administrative lawsuit. “We operate our business with a high level of corporate ethics and responsibility and in compliance with laws and regulations,” the company said, adding that it has cooperated faithfully with authorities since the early stages of the investigation and that compliance is a core part of its corporate culture. It also said it has always provided correct and accurate information to the media and customers and will continue to state its position through legal procedures, including filing an administrative lawsuit. * This article has been translated by AI. 2026-03-10 14:45:20

PM to head to New York this week to bid for UN AI hub SEOUL, March 10 (AJP) - Prime Minister Kim Min-seok is reportedly arranging to visit New York later this week, according to multiple government sources on Tuesday. Kim is expected to visit U.N. headquarters as early as Thursday to propose that South Korea host a U.N. artificial intelligence (AI) hub, which would be linked to several AI projects currently being pursued by the organization. He is likely to meet with senior U.S. officials including Vice President JD Vance, whom he met during his last visit in January. They are expected to discuss a range of pending issues including tariff-related negotiations. Separately, Kim is scheduled to attend the annual Boao Forum for Asia slated to be held from March 24 to 27 on China's Hainan Island, where he will deliver a keynote speech. Established in 2001, the forum is often called Asia's Davos Forum. 2026-03-10 14:44:59

Korean Drugmakers Warn Price Cuts and Middle East Turmoil Could Cripple Industry, Seek Joint Study "Steep drug price cuts will bring down the pharmaceutical industry." The emergency committee for reforming the drug pricing system, formed to promote industry development, issued that warning at an emergency news conference March 10 at the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. The group said signs of strain are already emerging across the sector as the government pushes price cuts and as a newly erupted Middle East situation drives up costs. It urged the government to immediately launch joint studies with industry on three areas: analyzing the impact of price cuts, restoring order in drug distribution, and developing plans to modernize the pharmaceutical industry in a sustainable way. The Ministry of Health and Welfare is set to hold a subcommittee meeting of the Health Insurance Policy Deliberation Committee on March 11 to discuss drug pricing reforms. The government has said it would lower the pricing benchmark for generics from 53.55% of the original drug price to a level in the 40% range. After strong industry opposition, the agenda item was put on hold at the committee in February. With the government and industry at odds over the proposed "40% range" benchmark, the subcommittee discussion is expected to shape a more detailed outline at the committee’s full meeting later this month. The industry says that given listed companies’ operating profit margins of around 5%, it can tolerate a cut only to 48.2%, about 10% lower than the current level. Noh Yeon-hong, a co-chair of the committee, said fears of a "fourth oil shock" are spreading due to the Middle East situation. He said surging international oil prices and exchange rates are sharply increasing cost burdens. He added that companies are already considering cutting research and development and facility investment, halting new hiring and reducing production. Noh said the burden is likely to grow given South Korea’s heavy reliance on imported active pharmaceutical ingredients. He said companies have moved into emergency management, shelving new investment plans. Firms are scaling back or reconsidering R&D and capital spending, he said, while others are giving up on new hiring, voluntarily canceling approvals for low-profit products, or reviewing production-line reductions. The committee formally proposed government-industry joint research on the ripple effects of price cuts, measures to restore distribution order, and a sustainable modernization strategy. The proposed studies would cover: the impact on public health and the industry structure if the government’s reform plan is implemented as drafted; the current state of distribution practices and possible reforms amid a surge in pharmaceutical sales promotion agents, known as CSOs, and commission payments; and broader measures for sustainable advancement. "The pharmaceutical industry is a national strategic industry directly tied to public health," Noh said. He urged the government to accept the request for joint research, produce results within a year, and develop implementation plans to improve transparency and predictability in policymaking and increase acceptance in the field.* This article has been translated by AI. 2026-03-10 14:24:42

Volleyball Star Kim Yeon-koung Wins IOC GEDI Champions Award for Asia The Korean Sport & Olympic Committee said March 10 that volleyball star Kim Yeon-koung has been named the Asia regional winner of the International Olympic Committee’s Gender Equality, Diversity and Inclusion Champions Awards, known as the IOC GEDI Champions Awards. The award recognizes individuals who help spread the values of gender equality, diversity and inclusion through sport. Winners are selected to represent the world and each continent. The committee said Kim was honored for continuing efforts after retiring as a player to expand women’s participation in sport, strengthen leadership and promote a safe and fair sports environment. During her playing career, Kim helped raise South Korea’s international competitiveness in women’s volleyball and broaden public interest in women’s sports. She was named most valuable player at the 2012 London Olympics and competed in three Olympics — London in 2012, Rio de Janeiro in 2016 and Tokyo in 2020 — with sustained results on the global stage. After retiring, Kim founded the KYK Foundation in 2024 to more systematically support youth athletes and expand sports participation, the committee said. The foundation runs scholarship and training-support programs for young athletes who struggle to continue due to financial constraints, with a focus on reducing barriers faced by girls and helping them stay in sport. It also works to widen opportunities for young athletes and support local sports by hosting a nationwide middle school volleyball tournament, providing equipment to school volleyball teams and operating youth clinics, the committee said. Kim has also taken part in efforts to help women athletes continue their careers and move into leadership roles. Through the broadcast program “Rookie Coach Kim Yeon-koung,” she has provided coaching and mentoring to women athletes who retired or left their teams and supported transitions into coaching and other sports-related fields, the committee said. She has also participated in international sports activities, including serving as an ambassador for the International Volleyball Federation and as a promotional ambassador for the World Anti-Doping Agency’s general assembly, emphasizing athlete education, fair competition and safe sports environments, the committee said. Korean Sport & Olympic Committee President Yoo Seung-min said, “This award to Chairwoman Kim Yeon-koung is a meaningful achievement that shows international recognition of her work to put the values of gender equality and inclusion into practice through sport.” He added, “We plan to continue various efforts so that sport can function as a platform to spread social values.” 2026-03-10 14:24:00

OPINION: Investors remain jittery as mixed signals rattle markets SEOUL, March 10 (AJP) - The ongoing conflict in the Middle East is rattling global financial markets. Yet the main driver of daily volatility has been the mixed signals about it, rather than the conflict itself. Even a single remark from U.S. President Donald Trump has triggered rapid market swings, sending oil prices and stock indexes soaring or tumbling. In just a few days, crude prices have taken a roller-coaster ride. Brent crude surged to as high as $119 a barrel in Asian trading before sliding back to around $80. The intraday swing approached 30 percent — a level of volatility rarely seen in recent years. Global markets moved just as sharply. South Korean stocks swung from a steep selloff to a rebound in a single day. The country's benchmark KOSPI, after plunging the day before, surged more than 5 percent on Tuesday, while the junior KOSDAQ rose nearly 4 percent. The South Korean won also shifted rapidly against the U.S. dollar, moving from the 1,490-won range to around 1,470 won. Market swings have not been driven by economic fundamentals, as global oil demand has not suddenly collapsed, nor has supply instantly recovered. Instead, markets reacted sharply after Trump's comments that the Middle East conflict is "going to be ended soon." But he also warned, "If it starts up again, they'll be hit even harder." Trump said the war in Iran is "very complete, pretty much," while also saying later in the day, "We could go further. And we're going to go further." With these flip-flops, markets have struggled to stay steady. Iranian religious leaders chose him despite advance warnings from the United States and Israel, a decision seen as a political message that Iran will not yield to outside pressure. The complex nature of the Middle East conflict also suggests longer-term uncertainty. In Iran, Mojtaba Khamenei, widely regarded as a hard-liner, has been elected the country's new supreme leader following the death of his father Ali Khamenei, who ruled Iran with an iron fist for decades. Iranian clerics chose him despite prior warnings from the U.S. and Israel, a decision widely seen as a political message that Iran will not yield to outside pressure. Russia and China have both recognized Mojtaba's leadership and expressed support for Iran, making the situation far more complicated than a regional dispute. With major world powers aligned on opposing sides, the war is unlikely to be resolved quickly. Energy markets are also at risk. Analysts warn that if the Strait of Hormuz, which handles about one-fifth of global oil supply, were blocked, the world could face a shortfall of more than 14 million barrels a day. Some Wall Street analysts warn that oil prices could surge to as high as $150 a barrel. The Group of Seven (G7)'s consideration of releasing strategic petroleum reserves reflects these concerns. The Paris-based International Energy Agency says its member countries hold about 1.8 billion barrels in reserves, which could, in theory, cover Middle East supply disruptions for roughly four months. However, reserves are intended to cushion short-term shocks, not provide a lasting solution if the war drags on. The bigger problem for markets isn't just rising prices - it's the lack of confidence. When a leader's words spark panic rather than provide clarity, investors are left with no reliable ground. Markets thrive on stability, and restoring it will require consistent policy, careful diplomacy, and a coordinated global response to the crisis. After the 1973 oil shock, major powers established strategic petroleum reserves for exactly that reason. The same holds true today, as markets need clear and trustworthy policy direction and a strategy built on international coordination, not mixed political signals. The global economy is already grappling with high interest rates and geopolitical tensions. If leaders' remarks add another source of uncertainty, the burden ultimately falls on markets and the public. What the world needs now is steady, reliable leadership that markets can rely on. * This article, published by Business Daily, was translated by AI and edited by AJP. 2026-03-10 14:17:21

Kolon Industries wins CDP Korea Awards carbon management sector honors Kolon Industries said March 10 it won the Carbon Management Sector Honors award at the 2025 CDP Korea Awards, hosted by CDP, a global sustainability assessment organization. CDP, formerly known as the Carbon Disclosure Project, is a global nonprofit that collects and evaluates disclosures from major companies and cities on climate strategies, greenhouse gas reduction efforts, and water and forest-related information. Its assessments are widely used by ESG investors, financial institutions and global supply-chain companies in decision-making. Kolon Industries previously received an A, the top grade, in the “2025 CDP Climate Change” assessment announced in February. The company has submitted climate-change performance data since 2017, and in the latest assessment it moved up two levels to A from B. The company cited factors behind the upgrade including approval of its SBTi net-zero target, adoption of an internal carbon price, climate scenario analysis based on physical and transition risks, and expanded third-party verification of Scope 1, 2 and 3 greenhouse gas emissions. It also submitted its first response to the water module last year and received an A- grade, and said it plans to strengthen its water management system in stages in line with its climate strategy. “This award recognizes that our carbon management strategy has taken root as a performance-driven execution system,” a Kolon Industries official said. The official said the company will boost emissions-reduction execution by expanding renewable energy adoption based on its net-zero roadmap, while strengthening sustainability management across its supply chain to build stakeholder trust.* This article has been translated by AI. 2026-03-10 14:09:17

Yellow Envelope Law Takes Effect as Hyundai, Shipbuilding Subcontractor Unions Renew Bargaining Demands With the so-called Yellow Envelope Law — revisions to Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act — taking effect, labor-management tensions are rising. Industry officials said the Hyundai Motor subcontractor union, the Hyundai Motor Non-Regular Workers Branch, plans to send a third request for talks to the parent company on Tuesday through its umbrella group, the Korean Metal Workers’ Union. The union has already delivered two formal requests but said the company did not respond. It is seeking discussions with the parent company on converting workers to regular status and steps to ease job insecurity. The in-house subcontractor union at HD Hyundai Heavy Industries, also affiliated with the Korean Metal Workers’ Union under the Korean Confederation of Trade Unions, said it will deliver a bargaining request to HD Hyundai Heavy Industries on Tuesday. The union said it sent two letters in January but received no meaningful response, and is renewing its demand to coincide with the law’s start. The union is seeking a 30% wage increase this year, the same performance bonuses as the parent company, recognition of an eight-hour day as one work unit, and at least five days of paid holidays. It is also considering asking that its demands be included in the parent company union’s bargaining agenda if management refuses to negotiate directly. The Ulsan Plant Construction Union said it will begin sending bargaining requests Tuesday, through its umbrella organization, to three petrochemical companies — SK, S-Oil and Korea Zinc — and to four general contractors including Hyundai Engineering & Construction and Hyundai Engineering. These subcontractor unions argue the parent companies should be bargaining counterparts because they effectively receive safety instructions and day-to-day work supervision from them. As subcontractor unions across industries press for direct talks, parent companies are holding back from immediate public responses while weighing how to proceed. Some companies are consulting law firms and preparing for possible scenarios. Overall, many are waiting to see how labor authorities rule on whether parent companies qualify as employers for bargaining purposes. * This article has been translated by AI. 2026-03-10 14:06:17

Samsung Heavy Wins $400 Million Order for Three Crude Oil Tankers Samsung Heavy Industries said in a regulatory filing on the 10th that it has won an order worth 400.1 billion won for three crude oil tankers from a Bermuda-based shipowner. The vessels are scheduled for delivery by February 2029. With the deal, the company’s year-to-date orders total 11 ships worth $2.1 billion, reaching 15% of its annual target of $13.9 billion. By vessel type, the orders include three liquefied natural gas (LNG) carriers, two ethane carriers, two container ships and four crude oil tankers. A Samsung Heavy official said the company’s order backlog stands at 137 ships worth $29.5 billion, adding that it will continue to focus on profitability in winning new business. * This article has been translated by AI. 2026-03-10 14:03:04

Seoul establishes committee to honor resistance against martial law decree SEOUL, March 10 (AJP) - The government finalized plans on Tuesday to establish a presidential committee dedicated to honoring the citizens who defended the constitutional order during the emergency martial law of December 3, 2024. During a cabinet meeting on March 10, 2026, the administration approved the Regulations on the Establishment and Operation of the Light Committee. This new body will oversee the issuance of Light Certificates to individuals recognized for their contributions to preserving democracy during the six-hour crisis. The ministry will also evaluate the potential designation of a national commemorative day to mark the civilian-led movement. Applications for the certificates will be accepted through online portals, registered mail, and in-person submissions. Interior Minister Yun Ho-jung stated that the initiative aims to provide formal state recognition to those who resisted the unconstitutional decree. "With the establishment of the Light Committee, we can now officially honor and treat with respect the citizens who resisted the December 3 martial law," the department director said. He further noted that through the committee, the government will achieve national unity and expand the values of K-democracy. The historical context for the committee's formation dates back to a late-night television broadcast on December 3, 2024, when the former president declared martial law. He alleged that anti-state forces were paralyzing the government and cited a need to protect the nation from communist influence. Martial Law Command Proclamation No. 1 immediately followed, banning political gatherings and imposing military censorship over all press outlets. This move triggered a rapid mobilization of special forces to the National Assembly in an attempt to block legislative functions. Thousands of ordinary citizens responded by converging on the legislative grounds in Yeouido to form a human blockade against military transport vehicles. Protesters outside the gates faced off against armed troops, using non-violent resistance and physical presence to prevent the military from seizing control of the chamber. Inside the hall, 190 lawmakers bypassed security cordons to cast a unanimous vote demanding the immediate lifting of the emergency decree. By 4:30 a.m. on December 4, the former leader was forced to rescind the order, effectively ending the shortest period of martial law in the history of Seoul. The failure of the decree led to a series of legal and political collapses for the previous administration. An impeachment vote followed on December 14, 2024, which was later upheld by the Constitutional Court. This vacancy led to the June 2025 snap election won by Lee Jae Myung. On February 19, 2026, the judiciary sentenced the former head of state to life in prison for his role in the insurrection. The newly formed committee now seeks to institutionalize the memory of the civilian resistance as a cornerstone of the current democratic framework. 2026-03-10 13:57:13