Hanwha Ocean named KDDX preferred bidder, contract due in August SEOUL, July 02 (AJP) - Hanwha Ocean has been selected as the preferred bidder for the design and construction of the lead vessel in South Korea’s next-generation destroyer program, the company said Thursday. The shipbuilder said in a regulatory filing that the Defense Acquisition Program Administration (DAPA) had formally selected it as the top-priority bidder for the Korean Destroyer Next Generation (KDDX) project. The value and duration of the contract will be determined July 2, 2026

South Korea's drug exports top $10 billion for first time in 2025 SEOUL, July 02 (AJP) - South Korea's pharmaceutical exports surpassed $10 billion for the first time last year, reaching a record high, the Ministry of Food and Drug Safety said. Exports rose 12.4 percent to $10.44 billion, while imports climbed 5.9 percent to $8.93 billion. The trade surplus in medicines jumped 41.9 percent to $1.51 billion, also a record. Domestic drug production grew 3.0 percent to 33.85 trillion won ($21.77 billion), the highest since record-keeping began July 2, 2026

US House report accuses South Korea of discrimination against Coupang SEOUL, July 2 (AJP) - A U.S. House committee has again accused the South Korean government of discriminatory treatment against e-commerce giant Coupang and other American companies, alleging that the country's regulatory actions may violate a bilateral trade deal reached last fall. In a 35-page report released Wednesday following similar remarks in February this year, the House Judiciary Committee said, "South Korea has a long history of engaging in economic discrimination July 2, 2026

SK AX, KEPCO E&C to drive AI innovation in power sector SEOUL, July 02 (AJP) - SK AX said it has signed a memorandum of understanding with KEPCO Engineering & Construction to jointly pursue artificial intelligence innovation across the power generation and energy sectors. The firm announced Thursday its agreement was signed at SK U-Tower in Seongnam, Gyeonggi Province, with SK AX Chief Executive Kim Wan-jong and KEPCO E&C Chief Executive Kim Tae-kyun attending alongside executives from both companies. The two firms plan to app July 2, 2026

Automakers recall more than 146,000 vehicles over safety and software defects SEOUL, July 2 (AJP) - More than 146,000 domestic and imported vehicles are being recalled in South Korea after defects were found, the Ministry of Land, Infrastructure and Transport said on Thursday. The recalls cover 38 models, totaling 146,505 vehicles, from six automakers - BYD, Hyundai Motor, Jaguar Land Rover, Mercedes-Benz, Stellantis and Volvo. Volvo's recall was the largest, covering 55,405 vehicles across seven models including the XC60 due to a faulty 48-volt ge July 2, 2026

Kia posts record first-half sales as EV demand surges SEOUL, July 1 (AJP) - Kia, an affiliate of Hyundai Motor Group, sold 1.63 million vehicles in cumulative sales for the first six months of this year at home and abroad. According to the automaker, it was the highest-ever first-half figure since Kia began selling vehicles in 1962. In June alone, it sold 295,720 vehicles worldwide, up 9.5 percent from a year earlier including 54,508 at home and 240,259 overseas. It also sold about 953 special-purpose vehicles, including 473 in the July 1, 2026

SK hynix details upcoming U.S. listing, adds antitrust suit risk in SEC filing SEOUL, July 01 (AJP) - South Korean memory chipmaker SK hynix has amended its registration statement for a planned U.S. Nasdaq listing, detailing a fresh legal challenge while leaving its core offering terms blank, a U.S. regulatory filing showed. According to its amended Form F-1/A filed with the U.S. Securities and Exchange Commission (SEC) on Wednesday, the company added a newly initiated antitrust class action to its "Risk Factors." The lawsuit, filed on June 25 i July 1, 2026

Britain's defense push adds new variable to Canada submarine equation SEOUL, July 01 (AJP) - Britain's latest defense spending plan has added a new variable to Canada's multibillion-dollar submarine equation, strengthening South Korea's industrial partnership with London as Seoul and Germany compete for one of Ottawa's biggest military contracts. The British government on Tuesday unveiled an additional 15 billion pounds ($20 billion) in military spending, focusing on drones, autonomous systems, next-generation fighter aircraft and othe July 1, 2026

Military academy alumni groups to stage first joint protest against merger plan SEOUL, July 01 (AJP) - Alumni associations representing South Korea’s Army, Navy and Air Force academies will stage their first joint action next week against the government’s plan to integrate the three military schools. The associations are scheduled to hold a rally outside the National Assembly on July 8, according to parliamentary and alumni group officials Wednesday. The event is expected to be jointly hosted by the three alumni associations, security groups and July 1, 2026

South Korea denies reports of order to scrap chipmakers' bonus schemes SEOUL, July 01 (AJP) - South Korea's labor and industry ministries on Wednesday denied online reports claiming the government had instructed Samsung Electronics and SK hynix to scrap existing employee bonus agreements as part of a proposed semiconductor profit-sharing scheme. The Ministry of Employment and Labor described the reports as "completely groundless" and said it had never sent an official document to either company regarding changes to their performance-bas July 1, 2026