Korea and US move toward materializing MASGA with MoU on shipbuilding SEOUL, May 09 (AJP) -South Korea and the United States took the first concrete step Friday toward activating the $150 billion “MASGA” shipbuilding package embedded in Seoul’s broader $350 billion U.S. investment pledge, a move that could help ease lingering trade and tariff uncertainties hanging over Korean industries as Washington’s tariff regime faces mounting legal challenges. The U.S. Department of Commerce and South Korea’s Ministry of Trade, Indus May 9, 2026

SK hynix pledges 'water positive' future starting with salmon route fix SEOUL, May 08 (AJP) - South Korean chipmaker giant SK hynix inc. has signed a multilateral agreement with the government and local authorities to restore the aquatic ecosystem of Namdaecheon Stream, a move aimed at reviving the country’s largest salmon spawning ground. Under the "Water Positive" initiative, the memory chipmaker will cooperate with the Ministry of Climate, Energy and Environment and the Gangwon provincial government to modernize aging weirs that hav May 8, 2026

KT fined for failing to properly inform customers over phone pre-orders SEOUL, May 8 (AJP) - Telecom provider KT was fined 640 million won (about US$460,000) for failing to properly inform customers about available benefits and subscription-related terms when accepting pre-orders for Samsung's handsets in January last year, the Korea Media and Communications Commission said on Friday. After a meeting at the government complex in Gwacheon in Gyeonggi Province, the communications watchdog decided to impose the fine along with corrective orders, citi May 8, 2026

S. Korea expands drone security push with Army pact, coastal test site SEOUL, May 08 (AJP) - South Korea is expanding efforts to strengthen its drone security capabilities, as the National Intelligence Service signed a cooperation agreement with the Army and the government opened the country’s first integrated test site for land, sea and aerial unmanned systems. The moves reflect Seoul’s push to turn lessons from overseas battlefields into practical drone operations at home, as unmanned systems play a growing role in both military and publi May 8, 2026

Samsung Elec management, union to sit down at govt mediation SEOUL, May 08 (AJP) - Samsung Electronics and its union agreed to meet next week to iron out differences and possibly avert a full-scale strike scheduled for May 21, after the South Korean government stepped in amid fears that labor unrest could undermine a key pillar sustaining the economy and the stock market rally. The Samsung Electronics Labor Union (SELU) announced Friday it will enter a formal "post-mediation" process, with intensive negotiations scheduled for May May 8, 2026

South Korea pushes for drone autonomy through standardization SEOUL, May 08 (AJP) - South Korea is moving to standardize its drone industry around K-MOSA as the government seeks to shorten development cycles, lower production costs and build a scalable domestic manufacturing ecosystem for unmanned systems. The initiative comes as drones rapidly redefine modern warfare from Ukraine to the Middle East, exposing how military competitiveness increasingly depends not only on advanced unmanned systems but also on resilient supply chains and the cap May 8, 2026

Kolmar posts record quarterly profit amid rising demand for sunscreen products SEOUL, May 8 (AJP) - Cosmetics maker Kolmar posted its best-ever quarterly results, thanks to surging demand for sun-care products ahead of the summer season. Its operating profit for the first three months of this year rose 31.6 percent from a year earlier to 78.9 billion Korean won (about US$54 million), while revenue increased 11.5 percent to 728 billion won and net profit jumped 158.7 percent to 60 billion won. Both operating profit and revenue reached record highs for May 8, 2026

Lotte Wellfood Q1 operating profit more than doubles on overseas growth SEOUL, May 08 (AJP) - South Korean confectionery maker Lotte Wellfood announced that its first-quarter operating profit more than doubled from a year earlier, lifted by brisk sales in India and Kazakhstan that helped offset sluggish domestic demand. According to regulatory filings released Friday, operating profit jumped 118.4 percent to 35.8 billion won ($24.3 million) on a consolidated basis. Revenue rose 5.4 percent to 1.03 trillion won, while net profit slipped 26.6 percent to 1 May 8, 2026

South Korea loses ground in ship orders as China sweeps up new contracts SEOUL, May 8 (AJP) - South Korea's share of global ship orders fell sharply in April despite a rebound in global ship orders, as China swept up a far larger portion of new contracts, according to data released by London-based Clarkson Research Services on Friday. Global ship orders for the month totaled 6.49 million compensated gross tons (CGT) or 204 vessels, up 21 percent from a year earlier. South Korea secured just 16 percent of global orders or 1.05 million CGT acros May 8, 2026

Hanwha Group moves to bring aerospace under its defense arm SEOUL, May 07 (AJP) - Defense-heavy Hanwha Group has climbed to No. 5 in South Korea’s latest conglomerate rankings by the Fair Trade Commission, and it appears to be aiming to go literally higher by bringing aircraft and rocket manufacturing business back into the family. The group has recently secured more than a 5 percent stake in Korea Aerospace Industries, the country's aircraft-making monopoly, for the stated purpose of “management participation,” signa May 7, 2026