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

New PM vows to curb inflation as her top priority SEOUL, July 2 (AJP) - Prime Minister Han Seong-sook on Thursday prioritized inflation control as her top task to improve people's lives as she began her new role, saying the South Korean economy remains "in a crisis" amid the lingering conflict in the Middle East. The remarks came as she held her first meeting at the government complex in the administrative city of Sejong since taking her post the previous day. The overall economic situation is "not one we can 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

China races past Japan, eyes 10 million car exports SEOUL, July 02 (AJP) - China is on pace to export nearly ten million vehicle units this year, according to global consulting firm AlixPartners' 23rd annual Global Automotive Outlook, released June 25. The expected export volume would be a jump from 7.1 million units in 2025, marking the fastest expansion yet for the Chinese automobile industry that, for most of its history, built cars almost entirely for its own drivers. For decades, exports were an afterthought in China's July 2, 2026

KAIST turns Alzheimer's toxin into treatment switch SEOUL, July 02 (AJP) -Researchers at the Korea Advanced Institute of Science and Technology have developed a drug that activates only inside diseased brain tissue, using a toxic molecule long blamed for worsening Alzheimer's disease as the trigger that switches the treatment on. The molecule is hydrogen peroxide, a reactive form of oxygen that damages cells and builds up at abnormally high levels in the brains of Alzheimer's patients. Scientists have traditionally viewed July 2, 2026

KOSPI falls below 8,000 as Wall Street chip rout spills over SEOUL, July 2 (AJP) - South Korean stocks suffered another heavy selloff on Thursday, with the benchmark KOSPI plunging more than 5 percent in early trading, falling below 8,000 points. The decline followed an overnight rout in U.S. semiconductor shares, which reignited concerns that the artificial intelligence (AI)-led boom may be losing momentum. Just minutes after trading began, the KOSPI fell 5.30 percent to 7,862.92 and the junior KOSDAQ also dropped 4 percent to 892.18. A s 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

Large lithium batteries banned from Seoul subways SEOUL, July 1 (AJP) - Passengers are no longer allowed to bring large-capacity lithium batteries on subways in Seoul under new regulations taking effect on Wednesday. They are prohibited from bringing lithium batteries exceeding 160 watt-hours (Wh) and battery-powered personal mobility devices, including electric bicycles, electric scooters and electric unicycles into subway stations and other railway stations in metropolitan areas. The ban, which came after a series of fires inv July 1, 2026