Retailers to slash grocery prices to ease burden on households SEOUL, March 19 (AJP) - Major retailers will cut prices by more than 10 percent next month to ease the burden on households. After a meeting in Seoul on Thursday, the Ministry of Agriculture, Food and Rural Affairs said retail prices for roughly two dozen items including confectionery, bakery products, and ice cream will be reduced by 100 to 400 won (US$0.07 to $0.27) or up to 13.4 percent starting from next month. Cooking oil and instant noodle makers will also lower prices on their major products. According to the ministry, the retailers voluntarily decided to lower prices amid a looming global inflation that is already biting people's livelihoods, as the Middle East conflict that began with U.S.-led airstrikes on Iran shows no signs of ending soon. The ministry said it has also been closely monitoring prices of other key items such as eggs, pork, garlic, toilet paper, and laundry detergent to curb sharp price hikes and crack down on unfair practices trying to take advantage of supply shortages. It also vowed to inspect and punish anyone found illegally colluding to hike prices. 2026-03-19 14:48:56

Naphtha Supply Shock Puts South Korea’s Plastics Industry at Risk, Calls Grow for Price-Linking System The National Assembly held a meeting with petrochemical and plastics industry representatives as disruptions in naphtha supplies deepened after the Strait of Hormuz was effectively blocked amid the war between the United States and Iran. The session focused on steps to ease pressure on small plastics manufacturers as synthetic resin prices rise with surging global oil prices. Attendees included LG Chem, Hanwha Solutions, Lotte Chemical and Yeochun NCC, along with the Korea Plastics Industry Cooperative Federation, the Korea Federation of SMEs, and officials from the Ministry of Trade, Industry and Energy, the Ministry of SMEs and Startups, the Ministry of Economy and Finance, the Fair Trade Commission and the Financial Services Commission, according to political officials on March 19. Petrochemical companies said spikes in feedstock prices such as naphtha and unstable supply were causing production disruptions and delivery delays, worsening profitability and adding to management strain. Plastics manufacturers countered that large petrochemical suppliers have raised synthetic resin prices citing higher feedstock costs, leaving factories squeezed between rising material costs and sales prices that do not reflect those increases. Industry officials said raw materials account for about 80% of plastics makers’ costs. Chae Jeong-mook, head of the Korea Plastics Industry Association, said raw materials make up about 83% of costs, leaving the sector directly exposed to oil price increases. He said prices have risen by about 200,000 won per ton since the war began and that there are signs of supply being cut off, adding, “The industry feels like it’s bleeding day by day.” Chae called for stable supply and measures to prevent sharp short-term price spikes. He also urged adoption of a delivery price-linking system so increases in raw material costs can be reflected immediately in contract prices. Petrochemical firms, while citing difficulties as naphtha cracking capacity (NCC) is being reduced, said they would do their best to stabilize the domestic supply chain. Jeong Jong-eun, an executive director at LG Chem, pointed to what he described as a lack of government-level stockpiling and support for naphtha. “For crude oil or LNG, the state expands storage tanks through the national power network, but naphtha is not in that situation,” he said, adding the company was making every effort to secure supplies. He said the industry understands the concerns raised and plans to respond while working to stabilize domestic supply. Kim Dong-wook, an executive director at Hanwha Solutions, said the company was trying to maintain production within its limits. He said inventories were already low because the market had been weak even before the situation escalated, making the impact appear quickly. Kim Young-beon, an executive director at Lotte Chemical, said Lotte has substantial ethylene facilities and is heavily affected by overseas market conditions, adding it is proceeding as “model No. 1” in petrochemical restructuring. On synthetic resin pricing, he said the company was taking preemptive steps to stabilize the domestic market, including minimizing export volumes in March and April and expanding the domestic supply share from 45% to 90%. Bae Yong-jae, a managing director at Yeochun NCC, said securing naphtha has become difficult due to the Strait of Hormuz blockade. He said the company had relied on that route for about 70% of its total volume and that prices have nearly doubled. He said the firm is maintaining minimum operating rates because naphtha is hard to obtain and called for broader discussions that include supply shortages, price pass-through and industry losses. After the meeting shifted to a closed session, participants were reported to have discussed limiting the volume of petroleum products refiners export overseas. Democratic Party lawmaker Kim Nam-geun said naphtha is sourced through domestic production (47%) and imports (53%), and that with the government also reviewing export controls, participants discussed ways to secure supplies quickly. Democratic Party lawmaker Min Byung-deok raised concerns about price increases occurring before higher crude prices were reflected in actual import costs. He said he asked the Fair Trade Commission and the Ministry of SMEs and Startups to monitor whether there was collusion or abuse of market power in the price-setting process and to submit their findings. On financial support, Kim Nam-geun said about 20.3 trillion won in financing is being prepared in response to the Middle East situation, and the plastics and petrochemical industries are expected to be included. On alternative naphtha sources, he said imports are being considered from India, Algeria and the United States, adding that Russia-related matters were mentioned only as a request and drawing a line on importing Russian supplies. 2026-03-19 14:45:23

Hanwha Ocean Signs Deal With ONEX to Pursue Greece Naval Defense Market Hanwha Ocean is moving to expand into Greece’s maritime defense market after signing a strategic cooperation agreement with ONEX Group, Greece’s largest shipbuilder. Hanwha Ocean said the agreement was signed on the 19th by Eo Seong-cheol, president of its Special Ship Business Unit, and ONEX Group CEO Panagiotis Xenokostas. Greek Ambassador to South Korea Loukas Tsokos and Acting U.S. Ambassador to South Korea James Heller attended the event, the company said. Under the deal, Hanwha Ocean and ONEX Group plan to participate as mutually exclusive partners in projects ordered by the Greek coast guard and navy, including submarine programs. The companies also agreed to seek cooperation, by project, in third countries over the mid- to long term, including nations neighboring Greece in the Mediterranean and Black Sea regions. Xenokostas said, “It is an honor to stand in Seoul, the center of a world-class maritime power,” and called on South Korea, the United States and Greece to “sail together toward a future of shared security and prosperity.” Eo said the company plans to “enter the local market in a stable way through exclusive cooperation with a major local shipyard” and to take an active role in upcoming Greek coast guard and navy projects. ONEX Group is Greece’s largest shipbuilding and defense company and operates the Syros Neorion Shipyard and the Elefsis Shipyards. Hanwha Ocean noted that ONEX Group is backed by investment from the U.S. International Development Finance Corp., a U.S. government development finance institution. Heller also attended the event.* This article has been translated by AI. 2026-03-19 14:39:19

Mercedes-Benz Korea Names Shirin Emeera as New CEO Mercedes-Benz Korea said March 19 it has appointed Shirin Emeera, head of Mercedes-Benz in Sweden and Denmark, as its new CEO. She will officially begin her term July 1. The company described Emeera as a global leader with more than 20 years of experience at Mercedes-Benz. It said she led the Sweden and Denmark businesses to No. 1 in the premium segment in both markets. She currently oversees dealer model market management and global network development at Mercedes-Benz AG. A Mercedes-Benz official said Emeera is a leader with an entrepreneurial mindset who can drive strategic growth in challenging conditions, adding that the appointment was made to further strengthen the company’s position in South Korea. Emeera said it is meaningful to lead Mercedes-Benz Korea in South Korea, which she called one of the most influential and trend-leading markets in the global auto industry. She said she will work closely with the Korea team and dealer partners to deliver a differentiated customer experience, building on the company’s solid foundation in the market. Meanwhile, current CEO Matthias Geisen was appointed to a promotion effective July 1 as head of marketing and sales for the vans division at Mercedes-Benz AG in Stuttgart, Germany. Since taking the top job at Mercedes-Benz Korea in September 2023, Geisen has been credited with opening the world’s first Seoul Maybach Brand Center and an SUV Experience Center, and with successfully introducing a new sales approach called “Retail of the Future.” Geisen thanked South Korean customers and business partners for their continued trust and support. He said he will support growth in the South Korean market from headquarters, drawing on his experience leading what he called a dynamic and high-standard market.* This article has been translated by AI. 2026-03-19 14:00:21

POSCO, Hyundai Steel unions urge relief on power and carbon costs, warn of industry crisis "South Korea’s steel industry is standing on the edge of a cliff. This is not a simple downturn. It is a national industrial security emergency." Labor unions at POSCO and Hyundai Steel held a joint news conference March 19 at the National Assembly press center, urging the government to ease the burden of industrial electricity rates and carbon-related costs. The unions called for measures including relief on industrial power bills, improvements to the carbon emissions-permit system and expanded financial and infrastructure support for shifting to cleaner processes such as hydrogen-based steelmaking. Kim Seong-ho, chair of the POSCO union under the FKTU-affiliated Korea Metal Workers’ Federation, said the industry is being squeezed by sharply worsening profitability, stronger protectionism in advanced economies and what he described as astronomical carbon-emissions costs. He said the government should step in with practical support. Kim said it was the first time in POSCO’s 57-year history that its union had joined Hyundai Steel in a coordinated response, underscoring the severity of the crisis. Song Jae-man, head of Hyundai Steel’s Pohang branch under the KCTU-affiliated Korean Metal Workers’ Union, said industrial electricity rates have risen about 85% over the past five years while steel output has dropped sharply, pushing the industry to its limits. He said plant downsizing and job insecurity are becoming reality and are weighing on local economies. The unions also cited added pressure from war risk involving Iran, saying the steel industry relies heavily on imported raw materials, making it vulnerable to higher oil prices and exchange-rate swings. A union official said even a small rise in the exchange rate can sharply increase fixed-cost burdens, and that weak market conditions combined with energy costs have pushed worksites to the brink. On the government’s recently announced electricity-rate overhaul, the unions said steelmaking is a continuous, 24-hour process and could be hit harder by higher nighttime rates than helped by lower daytime rates, limiting any real relief. Lawmakers attending the event included Rep. Lee Sang-hwi of the People Power Party, Rep. Kwon Hyang-yeop of the Democratic Party and independent lawmaker Kim Jong-min, who voiced support for a joint response to the steel industry’s challenges. 2026-03-19 13:27:20

Naver to bolster AI tools to block abusive comments ahead of local elections SEOUL, March 19 (AJP) - Naver will enhance its artificial intelligence (AI)-based system to detect abusive comments ahead of local elections in early June, South Korea's largest online portal said on Thursday. It plans to introduce a feature dubbed "Cleanbot" by April that will automatically prevent users from leaving comments on certain articles such as politically sensitive or election-related stories, months ahead of the June 4 elections to elect mayors and governors across metropolitan and provincial governments. Naver is also considering extending the feature to all news articles throughout the official campaigning period including election day. Users will also be restricted from posting comments on certain news stories and sections to prevent any impact on or influence over voters, and will be limited to a maximum of three comments per article after verifying their accounts. Cleanbot, first introduced in 2019, has been continuously upgraded to detect not only explicit or violent language but also hateful and discriminatory expressions. "We will continue our efforts to serve as a trustworthy platform for news as well as a healthy space for communication," said Kim Su-hyang, a Naver executive. 2026-03-19 11:18:23

Asian stocks turn lower on Fed inflation warning, oil surge SEOUL, March 19 (AJP) — Asian stock markets opened lower on Thursday as a renewed surge in oil prices driven by escalating Middle East tensions and a more hawkish Federal Reserve outlook weighed on investor sentiment. Israel struck Iran’s South Pars gas field on Wednesday, marking its first attack on the country’s energy infrastructure in retaliation for the killing of senior intelligence and military officials. The escalation sent Brent crude up 6.1 percent to $109.75 per barrel, with Citi warning prices could climb further toward $120. Investor sentiment was also pressured by hawkish signals from the Federal Reserve. The Fed held its benchmark interest rate at 3.50–3.75 percent and refrained from offering forward guidance amid uncertainty stemming from the Middle East conflict. However, markets interpreted its upgraded inflation outlook as a hawkish signal. All three major U.S. stock indexes fell more than 1 percent overnight. The Korean won weakened sharply, with the one-month non-deliverable forward (NDF) rising to 1,508.25 per dollar. In onshore trading, the won fell to 1,500.20 per dollar from a previous close of 1,483.1. Technology heavyweights declined, with Samsung Electronics and SK hynix down around 3 percent and 4 percent, respectively, partially erasing their previous gains of 7.53 percent and 8.87 percent. The declines tracked overnight weakness in global chip stocks, with Nvidia down 0.84 percent and ASML falling 2.45 percent, pushing the Philadelphia Semiconductor Index down 0.53 percent. Losses were broad-based across sectors. Automakers declined, with Hyundai Motor down 3.85 percent to 524,000 won and Kia falling 2.11 percent to 171,400 won. Battery and industrial shares also weakened. LG Energy Solution slipped 2.35 percent to 374,500 won, Samsung C&T fell 2.68 percent to 291,000 won, and SK Square dropped 3.65 percent to 60,700 won. Shipbuilders and defense-related stocks moved lower, with HD Hyundai Heavy Industries down 3.73 percent to 568,000 won and Hanwha Aerospace falling 1.80 percent to 1,365,000 won. Financials traded lower, with KB Financial down 1.36 percent to 152,600 won and Shinhan Financial falling 1.89 percent to 93,200 won. Biopharmaceutical shares also slipped, with Celltrion down 3.34 percent to 202,500 won and Samsung Biologics falling 1.66 percent to 1,599,000 won. Brokerages said near-term volatility may increase, though a recovery remains possible. Han Ji-young, an analyst at Kiwoom Securities, said energy-driven inflation uncertainty has reinforced the Federal Reserve’s hawkish stance. She added that a stabilization in geopolitical conditions could shift markets into a more supportive phase, noting that markets have often rebounded after initial declines during past conflicts. As of 10:07 a.m., the benchmark KOSPI fell 2.72 percent to 5,764.10, while the KOSDAQ declined 1.88 percent to 1,142.52. Japan’s Nikkei 225 dropped 2.59 percent to 53,806.16 in morning trading, as rising energy costs threatened corporate earnings in import-dependent Japan while Fed-driven rate concerns further dampened sentiment. 2026-03-19 10:46:35

AutoInside Relocates and Expands Gwangju Direct Store to Grow Honam Reach AutoHands’ direct-run and certified used-car platform, AutoInside, said on the 19th it has opened an expanded and relocated Gwangju direct store to strengthen its presence in the Honam region. The Gwangju store moved to the second floor of the “M Plus Complex Auto Sales Center” in Seo-gu, Gwangju. The company said the new location, near the Honam Expressway and the Songam, Seochang interchanges, improves access for customers across Honam. With the move, the store secured a larger display area to showcase a wider range of vehicles. It also added more comfortable consultation and lounge space and offers one-stop service covering both vehicle purchases and sales, the company said. To mark the reopening, AutoInside said it will temporarily expand benefits under its trade-in program. Through the end of April, customers who sell their current vehicle to AutoInside and then buy a direct-run or certified used car will receive additional benefits of up to 400,000 won on the purchase price, depending on the vehicle’s condition. “Many consumers considering a vehicle change feel burdened by complicated procedures, so we prepared additional benefits through the trade-in program to help them sell and buy more quickly and conveniently,” an AutoInside official said. AutoInside operates five showrooms nationwide, including the Gwangju store. The company said it runs the full process — from vehicle purchasing and inspection to sales and extended warranties — through a direct management system. AutoInside’s certified used-car program, officially launched in February last year, sells only accident-free vehicles that are less than eight years old with under 100,000 kilometers and that pass a 205-point inspection, the company said. Buyers receive a free warranty for six months from the purchase date or up to 10,000 kilometers, whichever comes first. Kim Seong-jun, CEO of AutoHands, said the expanded relocation is intended to improve convenience for Honam customers and provide more consistent, high-quality service across the buying and selling process. “We will continue to build a used-car purchasing environment customers can trust, based on a thorough direct management system,” he said. * This article has been translated by AI. 2026-03-19 10:39:18

BOK hints at intervention as USD/KRW hits above 1,500 after Fed hold SEOUL, March 19 (AJP) - The Bank of Korea (BOK) vowed to take "stabilization actions" upon signs of volatility in domestic financial markets in renewed interventionist rhetoric Thursday after the local currency's spiral past its de facto defense line of 1,500 versus the U.S. dollar. "Uncertainties in the U.S. Federal Reserve's monetary policy path have escalated," said BOK senior deputy governor Ryoo Sang-dai during an emergency Task Force (TF) meeting addressing the fallouts from the Fed’s FOMC meeting and the ongoing blockade in the Strait of Hormuz. This marks the third emergency session this month since the launch of U.S.-Israel attacks on Iran in late February. The won’s weakness has intensified as hopes for a narrowing interest rate differential faded with the Fed's latest hold. The dollar has shot up to 1,505.9 in early Thursday session in Seoul, up sharply from 1,483.1 previous close. Since the rhetoric, the dollar has eased to 1,499.2 won. Market volatility has been exacerbated by the prolonged conflict in the Middle East. Crude oil prices have surged by over 40 percent in March, fueling inflationary pressures and weighing heavily on the trade-dependent South Korean economy. As of Thursday 9:40 a.m., Brent crude reached $110.6 per barrel, a surge of more than 52 percent compared to February 27, just before the conflict erupted. This comes amid escalating fears of actual disruptions in production and supply, following Israel's bombardment of South Pars, Iran’s largest gas field, and Tehran’s retaliatory strikes against facilities across the region, including in the UAE. "With external risks such as the persistent instability in the Middle East remaining high, the central bank is closely monitoring the situation" and "will take timely stabilization measures" when deemed necessary, he said. 2026-03-19 10:30:02

North Korea's growing weapons programs pose 'significant threats,' US report warns SEOUL, March 19 (AJP) - North Korea "remains committed to expanding its strategic weapons programs, including missiles and nuclear warheads, and to solidifying its deterrent capability," posing a threat to South Korea and its allies, a U.S. report said. According to the annual report of threat assessment released by the Office of the Director of National Intelligence on Wednesday, North Korea's weapons of mass destruction along with its "conventional military capabilities, illicit cyber activities, and demonstrated willingness to use asymmetric capabilities to attack South Korea and the U.S. pose significant threats to the U.S. and its allies, particularly South Korea and Japan." Pointing to North Korea's deepening military ties with Russia, the report wrote, "Increased trade after the pandemic, income from selling munitions to Russia, and illicit cyber activities including cryptocurrency thefts have boosted North Korea's foreign currency revenue generation to its highest levels since before extensive sanctions were imposed in 2018." "The benefits that North Korea receives for its support for Russia in the war against Ukraine have increased North Korean capabilities. North Korean military forces have gained valuable combat experience in 21st Century warfare along with equipment," it said, but added, "North Korea is likely to remain deterred by U.S. and allied forces." The report, however, warned that China, Russia, North Korea, Iran, and Pakistan have been "developing an array of novel, advanced, or traditional missile delivery systems with nuclear and conventional payloads," capable of reaching the U.S. mainland, and that these threats are projected to more than quadruple from the current roughly 3,000 missiles to over 16,000 by 2035. The report also said North Korea's traditional ally, China, remains its most important trading partner, though the bilateral relationship "has cooled due to Beijing's earlier opposition to Pyongyang's nuclear and missile tests." 2026-03-19 10:04:11