South Korea Fuel Prices Fall After Government Caps Refiners’ Supply Prices South Korea’s average gasoline and diesel prices fell for a third straight day after the government began enforcing a cap on refiners’ supply prices, according to industry data. Domestic pump prices have been easing since peaking on the 10th following the outbreak of war involving the United States and Israel and Iran. As of 9 a.m. on the 13th, the nationwide average gasoline price was 1,883.79 won per liter, down about 15 won from the previous day, the Korea National Oil Corp.’s Opinet price information system said. Diesel averaged 1,911.1 won per liter, down about 21 won. Diesel remained more expensive than gasoline. Prices in Seoul also declined. Average gasoline in the capital fell about 21 won to 1,906.40 won per liter, while diesel dropped about 30 won to 1,905.53 won. The government began the oil price cap system at midnight on the 13th, setting maximum supply prices from refiners at 1,724 won per liter for regular gasoline, 1,713 won for automotive diesel and 1,320 won for kerosene. Premium gasoline, which has a limited consumer base, was excluded. The government said it will reset the caps every two weeks after reviewing the Middle East war and oil price trends. To guard against possible supply shortages after the cap, the government said it will also issue a notice banning hoarding. It plans to step up nationwide monitoring of gas station prices and intensively inspect suspected market-disrupting practices. To compensate refiners for losses caused by the cap, the government said it has prepared a post-settlement system. If refiners incur losses under the cap, it plans to reimburse them quarterly through a “maximum price settlement committee” made up of oil experts, including accounting, legal and academic specialists. Loss estimates calculated by each refiner would be verified by an accounting firm and finalized by the committee. The government noted that when oil prices are falling, refiners could also see periods of profit because of the cap, and said it will conduct detailed post-settlement calculations of profits and losses. The government again stressed the cap is aimed at stabilizing the market rather than imposing artificial price controls. However, controversy has grown after one refiner announced it would apply a post-settlement method for gas stations by splitting calculations into periods before and after the 13th, instead of using a monthly average price. The gas station industry says stations that bought inventory at higher prices before the cap cannot sell it above the now-public supply prices, forcing them to absorb losses. International oil prices, meanwhile, climbed back above $100 a barrel after Ayatollah Seyyed Mojtaba Khamenei declared a hard-line response toward the United States and Israel, including a possible closure of the Strait of Hormuz. On March 12 local time, ICE Futures Europe settled May Brent crude at $100.46 a barrel, up 9.2% from the previous session. On the New York Mercantile Exchange, April WTI settled at $95.73 a barrel, up 9.7%. Analysts have warned that if the Middle East war drags on and high oil prices persist, the impact of the price cap could be reduced. 2026-03-13 10:12:22

Hyundai Sungwoo Group Expands Indigo Junior Program to Develop Young Racing Drivers Hyundai Sungwoo Group said it is continuing to back promising drivers through its Indigo Junior Program, an initiative aimed at expanding South Korea’s motorsports base and developing the next generation of racing talent. The group said it held a sponsorship signing ceremony March 9 at the Indigo Camp in Bundang, Gyeonggi Province, with drivers Kwon O-tak and Shin Ga-won. Under the agreement, the two will receive support from Hyundai Sungwoo Group and Solite Indigo Racing, including technical assistance, professional coaching and mentoring designed to help them keep improving as drivers. Launched in 2020, the Indigo Junior Program is a talent-development effort for young drivers with growth potential, intended to help them advance into competitive professional racing. Hyundai Sungwoo Group said the program is part of its broader push to energize the domestic motorsports industry while identifying and nurturing talent over the long term. The program is structured as a step-by-step development system rather than a simple sponsorship, the company said. It supports drivers from kart racing through higher-level touring car competition, including TCR, by providing staged opportunities to train and gain experience. Kwon, 16, and Shin, 18, were selected after strong results in domestic kart and racing events, the group said. Kwon finished first overall in the 2025 KIC Kart Racing Cup Senior season and also won the 2025 Motoarena Kart Racing Cup season overall. Shin, a female driver, finished first overall in the 2025 RMC Senior season and placed second in the 2025 Radical Cup Korea R4·R6 class. Solite Indigo Racing said it plans to provide sponsorship funding along with mentoring and training programs, drawing on its overseas race experience and team-management know-how to help the drivers build competitiveness at home and abroad. An official from Hyundai Sungwoo Group called the Indigo Junior Program “a long-term development project” designed to help promising domestic drivers grow systematically in a stable environment. The official said drivers such as Lee Chang-wook of Kumho SLM and Park Jun-ui of Solite Indigo Racing have advanced through the program and are now active on various stages in South Korea and overseas. The official added that the group will continue investing to broaden the base of South Korean motorsports and strengthen global competitiveness. Hyundai Sungwoo Group is an auto-parts-focused group centered on holding company Hyundai Sungwoo Holdings. Its affiliates include Hyundai Sungwoo Casting, which makes alloy wheels and cast products, and Hyundai Sungwoo Solite, which specializes in lead-acid batteries, including automotive batteries.* This article has been translated by AI. 2026-03-13 10:00:14

Mercedes-Benz Korea Launches Collaboration Program With Chef Sohn Jong-won Mercedes-Benz Korea said Friday it will work with fine-dining chef Sohn Jong-won on a brand collaboration program called “Mercedes-Benz Mate.” The company described “Mercedes-Benz Mate” as a project designed to present its brand values in a more approachable way through collaborations with people who show their own philosophy and lifestyle in their fields. Sohn oversees a French dining restaurant and a Korean restaurant, and both have earned one Michelin star. Mercedes-Benz Korea said Sohn will take part in a range of brand activities, including producing digital content and appearing at major events, where he is expected to meet customers. Lee Sang-kuk, executive vice president and head of digital, marketing and communications at Mercedes-Benz Korea, said the collaboration was planned because Sohn’s drive for perfection and his continued efforts to deliver the best customer experience align with the company’s brand philosophy. He said he hopes the partnership will help broaden Mercedes-Benz’s brand philosophy and create opportunities for mutual inspiration. * This article has been translated by AI. 2026-03-13 09:48:16

Proposal to expand overnight delivery draws resistance from mom-and-pop stores SEOUL, March 13 (AJP) - Seeing delivery boxes from Coupang or Kurly outside front doors on the way to work has become an everyday sight in South Korea. Ordering something at night and finding it on your doorstep the very next morning is now a common practice - it's simply how online shopping works here. Lawmakers now want to open overnight delivery to more players. Under a proposed revision led by the ruling Democratic Party (DP), large discount retailers would be allowed to offer the service, with supporters saying the move would help curb the dominance of online platform giant Coupang while also giving consumers more options and greater convenience. Under the law introduced in 2012, large discount stores have been barred from operating between midnight and 10 a.m. That restriction helped create conditions in which Coupang effectively dominates the overnight delivery market. The revision would exempt online deliveries from those restricted hours to prevent any one company from monopolizing the service. A related bill has been submitted to the National Assembly by DP lawmaker Kim Dong-ah. It would keep the current closure and operating-hour limits mandatory for large discount stores and supermarket chains but allow online deliveries without such restrictions. But small-business owners have strongly opposed the move, warning that it would deal a severe blow to them. They argue that it would hurt them both directly and indirectly and are calling for the proposal to be scrapped. Protesters even rallied outside his office, demanding that he withdraw the proposal. The Korea Federation of Micro Enterprise called it the removal of their last safety net. Having already lost ground to large online platforms, they argue that granting the same delivery rights to major retailers with deep pockets and extensive logistics networks would not create fair competition but would instead put even more pressure on small merchants. Small businesses and local stores have voiced particular concern, criticizing the easing of regulations intended to curb Coupang's market dominance as a case of "burning down the house to catch a flea," arguing that small and midsize merchants should not be sacrificed in a fight among retail giants. They also fear it could loosen the current restrictions on major retailers' business hours, which have been in place since the Constitutional Court upheld them in 2018 to promote coexistence. Changes in the retail industry are inevitable, and regulations can be adjusted to reflect the times. But if the burden falls primarily on the most vulnerable, that deserves a second look. South Korea's 7.9 million small-business owners are a cornerstone of the economy. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-03-13 09:47:03

Hanwha Aerospace, Krafton to Co-Develop Physical AI, Explore Joint Venture Hanwha Aerospace said it will work with Krafton, the maker of “PUBG: Battlegrounds,” to jointly develop physical AI, a field focused on AI that operates in real-world environments. Hanwha Aerospace said Friday it signed a memorandum of understanding with Krafton covering joint development of AI technology and plans to explore establishing a joint venture. The companies said they will proceed in stages, including joint R&D on core physical AI technologies, reviews of demonstration and deployment scenarios, and building technical and operational systems. They said a future joint venture would be used to commercialize results and set up a mid- to long-term cooperation framework. The partnership combines Hanwha Aerospace’s defense and manufacturing infrastructure and unmanned systems technology with Krafton’s AI research capabilities and software development expertise, the companies said. Hanwha Aerospace said it will use its weapons-system operating experience to improve the maturity of physical AI that functions in real settings and to verify field applicability through step-by-step demonstrations. The companies said Krafton’s experience managing data and its simulation technology built on virtual environments are expected to play an important role in training and validating physical AI. They said they plan to expand cooperation over the long term to the space and aviation sectors. They also said they will participate as investors in a $1 billion fund formed by Hanwha Asset Management, which focuses on AI, robotics and the defense industry. The companies said they aim to expand the physical AI ecosystem and strengthen competitiveness by investing in promising technologies and companies, and to identify partners with high growth potential across the value chain and link them to joint development and commercialization. Krafton CEO Kim Chang-han said, “We will accelerate development of technology that operates in real environments by combining Krafton’s AI capabilities and software operations expertise with Hanwha’s field-based strengths.” He added, “We will later establish a JV with Hanwha to connect joint development results to commercialization and grow the JV into a global defense technology company like Anduril.” Hanwha Aerospace CEO Son Jae-il said, “AI technology is rapidly growing into physical AI used in the defense sector beyond industry,” and added, “Through cooperation with Krafton, we will present a new technology paradigm for the future defense sector.” * This article has been translated by AI. 2026-03-13 09:42:24

KB Financial Holds Group Information Security Council to Strengthen AI Security KB Financial Group said Friday it held its first-quarter Group Information Security Council meeting to help build a safer financial environment. Information security executives from the holding company and 11 affiliates attended, along with Choi Seok-mun, a vice president who serves as the holding company’s compliance officer. Under the group’s information security operating guidelines, the council functions as a control tower for setting strategy, making decisions on key issues and 추진ing joint projects. Participants discussed major security tasks for responding to the digital environment, including plans to establish a mid- to long-term group information security master plan, measures to advance the cyber security center’s operating performance and organizational structure, and the creation of a groupwide integrated security monitoring system. The compliance officer also attended the session, where participants reviewed the annual business plan and strategies for responding to key regulations. Topics included compliance measures aligned with the enactment of the Digital Finance Safety Act and the implementation of the Framework Act on Artificial Intelligence. KB Financial said it will also prepare groupwide guidelines to address emerging threats such as data leaks and model bias. KB Financial said a key feature of its information security organization is that it operates under the holding company’s compliance officer, aiming to balance strict controls with technology and strengthen responsibility for protecting customer information. “While advances in AI technology are making financial services more convenient, the underlying security system must also become more sophisticated,” a KB Financial official said. The official said the group will seek “synergy” between compliance and security technology to provide customers with a safe financial environment that can withstand threats. * This article has been translated by AI. 2026-03-13 09:21:00

South Korea to Offer 43.75 Billion Won in Loans, Guarantees for Arts Businesses The South Korean government will supply funding to help arts businesses grow through new loan and guarantee programs. The Ministry of Culture, Sports and Tourism and the Arts Management Support Center said Friday they will launch loans and guarantees totaling 43.75 billion won to strengthen the foundation for growth in the arts industry. The loan program will be carried out with NH NongHyup Bank and Hana Bank, while the guarantee program will be run with the Korea Technology Finance Corp. Applications will be accepted starting March 16 for loans and April 1 for guarantees. The ministry said it created a new arts-industry guarantee program to cover all fields of the arts that had been excluded from existing cultural-industry guarantees. Loans totaling 20 billion won will be offered to private arts facilities such as theaters and art museums, as well as arts service businesses including agencies and production companies. Funding will cover two categories: facility financing, including renovations, new construction and equipment purchases and installation; and working capital, including payroll, marketing, materials and rent. Loan rates will be based on the floating rate for the Public Fund Management Fund loan account, set at 2.96% for the first quarter of 2026. Large and mid-sized companies will pay an additional 0.04 percentage points, while small and other companies will receive a 0.21 percentage-point discount. Youth-led companies headed by people age 39 or younger will be offered a fixed 2.5% rate. Loan limits range from 500 million won to 3 billion won, and repayment terms from five to 10 years depending on the borrower and purpose. Banks will decide approvals and amounts through their own reviews, and recipients must use the funds within this year. Applicants seeking loans should first consult nationwide branches of NH NongHyup Bank or Hana Bank about collateral, then apply for a recommendation from the Arts Management Support Center. Recommendation applications will be accepted through the National Culture and Arts Support System from March 16 to April 7. If funds remain after the first round, the ministry said it plans a second call for applications in the first half of 2026. The guarantee program will cover literature, fine arts, music (excluding pop music), dance, theater, traditional Korean music, photography, architecture and musicals. Guarantees totaling 23.75 billion won will be provided in two tracks: an “arts business” track that supports working capital based on an assessment of a company’s growth potential, and an “arts project” track that supports planning and production costs for performances and exhibitions. The guarantee limit is up to 1 billion won per company. The Arts Management Support Center will evaluate applicants and recommend them, after which the Korea Technology Finance Corp. will review the case and issue a guarantee certificate. Businesses can use the certificate to obtain loans from commercial banks. Guarantee applications will be submitted through the National Culture and Arts Support System. Applications will be accepted regularly from the first to the 10th of each month starting in April, and applicants will be notified of recommendations at the end of each month. More details will be posted in the call for applications on the Arts Management Support Center website on March 16 for loans and April 1 for guarantees. * This article has been translated by AI. 2026-03-13 09:09:27

Hanmi Pharmaceutical taps first outside CEO in 53-year history SEOUL, March 13 (AJP) - Hanmi Pharmaceutical announced it has nominated Hwang Sang-yeon, head of private equity at HB Investment, as its new chief executive, marking the first time in the South Korean drugmaker's 53-year history that an outsider has been tapped to lead the company. The board of Hanmi Science, the group's holding company, and Hanmi Pharmaceutical approved the nomination at separate meetings on Thursday. The appointment is subject to approval at the annual general meeting of shareholders scheduled for March 31. Hwang, 55, is a veteran of South Korea's capital markets and bio-pharmaceutical sector. A graduate of Seoul National University with bachelor's and master's degrees in chemistry, he previously served as head of research at Mirae Asset Securities, chief investment officer at Allianz Global Investors and CEO of Chong Kun Dang Holdings before joining HB Investment's newly established private equity division in 2025. His appointment comes amid a bitter feud between outgoing CEO Park Jae-hyun and Shin Dong-kuk, chairman of Hanyang Precision and Hanmi Science's largest shareholder, over allegations of improper management interference. Park, a 33-year company veteran, was not renominated for a new term after clashing with Shin over issues including the handling of a sexual misconduct case and attempts to substitute lower-cost pharmaceutical ingredients. Park released a statement after the board meeting, saying he did not believe he was the only person qualified to serve as a professional manager. He expressed hope that his resistance would serve as a reminder of the importance of preserving the legacy of the late founder Lim Sung-ki. The leadership change is widely seen as bringing an end to the standoff between Park and Shin at a company that posted record revenue of about 1.55 trillion won ($1.04 billion) and operating profit of 257.8 billion won in 2025. The board also nominated Kim Na-young, head of Hanmi Pharmaceutical's new product development division, as an inside director, along with former lawmaker Chae Yi-bae and Han Tae-jun, president of Ghent University Global Campus, as outside directors. Audit committee member Kim Tae-yoon was the only incumbent reappointed among five directors whose terms expire this month. All previous Hanmi Pharmaceutical CEOs — Lee Gwan-sun, Woo Jong-soo, Kwon Se-chang and Park — rose through the company's own ranks over decades, making Hwang's outside appointment a sharp departure from tradition. Shares of Hanmi Pharmaceutical closed Thursday same as the previous session at 488,000 won. 2026-03-13 08:54:37

Air Premia Launches Networkwide Spring Fare Sale, U.S. Round Trips From 605,600 Won Air Premia said Thursday it will run a networkwide spring travel promotion, offering discounted fares on all routes. The sale runs from March 16 to 29 and covers Wide Premium and economy-class tickets, starting from promotional base fares. For U.S. routes, round-trip totals including fuel surcharges and airport taxes start at 2,998,200 won for Wide Premium to Washington, D.C.; 1,698,200 won to New York; 1,463,200 won to Los Angeles; 1,363,200 won to San Francisco; and 1,295,600 won to Honolulu. Economy fares start at 1,243,200 won to Washington, D.C.; 898,200 won to New York; 843,200 won to Los Angeles; 703,200 won to San Francisco; and 605,600 won to Honolulu. Travel on U.S. routes is valid from March 16 through Nov. 30. The Washington, D.C., route will be available from April 24 in line with its new service schedule. For Asia routes, Wide Premium round trips start at 285,600 won to Narita; 474,900 won to Bangkok; 475,800 won to Da Nang; and 320,700 won to Hong Kong. Economy fares start at 205,600 won to Narita; 244,900 won to Bangkok; 235,800 won to Da Nang; and 260,700 won to Hong Kong. Travel on Asia routes is valid from March 16 through Oct. 24. For customers who miss the promotional fares, the airline is also offering an economy-class discount code, “HIBOM20,” for 20% off the airfare portion when entered at booking. Air Premia said it also provides an eSIM service for ticketed customers, with discounts of up to 30% when purchased through the Air Premia app. Promotional tickets are available through the airline’s official website and mobile app. An Air Premia official said the promotion was designed to help customers plan overseas trips at “reasonable prices” during the spring travel season, adding the airline will continue to expand benefits to improve customer convenience.* This article has been translated by AI. 2026-03-13 08:39:18

OIMU’s “San 239” Wins Bronze in 2026 World’s Most Beautiful Book Contest <San 239> (publisher OIMU, designer Shin Sohyeon) won a Bronze Medal in the 2026 World’s Most Beautiful Book competition, the Korean Publishers Association said on the 13th. The Bronze Medal ranks fourth, after the top Golden Letter award and the gold and silver medals. The “World’s Most Beautiful Book” competition is jointly run by Germany’s Stiftung Buchkunst and the Leipzig Book Fair. <San 239> is a small book measuring 50 millimeters wide, 68 millimeters tall and 20 millimeters thick. It is fitted with a carabiner and a compass so it can be clipped to a bag or belt. Each page introduces one of 239 mountains on the Korean Peninsula, listing practical information for hikers such as location and elevation, whether it is among Korea’s “100 famous mountains,” guidance on what to do when encountering wild animals, and first-aid tips. German organizers said the book “goes beyond something to read” and can serve as a companion on the trail, noting that it packs a sweeping subject — 239 Korean mountains — into a format small and light enough to carry anywhere. They also cited the balance of text, images and illustrations in conveying extensive information clearly within limited space, calling it an object in which every element is precisely designed. Designer Shin Sohyeon of OIMU said, “More than half of Korea is made up of mountains, and most mountains are open to everyone,” adding, “If you enjoy hiking, I hope you’ll clip this book to your bag and we’ll meet on the mountain.” Judging for the 2026 competition was held Feb. 19-21 at the German National Library by an international design jury of five designers. A total of 14 books from nine countries were selected as final winners. The awards ceremony will be held at 4 p.m. local time March 20 at the Leipzig Book Fair. * This article has been translated by AI. 2026-03-13 08:30:38