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

BTS-Linked Museum Projects Spotlight Silla Bell and Korean Painting Catalog With BTS set to return on the 21st, the group is drawing fresh attention to Korea’s traditional culture, including museum projects tied to the band. After a National Museum product line known as “Muetts” linked BTS with the famed King Seongdeok bell, a new catalog of Korean paintings produced with a donation from BTS leader RM has also put cultural heritage in the spotlight. According to the cultural sector on the 13th, visitors to Gyeongju National Museum can experience the bell’s sound in a way that is otherwise difficult to hear. The National Museum Foundation of Korea and HYBE produced the Muetts items to mark the release of BTS’ fifth full-length album, “ARIRANG,” drawing motifs from patterns on the King Seongdeok bell. The Unified Silla-era bronze bell is known not only for its decoration but also for its clear, solemn tone, often described as an “echo of a thousand years.” But regular bell-ringing at the museum stopped in 1992 to protect the artifact, making the sound hard to hear in person. The museum disclosed a sound-testing session in September last year for the first time in 22 years, but outdoor speakers have made it difficult to fully convey the bell’s distinctive beat effect. The bell’s sound alternates in intensity. That pattern fueled a legend that a baby was sacrificed during casting because the ringing resembled an infant’s cry, giving rise to the nickname “Emille Bell.” The museum offers an indirect way to experience the sound. A digital immersive video now screening in the digital theater on the first floor of the Silla Art Gallery uses projection mapping and 9.1-channel audio to recreate the bell’s resonance and form. Kim Yun-i, a curator at Gyeongju National Museum, said the team “put a lot of effort into the sound,” adding that it reproduces even the beat effect that is hard to feel through outdoor speakers and has drawn a strong response from visitors. She said the video uses the bell’s actual sound recorded during the sound test, making the resonance more vivid. The video is part of the permanent exhibition and can be viewed during museum hours without a reservation. Interest in Korean painting is also growing. The Overseas Korean Cultural Heritage Foundation, under the Korea Heritage Service, recently published a catalog titled “IT’S ______ HERE: Korean Old Paintings Shining Abroad,” bringing together Korean paintings held by major museums and art institutions overseas. It spans about 400 years of Korean painting, from the early 16th century to the 20th century. The catalog was produced with funds donated by RM in 2022. It includes “Pyeongan-gamsa-do-gwa-geupjeja-hwanyeong-do (平安監司道科及第者歡迎圖),” held by the Peabody Essex Museum in the United States and highlighted last year after conservation work by the Leeum Museum of Art. The 19th-century work depicts a series of events hosted by a provincial governor to celebrate two people who passed a provincial exam in Pyeongan Province. It shows a large procession, an outdoor banquet and an elaborate feast, portraying Pyongyang’s prosperity, goods and the people watching the festivities. The catalog will be distributed to national and public libraries and major research institutions in and outside South Korea for public access. Kwak Chang-yong, secretary-general of the foundation, said the works in the catalog “carry meaning as a cultural bridge connecting Korea and the world,” adding that RM’s support for traditional culture “further raised the value of this catalog.” * This article has been translated by AI. 2026-03-13 08:12:33

Seoul places rare price cap on gasoline prices on outlook on lengthier crisis SEOUL, March 13 (AJP) -South Korea will impose a rarely-used fuel price cap starting midnight Friday in an emergency attempt to contain surging domestic fuel costs driven by escalating tensions in the Middle East and renewed volatility in global oil markets. The Ministry of Trade, Industry and Energy said Thursday the measure will set a ceiling on the wholesale prices oil refiners charge gas stations and distributors for key petroleum products, though retail prices at individual gas stations will not be directly regulated. The initial ceiling, effective from March 13 to March 26, is set at 1,724 won ($1.16) per liter for gasoline, 1,713 won for diesel and 1,320 won for kerosene. The levels are 109 won, 218 won and 408 won lower, respectively, than the average supply prices refiners reported on March 11. Authorities said the caps will be reviewed every two weeks depending on global oil price movements. The ceiling will be calculated based on refiners’ weekly average supply prices before the Middle East crisis, adjusted by fluctuations in the Mean of Platts Singapore (MOPS) benchmark and then adding taxes. The government invoked a rarely visited clause in the Petroleum Business Act that allows authorities to designate maximum prices when oil market volatility threatens economic stability. It marks the first enforcement of the system since South Korea liberalized petroleum pricing in 1997. Industry Minister Kim Jung-kwan said the move aims to stabilize fuel costs while preventing excessive price hikes that could distort the market. “The government decided to introduce the petroleum price cap system to stabilize oil prices, respond to unreasonable price increases and ensure that the burden of rising fuel costs is shared among the government, businesses and the public,” Kim said during a ministerial task force meeting on consumer prices. Officials also warned they will closely monitor market behavior, including possible hoarding or excessive price hikes at gas stations not directly covered by the cap. Under the program, exports of petroleum products subject to the ceiling may also be restricted to prevent domestic supply shortages caused by price gaps with overseas markets. The government said any financial losses incurred by refiners will be reviewed and compensated after the program ends, subject to strict verification. The emergency measure comes as domestic fuel prices have surged sharply since the outbreak of the latest Middle East conflict on Feb. 28, when the United States and Israel launched airstrikes on Iran. According to the Korea National Oil Corp., the nationwide average retail gasoline price climbed to 1,904.3 won per liter, up from 1,692.6 won before the conflict. Diesel prices rose even faster, reaching 1,927.5 won per liter from 1,597.2 won over the same period. Global oil markets have also swung sharply higher as the war threatens shipping through the Strait of Hormuz, a chokepoint for about 20 percent of global seaborne crude flows. Brent crude surged 9.2 percent to $100.46 per barrel Thursday — its largest one-day jump since 2020 — while U.S. benchmark West Texas Intermediate (WTI) rose 9.7 percent to $95.73. The spike followed warnings from Iran’s newly appointed supreme leader Ayatollah Seyed Mojtaba Khamenei, who said Tehran would consider expanding the conflict and continue using the possibility of blocking the Strait of Hormuz as leverage against the United States and Israel. The threat of prolonged disruption to global oil shipments has heightened concerns of a sustained energy price shock, prompting governments across Asia to prepare emergency stabilization measures. Seoul said it will lift the price cap once domestic fuel markets stabilize, while continuing efforts to secure additional crude supplies outside the Middle East and prepare potential releases from strategic petroleum reserves. 2026-03-13 07:48:50

Global Air Defense Market Grows as Hanwha, Other South Korean Firms Expand Production Demand for air defense weapons is rising in the Middle East and Europe, rapidly expanding the global market and prompting South Korean defense companies to intensify sales efforts and expand production bases. With regional instability persisting in the Middle East, countries are moving more aggressively to strengthen air defense capabilities. According to the defense industry on March 12, Hanwha took part in a defense exhibition opening that day in Brussels, Belgium, promoting systems including the long-range surface-to-air missile, or L-SAM, and the Chunmoo multiple rocket launcher. L-SAM is designed to intercept ballistic missiles at high altitude and is often described as a “Korean-style THAAD.” Chunmoo is a weapons system capable of firing various guided munitions. By joining the exhibition in Belgium, home to NATO headquarters, Hanwha aims to accelerate its push into Western Europe. Hanwha Aerospace has secured contracts to supply Romania with K9 self-propelled howitzers and K10 armored ammunition resupply vehicles worth $1 billion, and to supply Poland with Chunmoo multiple rocket launchers in deals valued at $3.6 billion for the first phase and $2.2 billion for the second. Lim Kyung-wook, head of Hanwha Aerospace’s Romania unit, said at an international security and defense conference in Bucharest on March 10 (local time) that the company would expand in Europe based on a local factory. The sales push comes as demand for South Korean air defense weapons grows quickly in Europe and the Middle East. Cheongung-II, deployed earlier this month in the United Arab Emirates, has drawn attention for its performance, spreading by word of mouth to neighboring countries. Industry observers have also suggested announcements of additional purchase agreements with multiple Middle Eastern countries could be imminent. As production demand increases, South Korean defense firms are expanding their footprints. Hanwha Aerospace began construction last month on a production plant in Romania aimed at broadening its European supply chain. In South Korea, affiliate Hanwha Systems relocated its Gumi production plant last year, increasing output capacity by about 30%. The facility expanded from 45,000 square meters to 89,000 square meters, roughly doubling in size. LIG Nex1, the lead contractor for South Korea’s missile systems, completed a guided-missile assembly and inspection facility this month in Gumi, North Gyeongsang Province, for the Fleet-to-Air Guided Missile-II. Korea Aerospace Industries said it built a second hangar near its Sacheon plant in South Gyeongsang Province in line with planned KF-21 deliveries in the second half of this year. “Production lines tied to export contracts are already running at full capacity,” a defense industry official said. “If additional new weapons exports are secured, expanding the workforce will be unavoidable.” Industry officials say shifting security conditions in Europe and the Middle East are creating opportunities for South Korean defense companies. As countries in those regions seek to reduce reliance on U.S.-made weapons and strengthen their own defense industries, analysts say South Korea has emerged as a niche supplier. Choi Ki-il, a professor of military studies at Sangji University, said Europe’s expanding “buy European” approach is changing defense exports from simple weapons sales to deals that also build production facilities. For Middle Eastern countries, he said, difficulties importing weapons from adversary states are combining with a growing tendency to seek South Korea, which he described as having strong ground-weapons production capabilities among NATO countries.* This article has been translated by AI. 2026-03-13 05:04:57