Refiners, Gas Stations Clash Over Fixes as Oil Prices Surge on U.S.-Iran War As oil prices surge amid the war between the United States and Iran, refiners and gas station operators say their business burdens are growing. Lawmakers convened an industry meeting at the National Assembly to discuss countermeasures, but the roughly hourlong session ended without agreement, underscoring the gap between the two sides. The Democratic Party’s Euljiro Committee held the meeting on March 20 at the National Assembly Members’ Office Building, citing rising household costs as international oil prices jump on Middle East risks. Attendees included the Korea Gas Station Association and representatives from SK Innovation, GS Caltex, HD Hyundai Oilbank and S-Oil. Gas station operators focused on what they called structural disadvantages in the retail market. Ahn Seung-bae, chairman of the Korea Gas Station Association, said stations do not set prices but sell at prices determined by refiners. When prices rise, he said, stations are blamed for profiteering despite lacking pricing power. Ahn urged refiners to address practices including all-volume purchasing, after-the-fact settlement, credit card fee burdens and what he described as prices being reflected in advance. He said many stations are effectively tied to buying nearly 100% of their fuel from a single refiner, and that paying before supply prices are finalized — followed by later settlement — increases financing pressure. Refiners said they shared the need to stabilize supply and ease consumer burdens but were cautious about offering specific solutions on distribution structure, citing limits on what companies can do as crude supply risks intensify. Lee Sang-yoon, a vice president at SK Innovation, said a blockade of the Strait of Hormuz has become the biggest variable for crude supply, and that any disruption would inevitably have a major impact on the domestic market. Ahn Young-mo, a managing director at GS Caltex, said the company is using all private inventories to supply petroleum but described the situation as severe. If the Strait of Hormuz blockade is not lifted, he said, “there could be a situation where even naphtha cannot be helped.” Refiners’ stockpiled volumes could be depleted as early as April, the article said. Additional supplies secured from outside the Middle East and through diplomatic efforts would not be enough to replace existing volumes. The refining industry is asking the government to release strategic reserves. However, even in a closed-door discussion after opening remarks, participants did not meaningfully address crude supply plans, which refiners consider the top issue. The meeting was seen as confirming the reality of supply uncertainty and the perception gap between refiners and gas stations, rather than producing detailed steps to respond to the price surge. The Democratic Party’s Euljiro Committee said it plans to form a social dialogue body as early as next week to begin fuller discussions.* This article has been translated by AI. 2026-03-20 15:55:01

Celltrion Wins Canada Approval for Stekima Auto-Injector as Pharma, Biotech Updates Roll Out Celltrion: Stekima Auto-Injector Wins Approval in Canada Celltrion said it has secured additional approval for an auto-injector version of its autoimmune disease treatment Stekima (ustekinumab). The company said March 20 that Health Canada approved Stekima in auto-injector (AI) form, adding two presentations in Canada: 45 mg/0.5 mL and 90 mg/1.0 mL. “With Stekima, we have added an AI formulation that the original product does not offer in Canada, completing a full lineup across doses and formulations and further strengthening competitiveness,” Celltrion said. Celltrion said the approval supports its strategy to accelerate its push into the North American market. A company official said demand for self-injection options has been rising in major markets, including North America. “With tailored prescribing now possible based on administration settings and patient characteristics, we plan to respond strategically to needs across diverse clinical sites,” the official said. Celltrion said it also aims to quickly raise market share by leveraging synergies with its existing portfolio built in Canada as it expands its presence in the autoimmune disease market. Protein, Vitamins Added: Koryo Eundan Launches ‘Balance Care Energy Bar’ Koryo Eundan said March 20 it has launched the “Balance Care Energy Bar.” The company said the bar uses ingredients such as peanuts, oats and lentils and is designed for convenient nutrition or as a meal replacement. It contains 7 grams of plant-based protein — about the amount in one egg — and 4 grams of dietary fiber, which the company said is comparable to 1.5 bananas. Koryo Eundan said it also includes 12 vitamins and minerals formulated with premium ingredients from global supplier DSM. The company said each bar contains about 0.19 grams of sugars, positioning it as a low-sugar product. “We planned a bar-type product so people can easily supplement nutrition as outdoor activities increase,” the company said. “It can be used in various situations, such as a meal replacement or a snack before or after exercise.” HK inno.N Partners With Seongnam Mental Health Center for Employee Program HK inno.N said March 20 it will work with the Seongnam Mental Health Welfare Center to run a workplace mental health management program for employees. The company said it held a memorandum-of-understanding ceremony with the center on March 18 to promote employee mental health and prevent job-related stress. HK inno.N said the partnership is part of its ESG efforts in safety and health management. It also cited a revision last year to the Korea Occupational Safety and Health Agency’s KOSHA GUIDE, which emphasizes preventing job stress through organization-level health promotion programs. Under the agreement, HK inno.N will recruit participants and, starting in April, run a six-week program with 12 sessions. The company said activities will include mental health checkups, meditation and horticulture, aimed at teaching effective ways to manage mental well-being. Seoul National University Hospital Reports 15-Year Benefits After Total Knee Replacement Patients who underwent total knee arthroplasty (TKA) saw major improvements in function and quality of life within six months, and those gains remained above pre-surgery levels up to 15 years later, Seoul National University Hospital said March 20. The hospital said an orthopedic surgery team led by professors Choi Byeong-seon, Noh Doo-hyun and Han Hyeok-su tracked patient-reported outcome measures (PROMs) for up to 15 years in 1,264 patients ages 50 and older who received TKA between 2005 and 2013. The average age was 68.5, and 93.7% were women. The team analyzed changes from before surgery through six months and at 1, 2, 5, 10 and 15 years. All measures improved significantly within six months. While patterns differed by indicator afterward, all measures remained higher than pre-surgery levels at 15 years, the hospital said. Disease-specific indicators were relatively stable through about five years. However, the KSFS score — reflecting daily activities such as walking and climbing stairs — showed a clinically meaningful decline between 10 and 15 years after surgery, it said. By age group, patients in their 80s and older had lower physical function scores than younger patients but higher social function scores, which remained elevated over the long term, the hospital said. The findings were published in the latest issue of The Journal of Bone and Joint Surgery (JBJS).* This article has been translated by AI. 2026-03-20 15:48:00

IMF to factor Middle East shock into world economic outlook in April SEOUL, March 20 (AJP) - The International Monetary Fund perceives rising downside risks in the global economy from volatility in energy prices and financial market stemming from Middle East conflict and will factor the negative impact on growth and inflation into its updated economic outlook in April, according to a senior official. Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol met visiting Dan Katz, First Deputy Managing Director of the International Monetary Fund (IMF) in Seoul on Thursday and discussed strategic response to escalating global risks, the ministry said in a press release Friday. Katz pointed out that recent military clashes in the Middle East, the blockade of the Strait of Hormuz, and strikes on energy production facilities have significantly heightened volatility in energy prices and financial markets. He warned that these factors are increasingly likely to dampen global economic growth. The IMF official added that a prolonged conflict could severely hamper global expansion and trigger widespread inflation, noting that the IMF intends to closely monitor these projections. These assessments are expected to be reflected in the IMF’s World Economic Outlook (WEO) scheduled for release in April. Koo explained Seoul was deploying "all possible policy means" - enforcing cap on gasoline and fuel prices and fast-tracking supplementary budget - to minimize the fallout on the real economy. Katz commended the South Korean government for its "swift and decisive" response to recent market volatility and its impact on the real economy. He assessed that the South Korean economy has historically demonstrated strong resilience in the face of various domestic and international shocks. Furthermore, the IMF deputy chief expressed gratitude for South Korea’s contributions to capacity-building programs for vulnerable and low-income countries, including its recent funding to the IMF. Koo responded by reaffirming Seoul's commitment to further contributing to capacity-building initiatives in emerging fields, such as AI and digital technology. 2026-03-20 15:43:44

Kia targets 13 EV models by 2030, accelerates PBV and software pivot SEOUL, March 20 (AJP) - Kia outlined plans to expand its electric vehicle lineup to 13 models by 2030 and deepen its push into purpose-built vehicles and software-defined cars, as the automaker seeks to reposition itself amid a global slowdown in EV demand. President Song Ho-sung presented the strategy at the company's annual general meeting held at its headquarters in southern Seoul on Friday, identifying three priorities: EV mass-market expansion, growth of its purpose-built vehicle (PBV) business and a transition toward software-defined vehicles. The automaker said it will launch the compact EV2 this year to complete its affordable EV range, aiming to capture demand in the budget segment. The company will leverage production bases across South Korea, the United States, Europe and emerging markets to match regional demand. On the PBV front, Kia plans to roll out three models in sequence — the PV5, already unveiled last year, followed by the PV7 in 2027 and PV9 in 2029 — targeting logistics and commercial fleets. The company is building a dedicated PBV production line at its Hwaseong EVO plant and working with partners to develop specialized variants including box trucks and camper vehicles. "We will maintain our eco-friendly vehicle strategy despite uncertainties from rising protectionism and tariff variables," said Song. Shareholders also approved governance changes to comply with a revised commercial code, including the adoption of electronic shareholder meetings, mandatory cumulative voting for directors and expanded fiduciary duties for board members. In separate votes, Kim Seung-jun, head of the finance division, was elected as an inside director, and Jeon Chan-hyuk, chief executive of Cesco, was reappointed as an outside director. 2026-03-20 15:27:25

Kookmin University joins major EU research project for quantum and AI security SEOUL, March 20 (AJP) - Kookmin University Professor Yoo Il-sun has been selected to participate in Horizon Europe, the European Union’s premier research and innovation program. This partnership marks a significant milestone for South Korean academia, positioning the university at the forefront of a global effort to integrate quantum technology with digital security. The three-year project, known as the Quantum Computing European Union–South Korea Working Team (QuoUSKWe), operates with a total budget of approximately 2.7 million euros. Led by the Polytechnic University of Milan (Politecnico di Milano), the multinational consortium includes Germany’s Fraunhofer Institute and Finland’s IQM Quantum Computers. Kookmin University (KMU) is tasked with designing and verifying AI-based digital security systems that combine quantum computing with high-performance computing. The research will focus on securing quantum-safe technologies essential for 6G communication environments and the broader hyper-connected digital ecosystem. "This selection is meaningful because it recognizes our university's research competitiveness and innovation in quantum technology and digital security on an international level," Professor Yoo Il-sun said. "Based on cooperation with major European research institutes, we will take the lead in securing technological sovereignty and leading international standards in future strategic technology fields." Professor Yoo currently serves as the director of the Global ICT Convergence Security Innovation Research Center. He also holds leadership roles in international standard-setting bodies, including the IEEE 6G-IoT Quantum Security Standardization Group and the IFIP E-Business Information Systems Group. The university’s selection follows the launch of the KMU VISION 2035: EDGE initiative, which identifies quantum technology and artificial intelligence as core growth pillars. KMU established the first "Quantum Campus" in Korea on July 10, 2025, to bridge the gap between academic research and commercial application. Through this collaboration, the Global ICT Convergence Security Innovation Research Center expects to solidify its position as a global hub for quantum and AI-integrated security. The project officially commenced on March 20, 2026, and will continue to strengthen research ties between South Korea and European scientific institutions. 2026-03-20 15:15:46

Korea stays out of joint statement by US allies condemning Iran SEOUL, March 20 (AJP) - South Korea signaled strategic caution by staying out of a joint statement by key U.S. allies, condemning Iran over its effective closure of the Strait of Hormuz while stopping short of committing to the U.S. call for naval support in the region. warships to the crippled waterway. A foreign ministry official said Friday that Seoul is “well aware of the situation” regarding the joint statement by the United Kingdom, France, Germany, Italy, the Netherlands, Japan, and Canada condemning Iran, adding that the government “plans to review the matter while taking various factors into consideration.” The statement was initially issued by six countries. Canada joined later. “We condemn in the strongest terms recent attacks by Iran on unarmed commercial vessels in the Gulf, attacks on civilian infrastructure including oil and gas installations, and the de facto closure of the Strait of Hormuz by Iranian forces,” the seven countries said in the statement. They warned that such disruptions to international shipping and the global energy supply chain pose “a threat to international peace and security,” and urged Iran to immediately cease attacks on civilian infrastructure, including oil and gas facilities. The statement also called for an end to attacks on commercial vessels, as well as the laying of mines and the use of drones and missiles. In addition, the countries expressed readiness to “contribute to appropriate efforts to ensure safe passage through the Strait,” while saying they would welcome participation from other countries. The Strait of Hormuz, through which roughly 20 percent of global oil shipments pass, is a critical maritime chokepoint. Tensions have surged as Iran, currently in conflict with the United States and Israel, moves to restrict traffic in the area, raising concerns over a global energy crisis. The joint statement is widely seen as an effort to ease tensions with U.S. President Donald Trump, who has reportedly voiced frustration over allies’ reluctance to deploy naval assets. Notably, however, the statement did not include any commitments related to military support, such as dispatching warships. Foreign Minister Cho Hyun also declined to disclose details of diplomatic communications, saying “it is difficult to reveal the contents of discussions conducted through diplomatic channels.” Speaking at a parliamentary session on Tuesday, he gave an ambiguous response when asked whether the United States had formally requested the deployment of naval forces. “It could be seen as a request, or not,” Cho said. He said the government would prioritize national interests and the safety of its citizens. However, as other U.S. allies move swiftly to align with Washington, questions remain over how long South Korea can maintain this cautious posture. The pressure comes after Trump said on Truth Social on March 14 that he would ask five countries to send warships to the region to keep the Strait of Hormuz “open, safe and free,” before later expanding the request to include two more. 2026-03-20 15:09:16

BTS Live D-1 : Gwanghwamun choice hinged on true identity of BTS - Korean: organizers SEOUL, March 20 (AJP) -Delving into BTS’ identity was the starting point of the comeback project, and that process ultimately led to “Koreanness” and, in turn, to the iconic setting of Gwanghwamun, organizers said Friday. “‘Why Gwanghwamun?’ was the question we heard most,” said Yoo Dong-joo, president of HYBE Music Group APAC, during a media briefing. Yoo said the historical resonance of Gwanghwamun was central to the thematic arc of “ARIRANG.” “If their journey began in Korea, then their return should also begin from a place that symbolizes that origin,” he said. The album, he explained, is meant to reinforce the bond between the artists and the land that shaped them. The official music video for SWIM, the lead single from the fifth full-length album by the musical group BTS, amassed more than four million views on YouTube within thirty minutes of its 1:00 p.m. (0400 GMT) release today. By anchoring the “ARIRANG” project at the symbolic heart of the republic, BTS ties its return to a site long associated with Korean history and public expression. The choice elevates what might otherwise have been a commercial broadcast into something closer to a civic homecoming. Gwanghwamun is inseparable from the legacy of the candlelight protests and has long served as a gathering place where the public asserts its collective voice. For organizers, the square was the only venue capable of sustaining what they described as a distinctly BTS narrative — one rooted in Korean identity even after years of individual global activity. The collaboration with Netflix, meanwhile, provides the technological bridge to carry that localized message to a global audience. Brandon Riegg, a Netflix vice president, said he was excited about the platform’s first-ever livestreamed concert reaching viewers in more than 190 countries, while also acknowledging the challenge of satisfying both fans on site and audiences watching around the world. The event will mark Netflix’s first live music performance and the first live event to be broadcast from South Korea to a global audience on the platform. Production will be led by director Hamish Hamilton, whose credits include the Emmy, Grammy and Oscar ceremonies, the Super Bowl halftime show, the opening ceremony of the 2012 London Olympics, and performances by Madonna, Beyoncé and Rihanna. Authorities expect an audience of 260,000 people to occupy the central district. Security personnel have been tasked with securing a perimeter that encompasses both the modern square and Gyeongbokgung Palace. The lead track, "SWIM," will serve as the centerpiece of a performance merging traditional aesthetics with pop production. Saturday’s free concert is projected to be the largest live music event in the history of the streaming platform. Executive producer Garrett English noted that the technical team is focused on maintaining intimacy despite the massive physical scale. The arrangement is designed to capture the interaction between the seven members and the civic gathering in real time. BigHit Music Vice President Kim Hyun-jung stated that the project resonates with a cross-generational demographic. The performance is scheduled to begin at 8 p.m. local time and will be available in over 190 countries. The city has implemented traffic restrictions to accommodate the influx of fans and international media. This event marks the first collective activity for the members in three years and nine months. The live broadcast will be archived on the streaming platform following its conclusion. 2026-03-20 15:04:41

BTS’ Jimin and V Share Message Ahead of Gwanghwamun Comeback Concert BTS members Jimin and V shared their thoughts with fans ahead of a concert set for Seoul’s Gwanghwamun area.    V wrote on the global fan platform Weverse on the 20th that he was nervous because it had been a while since he performed on stage, but said he was preparing to show what the group had worked on. “Our biggest wish is that the show ends safely without anyone getting hurt,” he wrote. “On the day of the concert, please enjoy it with a relaxed mindset and an atmosphere where we look out for each other. I think that will make it an even more beautiful day.” He added, “Thank you for always supporting us. I love you. I missed you a lot, too. See you tomorrow!” Jimin also posted a message to fans the same day. “Finally today — I don’t know how long I’ve been waiting for this day,” he wrote. “So I’m excited, but also anxious. Thank you. See you in a bit. ARMY, I love you.”     Earlier, BTS released its fifth full-length album, “ARIRANG,” at 1 p.m. on the 20th. A comeback group live broadcast, “STUDIO NOTES ARIRANG,” is scheduled for 2 p.m. the same day on the group’s Weverse team channel.  A concert titled “BTS Comeback Live ARIRANG” is set for 8 p.m. on the 21st in the Gwanghwamun Square area. “ARIRANG,” BTS’ first new album in three years and nine months, is reported to include 14 tracks, including the title song “SWIM.”* This article has been translated by AI. 2026-03-20 14:42:51

BTS Leader RM Injures Ankle in Rehearsal, Will Limit Movement at Comeback Show BTS leader RM has suffered an ankle injury. BigHit Music said March 20 that RM was hurt during a concert rehearsal on March 19 and was taken to a hospital for tests and treatment. The company said he was diagnosed with an accessory navicular sprain with a partial ligament tear and a talus contusion — a ligament injury and inflammation — and was placed in a leg cast. Medical staff advised him to minimize movement for at least two weeks and focus on recovery. "We made the difficult decision together with the artist to minimize RM's movement at the comeback show, prioritizing medical advice and preventing the injury from worsening," the company said. It added that some of his onstage performance, including choreography, will be limited. BTS is scheduled to hold a free return concert, "BTS THE COMEBACK LIVE | ARIRANG," at Gwanghwamun Square at 8 p.m. on March 21.* This article has been translated by AI. 2026-03-20 14:42:16

BTS Returns With Fifth Studio Album 'ARIRANG,' Releases 'SWIM' Music Video BTS returned with its fifth full-length album, “ARIRANG.” The group released the album at 1 p.m. on the 20th and unveiled the music video for its title track, “SWIM.” Shot against the open sea off Lisbon, Portugal, the video moves between a real large ship and detailed sets, emphasizing scale and visuals. The video opens on a massive vessel crossing an endless ocean. A woman is shown shaken and discouraged as she endures a difficult period. BTS appears as helpers guiding the ship — taking the helm, raising the anchor and scanning the route ahead. The seven members stay by her side in their own ways, offering quiet support. She eventually breaks a necklace that had felt like a restraint and smiles, conveying anticipation, tension and the moment of taking on a new challenge. Hollywood actor Lili Reinhart appears in the video, adding a restrained emotional arc. Director Tanu Muino led the production, creating a film-like mise-en-scène. In comments released through BigHit Music, the members said viewers can see a subtly more mature BTS. They also asked fans to watch it as they would a movie because it has a storyline. The group shared a weather-related anecdote, saying there was not a single day of good weather during filming and that a rain-soaked scene turned out beautifully. “ARIRANG” is described as an album that captures BTS’ identity and universal emotions many people can relate to. Bang Si-hyuk, the label’s chairman, oversaw overall production. The title track, “SWIM,” is an alternative pop song about pressing forward through life’s waves, framing the resolve to keep swimming at one’s own pace as a form of love for life. BTS will hold “BTS Comeback Live: ARIRANG” at 8 p.m. on the 21st around Gwanghwamun Square in Seoul, where it plans to perform new songs including the title track. On the 23rd (local time), the group will team up with global audio and music streaming platform Spotify for a “Spotify X BTS: SWIMSIDE” event in New York. It will then appear on NBC’s “The Tonight Show Starring Jimmy Fallon” on the 25th and 26th.* This article has been translated by AI. 2026-03-20 14:12:20