Korea JoongAng Daily - Daily News from Korea

Korea JoongAng Daily - Daily News from Korea

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  • Passengers rush to buy plane tickets before April’s steep fuel surcharges kick in
    This article is by Sarah Chea and read by an artificial voice.

    With the protracted Iran war disrupting jet fuel supply, fuel surcharges at Korean airlines are set to triple, which could add as much as 400,000 won ($270) to the cost of a round-trip ticket.
    Some flights have already been canceled, and airlines are announcing across-the-board reductions in operations.
    Oil prices, closely intertwined with currency movements and acutely sensitive to geopolitical shocks, are expected to dampen demand for long-haul routes, thereby compounding financial pressures on airlines over the longer term.
    Heavier tickets, bigger bills
    Korean Air recently spiked its fuel surcharges on tickets issued from April, with one-way fees for its longest-haul routes — those exceeding 6,500 miles, including Incheon to New York and Toronto — climbing more than three-fold from 99,900 won in March to 303,000 won.
    That means each passenger will have to pay an additional 400,000 won for a round-trip ticket. For a family of four, that translates into an additional burden of up to 1.6 million won for the trip.
    On most European routes, including London, Paris and Frankfurt, surcharges will jump from 79,500 won to 276,000 won, while even fees for short routes, under 499 miles, such as Fukuoka in Japan and Qingdao in China, will rise from 13,500 won to 42,000 won.

    Asiana Airlines also hiked its surcharge for a ticket to New York from 78,600 won to 251,900 won, while its Fukuoka route saw fees jump from 14,600 won to 43,900 won.
    "After the fuel surcharge announcement, ticket inquiries are on the rise, but mainly on short-haul routes rather than long-haul ones," said a source at one of Korea's major airlines.
    "A fuel surcharge doesn't fully offset all of the rising oil prices," they continued. "If this trend continues, surcharges will climb even higher in May, and if it drags on, it becomes truly perilous."
    Set every month, fuel surcharges are additional fees imposed by airlines to offset losses stemming from rising oil prices, which account for roughly 30 percent of total airfare prices.
    These surcharges are calculated based on the average price of Singapore jet fuel, which uses a 33-tier pricing system. That price has surged to Level 18 between Feb. 16 and March 15 from Level 6 in the previous month — an increase of 12 levels in just a month, marking the steepest monthly jump since the current pricing mechanism was introduced in 2016. Even during the sharp run-up in oil prices following the Russia-Ukraine war in 2022, the index only climbed by eight levels over three months.

    Korean Air uses around 30 million barrels of jet fuel every year and each $1 increase in the price of oil translates into roughly 45 billion won in additional annual costs.
    Fuel surcharges on Air Premia's New York routes, priced in U.S. dollars, will jump from $57 this month to $194 next month. On T'way Air's Paris flights, surcharges will rise from 67,600 won to 213,900 won. Air Busan and Jin Air have also increased fuel surcharges on their Incheon–Fukuoka routes by more than three-fold.
    The surge in fuel surcharges among Korean carriers is far steeper than that at foreign airlines, largely due to Korea's heavy reliance on Middle Eastern crude.
    Airlines such as Thai Airways and United Airlines have responded not with separate surcharges but by raising base fares by roughly 5 to 20 percent. Carriers without fuel surcharges, like Air France and KLM, have increased long-haul ticket prices by about 50 euros ($58).
    "Once oil prices rise, they rarely come down quickly, and it takes even longer for those increases to be reflected in airfares, which inevitably forces fuel surcharges to climb gradually," said Professor Lee Hwi-young at the Department of Airline Service Management at Inha Technical College.
    "Oil prices are closely linked to exchange rates, and a stronger won tends to dampen travelers' willingness to spend," Lee added. "While demand for long-haul routes is plunging, the absolute vo...
    7 min
  • Lee Geum-yi's inner child still telling tales as author shortlisted again for Hans Christian Andersen Award
    This article is by Choi Hye-ri and read by an artificial voice.

    Veteran author Lee Geum-yi, whose stories for children and teenagers have resonated across generations, is once again drawing international attention after making the final short list for the Hans Christian Andersen Award for the second time.
    "At first, I thought I simply had a different kind of childlike innocence from other people," Lee said. "Recently, though, I realized there is a child inside me who never got to grow up. That child keeps asking me to go on telling its stories."
    Lee, 64 years old, is a novelist with a 42-year career whose books include "With Yeonggu and Heukgu" (1991, translated), "You Too Are a Twilight Lily" (1999), "Yujin and Yujin" (2004), "Sohee's Room" (2010) and "B-cut for you" (2023). Still, it was only recently that she came to understand why she had spent more than 30 years writing stories for children, beginning with her debut work, she told the JoongAng Ilbo at its headquarters on March 18.
    That long and intense reflection is now reaching the world. In January, news broke that she had made the final short list for the Hans Christian Andersen Award for the second time.
    "When I first made the short list in 2024, I had no expectations, so it felt like a bonus," the writer said. "Up until I made the short list this time, the pressure was enormous, but now I actually feel at ease and find myself thinking of the people I am grateful to."
    The Hans Christian Andersen Award, established in 1956 in honor of Danish fairy-tale writer Hans Christian Andersen (1805-75), is awarded every two years to one writer and one illustrator who have contributed to the development of children's literature. Each country's Andersen committee recommends its national candidate to the International Board on Books for Young People (IBBY), and an international jury selects the winners based on the creator's body of work.
    For books written in languages other than English, English translations must be submitted for the international jury. This year's winners will be announced on April 13 at the Bologna Children's Book Fair in Italy.

    The books Lee and the Korean Board on Books for Young People submitted this time were "Can't I Go Instead" (2016) and "The Picture Bride" (2020), both of which have been published in English, along with "One Night" (2016), "Bamti Village Marie's House" (2024, translated) and "B-cut for you," which were translated into English for judging because no separate English editions had been published.
    "The books published in the English-speaking world are part of my female diaspora trilogy," Lee said. "I chose 'One Night,' a fairy tale for younger readers, 'Bamti Village Marie's House,' the latest in the Bamti Village series that I have continued for more than 30 years, and 'B-cut for you,' a novel whose protagonists are children who say they dream of becoming YouTubers. I wanted to show the world what I have created as a writer."
    One of her best-known works, "Yujin and Yujin," had been included in the 2024 submission and was left out this time.
    Even the novels in her female diaspora trilogy, which are generally classified as general fiction, were, in fact, written for adolescents, according to Lee. "Can't I Go Instead," "The Picture Bride" and "Cracks of Sorrow" (2025, translated) each begin with the story of a 7-year-old, 18-year-old and 13-year-old girl, respectively. All three books were later republished in young adult editions.
    "From a copyediting standpoint, there were no major changes, but by republishing them under the '1318' series for teenagers, we thought young readers would be able to approach the books more freely from their own perspective," said Yoon Seol-hee, an editor at publisher Sakyejul. 1318 is the publication's teenage-exclusive series.

    That is not the only thing Lee pays close attention to when it comes to young readers.
    "I try to bring out revised editions as often as possible when circumstances allow," she said. "...
    7 min
  • ‘BTS 2.0’ 출범 알린 광화문 공연…완전체 귀환의 화려한 시작
    This article is by Shin Ha-nee and read by an artificial voice.

    21일 그룹 방탄소년단(BTS)의 'BTS 컴백 라이브: 아리랑'이 서울 광화문광장에서 펼쳐지고 있다. [사진공동취재단]
    'BTS 2.0' kicks off in Gwanghwamun as septet returns in triumphant fashion
    'BTS 2.0' 출범 알린 광화문 공연…완전체 귀환의 화려한 시작
    Korea JoongAng Daily 1면 기사
    Monday, March 23, 2026
    BTS delivered a monumental performance on Saturday night in the heart of Seoul, which unfolded like a layered work of cultural storytelling, rich with symbolism.
    monumental: 기념비적인
    unfold: 펴다, 펼쳐지다
    layered: 층이 있는
    symbolism: 상징주의, 상징
    방탄소년단(BTS)이 토요일(3월 21일) 밤 서울의 중심부에서 상징성으로 가득한 다층적 문화 서사를 담은 기념비적 공연을 진행했다.
    The historic show, taking place at Seoul's Gwanghwamun Square, traced the world's biggest K-pop group back to its roots — while also reflecting on its place as a global phenomenon and declaring the beginning of "BTS 2.0."
    trace: 추적하다, 찾아내다
    phenomenon: 현상, 경이로운 사람
    광화문 광장에서 열린 이번 역사적 공연은 세계 최정상에 선 그룹의 시작점을 돌아보는 동시에 글로벌 현상으로서 현재의 위상을 비추는 한편, 'BTS 2.0'의 시작을 선언했다.
    "It's truly, truly an honor to be able to perform at Gwanghwamun, one of the most historic places in Korea," said member Suga at the beginning of the show. "Especially with this album, we wanted to include our identity," the rapper continued, "which led to the album's title, 'Arirang.'"
    identity: 신원, 정체성
    공연의 서두에서 슈가는 "한국에서 가장 역사적인 장소인 광화문에서 무대를 할 수 있게 되어 정말 정말 영광"이라고 말했다. 이어 "특히 이번 앨범에는 저희의 정체성을 담고 싶어 타이틀을 '아리랑'으로 정했다"고 설명했다.
    "BTS The Comeback Live: Arirang," held a day after the release of the septet's fifth full-length "Arirang," took place at Gwanghwamun Square in Jongno District, central Seoul, on Saturday. This marked the first time a K-pop act had held a stand-alone show at the historic venue.
    septet: 7인조,
    mark: 기념하다, 표시하다
    stand-alone: 독립형의, 단독의
    'BTS 컴백 라이브: 아리랑'은 7인조의 정규 5집 '아리랑' 발매 바로 다음 날 광화문 광장에서 펼쳐졌다. K팝 가수가 이곳에서 단독 공연을 연 것은 이번이 최초이다.
    The event was livestreamed globally by Netflix, the first time the streaming giant has broadcast a Korean live event worldwide.
    livestream: 생중계하다
    broadcast: 방송하다
    이번 행사는 넷플릭스를 통해 전세계에 생중계됐다. 넷플릭스가 한국에서 열린 행사를 글로벌 라이브로 송출한 것은 이번이 처음이다.
    "While preparing this album, we felt afraid at times," said Jimin, reflecting on the months the members spent preparing for the new album. "But we firmly believe that if we include even those feelings and keep swimming together, we'll find the answer someday."
    reflect: 비추다, 깊이 생각하다
    firmly: 단호히, 확고히
    지민은 신보 발매 전까지 지난 수 개월 간의 기간을 돌아보며 "저희도 이번 무대를 준비하면서 두려웠다"면서 "그런 마음까지 담아서 저희가 다같이 함께 헤쳐나가다 보면 꼭 해답을 찾을 거라고 굳게 믿고 있다"고 말했다.
    [중략]
    As expected from the title of the group's new album, "Arirang" — which got its name from a collection of Korean folk songs — the performance placed the spotlight on BTS's cultural identity. Throughout the evening, the show explored the intersection of the septet's Korean roots and its current status as a global pop phenomenon.
    folk song: 민요
    place: 놓다, 배치하다
    explore: 탐구하다, 분석하다
    intersection: 교차로, 교차 지점
    한국의 전통 민요에서 따온 앨범의 제목, '아리랑'으로 알 수 있듯이 이번 공연은 BTS의 문화적 정체성에 초점을 맞췄다. 이날 밤 컴백 무대에선 일곱 멤버의 한국적 뿌리와 현재 이들의 글로벌 현상으로서의 위상이 맞닿는 지점을 다루었다.
    Behind the main stage, measuring 18 meters wide (59 feet) wide and 10 meters long, a cube-shaped structure stood against the backdrop of Gwanghwamun, framing the historic gate like a piece of art. During the performance, the seven members walked out along an extending stage into the standing section, bringing them closer to their fans, known as ARMY.
    measure: 측정하다
    against the backdrop of: ~을/를 배경으로
    본 무대 뒤편엔 가로 18m, 세로 10m 규모의 큐브 형태 구조물이 광화문을 배경으로 설치돼, 마치 하나의 예술 작품처럼 역사적인 공간을 한 장면에 담아냈다.공연 중 일곱 명이 돌출 무대를 따라 스탠딩 구역에서 '아미'로 불리는 자신의 팬들과의 거리를 한층 좁혔다.
    The show kicked off at 8 p.m. with the sound of a bell ringing, featuring an opening performance by 50 dancers. The members emerged between the performers, who lined both sides of the stage, in a dramatic introduction that paid homage to Korean heritage. Leader RM, however, had to remain seated during some of the performances, as he injured his ankle during rehearsal.
    kick off: 시작하다
    pay homage: ~에 경의를 표하다
    heritage: 유산
    종소...
    5 min
  • Egypt’s first pharaoh remains a matter of debate

    Kwack Min-soo
    The author is the director of the Korea Institute of Egyptology.
    According to the third-century B.C. historian Manetho, Egypt's First Dynasty began with Menes, who is said to have unified Upper and Lower Egypt and established Memphis as the capital of a newly consolidated state. Estimates of his reign vary widely, ranging from about 30 to 62 years, depending on the source.

    Menes also appears in later king lists. The Abydos King List and the Turin King List both record a ruler named "Meni," widely considered to be Menes, as Egypt's first pharaoh. But these records were compiled during the 19th Dynasty of the New Kingdom, between 1292 and 1189 B.C. — roughly two thousand years after the period in which Menes is believed to have lived.
    The difficulty lies in the absence of evidence. Archaeological remains and written records from the era attributed to Menes do not definitively confirm his existence. It is not an exaggeration to say that there is no clear-cut material proof of him. Historical records alone do not automatically carry evidentiary value since their reliability is established only when they can be cross-checked with other sources or supported by archaeological findings.
    One of the few pieces of archaeological evidence often discussed is an ivory label discovered at Naqada. The artifact features a serekh, a palace-like frame used to enclose a royal name, inscribed with the name "Aha." This is generally interpreted as referring to Pharaoh Hor-Aha. Next to it, the sign "mn" appears, which some scholars identify as the name Menes.
    However, interpretations of this inscription vary. There is an ongoing debate over whether "mn" represents a personal name or a verb. Scholars also disagree on whether Hor-Aha and Menes were the same individual. Some researchers suggest that names such as Menes or Meni may not refer to a specific person but rather function as a title describing a ruler who achieved political unification.
    Another candidate for Egypt's first pharaoh is Narmer. His existence is firmly supported by archaeological evidence, most notably the Narmer Palette. While debate continues over whether Narmer can be identified with Menes, his historical presence itself is not in doubt.
    The identity of Egypt's first pharaoh, therefore, remains unresolved. Though Menes occupies a prominent place in later historical tradition, the lack of contemporary evidence leaves room for competing interpretations.
    This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
    3 min
  • Remembering a night in Gangneung and the meaning of security

    Kim Won-bae
    The author is an editorial writer at the JoongAng Ilbo.
    In the early hours of Sept. 18, 1996, a North Korean submarine ran aground off the coast of Gangneung. While many had heard of the 1968 Blue House raid by Kim Shin-jo's commando unit, few imagined North Korean forces infiltrating deep into the country from the east. Back then, I was a reporter covering social affairs, and traveled to Gangneung to report on the incident. For about a week after the incident, military authorities did not strictly control the press, allowing reporters to visit the scene. One night, I came across soldiers lying in ambush on a mountainside. The memory of that hour has remained vivid in my mind after all this time.

    After the incident, many North Korean crew members died in an apparent explosion, while those who escaped were special forces operatives. South Korean troops had already suffered casualties from surprise gunfire. The night air was cold, and some South Korean soldiers in trenches trembled under the intense stress. I felt the same fear: It was a primal anxiety that unseen enemies might fire at any moment. National security at that moment was no abstract slogan but a matter of survival. Over 49 days of operations, 18 soldiers, police officers, reservists and civilians were killed. This year marks the 30th anniversary of the incident, raising the question of how well their sacrifices are remembered.
    Korean society has long been shaped by resistance to foreign invasions. From the Imjin War to the Japanese occupation and the Korean War, the military has been viewed as a force that protects the nation from external threats. Many of Korea's historic heroes are remembered for defending the country. Today, however, the context has changed. Korea depends heavily on global trade and energy imports, meaning security is no longer confined within national borders.

    Recent international developments highlight this reality. The Russia-Ukraine war has underscored the continued importance of power politics. More recently, tensions between the United States and Iran have disrupted the Strait of Hormuz, driving up oil prices and affecting the global economy. In such circumstances, the scope of national security inevitably extends to wherever national interests are at stake. If conflicts intensify, calls for burden sharing among allies could grow stronger. While key U.S. allies currently remain cautious, Korea could face difficult choices if the situation escalates, whether in this crisis or another in the future.
    Korea's navy already operates overseas through the Cheonghae Unit. While its current missions focus on anti-piracy operations, the nature and risks of such deployments could change as threats evolve. Even with advanced equipment, the uncertainty of not knowing when or where danger might arise remains. The fear felt in such situations is unlikely to differ much from what soldiers experienced 30 years ago. Recognizing and respecting those who carry out their duties under such conditions is essential.
    The film "Ray" (2004), which depicts the life of American singer Ray Charles, includes a scene set in 1948 in which the protagonist boards a long-distance bus. A white driver initially treats him harshly due to his race and blindness. When Ray falsely claims he lost his sight during the Normandy landings, the driver's attitude changes and he offers him a seat in the back. Even in an era of severe racial discrimination, wounded World War II veterans commanded respect.
    A similar sense of respect was evident in the United States on Feb. 24, when U.S. President Donald Trump delivered a state address to Congress. The highlight of the event was the recognition of retired Col. Elmer Royce Williams, a 100-year-old Korean War veteran credited with downing four Soviet MiG fighters in a single engagement. First lady Melania Trump presented him with a medal as lawmakers from both parties rose to applaud.

    Korea's response to its own veterans has n...
    6 min
  • When crowds miss the structure, dictators tear it down

    Choi Jin-seok
    The author is a Principal of the Saemal Saemomjit School.
    There is a phrase in classical Chinese: "The rise and fall of the world rests with ordinary people." It means a nation's fate is shaped by common citizens. But the same citizens can also help destroy it. The "foolish crowd" is not simply a group with little knowledge. It is a group that has given up thinking for itself and does not even realize its intellectual growth has stopped. Its fatal weakness is that it cannot see structure and remains trapped in visible phenomena.

    The same difference appears when people look at a house. Someone with a low level of awareness is captivated by flashy lighting and wallpaper. Someone who understands the essence of a house looks instead at the frame and hardware hidden behind the walls. When mold appears on wallpaper, the foolish crowd simply pastes new wallpaper over it. A person with deeper awareness looks for structural defects such as condensation or leaking pipes. Every great force in the world comes not from phenomena but from structure. To be intelligent is to extract the signal of structure from the noise of appearances. The fact that greater wealth goes not to the person who plants and harvests onions but to the one who controls the distribution system also shows the overwhelming power of structure.
    History shows how a crowd that cannot see structure damages the pillars of the national house. The Roman Republic is a leading example. After overthrowing a monarchy, Rome built a republic whose essential hardware was the dispersal of power and limits on terms of office. But as small farmers collapsed and inequality deepened, the public grew sick of complex and tedious legal procedures. They longed for a single powerful figure who could satisfy their hunger and quell their anger at once. Julius Caesar emerged in that moment. He distributed land to poor citizens and offered dazzling gladiator games, presenting himself as the people's savior.
    But those who destroy most thoroughly do not rush. Caesar did not make the crude mistake of seizing a crown in one move. Using the crowd's fervent applause as his engine, he relied on the dictatorship, an office originally allowed only for six months in a state emergency. The system was supposed to return to normal once the emergency ended. Instead, he gradually extended his term in the name of crisis. In 44 B.C., he became dictator for life and tightened his grip on the republic. Outwardly, he used an existing title, but in substance, he had become an absolute ruler. It was as if a carpenter hired to repair a house had cut away its pillars and turned them into his own chair.
    What is striking is that even this destruction of structure proceeded under constitutional forms. The Senate and the popular assemblies still appeared to confer authority. To the foolish crowd, the process looked like a just and orderly reform. But once the system came to depend entirely on one man's goodwill and ability, Rome began to lose the civic pride of the republic and to turn into a vast and corrupt bureaucratic state that entrusted its fate to an emperor's whims.

    The collapse of the Weimar Republic, once praised as one of the most democratic systems of modern times, offers an even more refined example of structural destruction. The Weimar Constitution was progressive, but it contained a fatal flaw in Article 48, which granted the president emergency powers. Hitler offered suffering Germans simple promises: a strong Germany and bread. While the public was intoxicated by Nazi agitation and splendid uniforms, he used Article 48 as a stepping stone and passed the Enabling Act, which handed parliament's legislative power to the government. With that, the minimum structures of restraint, including judicial independence and press freedom, evaporated. In the empty space left by the vanished structure, only the will of a deranged leader remained, and that led to one of history's greatest tragedies.
    Thos...
    6 min
  • Rethinking the energy mix beyond emergency measures

    As conflict in the Middle East drags on, uncertainty in the global energy market has intensified. In response, the government has mobilized a range of short-term measures, including a 25 trillion won ($17 billion) supplementary budget, price controls and nationwide conservation campaigns. Restrictions on vehicle use have expanded from the public sector to major corporations, while electricity-saving measures are being enforced. President Lee Jae Myung, at a second emergency economic review meeting, said the government would refrain from raising electricity rates and urged public cooperation in conserving energy.
    Such steps may be unavoidable in a crisis. However, relying on what is often described as "wringing a dry towel" falls short of addressing the scale of the current challenge. The core issue goes beyond disruptions in the Strait of Hormuz to what can be described as the weaponization of resources. Geopolitical conflict is destabilizing energy supply chains, with cascading effects on production, prices and broader economic stability. Without structural solutions, repeated crises will likely force the public to bear the burden each time.
    Distortions in Korea's energy pricing system have already exposed their limits. Electricity rates, kept artificially low for political reasons, have encouraged excessive consumption. At the same time, the financial deficit of Korea Electric Power Corp. has continued to expand. The recent revival of a maximum price system for oil, the first in 30 years, along with expanded fuel tax cuts, risks deepening these distortions. Under such conditions, conservation campaigns alone are unlikely to deliver meaningful results.
    A more fundamental response is required. At its core is a redesign of the country's energy mix. The government's decision to raise nuclear power utilization to above 80 percent and to restart reactors under maintenance is a necessary, if belated, step. Reducing dependence on expensive oil and liquefied natural gas is essential to strengthening energy security, and nuclear power remains a key baseload source.
    Reactors that meet safety standards should be brought back online without delay. Extending the operating life of existing plants, as practiced in advanced economies, should also be considered. The current energy crisis is not a temporary shock but an enduring condition. A comprehensive strategy that integrates nuclear power expansion, renewable energy development and grid upgrades is needed.
    Moving beyond price controls and conservation campaigns toward a more balanced and resilient energy mix is essential for navigating an era of persistent uncertainty and repeated geopolitical shocks.
    This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
    4 min
  • Korea imposes naphtha export ban, sets second-round price cap on gasoline in face of energy disruptions
    This article is by Sarah Chea and read by an artificial voice.

    Korea is imposing a five-month ban on naphtha exports beginning at 12 a.m. Friday, in a bid to cushion energy disruptions stemming from the Iran war.
    To rein in surging fuel costs, the government set a second-round price cap at 1,934 won ($1.3) per liter for gasoline and 1,923 won per liter for diesel — levels officials say could shave as much as 500 won off prices compared with an unregulated market.
    Korea is currently mulling over raising the national resource crisis alert to "serious" — the third-highest level of the four-tier system — and is preparing to release 22.46 million barrels of strategic reserves in line with International Energy Agency agreements.
    Fuel tax cuts will be extended through the end of May, while the ban on hoarding and the sales refusals for urea and diesel exhaust fluid will begin on Friday.
    The measures were unveiled on Thursday at an emergency economic review meeting chaired by President Lee Jae Myung, as the prolonged war in the Middle East has effectively choked the Strait of Hormuz, disrupting flows of crude oil, liquefied natural gas (LNG) and other critical materials.

    Naphtha export ban: Efficacy in doubt
    Starting Friday, all naphtha exports will be restricted, with shipments permitted only in exceptional cases upon approval from the industry minister.
    Refiners and downstream petrochemical firms will be required to submit daily reports detailing production, imports, usage, sales and inventories.
    Often dubbed the "rice of industry," naphtha is a critical feedstock for petrochemicals used in semiconductors, automobiles and a wide array of manufacturing supply chains. Korea relies on imports for roughly 45 percent of its naphtha demand, with 77 percent of those imports sourced from the Middle East.
    Affected by naphtha supply constraints, LG Chem has already halted operations at its No. 2 naphtha cracking center (NCC) in Yeosu, a facility capable of producing 800,000 tons of ethylene annually. Yeochun NCC has also suspended olefin conversion processes to recalibrate output.
    As a key input for plastics and vinyl, naphtha disruptions have already triggered early signs of panic buying, including stockpiling of trash bags.
    Yet the policy's impact remains uncertain as naphtha exports account for less than 10 percent of domestic refiners' output, raising questions about how much relief the curbs can deliver.
    SK Innovation supplies nearly all of its naphtha to its affiliate SK geo centric, while HD Hyundai Oilbank similarly directs substantial volumes to Hyundai Chemical for domestic use.
    "From March 1 to 20, naphtha exports accounted for 11 percent of domestic total production," said Yang Ki-wook, director-general of the Office of Industry, Trade and Resource Security at the Ministry of Trade, Industry and Resources on Thursday during a press briefing.
    "Export restrictions alone will not fully resolve domestic shortages. But every incremental volume matters, and redirecting supply to petrochemical firms will provide meaningful support."
    Separately, the government set a second fuel price cap at 1,934 won per liter for gasoline and 1,923 won for diesel, aiming to shield households from runaway energy costs. The measure takes effect at 12 a.m. Friday and remain in place for two weeks.
    "Frontline gas stations must fully cooperate with the second price cap on refinery supply prices taking effect tomorrow," President Lee Jae Myung said at the meeting. "As a supplementary budget plan tied to the war response set for release next week, the priority now is flawless execution."

    Fuel tax cuts deepened through May
    The government will expand fuel tax cuts from March 27 through May 31, raising the reduction rate on gasoline from 7 percent to 15 percent and on diesel from 10 percent to 15 percent.
    The deeper cuts will widen price relief by 65 won per liter for gasoline, and 87 won per liter for diesel, compared to current levels.
    Separately, a ban on...
    7 min
  • SeMA director Choi Eun-ju balances autonomy, uniqueness with eight branches
    This article is by Lee Jian and read by an artificial voice.
    [INTERVIEW]

    Running one museum is demanding. So imagine what it's like for Choi Eun-ju, the director of the Seoul Museum of Art (SeMA), who runs eight.
    With the opening of the Seo-Seoul Museum of Art in Geumcheon District, southern Seoul, earlier this month, the Seoul Metropolitan Government has completed its yearslong project to build an eight-branch network of museums across the capital.
    The first SeMA was founded in 1988 and moved to its current location next to the Deoksu Palace in Jung District, central Seoul, in 2002, occupying a former Supreme Court building dating back to 1928.
    The six others are the Seoul Museum of Art, also in Jung District; Buk SeMA in Nowon District, northern Seoul; Nam SeMA in Gwanak District, eastern Seoul; AA (Art Archives) SeMA in Jongno District, central Seoul; Photo SeMA in Dobong District, northern Seoul; Nanji Residency SeMA in Mapo District, western Seoul; and Paik Ground SeMA in Jongno District.
    In 2026, SeMA plans to stage 39 exhibitions across the eight venues, alongside 634 educational programs with a total curatorial and research staff of 50. The institution as a whole employs about 250 people and is supported by an annual operating budget of approximately 30 to 40 billion won ($20 to 27 million).
    In charge of all of this is Choi.
    "Many people, especially from abroad, ask if I am the only director of all SeMA facilities," she said. "And then they ask, 'How is that possible?'"
    Whether the question is driven by curiosity or concern, Choi is unfazed.
    "Of course, there have been many twists and turns, and a number of policy decisions along the way. But yes, it is possible, and it's being received very positively. I believe we have completed a system that other museums don't have," she told the Korea JoongAng Daily in an interview at the Seo-Seoul Museum of Art on March 13.
    Choi studied Western painting at Seoul National University and later earned advanced degrees in art theory and education. She has held senior roles at the National Museum of Modern and Contemporary Art, as well as director positions at the Gyeonggi Museum of Modern Art and the Daegu Art Museum.
    Since her SeMA appointment in March 2023, she has overseen the opening of three new branches, including the Art Archives Seoul Museum of Art and the Photography Seoul Museum of Art.
    "And now, we've opened this museum in Seo-Seoul. It is the first public art museum to open in the southwest region of Seoul. I feel truly proud," she said.

    But the goal wasn't only expansion in a geographical sense. Choi wanted to build a system that offers the public not just widespread access but also a greater variety of contemporary art.
    "We wanted the museums linked but not overlapping," she said. "If location were the only difference, exhibitions across the main building and branches could easily become similar over time. Contemporary art tends to follow certain directions and trends, so exhibitions can start to look alike."
    So instead, each branch has a distinct area or discipline of focus. Photo SeMA, for instance, curates shows on photography and video. Nam-Seoul SeMA concentrates on modern sculpture. Art Archives SeMA operates as a research- and materials-based institution. The newly opened Seo-Seoul Museum is dedicated to new media and interdisciplinary practices, the first public institution to center its program on these fields.
    Another benefit of a network structure is the ability to collaborate across branches, said Choi. A recent exhibition at Photo SeMA, for instance, drew a large portion of its exhibit from the main SeMA museum's collection to explore how fine art artists in the 1960s and 1970s used photography as an experimental medium, reframing familiar works through the lens of a completely different discipline.
    "Each branch operates with its own autonomy and specialization, while still being unified under the umbrella of SeMA as a single institution," Choi said. "...
    9 min
  • Concierge finance shifts focus from money to people

    The author is an executive managing director of the PB Strategy Division at Korea Investment & Securities.
    What was once considered the ultimate milestone in wealth management — amassing 1 billion won ($685,000) — no longer defines success. High-net-worth individuals are now seeking more than portfolio management. They want coordinators who can help shape their entire lives. For them, risk-adjusted returns are only the starting point. Greater priorities include sustainability of wealth, intergenerational transfer and overall quality of life.

    This shift is reshaping the nature of finance. Among the wealthy, competition has moved away from speed and toward refinement. The key is no longer how much return can be generated, but how deeply institutions understand a client's time, preferences and values. The so-called new rich are also asking a different question: not how much to earn, but how wealth transforms their lives. This calls for an expanded approach to asset management that incorporates lifestyle, emotion and social relationships.
    The trend is no longer limited to the wealthy. Services such as Amazon Prime, which combines logistics and content, and Korean platforms like Toss and KakaoBank, which integrate financial services into daily life, show how technology is lowering barriers. Artificial intelligence and subscription models are accelerating this shift by making concierge-style services more accessible.
    Within this context, "concierge finance" is emerging. Its core lies in execution. It is not just about growing assets, but about integrating wealth and life into a single system. When finance moves beyond products to offer a philosophy, it fosters stronger client loyalty. AI enables hyper-personalization, but trust and relationships remain central.
    Securities firms in Korea are rapidly expanding VIP concierge services along these lines. As financial services extend beyond returns to encompass quality of life, managing time — once lost, irretrievable — has become a core function. The focus is no longer on one-time luxuries such as exclusive travel or luxury goods, but on maintaining a consistently high standard of everyday living.
    This includes managing the freshness of ingredients, the feel of materials and even routine choices. Delivering one exceptional experience is no longer enough; sustaining that level year-round requires greater capability. In the process, financial institutions are evolving from asset managers into coordinators of daily life.
    For high-net-worth individuals, the most expensive cost is not money but effort — the time and energy required to identify needs and make decisions. The best concierge services solve problems before requests are made and reduce the burden of choice.
    Ultimately, the financial services they seek begin with products but are completed through refinement. More important than technical skill in preserving wealth is a genuine respect for the client's life. That is the foundation of concierge finance.
    The conclusion is straightforward. Demand for services that manage one's life does not depend on the size of assets. In any segment, those who better understand their clients will shape the market.
    This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
    4 min

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