World

March 9 (Asia Today) — Guest commentary contributed to Asia Today by Park Ki-soon, Professor, Graduate School of Chinese Studies, Sungkyunkwan University.

Debate over platform regulation has been intensifying in South Korea. A prominent example is the proposed Online Platform Act (OPA). The bill includes provisions such as commission caps, a prior designation system, collective bargaining rights and class-action lawsuits – all framed as measures to protect merchants and ensure fair competition.

The intention itself is not necessarily misguided. Information asymmetry and unequal bargaining power do exist within the platform ecosystem. However, before deciding what to regulate, policymakers must carefully consider how regulation should be implemented. Good intentions do not always produce good outcomes.

The European Union (EU) enacted the Digital Markets Act (DMA) in 2022 and designated six companies – including Alphabet, Apple and Meta – as “gatekeepers,” subjecting them to strict ex-ante regulations. The law was introduced with the stated goal of promoting competition and protecting consumers.

Yet less than three years later, research is suggesting outcomes quite different from what policymakers expected.

A study examining 3,500 consumers in seven Central and Eastern European countries found that user behavior on Google and Facebook remained largely unchanged after the DMA took effect. Competition did not increase, while the complexity of online tasks rose by 39%.

Another study analyzing 4.1 million apps in the Google Play Store estimated that after the General Data Protection Regulation (GDPR) was implemented, one-third of all apps disappeared, the number of new apps was cut in half and consumer surplus declined by roughly one-third. Venture investment and startup formation also slowed significantly.

Commission caps have produced similarly disappointing results. After Apple lowered App Store fees in the EU, only 9% of apps reduced prices for consumers. Meanwhile, more than 86% of the fee savings flowed to developers outside the EU.

Rather than effectively restraining large corporations, platform regulations have often increased barriers to entry for smaller firms. In other words, regulations intended to curb market dominance may ironically end up protecting incumbent giants by making it harder for new competitors to enter.

South Korea faces an even more delicate situation than the EU.

In the search engine market, Naver and Google dominate, while KakaoTalk has become the country’s national messaging platform. Korean cultural content spreads globally through platforms such as YouTube and Netflix, and cosmetics exports reached $11.4 billion in 2025.

Except for China – which restricts foreign platforms – South Korea is often considered the world’s most platform-independent digital ecosystem. At the same time, this ecosystem is deeply interconnected with global platforms.

Under these circumstances, poorly designed regulations could also affect foreign investment by companies such as Netflix and Amazon Web Services (AWS) in Korea.

There are also diplomatic risks. The United States has expressed concern that the OPA’s prior designation system could disproportionately target American companies and potentially violate the non-discrimination principle under the Korea-U.S. Free Trade Agreement.

Washington has already criticized the EU’s DMA as a non-tariff barrier targeting U.S. Big Tech and has hinted at possible retaliatory measures. A similar dispute could arise if Korea adopts comparable regulatory frameworks.

Another concern is that excessive regulation could inadvertently benefit Chinese platforms.

Chinese e-commerce services such as AliExpress and Temu are already rapidly expanding their presence in the Korean shopping app market. If both domestic and global platforms are tightly constrained while Chinese platforms remain largely unaffected, the result would be the exact opposite of what regulators intend.

South Korea has previously fallen behind China in areas such as online banking due to a “regulate first, innovate later” approach. That experience should serve as a cautionary lesson.

Platform policy must be approached with prudence. Regulations designed without sufficient consideration of market dynamics risk doing more harm than good – weakening innovation, discouraging investment and ultimately undermining the very ecosystem they aim to protect.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260309010002423

Iran’s new Supreme Leader Mojtaba Khamenei has never held a formal position in government, but his appointment as his late father’s successor amid the US-Israeli war on his country was not unexpected.

Iran’s Assembly of Experts appointed the 56-year-old mid-ranking religious scholar to the position on Sunday, just over a week after his late father, Ayatollah Ali Khamenei, was killed in United States-Israeli strikes.

Khamenei, who has strong ties with the Islamic Revolutionary Guard Corps (IRGC) and his late father’s still-influential office, is seen as a hardliner who will provide continuity in the country.

His appointment, which came after he lost both his father and his wife in strikes, was interpreted as a defiant choice signalling continuity as the Islamic Republic faces the biggest crisis in its 47-year history.

Khamenei received immediate backing from figures in Iran’s political and security establishment, including IRGC leaders, President Masoud Pezeshkian and Ali Larijani, secretary of the Supreme National Security Council.

Outside the country, reactions were mixed:

Oman

Oman was a mediator in recent talks between Iran and the United States, which collapsed when the US and Israel unleashed their war on Iran last month.

Oman’s Sultan Haitham bin Tariq Al Said on Monday sent a “cable of congratulations” to Khamenei on his appointment as Iran’s new supreme leader, according to the official Oman News Agency.

Iraq

Iraqi Prime Minister Mohammed Shia al-Sudani also congratulated Khamenei on his appointment on Monday.

“We express our confidence in the ability of the new leadership in the Islamic Republic of Iran to manage this sensitive stage, and continue to strengthen the unity of the Iranian people in facing the current challenges,” al-Sudani said in a statement.

He reaffirmed Iraq’s solidarity and support for Iran and “all steps aimed at ending the conflict and rejecting military operations against its sovereignty, in order to preserve the stability of other countries in the region”.

United States

US President Donald Trump had previously dismissed Mojtaba Khamenei as a “lightweight”, and insisted he should have a say in appointing a new Iranian leader, which Tehran rejected.

On Monday, Trump told NBC News, “I think they made a big mistake. I don’t know if it’s going to last. I think they made a mistake.”

Later on Monday, he told CBS News: “I have no message for him.”

Trump said he has someone in mind to lead Iran, but did not elaborate.

Israel

The ⁠Israeli ⁠military has already threatened to kill any replacement for the late Ali Khamenei.

Israel’s Foreign Ministry said Monday that Mojtaba Khamenei was a “tyrant” like his slain father, and would continue what it described as the Iranian “regime’s brutality”.

In a post on X featuring a picture of Mojtaba Khamenei and his father Ayatollah Ali Khamenei, holding guns, the ministry wrote: “Mojtaba Khamenei. Like Father Like Son”.

“Mojtaba Khamenei’s hands are already stained with the bloodshed that defined his father’s rule. Another tyrant to continue the Iranian regime’s brutality,” said the ministry.

Russia

Russian President Vladimir Putin on Monday pledged “unwavering support” to Iran.

“I would like to reaffirm our unwavering support for Tehran and solidarity with our Iranian friends,” Putin said in a message to Khamenei, adding that “Russia has been and will remain a reliable partner” to Iran.

“At a time when Iran is confronting armed aggression, your tenure in this high position will undoubtedly require great courage and dedication,” the Russian leader said.

China

China’s Foreign Ministry spokesman Guo Jiakun told reporters on Monday that Iran’s decision to appoint the younger Khamenei was “based on its constitution”.

“China opposes interference in other countries’ internal affairs under any pretext, and Iran’s sovereignty, security, and territorial integrity should be respected,” he said when asked about the threats against the new leader.

Beijing is a close partner of Tehran and condemned the killing of the former supreme leader, but it has also criticised the Iranian counterstrikes against Gulf states.

Yemen’s Houthis

Yemen’s Houthi rebels on Monday welcomed the appointment of the new supreme leader.

“We congratulate the Islamic Republic of Iran, its leadership and people, on the selection of Sayyid Mojtaba Khamenei as Supreme Leader of the Islamic Revolution at this important and pivotal juncture,” the group said in a statement on Telegram.

It called his selection “a new victory for the Islamic Revolution and a resounding blow to the enemies of the Islamic Republic and the enemies of the nation”.

Dozens of civilians, including children, wounded by an Iranian drone strike in Bahrain. France deploying warships to secure shipping commerce in the Strait of Hormuz. Australia taking heat from President Trump over its handling of the Iranian women’s soccer team. Markets across Asia plunging as the price of oil surged.

Lebanon reporting half a million people displaced by fighting between Israel and Hezbollah. The U.S. State Department telling nonessential staff to get out of Saudi Arabia after attacks there killed workers from India and Bangladesh. Ukrainian anti-drone experts turning their attention from their war with Russia to help intercept Iranian attacks. The defense minister of ever-neutral Switzerland saying his country believes the U.S.-Israeli war violates international law.

In less than two weeks, the Trump administration has instigated a truly global conflict — and with no quick and clear path to resolution, despite Trump insisting to congressional Republicans gathered at his Miami resort Monday that it would be a “short term excursion.”

“Short term! Short term!” Trump said in a bullish speech about the conflict, in which he said “the world respects us right now more than they have ever respected us before.”

“We’re counting down the minutes until they will be gone,” he said of Iran’s remaining leadership, while adding that the U.S. “will not relent” until Iran is “totally and decisively defeated.”

The war is not isolated to Iran, though it has certainly caused devastation there — with more than 1,300 deaths reported and toxic clouds from strikes on fuel depots hovering over Tehran, a city of some 10 million people.

The war’s effects also are not limited to the Middle East, though they are widespread there — as Israel has pushed into Lebanon and Iran has launched a wave of retaliatory strikes on U.S. allies across the Persian Gulf. The fighting has grounded regional air traffic, threatened desalination facilities that provide drinking water to millions and undermined the safe reputation of modern metropolises such as Dubai and Abu Dhabi.

Unlike the recent U.S. incursion into Venezuela to capture and oust President Nicolás Maduro, the U.S. war on Iran has been met with stiff resistance militarily, drawn in a slew of allies, reignited proxy battles, drastically destabilized the oil trade and shifted dynamics between the U.S. and other major powers such as China and Russia.

China, which gets upward of 50% of its crude oil imports through the Strait of Hormuz, has largely stayed out of the conflict, though China’s Foreign Minister Wang Yi said Sunday that the war “should never have happened” and “benefited no one.”

Trump said Monday that the U.S. is less harmed by strait disruptions, and was “really helping China” by securing the strait.

Russia, meanwhile, has emerged the lone winner of energy disruptions in the region, said Robert David English, a UCLA international policy analyst — as the Trump administration considers reducing oil sanctions on Russia to take pressure off of Mideast sources.

Trump said he had a “good talk” with Russian President Vladimir Putin about Iran on Monday. He also said the U.S. was going to suspend sanctions against other countries in order to alleviate strain on oil markets while the Iran conflict persists, but did not provide specifics.

The scope of the war has been dictated in part by Iran, which has historically limited its responses to U.S. strikes but warned after the U.S. bombed its nuclear sites last summer that it would treat any new attacks — large or small — as an act of war, and respond in kind.

Its strikes on U.S. facilities and allies throughout the region reflect that strategy, and are aimed in part at making the war more politically costly for the U.S. by straining global markets and its regional allies, experts said.

However, “you can’t attribute the increasingly global characteristics of the conflict solely to an Iranian strategy, because wars in this region tend to spill over the longer they last, with unintended consequences” including “bringing in all kinds of actors that don’t want to be involved,” said Kevan Harris, an associate professor of sociology who teaches courses on Iran and Middle East politics at the UCLA International Institute.

That can serve as a deterrent to starting wars in the region, he said, but “also makes them more difficult to wind down.”

The surge in oil prices to nearly $120 a barrel Monday — before a remarkable reversal to below $90 by the time U.S. stocks closed — is one of the furthest-reaching effects of the war, and one that clearly had Trump’s attention.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump wrote on social media Sunday.

How long prices will remain elevated or volatile is a matter of debate, but Trump’s “short term” projections have been undercut by increasing strikes on oil and gas facilities in the region.

“If you can tolerate oil at more than $200 per barrel, continue this game,” Ebrahim Zolfaghari, a spokesperson for Iran’s Islamic Revolutionary Guard Corps, said Sunday.

Prices at the pump have surged for average Americans, some of whom were attracted to Trump’s candidacy because of his promises to avoid foreign wars and focus on driving down the cost of living for U.S. citizens.

Now, Trump and other administration officials are facing questions about their own role in putting the world at war, and offering various different justifications. They’ve asserted without proof that the U.S. faced an imminent threat of attack from Iran. Trump has repeatedly hinted that his goal was removing the government.

President Trump speaks at the Republican Members Issues Conference on Monday at Trump National Doral Miami in Doral, Fla.

(Mark Schiefelbein / Associated Press)

In the meantime, Iran has shown no signs of bowing to Trump, rejecting his calls for “surrender” and for him to have a say in naming their next leader. Iran installed Mojtaba Khamenei after Trump said the hard-liner son of the late Ayatollah Ali Khamenei would be “unacceptable.”

The choice was hailed by the president of Azerbaijan and the leader of Yemen’s Houthi rebels, among other allies.

To date, seven U.S. service members have been killed in the conflict, according to U.S. officials. Every day, U.S. taxpayers are on the hook for nearly $1 billion in war costs, according to one estimate. Democrats have slammed Trump for both.

“This war is coming from the same President that is building a $400 million ballroom in the White House. The same President that says $100 for a barrel for oil is worth it. The same President that doubled healthcare premiums for millions of Americans. But we have money for another endless war?” Sen. Alex Padilla (D-Calif.) wrote Monday on X.

Other world leaders focused on the global economic impact.

Traffic through the Strait of Hormuz, which transports about 20% of the world’s oil, has nearly halted, while producers in Saudi Arabia, Iraq, Kuwait and the United Arab Emirates ceased oil operations without open routes for export.

In response, French President Emmanuel Macron suggested French and other allied naval assets could escort oil tankers in the strait, shifting the security burden there from Washington onto Europe, leaving European vessels vulnerable to hostilities and potentially drawing the European Union deeper into the conflict.

Already, they’ve agreed to allow the U.S. to use bases in their territories, though the U.S. and Spain got into a spat after Spain rejected U.S. use of its bases and Trump threatened U.S. trade with the country.

Macron on Monday also threw additional military support behind Cyprus, following a meeting with Cypriot President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis at a Cyprus air base.

France will dispatch an additional 11 warships to operate across the eastern Mediterranean, the Red Sea and the Strait of Hormuz, Macron said, after an Iranian drone struck a British military base on Cyprus on Monday.

“When Cyprus is attacked, it is Europe that is attacked,” Macron said.

Located just 150 miles from Israel in the eastern Mediterranean, the island of Cyprus has emerged as a strategic — and exposed — nerve center in the U.S. offensive against Iran. It hosts vital British military bases and acts as an intelligence, surveillance, and logistics hub in countering Iranian influence and proxy attacks.

Britain’s Defense Secretary John Healey said Monday that the United Kingdom was conducting air defense to support the UAE, and that Typhoon jets had taken out two drones — one over Jordan and the other headed to Bahrain.

Trump suggested Monday that the U.S. was on the path toward victory, but acknowledged it had not accomplished all of its goals.

“We’ve already won in many ways, but we haven’t won enough,” he said — adding the conflict will end “pretty quickly.”

He said Iran had been “very foolish, very stupid” when it attacked its neighbors, hurting its own chances of success in resisting the U.S.

“Their neighbors were largely neutral, or at least weren’t gonna be involved, and they got attacked,” Trump said. “And it had the reverse effect. The neighbors came onto our side, and started attacking them.”

Iran may still attempt to widen the conflict’s economic and geopolitical impact to keep up pressure and push for a ceasefire in its favor, but that could also backfire, said Benjamin Radd, a political scientist and senior fellow at the UCLA Burkle Center for International Relations.

“Iran’s becoming increasingly like North Korea in this sense,” he said, “isolating itself further.”

March 9 (UPI) — The U.S. military identified the seventh soldier killed in the fighting against Iran as Army Sgt. Benjamin N. Pennington, 26, of Glendale, Ky.

Pennington was injured during an attack on U.S. troops in Saudi Arabia on March 1 at Prince Sultan Air Base in Saudi Arabia and later died. He was assigned to 1st Space Battalion, 1st Space Brigade, a unit within Army Space and Missile Defense Command.

“Last night, a U.S. service member passed away from injuries received during the Iranian regime’s initial attacks across the Middle East,” U.S. Central Command said in a post on X.

The seven service members have been killed during the first week of Operation Epic Fury, which the United States and Israel launched on Feb. 28.

Since the beginning of the onslaught, Iran has launched retaliatory strikes at its neighbors, some of which host U.S. bases and assets that are being used in the war.

A March 1 retaliatory strike on an Army sustainment unit based in Kuwait killed six service members and injured 18 others, whose remains returned to the United States on Saturday.

Overall, Iran’s retaliatory strikes have killed at least 20 people across the region, The New York Times reported, while between 800 and 1,300 hundred people in Iran have died during the widening conflict.

March 9 (UPI) — Oslo, Norway, police have released images of a person suspected in the bombing outside the U.S. embassy in the city on Sunday.

Two images from surveillance video were released showing a person wearing all black with their face covered and carrying a backpack.

Police said the explosion, which shattered a glass door, was from an improvised device set at the entrance to the building. It caused minor damage and no injuries. Police said there are no developments on the person’s motive.

Police are also looking at a video posted on Google Maps around the time of the explosion. It showed the former Supreme Leader Ayatollah Ali Khamenei, who was killed by the U.S. and Israeli military action on Feb. 28.

Police are asking for anyone with information about the suspect or who noticed anything unusual between midnight and 2 a.m. CET to contact them. They said they have used dogs, drones and helicopters to investigate the scene.

On Sunday, police weren’t sure if the explosion was an attack.

Frode Larsen, head of the joint investigation and intelligence unit, told a press conference that it’s “natural to view this in the context of the current security situation, and that it is a targeted attack against the American embassy. But we have not locked ourselves into just that one hypothesis.”

Police searched the surrounding area, but didn’t find any other explosive devices.

March 9 (UPI) — G7 finance ministers were set to hold an emergency meeting first thing Monday to discuss oil prices after Brent crude surged above $100 per barrel, with an option to release strategic reserves to calm the market on the table.

The virtual meeting, due to get underway at 8.30 EST, comes amid fears that disruption to oil and gas shipments from the Gulf via the Strait of Hormuz, which Iran has closed, could continue for some time, sending energy prices soaring and rattling financial markets.

The joint release of “emergency reserves,” if agreed, would be coordinated by the International Energy Agency, according to the Financial Times.

If G7 nations do release oil reserves, it would be the first time in four years since a crisis triggered by Russia’s full scale invasion of Ukraine triggered similar price shocks, although gas was hit the worst.

Exacerbated by escalating attacks on Gulf countries’ oil fields, refineries and storage plants — impacting their ability to produce and store product, as well as export it — Bent crude jumped more than 25% in Asian trade Monday, hitting a $119.50 per barrel high, before falling back with the price of West Texas Intermediate making similar moves.

Investors also reacted to fears that the crisis will push inflation and borrowing costs higher, with negative impacts for the global economy.

The key Nikkei 225 index in Japan slumped by more than 5% to end Monday down 2,892 points lower, with the jitters spilling over into Europe when the markets there opened.

At lunchtime Monday, the FTSE 100 in London was down 1.4%, Germany’s DAX was down 1.6% and the CAC 40 in Paris was off by more than 2.2%.

Former IEA head Neil Atkinson warned that unless there was a resolution to the situation in the Gulf and flows of oil resumed “very soon” the world faced a “potentially game-changing and unprecedented energy crisis,” even if the reserves were made available.

“Though there are oil stocks around the world, the point is that if this closure of the Strait persists, those oil stocks if they are deployed will be depleted and we are going to be in a situation where, with the oil production actually shut in, in Iraq and possibly in Kuwait and maybe even in time in Saudi Arabia, that we are going to be in a crisis the likes of which we have never seen before,” Atkinson told CNBC.

March 8 (Asia Today) — Forced stock sales in South Korea surged this week as rising market volatility triggered margin calls for investors who borrowed money to buy shares.

According to the Korea Financial Investment Association, forced liquidations totaled 77.7 billion won ($58 million) as of Wednesday, the eighth-largest amount recorded since the data began in 2006.

Outstanding margin balances also climbed to 2.15 trillion won ($1.6 billion), the highest level on record.

The sharp increase follows a strong rally in South Korean stocks earlier this year, driven largely by optimism surrounding artificial intelligence and semiconductor demand. However, geopolitical tensions in the Middle East have increased market volatility and halted the rally, prompting forced selling by heavily leveraged investors.

Margin balances occur when investors purchase stocks through brokerage accounts but fail to fully pay for the shares by the settlement deadline. If the funds are not repaid within two business days, brokerage firms may liquidate the holdings to recover the debt.

Analysts say the surge in forced sales highlights structural vulnerabilities in the South Korean stock market.

After tensions escalated in the Middle East, major East Asian markets including Japan, China, Taiwan and Hong Kong fell about 1% to 5% on the first trading day. South Korea’s market, however, dropped more than 12%, reflecting its heavier concentration in semiconductor stocks that had previously surged during the AI-driven rally.

The scale of outstanding margin balances has more than doubled since the start of the year. On the first trading day of 2026, unpaid balances totaled about 927.3 billion won ($690 million).

Because forced liquidations typically follow unpaid margin balances from the previous trading day, analysts warn that additional selling pressure could emerge if the outstanding balances remain elevated.

Yang Jun-seok said investors relying on borrowed funds should adopt a more cautious strategy.

“While the AI rally could continue supporting the broader market, volatility may increase due to developments related to Iran,” Yang said. “Investors using leverage are particularly vulnerable to market shocks and should consider exit strategies.”

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260309010002100

The South Korean won fell to a 17-year low against the U.S. dollar Monday amid heightened market volatility as oil prices spiked following the expanding conflict in the Middle East.

The won was quoted at 1,495.5 won per dollar at 3:30 p.m., down 19.1 won from the previous session, marking the weakest level since March 12, 2009, when the won-dollar rate hit 1,496.5 won during the global financial crisis.

After opening at 1,493 won, the won-dollar rate touched 1,499.2 won at 10:22 a.m., the lowest intraday level since that day, when the rate reached 1,500 won.

Investor sentiment was dampened by instability in global energy prices. The U.S. benchmark West Texas Intermediate (WTI) crude surpassed US$100 per barrel for the first time since July 2022 on Sunday (U.S. time).

The recent decline in the won has also been driven by a broad dollar rally amid concerns that the U.S.-Israeli operation could escalate into a prolonged regional war.

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March 8 (Asia Today) — A senior labor official said South Korea’s revised labor law should be implemented carefully, emphasizing precise enforcement rather than rapid expansion when it takes effect Monday.

Ryu Je-gang, head of Policy Division 2 at the Korean Confederation of Trade Unions, said the success of the legislation will depend largely on how enforcement decrees and interpretation guidelines function in practice.

“The success of the system depends less on the articles themselves and more on how enforcement rules work in the field,” Ryu said in an interview with Asia Today. “Refining the scope of application, criteria and support systems should take priority over expanding the law too quickly.”

The legislation, commonly known as the “Yellow Envelope Law,” revises Articles 2 and 3 of South Korea’s Trade Union Act and will take effect Monday.

Supporters say the amendment expands the concept of employer responsibility, allowing subcontracted workers to demand negotiations with a principal contractor even without a direct employment contract.

Ryu described the change as opening “the door for negotiations with the primary employer.”

Previously, restructuring measures such as mergers, divisions or asset transfers were often excluded from collective bargaining on the grounds they were management decisions, he said. The new framework could help address disputes related to layoffs and restructuring.

Business groups have warned the legislation could increase labor disputes by limiting corporate claims for damages or asset seizures against unions during strikes.

Ryu rejected those concerns, saying the provisions largely reflect existing court precedents rather than introducing entirely new rules.

“I do not expect a dramatic increase in labor disputes simply because of this change,” he said.

However, he acknowledged the law may face practical limitations. Workers will still need to prove employer responsibility, and procedures such as unified bargaining channels and requests to separate bargaining units could make negotiations difficult.

“The procedural barriers remain high,” he said. “If negotiations themselves are difficult, expanding labor disputes will not be easy.”

Ryu also warned the amendment may not fully protect some categories of workers, including special employment and platform workers who often lack traditional labor contracts.

In the short term, he said the law could lead to increased demands for negotiations with companies previously seen as responsible but not directly engaged in collective bargaining.

Over the longer term, however, the changes could help ease tensions created by complex subcontracting systems.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260309010002098

SEOUL, March 9 (UPI) — The United States and South Korea began their annual Freedom Shield joint military exercise on Monday, as speculation swirled that Washington may be shifting some military assets from the Korean Peninsula to the Middle East amid its widening conflict with Iran.

About 18,000 South Korean troops will participate in the exercise, which runs through March 19 and includes command-post simulations and field training drills. U.S. Forces Korea has not disclosed the number of American personnel involved.

The drills come as local media reports have raised questions about whether U.S. military equipment stationed in South Korea could be redeployed to support operations in the Middle East.

South Korea’s Yonhap News Agency reported Sunday that U.S. C-5 and C-17 transport aircraft landed at Osan Air Base in Pyeongtaek, south of Seoul, late last month before departing between Wednesday and Saturday.

The aircraft movements followed reports that U.S. Forces Korea relocated some Patriot missile defense systems to Osan from other American bases in the country.

Two Patriot batteries deployed with USFK were temporarily rotated to the Middle East in June last year during strikes targeting Iranian nuclear facilities, before returning to South Korea in October.

The Patriot system detects, tracks and intercepts drones, cruise missiles and short-range or tactical ballistic missiles at low- to mid-range altitudes. It forms a key component of South Korea’s layered missile defense network designed to counter threats from North Korea.

U.S. Forces Korea said last week it could not comment on the relocation or movement of its assets due to operational security.

South Korea’s Defense Ministry also declined to address the reports directly during a briefing Monday.

“There is constant communication between the U.S. military and our side,” ministry spokeswoman Jeong Bit-na told reporters. “We are always communicating closely to ensure that there are no security concerns or gaps.”

She added that the Freedom Shield exercise was proceeding as planned.

“The South Korea-U.S. joint exercise is being implemented normally regardless of the situation in the Middle East, and we are thoroughly implementing it as agreed and planned,” Jeong said.

The drills come as the administration of South Korean President Lee Jae Myung seeks to stabilize relations with Pyongyang, which routinely condemns the allies’ joint exercises as rehearsals for invasion.

The number of field training exercises during this year’s Freedom Shield has been reduced to 22, down from 51 conducted during the previous iteration of the drills under the conservative government of impeached former President Yoon Suk Yeol.

North Korea recently concluded a major congress of the ruling Workers’ Party, where leader Kim Jong Un pledged to expand the country’s nuclear arsenal and improve its delivery systems and operational capabilities.

At the same time, Kim appeared to leave the door open to future negotiations with the United States, saying there was “no reason” the two sides could not improve relations if Washington abandons what he described as its hostile policy.

Kim has previously said he has “fond memories” of U.S. President Donald Trump, whom he met three times during Trump’s first term. South Korean officials have pointed to Trump’s planned visit to China later this month as a possible opportunity to revive diplomacy with Pyongyang.

Kim has continued to take a hostile tone toward Seoul, however, recently describing South Korea as “the most hostile entity.”

March 8 (Asia Today) — Gasoline prices in South Korea are approaching 2,000 won per liter as rising global oil prices linked to tensions in the Middle East push fuel costs higher, prompting debate over additional government tax cuts.

According to the oil price monitoring system operated by the Korea National Oil Corporation, the nationwide average gasoline price stood at 1,889.40 won ($1.41) per liter as of Friday.

In Seoul, the average price reached 1,941.71 won ($1.45) per liter, nearing the psychologically significant 2,000 won ($1.49) level and increasing pressure on consumers.

Fuel prices typically reflect international oil market changes with a delay of about two to three weeks. However, the recent sharp increase has raised expectations that the government may expand existing fuel tax reductions.

The government has already extended temporary tax cuts through the end of April. Gasoline currently benefits from a 7% fuel tax reduction, while diesel and liquefied petroleum gas butane receive 10% reductions.

Fuel taxes are one of the government’s most direct tools to ease inflation, as adjustments can quickly influence consumer prices.

South Korea previously expanded fuel tax cuts during earlier energy price surges. In 2022, when oil prices spiked following the Russia-Ukraine war, the government increased the reduction rate from about 30% to the legal maximum of 37%.

Officials are reportedly reviewing whether additional tax reductions are needed. Because fuel tax rates are set by enforcement decree, the government can implement changes relatively quickly after approval at a Cabinet meeting.

Bae Jun-young of the conservative People Power Party said fuel tax cuts should be expanded to provide meaningful relief for consumers.

“If tensions in the Middle East persist, the government should also consider raising the ceiling on the flexible fuel tax rate,” Bae said.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260309010002111

President Lee Jae Myung on Monday called for authorities to swiftly introduce a cap on local fuel prices, and preemptive responses to cope with surging gas prices and volatility in foreign exchange markets as the U.S.-led war with Iran has intensified in the Middle East.

Lee made the remarks during an interministerial meeting to assess the latest developments following U.S.-Israeli strikes on Iran and Tehran’s retaliatory attacks across the Middle East, which have prompted the price of Brent oil to surge through US$100 per barrel.

“As the crisis in the Middle East deepens, uncertainty in the domestic and global economic environment is expanding significantly, posing a considerable burden on the Korean economy relying heavily on global trade and energy imports from the Middle East,” Lee said.

Lee also called for preemptive responses Monday with worst-case scenarios in mind to address the economic fallout from heightened tensions in the Middle East, urging financial stability measures and the exploration of alternative energy routes.

“As it is difficult to predict how the situation will unfold, the government must prepare preemptive response measures with a sense of urgency, keeping even the worst-case scenario in mind,” he added.

Lee urged the government and the Bank of Korea to prepare additional preemptive measures to respond to rising volatility in financial and foreign exchange markets, instructing authorities to expand the 100 trillion-won ($66.8 billion) market stabilization program if necessary.

“We should identify hidden risks and meticulously prepare response measures.”

Lee also called for measures to address uncertainty surrounding energy supplies amid concerns over disruptions to shipping through the Strait of Hormuz, a major global shipping route.

“We will coordinate with strategic partner countries to promptly explore alternative routes that do not have to pass through the Strait of Hormuz,” he said.

In addition, he urged the government to crack down on collusion between refiners and gas stations, price fixing, and hoarding, calling for strict punishment of violators and the implementation of a price cap system on gasoline and diesel.

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March 8 (Asia Today) — South Korea plans to introduce a cap on student living expense loans after some university students began using the low-interest funds for stock and cryptocurrency investments.

The Korea Student Aid Foundation said the new loan cap system is expected to take effect next semester to reduce the risk of excessive borrowing among young people.

The agency currently offers living expense loans to undergraduate and graduate students at a fixed interest rate of 1.7%, significantly lower than typical commercial lending rates of about 3% to 4%.

Students who complete at least 12 credits in the previous semester and maintain an average grade of 70 or higher can apply. Borrowers may receive up to 2 million won ($1,490) per semester and are not required to provide documentation explaining how the funds are used.

Some students have used part of the loans as investment capital.

A 26-year-old student at Hankuk University of Foreign Studies said he invested part of his loan in semiconductor stocks.

“The interest rate is around 1% a year, so the burden is small,” he said. “If the investment return is higher than the interest, I felt there was no reason not to try.”

Another student at a four-year university in Jeju said he had previously invested loan funds in bitcoin during a price surge and made a profit. He said he continues to look for investment opportunities while stock markets remain strong.

Experts say the trend reflects both speculative investment behavior and financial pressures faced by young people.

Kim Dae-jong said the loans were originally intended to help students focus on their studies.

“Living expense loans are a public financial program designed to provide minimum support so students can concentrate on school,” Kim said. “Using them as investment funds is far removed from the program’s purpose.”

Loan delinquencies have also increased. According to the foundation, overdue balances rose from 19.2 billion won ($14.3 million) in 2021 to 38.7 billion won ($28.8 million) last year.

The number of delinquent borrowers nearly doubled during the same period, rising from 4,271 to 8,126.

Officials said most students still use the loans for living expenses and academic needs, but financial education programs are required before borrowers apply.

Students must complete an online financial education course that explains repayment obligations and the risks of excessive borrowing.

The foundation said the upcoming loan cap system aims to prevent excessive debt among students, since the loans must eventually be repaid after graduation.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260308010002045

March 8 (UPI) — The Pentagon on Sunday afternoon announced that a seventh U.S. service member has died during the U.S. and Israeli conflict with Iran.

The service member was seriously wounded during an attack on U.S. troops in Saudi Arabia on March 1, military officials said.

“Last night, a U.S. service member passed away from injuries received during the Iranian regime’s initial attacks across the Middle East,” U.S. Central Command said in a post on X.

“Major combat operations continue. The identity of the fallen warrior will be withheld until 24 hours after next of kin notification,” CENTCOM said.

The seven service members have been killed during the first week of Operation Epic Fury, which the United States and Israel launched on Feb. 28.

Since the beginning of the onslaught, Iran has launched retaliatory strikes at its neighbors, some of which host U.S. bases and assets that are being used in the war.

A March 1 retaliatory strike on an Army sustainment unit based in Kuwait killed six service members and injured 18 others, whose remains returned to the United States on Saturday.

Overall, Iran’s retaliatory strikes have killed at least 20 people across the region, The New York Times reported, while between 800 and 1,300 hundred people in Iran have died during the widening conflict.

March 8 (UPI) — Members of the Iranian body charged with selecting the country’s new supreme leader said a candidate has been chosen, but no name has been revealed.

Mohsen Heydari, a member of the selection body, told Iran’s state-run ISNA news agency that a decision has been made on the successor to supreme leader Ali Khamenei, who was killed in joint U.S.-Israeli air strikes Feb. 28.

“The most suitable candidate, approved by the majority of the Assembly of Experts, has been determined,” Heydari said.

Mohammad Mehdi Mirbagheri, another member of the assembly, confirmed Heydari’s statement to the state-run Fars news agency.

Israeli forces have pledged to target Khamenei’s successor, as well as anyone involved in appointing a new supreme leader.

Israeli Defense Minister Israel Katz revealed Sunday that Abu-al-Qasem Baba’iyan, who was appointed last week as the new head of the supreme leader’s military bureau, has been killed.

An Iranian missile strike injured five people Sunday in central Israel. One person was reported killed in an Iranian strike in Dubai on Saturday. Sunday morning strikes were also reported in Kuwait, Bahrain, Saudi Arabia and Qatar.

The strikes came just one day after Iranian President Masoud Pezeshkian issued a pre-recorded statement apologizing to neighboring countries targeted in Iranian strikes, and pledged to suspend such attacks, unless attacks on Iran originated from those locations.

Meanwhile, two Israeli soldiers were killed Sunday morning in Lebanon, marking the country’s first fatalities in its campaign against Iran-aligned Hezbollah.

Lebanese health minister Rakan Nasreddine said at least 394 people have been killed in the country since Israeli strikes began last week.

March 8 (UPI) — Norwegian police are investigating whether an early morning explosion that caused minor damage to the U.S. embassy in Oslo was linked to terrorism.

Oslo police said the explosion occurred about 1 a.m. local time at the embassy’s public entrance, causing minor damage but no injuries.

Police said they are working closely with the embassy to determine the cause of the explosion, and who was behind it.

Frode Larsen, head of the joint investigation and intelligence unit, told a news conference it is “natural to view this in the context of the current security situation, and that it is a targeted attack against the American embassy. But we have not locked ourselves into just that one hypothesis.”

Larsen said police are investigating whether the blast was linked to terrorism, but other possibilities are also being probed.

Police conducted a search of the surrounding area, but did not locate any further explosive devices.

March 8 (UPI) — Former rapper Balendra Shah appears poised to be Nepal’s next prime minister, after his party won the general election by a landslide.

Shah’s Rastriya Swatantra Party, or RSP, captured 117 out of the 165 directly-voted seats in the Federal Parliament of Nepal and is currently leading in eight more contested seats. Final results, including seats appointed by proportional representation, are expected to be announced in the coming days.

Shah, 35, transitioned from a rapper to a politician in 2022, when he was elected mayor of Kathmandu.

The former musician became a figurehead of the September 2025 movement that saw young people take to the streets to protest Nepalese Prime Minister Sharma KP Oli’s law banning social media use. The protests expanded into criticism of government corruption and the country’s political system as a whole.

A government crackdown on the protests resulted in the deaths of 19 protesters, and led to public unrest resulting in 70 deaths and the resignation of Oli’s government.

Shah’s party has pledged to create 1.2 million jobs, reduce forced migration, raise the per capital income from $1,447 to $3,000 and provide social safety nets including health insurance.

For two overs, it appeared things could have been just like 2023 when India were far too tentative on, quite literally, cricket’s biggest stage.

There were five dot balls in the first over, bowled by seamer Matt Henry, and only five runs in the second, off Glenn Phillips’ part-time spin.

But Samson and Abhishek took 15 from Jacob Duffy’s first over and 24 from the next bowled by Lockie Ferguson as the innings, and the crowd, roared into life.

Even with that slow start, Abhishek and Samson took 92 runs from the best powerplay ever seen at a World Cup. In comparison, the Black Caps were 52-3 after their first six overs – a crucial difference.

Abhishek had only made one score over 15 in this tournament but flogged the ball to all parts. Samson was again supreme, backing up his 97 not out against West Indies and 89 against England with another innings that mixed flair with a classical technique.

Together he and Abhishek hit 12 of the innings’ 18 sixes, which took India’s tournament total to 106 – 30 more than any other team here and a record for a T20 World Cup.

When left-hander Kishan followed in raising his bat it was the first time the top three had reached fifty in a men’s T20 World Cup. They had 203 runs after 15.1 overs and Dube’s late burst – after a run of 28 runs in 24 balls – ensured India charged beyond a par score.

They took all the momentum, a batting paradise capitalised upon. Afterwards the chase was a slow coronation.

India were beaten by South Africa in the Super 8s stage but have responded brilliantly with three scores in excess of 250. This was a night of glory for a new generation, after the T20 retirement of superstars Virat Kohli, Rohit Sharma and Ravindra Jadeja.

Windies coach Daren Sammy has been vocal on social media throughout the issue. On Thursday he posted “I just wanna go home”. “At least an update, tell us something,” he also said.

After England’s departure was confirmed, South Africa batter Quinton de Kock said “Funny, we have heard nothing! Strange how different teams have more pull than others.”

West Indies, South Africa and England were all scheduled to depart India via the Gulf – a situation made difficult by the Iran war and subsequent air strikes across the region.

England departed via Egypt on Saturday. West Indies and South Africa will finally travel together on a chartered plane on Monday.

“The safety and well-being of players, support staff, officials, and our own workforce remain our absolute priority as we respond to the evolving situation affecting air travel across parts of the Middle East,” the ICC said.

“The current disruption to multiple airspaces has created a highly complex and fast-moving logistical challenge.

“For instance, the England team and their staff were able to fly out from Mumbai without restriction due to the route’s airspace being unaffected and flights operating as usual.

“The ICC categorically refutes any claims of bias in this or other instances, and has been fully accommodating of specific demands and conditions put forth by teams.

“The ICC’s logistics and events teams have been working continuously with governments, aviation authorities, airlines and charter providers to secure safe travel options for all participating teams and tournament personnel.

“Furthermore, they and the ICC chief executive have maintained regular dialogue with the members’ representative ICC directors, board chairs and CEOs to assure all involved of their teams’ safety and the impact of the rapidly-changing situation.”

March 6 (Asia Today) — South Korean President Lee Jae-myung’s approval rating rose to 65%, matching its highest level since he took office, according to a new national poll released Thursday.

A survey conducted by Korea Gallup from Monday through Wednesday among 1,001 adults nationwide found 65% of respondents approved of Lee’s job performance, up 1 percentage point from the previous week. Negative evaluations fell 1 point to 25%.

The poll shows Lee’s approval rating has increased steadily in recent weeks, rising from 63% in mid-February to 64% in late February and reaching 65% in the latest survey.

The figure matches the peak level recorded in early July shortly after Lee’s administration began, marking a return to the highest level in about eight months.

Regionally, approval exceeded 60% in most parts of the country, except in the conservative strongholds of Daegu and North Gyeongsang Province, where support stood at 49%, and Busan, Ulsan and South Gyeongsang Province, where it reached 58%.

Support was strongest in Gwangju and South Jeolla Province, where Lee recorded a 94% approval rating.

Across age groups, approval ratings exceeded 50% among all generations. Support was highest among voters in their 40s at 79% and those in their 50s at 77%. Among centrist voters, approval reached 70%.

Respondents who evaluated Lee positively most frequently cited economic and livelihood policies at 18%, followed by real estate policy at 16% and foreign policy at 11%.

Among those with negative views, the most common reasons included dissatisfaction with real estate and economic policies at 13%, concerns about changes to laws at 8% and criticism of authoritarian leadership at 7%.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260306010001693

March 6 (Asia Today) — South Korea’s consumer prices rose 2.0% in February from a year earlier, extending a six-month run of inflation at or above 2% as officials warned that rising oil prices linked to Middle East tensions could add fresh upward pressure in coming weeks.

The consumer price index stood at 118.40 in February, government data showed Thursday. The annual increase matched January’s rate and met the government’s inflation target, but the February figures did not yet fully reflect the late-month jump in global oil prices after the regional conflict intensified.

Service prices helped drive the increase. Personal services rose 3.5%, the sharpest gain in more than two years, while agricultural, livestock and fishery products rose 1.7%. Livestock prices climbed 6.0%, and the living-cost index, which tracks frequently purchased items, rose 1.8%.

Petroleum prices fell 2.4% from a year earlier, helping contain headline inflation in February. Officials said that decline was tied to earlier movements in international crude prices and that the latest Middle East shock had not yet been reflected in the monthly data.

Government officials said Lunar New Year holiday demand also pushed up prices for travel, lodging and livestock products.

The outlook has become more uncertain since the end of February. Nationwide gasoline prices moved above 1,800 won ($1.35) a liter, while prices in Seoul topped 1,900 won ($1.43), according to local reports citing Opinet, the Korea National Oil Corporation’s fuel price system.

President Lee Jae-myung has ordered officials to prepare a fuel price ceiling system, and the government has said it could invoke legal authority to set temporary maximum prices if fuel costs rise sharply. The industry ministry has also issued an early-stage alert for crude oil and natural gas supply conditions.

Analysts say higher crude prices and a weaker won could lift inflation in the coming months. ING said it raised its 2026 South Korea inflation forecast from 2.0% to 2.2%, estimating the recent oil shock could add 0.2 to 0.4 percentage point to consumer prices.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260306010001666

After a rollercoaster month of cricket, the T20 World Cup comes down to India and New Zealand. The hosts want a record third title on home soil, while the Kiwis are chasing their first. Who walks away with the trophy? Samantha Johnson looks at the contenders.