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March 6 (UPI) — Counter-terrorism police in London arrested four Iranian men early Friday on suspicion of conducting surveillance for Iranian intelligence of individuals and locations linked to the Jewish community in the capital.

The suspects, one Iranian and three dual British-Iranian nationals aged between 22 and 55, were detained shortly after 1 a.m. local time in raids on addresses in north London and Watford, just north of the city, under the National Security Act, Metropolitan Police said in a news release.

Searches of at least three addresses in the north London borough of Barnet were still underway, said the Met.

Six other suspects, all males aged between 20 and 49, were arrested at one of the locations raided in London on suspicion of assisting an offender and assaulting police.

“Today’s arrests are part of a long-running investigation and part of our ongoing work to disrupt malign activity where we suspect it,” said Commander Helen Flanagan, Head of Counter Terrorism Policing for London.

“We understand the public may be concerned, in particular the Jewish community, and as always, I would ask them to remain vigilant and if they see or hear anything that concerns them, then to contact us,” she added.

The arrests come as the latest development in a long history of covert activity by the Iranian regime on British soil, mostly targeting dissidents, exiled Iranian news organizations providing independent coverage to people inside Iran and the Iranian diaspora, and groups opposing the regime.

“Iran is the biggest state sponsor of terrorism globally and sadly, that is in effect in our own society as well,” British Deputy Prime Minister David Lammy told ITV television on Friday morning.

“Our intelligence services and counter-terrorism police have thwarted lots of action over the last few years,” he added.

On Saturday, in his announcement that Britain was joining the U.S-Israeli offensive against Iran in a “defensive” role, Prime Minister Keir Starmer condemned Iranian aggression against Britain’s Middle East allies, saying the United Kingdom had long been a target.

“Even in the United Kingdom, the Iranian regime poses a direct threat to dissidents and to the Jewish community. Over the last year alone, they have backed more than 20 potentially lethal attacks on U.K. soil.”

In May, three Iranian men were charged over allegedly conducting surveillance and reconnaissance of U.K.-based journalists working for the Iran International news outlet to enable “serious violence” to be committed against them.

Mostafa Sepahvand, 39, Farhad Javadi Manesh, 44, and Shapoor Qalehali Khani Noori, 55, of London, are accused of “engaging in conduct likely to assist a foreign intelligence service” under the National Security Act.

A plea hearing is scheduled for Sept. 26 and a provisional trial date set for Oct. 5.

Iran International, a Persian-language satellite TV channel and multilingual digital news operation established in 2017, puts out highly critical coverage of the Iranian government which has banned it as a terrorist organization.

British media and U.S. academics have previously reported links between Iran International and backers at the most senior level in Saudi Arabia, which Iran International denies.

WIZZ Air has been given approval to launch its first flights from the UK to the US.

The budget airline’s first transatlantic route will be to allow Brits to travel to America for the World Cup.

Wizz Air confirmed that despite given the permits to be able to fly between the UK and the US, there were no plans for regular commercial flights.

Instead, it will operate chartered flight for both football teams and supporters to be able to fly to the US during the World Cup season.

Yvonne Moynihan, Managing Director of Wizz Air UK, said it was a “proud and exciting day.”

They added: “Receiving approval to operate between the UK and the United States is a huge milestone for our company.

WIZZ OFF

Top cheap holiday destination with new Wizz Air flights axes pricey tourist visas

TAKING OFF

Wizz Air reveals plans to launch first-ever transatlantic flights from the UK

“It opens the door to incredible opportunities, particularly for European football teams and supporters travelling across the Atlantic this summer.

“We are ready to deliver exceptional charter experiences and bring fans closer to the action in the United States.” 

The charter packages hope to offer flights for both large groups and individual travellers.

They added: “We are excited to welcome passengers on board and to celebrate this new chapter as we expand our reach across the Atlantic.” 

Brits can look at booking charter flights which are now available on the website.

Wizz Air has never operated transatlantic routes, although does have some long flight options the other way.

The airline’s longest flight is London Gatwick to Jeddah, taking just under seven hours.

However, they did also once offer cheap flights from the UK to the Maldives – although these were cancelled in 2022.

The Polish airline first launched in 2004, with Wizz Air UK starting in 2017.

Wizz Air Malta followed suit, and the short-lived Wizz Air Abu Dhabi was axed last year.

When it comes to World Cup travel, some super fans are dropping thousands of pounds.

Two brothers have revealed plans to spend £20,000 travelling across 25 states to follow the England games.

And flight experts have revealed how to find the cheapest flights to see the World Cup.

Foreign Minister Cho Hyun said Friday that Ukraine has assured him that two North Korean soldiers captured while fighting alongside Russia will not be repatriated to Moscow.

Cho made the remarks during a parliamentary session, responding to a lawmaker’s question regarding the captives who remain in Ukrainian custody since they were captured during combat on Russia’s side in the front-line Kursk region in January last year.

Earlier this month, Rep. Yu Yong-weon of the main opposition People Power Party said after visiting Ukraine that Russia had included the two soldiers on its list of prisoners it demanded be released in a prisoner-of-war (POW) exchange.

“I have received confirmation from my Ukrainian counterpart that the soldiers will not be repatriated (to Russia),” Cho said. “There is no need to worry about the possibility of them being sent back to North Korea or Russia.”

Asked to confirm whether the soldiers were on the POW exchange list, Cho avoided giving a straight answer, indicating that Ukraine would not share such details with Seoul.

Cho stressed that disclosing any details about the soldiers could jeopardize their safety, adding that the foreign ministry is making every effort to ensure their safety and bring them to South Korea in accordance with the Constitution.

Through media interviews, the soldiers have expressed their intention to come to South Korea rather than being sent back to the North.

Yu has called for sending a presidential envoy to Ukraine to discuss their defection, saying their repatriation to Pyongyang cannot be ruled out.

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South Korea will receive more than 6 million barrels of crude oil from the United Arab Emirates (UAE), Cheong Wa Dae said Friday, amid concerns over energy prices due to the escalating conflict in the Middle East.

Kang Hoon-sik, the presidential chief of staff, announced the plan to purchase crude oil from the Gulf state in a briefing as the U.S.-Israeli attack on Iran and Tehran’s retaliatory strikes in the region have sparked fears of an energy crisis.

“At the instructions of President Lee Jae Myung, we have made consultations over measures to introduce crude oil and as a result, an emergency introduction of more than 6 million barrels has been confirmed,” he said, noting the move is expected to help stabilize oil prices.

Kang stressed the need for the emergency measure, noting that 70 percent of crude oil supplied to South Korea passes through the Strait of Hormuz, which has effectively been shut down due to the conflict.

Two South Korean oil tankers will be sent to a UAE port that does not require passage through the strait to receive 4 million barrels of crude oil, he said, adding the UAE pledged to provide 2 million barrels from a joint reserve stored in South Korea.

The total amount is equivalent to more than two times the supply used by South Korea a day, he said.

Meanwhile, Kang said a passenger flight carrying South Korean nationals has left Dubai and is scheduled to arrive at Incheon International Airport, just west of Seoul, at 7:30 p.m. Friday, following talks with the UAE on measures for their safe return.

Commercial flights from Abu Dhabi are expected to resume Saturday, while a chartered Korean Air flight will also be dispatched, he said, noting that he held talks with Khaldoon Khalifa Al Mubarak, chairman of Abu Dhabi’s Executive Affairs Authority.

“Currently, 18,000 South Koreans are in 14 Middle East nations, and some 4,900 of them are short-term travelers,” he said. “Among the short-term travelers, 3,500 of them are currently staying in the UAE and Qatar, and waiting to return home.”

“We will continue consultations with the UAE to bring all of our citizens back home as soon as possible.”

Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.

SEOUL, March 6 (UPI) — South Korea’s Unification Ministry called Friday for pursuing a declaration formally ending the Korean War, describing it as a step toward restarting dialogue with North Korea and easing tensions on the Korean Peninsula.

The ministry outlined the proposal in a policy report presented to the National Assembly’s foreign affairs and unification committee and shared with reporters, as part of President Lee Jae Myung’s broader effort to stabilize inter-Korean relations after years of heightened tensions.

Seoul “will promote a ‘peace declaration’ reflecting the political will to end the Korean War and initiate discussions on establishing a peace regime, including the signing of a peace treaty,” the report said.

North and South Korea remain technically at war because the 1950-53 Korean War ended with an armistice rather than a peace agreement.

The ministry said the declaration could serve as an initial step toward transforming the armistice system into a lasting peace framework and helping institutionalize what it described as a policy of “peaceful coexistence” between the two Koreas.

The report comes amid mixed signals from North Korea following its recent Workers’ Party congress, where leader Kim Jong Un said there was “no reason” Pyongyang could not improve relations with the United States if Washington abandons what he called its hostile policy.

Kim maintained his dismissive stance toward South Korea, however, calling it “the most hostile entity.” The Lee administration has pursued a series of confidence-building steps aimed at lowering tensions — efforts Kim described as “a clumsy deceptive farce.”

Lee has said South Korea aims to act as a “pacemaker” for renewed diplomacy between Washington and Pyongyang, working with regional partners to create conditions for dialogue between the United States and North Korea.

The ministry’s report noted that U.S. President Donald Trump has expressed willingness to address the unresolved wartime status of the Korean Peninsula and said Washington has reaffirmed its openness to talks with Pyongyang without preconditions.

Seoul said it will also seek the appointment of a U.S. special envoy for North Korea and expand coordination with neighboring countries to encourage the North to return to negotiations.

Despite those efforts, tensions could rise again soon.

South Korea and the United States are scheduled to begin their large-scale springtime military exercise, Freedom Shield, on Monday. Pyongyang routinely condemns the allies’ joint drills as rehearsals for an invasion, and the report noted that North Korea may respond with statements or military provocations.

March 5 (Asia Today) — China has lowered its economic growth target to between 4.5% and 5% for 2026, marking the lowest level in about 35 years as the country grapples with deflation, weak domestic demand and mounting external pressures.

Chinese Premier Li Qiang announced the target Wednesday in a government work report at the opening of the Fourth Session of the 14th National People’s Congress in Beijing.

The new range represents a modest reduction from the government’s previous goal of growth of “around 5%,” which had been maintained for the past three years. The change signals that Chinese leaders acknowledge mounting economic challenges.

One of the biggest concerns is the prolonged downturn in the country’s real estate sector, which analysts estimate accounts for roughly a quarter of China’s gross domestic product. The continued slump has contributed to weakening consumer spending.

Youth unemployment, U.S. tariffs and technology restrictions and broader global uncertainty have also weighed on the outlook, making even the lower end of the target difficult to achieve.

Despite the slowdown, Beijing signaled plans to support the economy through fiscal stimulus. Authorities plan to issue 1.3 trillion yuan in ultra-long-term special government bonds to finance major infrastructure projects and consumption subsidies.

The government also plans to issue an additional 300 billion yuan in special bonds to strengthen the capital base of state-owned commercial banks.

China’s defense budget will rise 7% this year to 1.9096 trillion yuan, slightly lower than the 7.2% increases recorded annually over the past three years.

The continued growth in military spending underscores Beijing’s commitment to modernizing its armed forces ahead of the centennial of the People’s Liberation Army in 2027.

Li also outlined long-term goals tied to the country’s upcoming 15th Five-Year Plan for 2026-2030, saying China aims to maintain steady economic expansion and double per capita GDP by 2035 compared with 2020 levels.

The premier said China will increase research and development spending by more than 7% annually during the plan period.

In foreign policy remarks, Li said China “firmly opposes hegemony and power politics,” a phrase widely interpreted as criticism of the United States.

However, the tone of the criticism was relatively restrained. Observers in Beijing say the cautious language may reflect efforts to ensure a smooth visit later this month by U.S. President Donald Trump for talks with Chinese President Xi Jinping.

— 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=20260305010001413

The early rounds of the BNP Paribas Open began Wednesday, with top seeds slated to start play Friday during the 12-day ATP and WTPA Master 1000 tournament.

A busy stretch of the tennis season reaches another gear at Indian Wells Tennis Garden, the second-largest outdoor tennis stadium in the world.

While many consider it the “fifth Grand Slam” because of its elite player field, amenities and equal prize money for men and women, professionals acknowledge the tournament is part of a stressful stretch on the tennis calendar.

Indian Wells is followed by the Miami Open, another two-week Master 1000 tournament. The tour stops are known as the “Sunshine Double.”

Some players made the short trip from Indian Wells to Las Vegas this past weekend to participate in the MGM Grand Slam, an exhibition designed to help players ramp up for back-to-back tournaments.

American Reilly Opelka, a 6-foot–11 pro, said managing fatigue after a series of tournaments before hitting Indian Wells has altered his practice and play in exhibition matches, including a loss to 19-year-old Brazilian Joao Fonseca in Las Vegas.

“Normally in any kind of competition, you get excited and play with a pressure point … but you don’t feel this when you are practicing,” Opelka said.

“I was trying to feel like this a few days ago while practicing with … [Tommy Paul,] but instead we got tired and hungry. … That usually doesn’t happen. We just decided to stop and go to eat somewhere.”

Paul said despite the decision to cut practice short, he feels fresh for the upcoming events.

“I started the year pretty well and for Americans, we are excited for the Sunshine Double,” Paul said.

Casper Rudd lost to Opelka during the first round of the Las Vegas exhibition. The Norwegian also lost a week ago during the first round of the Acapulco Open, falling to Chinese qualifier Yibing Wu in straight sets.

Rudd said he felt “extremely tired” after the Australian Open in January.

Rancho Palo Verdes resident Taylor Fritz, ranked No. 7 in the world, said the best way to prepare for the grueling tour schedule is “putting [in] the time, work and repetition.”

“… Be there, be focused on the quality that you are doing,” said Fritz, a 28-year-old who won the Indian Wells title in 2022.

While some players are guarding against burnout, others struggled to even reach California. Some players who live in Dubai, including Russians Daniil Medvedev and Andrey Rublev, have to contend with closed airspace triggered by the U.S. and Israel bombing Iran.

The ATP announced Wednesday that, “the vast majority of players who were in Dubai have successfully departed today on selected flights.”

March 5 (Asia Today) — South Korea’s pay television industry is struggling to maintain growth as streaming services reshape the media landscape, pushing operators to seek new revenue sources such as artificial intelligence data centers.

SK Broadband, one of the country’s largest pay TV providers, lost about 150,000 subscribers last year as consumers increasingly shift to over-the-top streaming platforms.

The company has responded by pursuing a two-track strategy of industry cooperation and expansion into new technology businesses.

Earlier this year SK Broadband joined rivals KT and LG Uplus to establish a 40 billion won ($30 million) IPTV strategy fund as part of the government’s K-content media investment initiative.

The fund will support production of film and television content while helping secure programming for pay TV platforms and boost video-on-demand sales, a key revenue source for operators.

SK Broadband generated 4.53 trillion won ($3.4 billion) in total revenue last year, with pay TV accounting for more than 40% of the total.

However the industry has been hit by accelerating “cord cutting,” a trend in which viewers cancel traditional television services in favor of online streaming platforms.

The company reported 9.45 million pay TV subscribers last year, including 6.72 million IPTV users and 2.73 million cable TV subscribers. That represented a decline of roughly 158,000 customers from the previous year.

Pay TV revenue also fell by about 15 billion won ($11 million).

To strengthen cooperation within the industry, the three telecom companies also plan to launch VOD gift certificates that can be used across platforms regardless of service provider.

The initiative is intended to improve consumer access to pay TV services and expand distribution channels to corporate clients.

SK Broadband has also integrated the artificial intelligence agent A.dot into its IPTV platform B tv to provide personalized content recommendations. The company said the service has recorded more than 100 million uses.

At the same time SK Broadband is expanding its business-to-business services through data centers.

The company operates nine data centers nationwide and generated more than 1.4 trillion won ($1.05 billion) in related B2B revenue last year.

It is also building a large-scale AI data center in Ulsan with its parent company SK Telecom. The first phase is expected to begin operations next year.

By 2030 the company expects AI data centers alone to generate about 1 trillion won ($750 million) in annual revenue.

Last year revenue from AI data center operations rose 35% to 519.9 billion won ($390 million).

SK Broadband and SK Telecom have pledged to invest 3.4 trillion won ($2.55 billion) in AI data centers through 2028.

Industry officials say the company’s push into higher-margin technology businesses could help offset declining pay TV subscriptions.

— 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=20260305010001413

March 5 (UPI) — The United States and Venezuela will re-establish diplomatic and consular relations just over two months after former Venezuelan President Nicolas Maduro was deposed from power.

The U.S. Department of State made the announcement on Thursday evening after high-ranking U.S. officials met with their counterparts in Venezuela to negotiate greater access to oil, critical minerals and gold.

“This step will facilitate our joint efforts to promote stability, support economic recovery and advance political reconciliation in Venezuela,” the State Department said in a statement.

“Our engagement is focused on helping the Venezuelan people move forward through a phased process that creates the conditions for a peaceful transition to a democratically elected government,” officials said in the statement.

U.S. Secretary of the Interior Doug Burgum met with interim Venezuelan President Delcy Rodriguez, who was installed as the country’s leader after the U.S. military captured Maduro and brought him to the United States to face charges that include narco-trafficking.

Burgum and Rodriguez were discussing oil and critical mineral opportunities, in addition to finalizing an American-brokered deal with a Singapore-based company to mine and buy $100 million in gold, The New York Times reported.

Rodriguez said after Burgum’s two-day visit that her government has “full willingness to build a joint work agenda based on respect and mutual benefits,” specifically with regard to energy and other business cooperation, Axios reported.

March 5 (Asia Today) — South Korea’s major game companies are rolling out more aggressive shareholder return plans, raising dividends and canceling shares as they try to strengthen investor confidence amid uncertainty over new title launches.

The gaming sector often sees sharp swings in earnings depending on whether new releases succeed. Analysts say clearer long-term payout policies can help stabilize market expectations and could support higher valuations if performance improves.

Krafton said it will spend more than 1 trillion won ($675 million) on shareholder returns through 2028, about 44% more than its previous three-year plan of 693 billion won ($468 million).

The company also plans to pay cash dividends totaling 300 billion won ($203 million) over three years, or 100 billion won ($68 million) a year. It said the payout will be structured as a capital reduction dividend for small shareholders, which can reduce tax burdens under Korean rules.

Krafton also said it will buy back more than 700 billion won ($473 million) of its own shares and cancel all of them, a move aimed at improving capital efficiency.

Netmarble said it will pay 71.8 billion won ($48.5 million) in cash dividends, or 876 won per share, roughly equal to about 30% of controlling shareholder net profit. It also plans to cancel 4.7% of shares it already holds.

Netmarble set a longer-term target of lifting its shareholder return ratio to about 40% by 2028.

Mid-sized publishers are also stepping up returns. Com2uS canceled 5.1% of shares it held earlier this year and approved a 14.8 billion won ($10.0 million) cash dividend. The company said five executives, including CEO Nam Jae-kwan, also purchased a combined 13,210 shares.

Neowiz said it plans to return 20% of consolidated operating profit to shareholders under a mid- to long-term policy. Based on 2025 results, that would amount to about 12 billion won ($8.1 million), delivered through a mix of share buybacks, share cancellations and dividends.

— 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=20260306010001594

March 5 (Asia Today) — A South Korean lawmaker said Wednesday that the country’s Cheongung-II surface-to-air missile system demonstrated high effectiveness in real combat conditions in the Middle East, citing reports of a 96% interception rate during recent missile attacks on the United Arab Emirates.

Rep. Yoo Yong-won of the conservative People Power Party, who serves on the National Assembly’s Defense Committee, said the result showed the strength of South Korea’s defense technology.

“The fact that Cheongung-II achieved an interception rate exceeding 90% in an intense real-world combat environment in the Middle East is a great victory for South Korea’s defense science and technology,” Yoo said.

According to information Yoo said he confirmed with sources familiar with the United Arab Emirates air defense operations, two Cheongung-II missile batteries deployed in the UAE fired more than 60 interceptor missiles during recent attacks.

About 96% of those missiles successfully intercepted their targets, the sources said.

Cheongung-II is a medium-range surface-to-air interceptor missile system developed by South Korea to defend against aircraft and ballistic missile threats.

Yoo said the reported interception rate was notable even compared with leading Western air defense systems.

“A 96% real combat interception rate is a figure that even the U.S. Patriot system would find difficult to achieve,” he said, referring to the Patriot Advanced Capability-3 system widely used in missile defense operations.

The lawmaker said the performance of the Cheongung-II system could strengthen confidence in South Korea’s Korean Air and Missile Defense architecture, which is designed to counter potential missile threats from North Korea.

“The Cheongung-II deployed by the UAE is the same model currently operated by the South Korean military,” Yoo said. “Its success in neutralizing Iranian missile attacks increases the credibility of our missile defense system.”

The remarks come amid escalating tensions in the Middle East following U.S. and Israeli airstrikes on Iran and subsequent missile retaliation across the region.

The United Arab Emirates reportedly used a multi-layered air defense network during the attacks, combining U.S.-made THAAD and Patriot systems with South Korea’s Cheongung-II and Israeli air defense systems including Arrow and Barak-8.

Despite large-scale missile and drone attacks, the UAE is reported to have achieved an overall interception rate exceeding 90%, limiting damage.

Yoo said South Korea’s parliament would support further development and exports of the missile system.

“We will provide strong legislative and policy support so that Cheongung-II, whose performance has been proven in real operations, can expand exports across the Middle East and global defense markets,” he 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=20260305010001399

“I’m enjoying the role across all formats and I’d love to carry that on,” added McCullum.

“It’s been an absolute privilege to be in this position over the past three and a half years. I feel like we’ve made some significant improvements across the various formats.

“Yes, we’ve missed some opportunities, but I think this team has a real opportunity over the coming years to continue to improve and hopefully finish what we started. I’d love to be a part of that.”

Key backed McCullum during the Ashes, but neither ECB chief executive Richard Gould nor chair Richard Thompson have publicly spoken on his future.

At the end of the Ashes, McCullum also received support from Test skipper Ben Stokes, while the relationship between McCullum and Brook has blossomed during the T20 World Cup.

Asked after the semi-final defeat if McCullum should stay in charge, Brook said: “125%. I’ve said plenty of times he’s the best coach I’ve ever had.

“The way he speaks to everybody, he’s got an aura in the dressing room, and everybody looks up to him. The things he’s done over the four years since he took over has changed English cricket for hopefully the best.

“Our partnership has been good throughout the competition and since I’ve taken over. Long may it continue.”

Failures in away Ashes tours have often signalled change in the management of England teams.

Speaking on Sky Sports, former England captain Nasser Hussain said the ECB has to guard against repeating the mistakes of the past, while not ignoring the failures of this latest defeat in Australia.

“What you have to get away from is going to the Ashes, you lose, you get rid of the coach and captain, and you start all over again. I’m never a fan of that,” said Hussain.

“But I’m also not keen on, a couple of months later, forgetting what happened in the Ashes, and how poor England were on and off the field – all the mistakes that were made.

“There is a feeling Brook and McCullum are aligned, but there is a suggestion there was a divergence during the Ashes and that is a concern.

“They’ve made good decisions in the white-ball game that they didn’t in the Ashes. They missed an opportunity there and you can’t just brush over that.”

Sanju Samson hit 89 for India as they posted 253-6 and beat England by 7 runs in second semifinal of cricket’s 2026 T20 World Cup.

Defending champions India edged one of the all-time great T20 World Cup matches to beat England by seven runs in their semifinal in Mumbai.

Sanju Samson appeared to put the tournament co-hosts in a near-unassailable position with a total of 253-6 on Thursday, but a century for Jacob Bethell put England on the verge of a historic run chase.

Having found themselves 64-3 inside the powerplay, England were looking down the barrel of a heavy defeat at Wankhede Stadium.

A cameo of 17 from 5 balls by Tom Banton ignited the chase, however, and Will Jacks’s 35 from 20 aided matter in a partnership of 77 in 6.3 overs with Bethell.

When the latter fell – run out in the final over – with 105 from 48 balls, the game was up and India were on their way to the final as England finished on 246-7

Suryakumar Yadav’s side will now seek a record third T20 World Cup title when they take on New Zealand on Sunday.

Earlier, England decided to field upon winning the toss, but saw Samson’s scintillating 89 off 42 balls lay the platform for India to pile up a massive total.

The in-form opener, who made 97 not out against the West Indies in the previous match, hit seven sixes and eight fours to thrill a raucous home crowd.

The hosts flayed England’s attack to all parts of the ground, hitting 19 sixes and 18 fours, meaning Harry Brook’s side needed a T20 World Cup record chase of 254 to reach the final.

Samson signalled his intent with a four and six off Jofra Archer’s first over after Brook won the toss and decided to bowl.

Jacks took the second over and struck a blow for England when Abhishek Sharma (9) lifted the off-spinner to Phil Salt at deep mid-wicket.

Samson was given a life on 15 when Brook dropped a simple chance at mid-off off Archer.

It proved a costly mistake as, helped by some ill-disciplined bowling, Samson raced to his half-century off 26 balls with another huge six as Liam Dawson’s first over was pummelled for 19 runs.

Ishan Kishan put on 97 from 48 balls with Samson for the second wicket before the left-hander holed out to Jacks off Adil Rashid in the 10th over to make it 117-2.

Samson powered on until Jacks returned to have him caught by Salt in the deep in the 14th over, at which point India were 160-3.

Shivam Dube continued the onslaught with 43 off 25 balls with four sixes before being run out by Brook’s direct hit.

Hardik Pandya hit 27 off 12 balls late on and Tilak Varma 21 off seven balls to take India past the 250 mark.

Jacks was the pick of the England bowlers with 2-40 but the wayward Archer was plundered, taking 1-61 off his four overs.

New Zealand beat South Africa in a comprehensive victory on Wednesday and await in Sunday’s final in Ahmedabad.

March 5 (UPI) — Argentina’s main business organizations issued an unusual public warning to President Javier Milei’s government, calling for “respect” for the private sector and warning about the difficult situation facing the country’s industrial base.

The statements followed remarks by Milei during the opening of the legislative year in Congress, when the president sharply criticized industrial business leaders and accused them of benefiting for years from a protectionist and corrupt economic system.

The reactions came mainly from the Argentine Industrial Union, known by its Spanish acronym UIA, and the Argentine Business Association, or AEA, two of the most influential groups representing the country’s private sector.

Under the premise that “without industry there is no nation,” the UIA defended the productive sector in a statement responding to the president’s comments and expressed concern about the situation of factories across several provinces.

“In this stage of transformation, we want to be clear: respect is a basic condition for development. Respect for those who produce, invest and create jobs across the country. Respect is the starting point to rebuild the confidence Argentina needs, both domestically and internationally,” the organization said, according to a report by Argentine newspaper Perfil.

The UIA also said business leaders should not be blamed for economic distortions accumulated over decades and called for clear rules to guide the transition toward a more open economic model.

Industrial representatives warned that many companies, especially small and medium-sized firms, are facing a difficult period marked by falling consumer demand, heavy tax pressure and financial constraints.

The group said Argentina’s industrial sector produces about 19% of the country’s gross domestic product and contributes 27% of national tax revenue. It also generates 19% of formal employment, with about 1.2 million workers, and supports another 2.4 million indirect formal jobs throughout the production chain.

The AEA, which represents owners of some of the country’s largest companies, adopted a more moderate tone.

The organization acknowledged progress by Milei’s administration in stabilizing the economy, but said relations between the state and the private sector must be based on respect and cooperation to facilitate new investment.

Despite the critical tone, the business statements avoided a direct confrontation with the government and stressed the need for cooperation, digital outlet Infobae reported. Both organizations said economic stabilization must be accompanied by policies that encourage productive investment and support the industrial sector.

Although much of Argentina’s business community initially supported Milei’s economic reforms, the episode marks one of the first public criticisms by major companies since he took office.

A growing number of factory closures and a slowdown in industrial activity have begun to trigger concerns within the private sector.

March 5 (UPI) — An international police operation coordinated by Interpol led to 60 suspects accused of sexual crimes against minors arrested and 65 child victims rescued after a yearlong investigation in nine Central American, North American and Caribbean countries, the agency said.

Operation Eclipse, conducted between February 2025 and January, focused on dismantling networks linked to producing and distributing child sexual abuse material, with the primary goal of identifying victims and reopening cases that had remained unsolved for years.

Most of the victims were between 5 and 13 years old, and about 80% were girls, Interpol said.

“Investigating old cases not only serves to deliver justice and protect victims, but also to prevent further harm,” said Cyril Gout, acting executive director of Police Services at Interpol.

“Operation Eclipse demonstrates that, thanks to international cooperation and specialized expertise, it is possible to uncover abuse committed even years ago and bring those responsible to justice.”

The countries that participated in the operation were Belize, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama and the Dominican Republic.

Some victims had appeared for more than a decade in international archives that collect child sexual exploitation material without having been identified.

Investigators said the alleged perpetrators had different levels of relationship with the victims, including relatives, friends, neighbors, educators, online predators and foreign tourists, showing that sexual offenders do not fit a single profile.

The operation received support from the United Nations Office on Drugs and Crime and the Child Rescue Coalition. Police and judicial authorities across the region synchronized investigations, conducted targeted interventions and gathered evidence in multiple countries.

Interpol said it provided technical support, real-time information sharing and strategic guidance.

One of the most notable cases occurred in Panama, where authorities resolved an investigation in which a victim had remained unidentified for more than 10 years in Interpol’s international database. The identification, the agency said, allowed investigators to gather key evidence for the judicial process and also led to the location of another victim.

Interpol also maintains the International Child Sexual Exploitation Database, which is used by investigators in more than 70 countries to analyze and compare images and videos of child abuse.

The system allows authorities to establish connections between victims, offenders and locations through digital analysis software, helping identify related cases across different countries and preventing duplicate investigations.

According to the organization, the database contains 4.9 million images and videos and has helped identify more than 42,300 victims worldwide.

A joint study by Interpol and global network ECPAT International also found that more than 60% of the unidentified victims in that material are prepubescent minors, including babies and young children, while 65% are girls and 92% of the visible offenders are men.

Interpol provided several cases of the background of victims.

In the Dominican Republic, two minors ages 10 and 13 were allegedly abused by their mother and a transnational sexual offender who lived with them. Both suspects were arrested during the operation.

In Costa Rica, one of the suspects initially posed as an online celebrity to contact his victim. He later used child-grooming tactics, sextortion and threats against the victim’s family to maintain control over her.

A bilateral meeting between Panama and the Dominican Republic led to identifying two suspects wanted by Panamanian authorities for sexual crimes. Both were located in Dominican territory, leading to the start of extradition procedures.

As part of the operation, participating countries also reviewed 57 existing international notices related to individuals believed to live within their borders. These included Red Notices, issued for suspects wanted internationally, and Blue Notices, intended to gather additional information about a person’s identity or location during an investigation.

So far, 12 of those people have been located and detained, while efforts continue to locate and extradite other suspects, Interpol said.

Authorities also said that 45 suspected child sex offenders remain wanted in the countries that participated in the operation.

SEOUL, March 5 (UPI) — South Korean zinc producer Young Poong has become embroiled in a new controversy with shareholder KZ Precision, which manufactures hydraulic equipment.

Young Poong, a major shareholder of the world’s largest non-ferrous metals producer Korea Zinc, said Wednesday that it has brought KZ Precision, an affiliate of Korea Zinc, to court.

Young Poong accused KZ Precision of deliberately creating an illegal cross-shareholding structure during the Korea Zinc management control dispute ahead of Korea Zinc’s shareholders’ meeting early last year.

Young Poong alleged that KZ Precision sold its shares in Young Poong to an Australian-based Korea Zinc subsidiary with the aim of restricting Young Poong’s voting rights over Korea Zinc.

Over the past year, Korea Zinc has sought to fend off a takeover bid from Young Poong, which has joined with Korea’s top private equity firm, MBK Partners.

“We have filed a damages lawsuit against KZ Precision as our shareholder value was harmed by an unlawful restriction of voting rights,” Young Poong said in a statement.

“As the largest shareholder of Korea Zinc, we will keep playing a responsible role in normalizing the company’s corporate governance and enhancing shareholder value,” it added.

Meanwhile, KZ Precision criticized Young Poong’s management.

“Young Poong’s corporate value, reputation and internal control system have been damaged to an irreparable extent, resulting in adverse effects on shareholder value,” KZ Precision said in a statement.

“The current management of Young Poong was hesitant to make capital investments, which caused the corporation to lose competitiveness in its core smelting business and accumulate losses,” it said.

Young Poong has suffered from operating losses over the past few years, totaling $50 million in 2021, $74 million in 2022, $97 million in 2023, and $60 million in 2024. The Seoul-based company has yet to disclose last year’s results.

KZ Precision also took issue with the environmental concerns involving Young Poong, whose smelter operations in Korea were suspended for two months last year after discharging polluted wastewater without approval.

In response to Young Poong’s claim that it has channeled hundreds of millions of dollars to improve the environment around its smelter, KZ Precision argued that there may be accounting irregularities, which are reportedly under investigation by regulators.

SEOUL, March 5 (UPI) — A South Korea-based human rights organization said Thursday it has identified specific Chinese public security officials and command structures allegedly involved in the systematic forced repatriation of North Korean escapees — a practice it argues could amount to crimes against humanity under international law.

The findings were presented at a seminar in Seoul hosted by the Database Center for North Korean Human Rights, or NKDB, which released a new report examining how Chinese authorities detain and return North Koreans who cross the border seeking refuge.

The event brought together international human rights experts and officials such as former South Korean ambassador for North Korean human rights Lee Shin-wha, and included video messages from U.N. Special Rapporteur on North Korean human rights Elizabeth Salmón and U.S. State Department official Julie Turner.

The report marks a shift from documenting abuses against North Korean escapees to identifying operational responsibility within Chinese security institutions, Donghwi Shin, a human rights analyst at NKDB and one of the report’s authors, said at the seminar.

“Ultimately, the forced repatriation of North Korean defectors can be understood as a structural processing system,” he said. “It is not a simple act of administrative enforcement.”

Human rights groups have long accused Beijing of violating the principle of non-refoulement, a core rule of international refugee law barring the return of people to countries where they face persecution.

China maintains that North Koreans who cross its border illegally are economic migrants rather than refugees and routinely returns them under bilateral border agreements with Pyongyang, despite being a party to the U.N. Refugee Convention and the Convention Against Torture.

Human Rights Watch said in an October 2025 report that Chinese authorities have forcibly returned at least 406 North Koreans since 2024, warning that those repatriated face a high risk of torture, imprisonment and other abuses upon return.

NKDB’s report, The Machinery Behind the Forced Repatriation of North Koreans in China, analyzes how those returns are carried out through what researchers describe as an organized cross-border system involving multiple government agencies.

Drawing on more than two decades of documentation, the study examines 8,245 recorded cases of forced repatriation and testimonies from 96 survivors who were returned to North Korea after being detained in China.

Researchers said the process typically involves Chinese public security organs arresting North Korean escapees, detaining them in border regions such as Liaoning and Jilin provinces, and transferring them to North Korean authorities at designated crossing points.

The report also includes survivor testimony describing what happens after repatriation.

At the seminar Thursday, one North Korean escapee shared the experience of being repatriated from China in 2014, detailing a brutal 19-month period of processing, interrogation and eventual detention at a forced labor camp in Ryanggang Province near the Chinese border.

The escapee, whose identity was withheld for safety reasons, described routine beatings, torture, malnutrition and humiliation, including a public trial at a marketplace where crowds spat, cursed and threw stones.

“At the prison camp we were forced to work from 4:00 a.m. to 10:00 p.m. without rest,” the escapee said. “We ate rats and maggots just to stay alive, the only source of protein we could have.”

Ultimately, the escapee’s parents sold their house to pay a bribe that allowed for an eventual release and relocation to South Korea.

However, the experience left lasting scars, including damaged legs and psychological trauma that requires ongoing therapy and medication.

“My only wish is to have one night of deep, peaceful sleep,” the escapee said. “We demand that the facts of our suffering be brought before international courts.”

Such testimony reinforces the legal arguments presented in the report.

Under Article 7 of the Rome Statute of the International Criminal Court, deportation or forcible transfer carried out as part of a widespread or systematic attack against civilians can constitute a crime against humanity.

The report argues that repeated forced repatriations may meet that threshold if officials knowingly participate in returning individuals to a system where such abuses are foreseeable.

Previous investigations by U.N. bodies and human rights organizations have documented harsh treatment of repatriated North Koreans, including detention, interrogation and abuse inside the country’s prison and labor camp system.

NKDB researchers said the findings raise questions about accountability not only for abuses carried out inside North Korea but also for officials involved in facilitating forced returns.

The organization called on U.N. member states and governments with sanctions authorities to examine the findings and consider possible accountability measures.

Speakers at the seminar said the research should serve as a foundation for policy action.

“The challenge now is translating this research into actual policy change,” former ambassador Lee said. “We must confront the structural causes of repeated forced repatriations in China with clarity.”

March 5 (UPI) — This year marks the 30th anniversary of the Arctic Council, once a hallmark of post-Cold War cooperation in the far north.

For decades, the Arctic Ocean remained at the margins of global power politics — a remote, ice-locked expanse governed largely through scientific collaboration and consensus-based frameworks.

That balance is now shifting. Rapid ice loss is opening seasonal sea lanes, exposing fragile ecosystems and drawing new commercial and strategic interest, even as the suspension of routine cooperation with Russia has strained the council’s role.

The Arctic is emerging as a maritime crossroads where environmental risk, economic ambition and intensifying geopolitical competition increasingly converge.

Established by the 1996 Ottawa Declaration, the Arctic Council — bringing together eight Arctic states from Canada, Denmark, Finland, Norway, Russia, Sweden the United States, Indigenous permanent participants and observers including China — remains the region’s central forum for coordinating science, environmental policy and cooperative governance. Despite mounting geopolitical strain, it continues to provide an institutional platform that could support future U.S.-China maritime cooperation in the Arctic.

Recent diplomacy suggests that even as tensions rise across trade, technology and security, cooperation is still possible when interests align.

The 2018 Agreement to Prevent Unregulated High Seas Fisheries in the Central Arctic Ocean, in force since 2021, offers a case in point. By imposing a 16-year moratorium on commercial fishing while joint scientific research assesses the ecosystem, the pact places precaution ahead of competition and provides a model for managing emerging Arctic risks.

The significance of the fisheries decision should not be understated. The agreement brought together Arctic coastal states and distant-water fishing powers, including Washington and Beijing, to manage a region where no fisheries regime previously existed.

In doing so, it transformed an ungoverned expanse of high seas into a shared space of stewardship — governed not by territorial claims, but by science, restraint and a shared recognition of ecological risk.

“The Arctic Council is a dedicated body creating a platform for collaboration built on consensus. It is far from perfect, but it has produced a number of highly influential assessments and created an international community devoted to cooperation and shared stewardship,” said Henry P. Huntington, arctic science director of the Ocean Conservancy.

Science diplomacy as a foundation

For the United States, the Arctic is a strategic frontier and an environmental priority, tied to maritime access, national defense, Indigenous livelihoods and ecological protection.

For China, it is an emerging arena of economic opportunity and global governance engagement. Beijing’s self-description as a “near-Arctic state,” combined with its investments in polar research, ice-capable vessels and Arctic shipping studies, reflects a broader ambition to participate in shaping the rules that will govern the region’s future.

International law scholar Michael Byers said China’s Arctic posture differs sharply from its behavior in the South China Sea. While Beijing has strategic interests in the region through its “Polar Silk Road,” it has no territorial claims in the Arctic and has largely operated within the existing legal framework.

In contrast to its role as a resident power in the South China Sea, Byers notes that China presents itself in the Arctic as a “near-Arctic state,” focused on resource access and emerging shipping routes — a presence that Arctic nations are watching more closely as its footprint grows.

Despite competing strategic interests, both countries share a clear objective: preventing a governance vacuum in the Arctic. The fisheries accord underscores that even amid rivalry, Washington and Moscow recognize the dangers of unregulated exploitation in fragile waters and the need for baseline rules. As such, the agreement serves not only as a conservation tool, but as a diplomatic signal that pragmatic cooperation in the Arctic remains possible.

At its center is a commitment to joint scientific research. Participating states will collaborate to monitor fish stocks, map Arctic ecosystems and assess climate impacts, generating the shared data needed to determine whether any future fishing can be conducted sustainably.

“The Arctic Council’s 30th anniversary finds its consensus-based structure severely tested. Western states suspended cooperation with Russia in 2022, effectively paralyzing what was once exemplary post-Cold War diplomacy,” said Pavel Devyatkin, a senior associate at the Arctic Institute. He said the council’s experience offers practical lessons for managing contested waters elsewhere, including the South China Sea.

Arctic marine science has long bridged geopolitical divides, including cooperation with China, showing how shared environmental risks can transcend political tension. As Devyatkin noted, the region offers a clear lesson: ecological disruption can outweigh traditional security concerns. When U.S.-Russia fisheries monitoring was suspended, key data gaps emerged just as warming waters pushed fish stocks northward — a cautionary signal for any contested maritime region facing climate-driven change.

China’s Arctic engagement is anchored in scientific diplomacy. Unlike more securitized theaters such as the South China Sea, Beijing has framed its Arctic role around cooperation, climate research and environmental stewardship. Its Yellow River Station in Svalbard has supported long-term research since 2004, while icebreakers such as Xue Long and Xue Long 2, along with polar-capable satellites, have expanded China’s research reach and technological presence in the region.

At the same time, Western policymakers remain cautious about the potential dual-use nature of these activities. Concerns focus on whether data gathered from satellites, seabed mapping or subsea systems could support military applications. U.S. and NATO officials have questioned how China might use its growing Arctic data capabilities.

The model reflects a broader principle of science diplomacy — one that has long shaped cooperation in contested maritime regions. Scientific collaboration provides a low-politics entry point for engagement, allowing rival states to build trust, exchange data and establish working relationships even when political tensions remain high.

“Marine science is an area that can promote international cooperation. That is true in many contexts, including in relation to the next International Polar Year collaborations currently being planned, that will include China,” claimed Evan T. Bloom, polar governance chair at the Ted Stevens Center for Arctic Security Studies.

Collaborative mapping of sensitive habitats could inform conservation planning and risk management. Even the design of Arctic marine protected areas, an issue gaining attention as part of global “30 by 30” conservation goals, could become a platform for coordinated policy development.

From fisheries to shipping and conservation

Shipping governance is emerging as the next test of whether U.S.-China scientific cooperation can translate into operational rules in the Arctic. As sea ice recedes, a transpolar route linking Asia, Europe and North America could reshape global trade, but the region remains poorly charted, remote and environmentally fragile, with high risks of accidents and long-term damage.

Analysts say a cooperative framework on Arctic shipping, covering safety standards, environmental protections, data sharing and emergency response, could reduce those risks. Joint monitoring of ice and vessel traffic, coordinated search-and-rescue protocols and agreed-upon environmental rules for polar operations would form the backbone of such an approach.

Marine conservation offers another pathway for cooperation. The precautionary logic underpinning the fisheries agreement aligns with broader global efforts to expand ocean protection and safeguard biodiversity.

The United States and China have expanded marine protected areas domestically and have endorsed international conservation targets. Extending that logic to the Arctic through coordinated conservation zones or networks of protected areas would reinforce ecological resilience while creating a stabilizing framework for governance.

Such initiatives also would resonate with a wider global trend: the recognition that environmental security and geopolitical stability are increasingly intertwined. As climate change accelerates, the management of shared ecosystems is becoming a central component of international relations. The Arctic, like the South China Sea or the Mediterranean, is emerging as a test case for how science-based stewardship can mitigate strategic rivalry.

The obstacles to deeper cooperation, however, remain substantial. The broader U.S.-China relationship is marked by strategic distrust, trade disputes and military competition. Arctic policy cannot be entirely insulated from tensions in other theaters, including the Indo-Pacific. Russia’s war in Ukraine has also disrupted Arctic diplomacy, limiting the functioning of multilateral bodies such as the Arctic Council and injecting new security concerns into the region.

Trust remains a central obstacle.

Washington remains wary of Beijing’s long-term strategic intentions in the Arctic, particularly the dual-use potential of infrastructure and emerging shipping routes.

Beijing casts itself as a legitimate stakeholder in global commons governance and is pressing for a greater role in shaping the rules of the evolving Arctic order.

At the same time, Russia’s continued isolation from Arctic Council processes since 2022 has pushed Moscow to seek new partners, further complicating the diplomatic landscape and slowing meaningful progress on joint conservation efforts for Arctic flora and fauna.

Against that backdrop, any expansion of cooperation will need to be incremental, transparent and anchored in verifiable scientific collaboration. The fisheries agreement provides a template: begin with a shared risk, rely on joint science, build institutional mechanisms and create habits of cooperation over time. That process is gradual, but it can be durable.

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South Korean stocks sharply rebounded on Thursday from the previous session’s sharpest decline ever, soaring almost 10 percent, amid signs of an easing oil price surge sparked by the ongoing Iran conflict. The local currency rose against the U.S. dollar.

The Korea Composite Stock Price Index (KOSPI) added 490.36 points, or 9.63 percent, to close at 5,583.9, snapping the three-session losing streak.

It marked the largest daily gain in terms of points in KOSPI history, renewing the previous record of 338.41 points set on Feb. 3.

Also, the 9.63 percent rise is the second steepest since Oct. 30, 2008, when the index rose 11.95 percent in the midst of the global financial crisis.

The country’s main bourse operator, the Korea Exchange (KRX), issued a buy-side sidecar around opening, suspending the selling of KOSPI futures for five minutes.

Trade volume was heavy at 1.6 billion shares worth 44.8 trillion won (US$30.5 billion), with gainers sharply beating decliners 898 to 21.

Individual investors drove the steep rally, scooping up a net 1.79 trillion won, while foreigners and institutions sold a net 144.6 billion won and 1.7 trillion won, respectively.

“The KOSPI experienced the sharpest decline in history and dropped near the 5,000-point line the previous day,” Roh Dong-gil, an analyst at Shinhan Securities, said. “Bargain hunters returned to the market to pull off a turnaround.”

Overnight on Wall Street, the Dow Jones Industrial Average rose 0.49 percent and the tech-heavy Nasdaq Composite climbed 1.29 percent on calmed oil price hikes.

In Seoul, market heavyweights led the rally.

Market bellwether Samsung Electronics surged 11.27 percent to 191,600 won, and chip giant SK hynix soared 10.84 percent to 941,000 won.

Top carmaker Hyundai Motor escalated 9.38 percent to 548,000 won, and its sister Kia jumped 6.19 percent to 166,400 won.

Defense shares were among the biggest winners as industry leader Hanwha Aerospace vaulted 4.38 percent to 1.38 million won and LIG Nex1 shot up 23.26 percent to 763,000 won.

Shinhan Financial Group rose 4.62 percent to 92,900 won, and internet giant Naver advanced 5.77 percent to 220,000 won.

Samsung Biologics, a leading pharmaceutical firm, mounted 8.64 percent to 1.65 million won, and entertainment giant CJ ENM increased 5.91 percent to 64,500 won.

The Korean won was quoted at 1,468.1 won against the U.S. dollar at 3:30 p.m., up 8.1 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 3.4 basis points to 3.189 percent, and the return on the benchmark five-year government bonds declined 3.5 basis points to 3.442 percent.

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South Korea imposed a travel ban on all of Iran amid rising security concerns linked to the escalating conflict in the Middle East, the foreign ministry said Thursday.

A Level 3 travel alert, which advises nationals to leave the country, was upgraded to a travel ban effective at 6 p.m., the ministry said, amid escalating tensions in the Middle East following U.S. and Israeli strikes on Iran.

The ministry warned that Korean nationals who visit or stay in Iran without authorization may face punishment under relevant laws, advising those planning to travel to the region to cancel their trips and urging those currently there to evacuate.

The ministry said it issued the ban as “the worsening situation in the Middle East has raised serious concerns over the safety of Korean nationals visiting or staying in Iran.”

“The government will continue to closely monitor developments in the Middle East and take necessary measures to ensure the safety of Korean nationals,” it said.

The latest measures come as South Korea is continuing to evacuate its citizens from the Middle East after about 140 nationals were brought to safety in earlier operations, as U.S.-Israeli strikes on Iran escalate into a wider regional conflict.

The government is actively considering sending a chartered plane to the region, including the United Arab Emirates, where more than 2,000 South Korean short-term travelers remain stranded due to flight disruptions.

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March 4 (Asia Today) — South Korea’s aviation industry is on alert as rising oil prices and a weakening Korean won threaten airline profitability following the recent escalation in Middle East tensions.

The surge in global crude prices and the won-dollar exchange rate comes after the United States and Israel launched airstrikes on Iran, raising fears of prolonged instability in the region.

According to the Korea Exchange on Tuesday, shares of Korean Air fell 7.94% to 23,200 won (about $16.10). The stock has dropped about 17% compared with its Feb. 27 closing price of 28,100 won (about $19.40), just before the strikes on Iran, reflecting investor concerns about rising operating costs.

Fuel expenses account for roughly 30% of airline operating costs, making the industry particularly vulnerable to oil price fluctuations. Korean Air estimates that a $1 change in oil prices per barrel can affect its operating profit by about $30.5 million.

Brent crude futures on the ICE Futures Exchange closed at $81.40 per barrel on Tuesday, up $3.66, or 4.71%, from the previous session. West Texas Intermediate crude rose $3.33, or 4.67%, to close at $74.56 per barrel on the New York Mercantile Exchange.

Oil prices have climbed for three consecutive trading days after tensions surrounding Iran intensified and shipping through the Strait of Hormuz – a key route for about 20% of global seaborne oil shipments – was disrupted.

Korean Air said it plans to protect profitability through hedging strategies. The airline uses fuel price option contracts under internal risk management policies, primarily employing a “zero-cost collar” hedging structure that sets upper and lower price limits for fuel purchases.

Under this system, the airline can buy jet fuel at a predetermined price even if oil prices rise, while it must purchase fuel at the agreed level if prices fall below a certain threshold.

Korean Air said it hedges up to 50% of its projected annual fuel consumption.

“Ongoing assessments of oil price risks are conducted regularly, and we apply appropriate hedging products depending on market conditions and price levels,” a Korean Air official said.

Industry analysts warn, however, that prolonged tensions in the Middle East could place additional pressure on airlines through a weaker Korean currency.

The won briefly surpassed the psychologically significant level of 1,500 per U.S. dollar early Tuesday. A weaker won typically increases overseas operating costs for airlines and can also dampen travel demand.

Low-cost carriers are expected to face greater difficulties. Jeju Air, Jin Air and T’way Air – South Korea’s major budget airlines – all reported operating losses last year amid the strong dollar and have been striving to return to profitability.

Recent signs of exchange rate stabilization had raised hopes for improved performance this year, but the Iran crisis has revived concerns across the industry.

A T’way Air official said the company is preparing contingency plans.

“When the won-dollar exchange rate rises, we respond by covering overseas operating costs with foreign currency revenues generated locally,” the official said. “We are reviewing additional measures depending on changes in the international situation.”

If you want, I can also create a short 60-90 second YouTube news script version of this story, which would fit well with your weekly global news roundup format.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260304010001116