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  • Trump traded Coupang shares again in June, reviving conflict-of-interest concerns
    Trump traded Coupang shares again in June, reviving conflict-of-interest concerns SEOUL, August 29 (AJP) - U.S. President Donald Trump traded shares of South Korean e-commerce giant Coupang twice in June, according to his latest financial disclosure released by the U.S. Office of Government Ethics on Friday. Trump made another 1,000-plus stock transactions including two involving common shares of Coupang, which is listed on the New York Stock Exchange. Trump sold Coupang shares worth between US$1,001 and $15,000 on June 3, then bought shares worth between $15,001 and $50,000 on June 24. Based on his previous filings with the USOGE, Trump has repeatedly traded Coupang shares since last year. He bought or sold shares 18 times between October and May, leaving him with an estimated Coupang holding worth up to $130,000. The U.S.-based company came under scrutiny after a massive data breach last fall, straining ties between Seoul and Washington amid trade-related negotiations. South Korea imposed a hefty fine on Coupang, while the company lobbied in Washington, claiming that it had been unfairly targeted. That was soon followed by a U.S. House committee accusing South Korea of taking "discriminatory" measures against Coupang and other American-owned businesses, claiming that Coupang has been a "consistent target." Against this backdrop, Trump's continued trading of Coupang shares could raise fresh questions about potential conflicts of interest, especially as the company remains at the center of a controversy that could affect bilateral relations between the allies. Foreign media outlets, including CNN and The Wall Street Journal, also pointed out that Trump made a series of trades in energy and defense stocks, including Chevron, Exxon Mobil, Lockheed Martin and Northrop Grumman, several times in June alone, which have fluctuated amid the prolonged conflict in Iran, raising concerns about potential conflicts of interest. A U.S. federal ethics law enacted in 1978 does not impose specific conflict of interest requirements on the president. However, previous presidents voluntarily divested assets that could create conflicts of interest or placed them in blind trusts, making Trump the first president since the law's enactment not to follow that tradition. The White House has said Trump has no influence over his investment accounts and that his portfolio is independently managed by third-party financial institutions. AJP Takeaways • Trump traded Coupang shares twice in June, selling shares worth $1,001 to $15,000 on June 3 and buying shares worth $15,001 to $50,000 on June 24. • Trump has repeatedly traded Coupang shares since last year, with 18 transactions between October and May and an estimated holding worth up to $130,000. • The trades could raise conflict of interest questions, as Coupang remains involved in a dispute with South Korea that could affect relations between Seoul and Washington. 2026-08-29 14:00:40
  • Key Testimony in Oh Se-hoon Trial Challenges Initial Verdict
    Key Testimony in Oh Se-hoon Trial Challenges Initial Verdict On August 28, the Seoul High Court's Criminal Division 7 held the second hearing in the appeal of Seoul Mayor Oh Se-hoon, who was fined 10 million won for violating the Political Fund Law in connection with the alleged funding of polling expenses for Myung Tae-kyun.The focus of media coverage that day was on Myung, who testified as a witness. He reiterated his previous claim that "Mayor Oh directly requested the polling, and the costs were covered by Kim Han-jung, the chairman of a steel company." The court questioned Myung's credibility, noting that he had previously stated he had never been asked to conduct polling or heard about costs related to former President Yoon Suk-yeol's case, asking, "Why are your statements different in these two cases?"This moment, where the court directly questioned the reliability of Myung's testimony, was a significant point in the hearing. However, what stood out more to reporters observing the hours of witness questioning was the nature of the money revealed by co-defendant Kim Han-jung and the circumstances of his meeting with Myung.The core issue of the case is not simply whether Kim sent money to Myung. The fact that money was transferred is difficult to deny. The real question is whether Mayor Oh and former Seoul Deputy Mayor Kang Cheol-won requested polling from Myung and directed Kim to cover the costs.Kim consistently denied this. He stated that he heard from former Deputy Mayor Kang that "a person from Changwon (Myung Tae-kyun) is causing disorder in Oh Se-hoon's campaign," and decided to meet with Myung himself. When Myung expressed dissatisfaction about not being treated well in the campaign, Kim explained that he wanted to soothe him and thought that if Myung could be of help in the election, he would bring him on board, which led to the money being given.Kim likened Myung to someone who "came to sell lucky charms during the holidays but was chased away without selling anything," indicating that he intended to help someone who had been rejected by the campaign. He claimed that the initial 10 million won was not a payment for polling directed by Mayor Oh or former Deputy Mayor Kang, but rather money he gave on his own judgment to comfort and manage Myung.Additionally, it is noteworthy that Kim and former Deputy Mayor Kang were not particularly close. If they had colluded closely to use Kim as a funding conduit, there should have been corresponding communication or discussions. However, the relationship between the two and Kim's testimony revealed a lack of such closeness.In fact, there were indications that Kim and Myung later formed a separate personal relationship. When Myung said, "(Kim Han-jung) brother, I will also go to Jeju," Kim, though reluctant, did not stop him and even gave him 50,000 won. However, Myung was not alone; he was accompanied by several individuals, including former lawmaker Kim Young-sun, during the trip to Jeju, according to Kim's testimony in court.During cross-examination, when Myung cited the Jeju trip to support his claims about his relationship with Kim, Kim countered, saying, "I was asked if it was okay to go on a trip, and that’s why he came; I did not invite him." If the payment for the polling was a one-time arrangement directed by someone, there would be no reason for Kim to continue to support Myung and his group after the election. Conversely, if Kim was independently managing and supporting Myung, the multiple payments and the Jeju visit could be explained as part of a continuous relationship.Of course, Kim's statements alone do not automatically overturn the first trial's judgment. As a co-defendant, he also has a vested interest in reducing his criminal liability, and his testimony requires strict verification. He answered "I do not remember" regarding some timelines and communication details, and he faced scrutiny from the court for inconsistencies with his past statements.Nevertheless, the impression received by reporters in the courtroom was that Kim was not merely reciting memorized statements but was explaining in his own words why he approached Myung and why he gave him money. Particularly, the process of first meeting Myung, the reasons for trying to comfort him after he was sidelined in the campaign, and the subsequent personal support and Jeju anecdote created a narrative that suggested the money was unrelated to "polling expenses directed by Oh Se-hoon," thereby opening the door for alternative interpretations.The court's repeated focus on the initial relationship formation and the reasons for the money's payment after questioning both individuals indicates that they were not interested in peripheral political discussions or polling techniques, but rather the core of the case: why Kim met with Myung and under whose request and for what purpose the money was given.In this regard, the questioning by the defense attorneys was somewhat lacking. The defense team for Mayor Oh spent considerable time attacking the inconsistencies in Myung's testimony but failed to clearly articulate the initial contact and the motivations for the money transfer between Kim and Myung into a coherent narrative that the court was seeking. Similarly, the questioning by the defense for former Deputy Mayor Kang did not effectively delve into the core issues. There seemed to be a significant gap between the answers the court was looking for and the questions posed by the defense attorneys.Ironically, it was Kim's own testimony that filled in the gaps that the defense attorneys could not clarify. In this session, Kim did not shy away from admitting that he gave money to Myung while explaining that "it was not money given at the behest of Oh Se-hoon or Kang Cheol-won," framing his actions and relationships.Criminal trials cannot conclude based solely on impressions or sincerity. They must be judged based on objective financial data, communication and message records, and the consistency of testimonies. However, whether the alleged "collusion for solicitation and payment" that underpins the violation of the Political Fund Law has been proven beyond a reasonable doubt remains a separate issue.Reporters observing the hearing felt that Kim's testimony could be a significant variable that influences the appellate court's decision. Just as Myung's testimony wavered, Kim's independent motivation for providing the funds became more clearly articulated. If the appellate court finds this testimony credible, the possibility of overturning the first trial's guilty verdict against Mayor Oh appears substantial.However, the final decision rests with the court. Additional questioning of Kim and related evidence investigations will continue in the next hearing. What was confirmed in court that day was not an acquittal, but rather a significant fracture that warrants reevaluation of the first trial's simplistic judgment of "polling expense payment."* This article has been translated by AI. 2026-08-29 12:16:00
  • BTSs ARIRANG World Tour Surpasses 600 Billion Won in Revenue, Setting New Record
    BTS's 'ARIRANG' World Tour Surpasses 600 Billion Won in Revenue, Setting New Record The group BTS has set a new record with its 'ARIRANG' World Tour, surpassing approximately 600 billion won in cumulative revenue. According to Yonhap News on August 29, the American music publication Billboard reported on August 27 that BTS generated $105 million (about 141.5 billion won) in revenue from the 'ARIRANG' tour during July. This achievement placed BTS second on Billboard's July 'Top Tours' chart, following pop star The Weeknd, who earned $124.4 million (approximately 171.7 billion won). Big Hit Music stated, "In July, BTS performed eight shows while The Weeknd held 16 concerts, demonstrating that BTS achieved comparable revenue with only half the number of performances." Billboard also noted that BTS is the third artist in history to surpass $100 million in monthly revenue for several months, following Beyoncé and Bad Bunny. All of BTS's concerts in July made it into the Billboard 'Top Boxscore' top 10. Performances at Stade de France in Paris, Tottenham Hotspur Stadium in London, Allianz Arena in Munich, and King Baudouin Stadium in Brussels ranked third and fifth to seventh. Notably, the concert in Paris alone attracted 185,000 attendees, generating $30.6 million (approximately 42.2 billion won) in ticket sales. According to Billboard's analysis, BTS has conducted a total of 38 shows for the 'ARIRANG' tour as of August 11, generating $433.2 million (approximately 598 billion won) in revenue, with total ticket sales reaching 2.3 million. This figure more than doubles the group's previous record of $213.9 million (approximately 295.3 billion won) from the 'LOVE YOURSELF' tour. Big Hit Music anticipates that, considering the 'ARIRANG' tour will continue into the first half of next year, the overall revenue and performance will significantly exceed previous records. BTS plans to continue the tour at SoFi Stadium in Los Angeles on October 1-2 and 5-6.* This article has been translated by AI. 2026-08-29 12:00:00
  • Travel advisory for Nepal expanded amid risk of more floods
    Travel advisory for Nepal expanded amid risk of more floods SEOUL, August 29 (AJP) - A special travel advisory has been issued for four provinces in flood-hit Nepal amid the risk of further flooding and landslides, the Ministry of Foreign Affairs said on Saturday. The special advisory took effect at 9 p.m. the previous day for Bagmati, Gandaki, Koshi and Lumbini provinces as a short-term emergency measure, while a lower-level advisory urging increased caution remains in place for the rest of Nepal, according to the ministry. The ministry advised South Korean nationals planning to visit the affected areas to cancel or postpone their trips. Those already in the areas were urged to take extra precautions and move to safer locations unless they have an urgent reason to stay. The ministry advised South Korean nationals planning to visit the affected areas to cancel or postpone their trips. Those already there were also urged to move to safer areas unless they have an urgent reason to stay. "We will continue to monitor the situation in Nepal and make further adjustments to the travel advisories if necessary," the ministry said in a statement. The move came after massive floods and landslides struck Nepal's north-central Himalayan region near the border with Tibet last Wednesday, causing widespread damage and leaving hundreds of people dead or missing. Nine South Koreans working at a hydropower plant construction site in Rasuwa remain missing, while 10 other South Koreans who had been isolated in the affected area have been rescued to safety. AJP Takeaways • South Korea expanded its travel advisory for Nepal on Aug. 28, 2026, covering Bagmati, Gandaki, Koshi and Lumbini provinces amid the risk of further floods and landslides. • The Ministry of Foreign Affairs advised South Korean nationals to cancel or postpone trips to the affected areas and urged those already there to move to safer locations unless they have urgent reasons to stay. • Nine South Koreans remain missing after massive floods and landslides struck Nepal on Aug. 26, 2026, while 10 other South Koreans who had been isolated in the affected area were rescued and moved to safety. 2026-08-29 11:42:50
  • South Korea to Create a Digital Twin of the Entire Country
    South Korea to Create a 'Digital Twin' of the Entire Country What if South Korea could create a virtual replica of its entire territory? This would involve accurately modeling roads, buildings, rivers, and land, allowing AI to analyze urban development, disaster response, and traffic issues in advance.This is the vision of Oh Myung-soo, president of the Korea Land and Geospatial Informatix Corporation (LX), which is transitioning from traditional land surveying to developing a 'digital twin' of South Korea that AI can interpret and assess.For AI to effectively influence the real world, certain elements are essential. While semiconductors, power, and data are crucial, one key requirement is information about 'space.'Autonomous vehicles need to understand road layouts, delivery robots must know building locations, and drones must identify navigable airspace. An AI managing a city must comprehend the locations and conditions of buildings, roads, rivers, and land.The data that teaches AI about the real South Korea is known as 'spatial information.'This is why LX is gaining attention in the AI era. For years, LX has recorded and managed South Korea's land through land surveying. Now, its role is evolving from a 'land measurement agency' to an organization focused on digitizing the nation's territory.Creating a virtual copy of real South Korea centers around the concept of a digital twin.A digital twin is a technology that replicates real cities and territories in a three-dimensional virtual space. It transforms data about actual roads, buildings, rivers, and terrain into a virtual environment.LX's 'Digital Land Platform' supports administration based on this three-dimensional spatial information. As of 2026, it offers a total of 70 digital twin services utilized by 38 institutions and countries.The applications are diverse. They include reviewing building permits, analyzing wind patterns in urban areas, identifying locations for CCTV installations in underserved regions, and managing river conditions.In the past, responses were formulated after problems arose, but with digital twins, policymakers can preview outcomes in a virtual space before implementing policies.This marks a shift from 'on-site decision-making' to 'preliminary simulations for decision-making.'AI will enhance digital twins.When AI is integrated, the potential for change expands significantly. While digital twins transfer real South Korea into a virtual space, AI serves as the brain that reads, analyzes, and predicts based on the accumulated data.By analyzing data on roads, buildings, population, traffic, weather, and disasters, AI can identify areas at high risk for issues. It can also assess potential changes in surrounding areas when new buildings or roads are constructed.The ultimate vision of this transformation is an 'AI land.' For instance, if heavy rainfall is anticipated, there is no need to wait for rain to fall in reality. By inputting expected precipitation into the digital twin, it can analyze which rivers are likely to flood and which roads may become submerged.Urban development follows a similar pattern. Before constructing large apartment complexes or buildings, planners can first examine how traffic flow, wind patterns, and the surrounding environment will change in the virtual space.With AI's integration, numerous scenarios can be analyzed to support decision-making, allowing for multiple trials of costly failures in the digital realm before real-world implementation. Essentially, South Korea becomes a single AI simulation space.Drones will serve as AI's 'eyes.'Drones play a crucial role in connecting the real territory to the digital space. They capture images of the land and facilities, collecting data on changes in the environment. This information is combined with spatial data to reflect in the digital twin, where AI analyzes the changes.LX is also expanding its efforts to integrate advanced technologies such as AI, drones, and digital twins into land re-surveying and management.To create an AI land, a 'data-driven' approach must be established.As important as flashy AI services are, the supporting information systems are equally critical. LX's initiative to undertake a 3.9 billion won project for '2027 LX Information System Integration and Maintenance' should be viewed from this perspective. This project aims to unify the maintenance systems of 24 information systems, including land surveying application portals, ERP, and data hubs, standardizing fragmented source codes and operational procedures, automating builds and deployments through CI/CD integration, and updating outdated operating systems and databases to modern environments.The starting point for AI transformation ultimately lies in data and systems. If information is scattered and systems are not interconnected, AI will struggle to function effectively. Before establishing an AI land, it is essential to first organize the digital infrastructure that enables AI to operate.Physical AI will also require a 'map.'LX's spatial information is likely to become even more critical in the era of physical AI. For robots, autonomous vehicles, and drones to navigate the real world, they must know their locations and destinations.While humans can rely on addresses and maps, machines require much more precise and structured spatial information.If the Korea Industrial Complex Corporation creates a factory where AI and robots work, LX's role is different. LX is the agency responsible for creating a digital map that allows AI and robots to operate throughout South Korea. As AI becomes more integrated into the real world, the value of accurate spatial information increases.From a land measurement agency to an 'AI land platform.'LX's mid-term strategy for 2026-2030 includes leading the digital transformation of land space, enhancing AI capabilities, and expanding AI and platform services as key objectives.This is why LX's transformation should not be viewed merely as the digitization of surveying tasks.Whereas LX once measured South Korea's land, it is now creating a digital territory that mirrors reality, allowing AI to analyze and predict outcomes. This marks the beginning of an era where the entire nation is represented as a digital twin, enabling advanced analysis of urban planning, traffic, disaster management, and land development—this is the future of 'AI land' envisioned by LX.: Oh Myung-soo, President of the Korea Land and Geospatial Informatix Corporation:Oh Myung-soo is a land transportation expert who has served as the second vice minister of the Ministry of Land, Infrastructure and Transport, director of the Transportation Logistics Division, and director of Comprehensive Transportation Policy. He became president of LX in November 2023 and is focused on advancing land surveying technology, digitizing national infrastructure, and expanding digital twin platforms. Recently, he has emphasized integrating spatial information with AI to transform LX into a 'digital land platform agency.' 2026-08-29 11:32:00
  • Korean Game Companies Showcase Growth Strategies at Gamescom 2026
    Korean Game Companies Showcase Growth Strategies at Gamescom 2026 Major South Korean game companies have unveiled their growth strategies at the global gaming event, Gamescom 2026. They are focusing on new titles and genres to solidify their approach to the global market, while also seeking new growth drivers beyond their established intellectual properties (IPs) and core genres. Executives from leading game firms visited the event to observe changes in the global market and user reactions, assessing the market potential and success likelihood of their new releases. This is seen as a step to refine their development and publishing strategies.As of August 29, the day before the conclusion of Gamescom 2026, major South Korean companies such as Krafton, NC, Pearl Abyss, Kakao Games, and Nexon showcased their new titles and key lineups to bolster their global market strategies. This year's Gamescom is the largest ever, featuring over 1,700 companies from 67 countries. Major global players like Nintendo, Xbox, Ubisoft, and Bandai Namco also participated in large numbers.South Korean game companies presented a series of new titles at Gamescom. Krafton revealed five new games, including 'PUBG: Deadnet,' a new installment in its flagship PUBG franchise, along with 'NO LAW,' 'Project Zeta,' 'Age Twister,' and 'Tangle: Unbound.'NC showcased 'Aion 2,' the open-world shooter 'Cinder City,' and the team-based survival FPS 'Like or Die.' Kakao Games introduced the zombie survival game 'God Save Birmingham,' while Nexon operated a booth for 'Ark Raiders,' developed by its Swedish subsidiary Embark Studios, connecting with global users.Pearl Abyss shared insights into the open-world development process and expertise related to 'Crimson Desert,' which was released in March. They also presented 'Crimson Desert Enhanced,' featuring story improvements and new voice languages, including Arabic subtitles.The focus of South Korean game companies on Gamescom is influenced by the opportunity to gauge global user reactions and explore overseas business prospects. As Europe's largest gaming show, Gamescom allows direct interaction with North American and European users, while also gathering global publishers, platform operators, and investors to assess new releases and market trends. Notably, 70% of participating companies this year were from outside Germany.The importance of Gamescom has grown as South Korean companies expand their overseas strategies from a focus on mobile and MMORPGs to include PC and console games, as well as shooting and open-world genres. With an increasing number of new titles targeting the North American and European markets, the need to directly assess local user reactions has become more critical.Key executives from major game companies, including Kim Jung-wook of Nexon Korea, Kim Chang-han of Krafton, and Sung Jun-ho of Smilegate, visited Gamescom to observe local user reactions and market changes while reviewing future strategies. According to industry sources, Sung Jun-ho stated at the event, "This is an opportunity to discuss business prospects with global partners and directly gauge user reactions to our new titles. It will also be a good opportunity for preparing the global launch of our upcoming titles scheduled for next year and beyond."Through Gamescom, South Korean game companies have also solidified their global market strategies. Krafton outlined its vision for publishing by continuously developing global franchises following PUBG. They plan to broaden their next franchise candidates through new genre challenges, collaborations with external creative studios, and reinterpretations of existing IPs.NC is accelerating its genre expansion from its existing MMORPG-focused portfolio. With 'Aion 2,' 'Cinder City,' and 'Like or Die,' they are venturing into the shooting genre. Pearl Abyss is pushing for long-term IP development by expanding content following the release of 'Crimson Desert.'Meanwhile, Pearl Abyss was nominated for 'Best PC Game' and 'Most Epic' at the Gamescom Awards for 'Crimson Desert,' raising expectations, but ultimately did not win any awards.* This article has been translated by AI. 2026-08-29 11:28:00
  • Severe Flooding in Tibet Following Nepal Disaster Leaves 7 Dead, 554 Missing
    Severe Flooding in Tibet Following Nepal Disaster Leaves 7 Dead, 554 Missing Severe flooding and debris flows in the Himalayan region bordering Nepal have resulted in increasing casualties in China. The death toll on the Chinese side has risen to seven due to the flooding that struck the border area.According to Yonhap News on August 29, the emergency management authorities in the Tibet Autonomous Region reported that as of 1 a.m. local time, seven people had died and 554 were missing in the Rugao County of Tibet, which borders Nepal. Among those initially classified as missing, two local residents were dramatically rescued by search teams.The disaster began on August 26 when glaciers and rocks collapsed in the Himalayan highlands. The massive flooding triggered by the glacier collapse swept down the valley, developing into debris flows that struck the area around Rugao County in China, near the Nepal border, causing significant damage, according to Chinese authorities.As hundreds remain missing, search efforts are underway. The state-run Xinhua News Agency reported that the Tibet Autonomous Region's emergency management agency quickly deployed 2,141 rescue personnel to the scene, with 505 firefighters and local officials actively engaged in rescue operations.In particular, the Sichuan Fire Rescue Corps is conducting a comprehensive search using rubber boats for water access, foot patrols in mountainous areas, and drones for aerial reconnaissance.Additionally, 86 specialists in natural resources have been dispatched to closely monitor the risk of further geological disasters in the surrounding mountains and roads, while efforts are being made to restore 1.02 kilometers of road leading to the affected areas to secure access.Authorities are also on high alert for the possibility of additional disasters. They have established a monitoring station with five personnel around a landslide-formed dam, known as a landslide lake, to maintain real-time surveillance. The Chinese Ministry of Water Resources has instructed a comprehensive assessment of the inflow and outflow of the landslide lake, as well as its overall stability, to analyze the risk of collapse and potential impact.* This article has been translated by AI. 2026-08-29 11:28:00
  • Meta Pressures TikTok and YouTube to Join Youth Protection Efforts
    Meta Pressures TikTok and YouTube to Join Youth Protection Efforts Meta, which recently reached an agreement with U.S. state governments on measures to prevent youth social media addiction, has launched a major advertising campaign urging competitors like TikTok and YouTube to join its efforts. This proactive regulatory approach aims to retain teenage users on its platforms while drawing competitors into the same regulatory framework.According to Yonhap News, on August 28, Meta placed full-page ads in major U.S. newspapers, including The New York Times and the Los Angeles Times, featuring an open letter calling for TikTok and YouTube to participate in youth protection initiatives.In the letter, Meta outlined changes to its algorithms agreed upon with state governments, including a daily limit of two hours for social media use, blocking app access at night, disabling notifications during school hours, and implementing parental supervision features. The company strongly urged competitors to join these efforts.Meta stated, "We want to ensure that young people can enjoy a new industry standard, but we cannot achieve this alone," emphasizing the necessity of collaboration with competitors like TikTok and YouTube. It added, "If one app imposes restrictions, teens will simply move to another app. All platforms must enhance parental controls and support youth in this way."This strategy appears to be aimed at building a positive image for Meta as a leader in youth protection while preventing teenage users from migrating to competing platforms due to regulatory fatigue.Meta's pressure on competitors is rooted in the unprecedented settlement terms of recent lawsuits with state governments. The company agreed to pay up to $16.7 billion (approximately 23 trillion won) to settle these lawsuits, with one-third of the total settlement contingent on state governments reaching similar agreements with TikTok, YouTube, and Snap.This approach seems to take lessons from Australia's recent decision to completely block youth access to social media, which led to a surge in popularity for smaller alternative platforms not included in the ban, exposing regulatory loopholes.* This article has been translated by AI. 2026-08-29 10:56:00
  • Pump prices fall for 15th straight week as fuel caps remain
    Pump prices fall for 15th straight week as fuel caps remain SEOUL, August 29 (AJP) - Pump prices fell slightly this week, extending their decline for a 15th consecutive week, while the government kept its fuel price ceilings unchanged in an effort to limit the impact of volatile global oil prices. According to the Korea National Oil Corporation's website Opinet on Saturday, the average retail price of gasoline at gas stations nationwide stood at 1,861.3 won (US$1.35) per liter in the fourth week of August, down 1.2 won from the previous week. The average retail price of diesel also fell 0.5 won from a week earlier to 1,845.2 won per liter. Seoul had the highest average gasoline price at 1,907.8 won per liter, down 1.1 won from a week earlier. Daegu had the lowest at 1,834.2 won, down 1.4 won. The downward trend in prices in recent weeks came as global oil prices fell on hopes that tensions in the Strait of Hormuz would ease, although the decline slowed amid stalled talks between the U.S. and Iran. Dubai crude, a benchmark for South Korea's imported oil, fell 90 cents per barrel from the previous week to $92.10, while international gasoline prices dropped $2.40 to $111.50. Changes in global oil prices are generally reflected in domestic gas station prices about two to three weeks later. Meanwhile, the government has kept its fuel price ceilings unchanged in efforts to limit the impact of high global oil prices on domestic prices and curb inflation. Fuel price caps were introduced in mid-March to help stabilize domestic prices shortly after the conflict in the Middle East began with joint U.S. and Israeli strikes on Iran. The Ministry of Trade, Industry and Resources said Friday that the maximum prices for gasoline, diesel and kerosene supplied by local refiners to gas stations would remain at 1,784 won, 1,773 won and 1,380 won per liter, respectively, for the next four weeks starting Saturday, adding that the price caps would be adjusted depending on developments in the region and the South Korean economy. AJP Takeaways • Korea's average gasoline price fell to 1,861.3 won per liter in the fourth week of August 2026, down 1.2 won from the previous week and marking a 15th consecutive weekly decline. • Global oil prices fell amid hopes of easing tensions in the Strait of Hormuz, with Dubai crude dropping to $92.10 per barrel. Global price changes typically reach Korean gas stations after about two to three weeks. • The Ministry of Trade, Industry and Resources kept fuel price ceilings unchanged for four weeks from Aug. 29, 2026, at 1,784 won per liter for gasoline, 1,773 won for diesel and 1,380 won for kerosene to help curb the impact of high oil prices and inflation. 2026-08-29 10:45:16
  • CPTPP Membership Gains Attention Amid Strong Agricultural Opposition
    CPTPP Membership Gains Attention Amid Strong Agricultural Opposition The South Korean government has reignited discussions on joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). As the economy calls for urgent membership to expand trade territory, strong opposition from the agricultural sector poses a significant challenge to reaching a resolution.According to Yonhap News Agency, Deputy Prime Minister and Minister of Economy and Finance Ku Yun-cheol announced on August 27 that the government would begin social discussions and gather opinions regarding CPTPP membership. South Korea had previously expressed its intention to join in 2021, but faced fierce backlash from the agricultural sector and concerns over the import of seafood from Fukushima, Japan, leading to a loss of momentum without even a report to the National Assembly. The current administration has maintained a cautious stance, but recently, Minister of Trade, Industry and Energy Kim Jeong-kwan hinted at a review of membership, bringing the issue back to the forefront.The CPTPP is a multilateral trade agreement involving 12 countries, including Japan, Mexico, and the United Kingdom, accounting for 14.3% of global GDP and achieving a tariff elimination rate of 99%. The Korea International Trade Association recently warned in a report that if South Korea joins, trade conditions with countries like Japan and Mexico, with which it has no free trade agreements, would improve, and the country could directly integrate into a vast regional value chain. Delaying participation could result in significant opportunity costs.However, concerns from the domestic agricultural sector remain high. The Korea Federation of Agricultural Management Associations issued a statement urging a halt to discussions, stating that additional market openings could significantly impact domestic agriculture. The Ministry of Agriculture, Food and Rural Affairs has also maintained that the potential damage to the agricultural sector should not be underestimated.As the government commits to thorough opinion gathering, experts emphasize that to avoid repeating past mistakes, strong determination from the government and comprehensive support measures for those affected are essential. Sogang University Professor Heo Yoon pointed out that if the government and ruling party do not firmly resolve the issue, it could become politicized and discussions may fade away as they did in the past. He also advised that rather than establishing a separate special law for compensation, the accessibility of the existing Trade Adjustment Assistance Program should be eased to provide practical help.Jang Sang-sik, head of the International Trade and Commerce Research Institute at the Korea International Trade Association, also stressed the need to develop various compensation measures to enhance the competitiveness of the struggling agricultural sector while minimizing the extent of market opening.* This article has been translated by AI. 2026-08-29 10:40:00