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Bitcoin Surpasses $80,000 for the First Time in Three Months Bitcoin's price has surpassed $80,000 (approximately 110.77 million won) for the first time in over three months. The decline in the dollar's value, driven by U.S. fiscal concerns and treasury buybacks, has revived interest in alternative assets like gold and Bitcoin, known as the 'debasement trade.' Additionally, expectations for regulatory easing in the cryptocurrency market and significant inflows into spot Bitcoin ETFs have contributed to this surge.According to global cryptocurrency market site CoinMarketCap, as of 1:29 PM KST on August 25, Bitcoin was trading at $80,242.48, up 3.93% from the previous day. Earlier in the day, it reached a high of $81,257. This marks the first time Bitcoin has crossed the $80,000 threshold since mid-May.Following a 23% increase last week, Bitcoin has continued its upward trend this week, surpassing $70,000 just four days ago. However, it remains about one-third lower than its all-time high of around $126,000 recorded last October.The recent rise in Bitcoin's price is largely attributed to the decline in the dollar's value, which has sparked interest in debasement trades. Last week, news of the U.S. national debt exceeding $40 trillion, along with rising U.S. Treasury yields and announcements of treasury buybacks, has led to a decrease in the dollar's value, increasing demand for alternative assets like Bitcoin and gold. Originally designed to counteract currency devaluation due to inflation, Bitcoin is gaining renewed attention amid the current decline in the dollar's value.Rashi Zhang, a research analyst at Bitget Wallet, stated, “The U.S. Treasury's announcement to expand the scale of long-term treasury buybacks has triggered a weaker dollar, reviving the 'debasement trade' represented by Bitcoin and gold, indicating a more favorable macroeconomic environment.”Additionally, a meeting on August 19 between President Donald Trump and key figures in the cryptocurrency industry, where he urged Congress to pass the Clarity Act, has also positively impacted Bitcoin. Although the Clarity Act, which aims to clarify the regulatory framework for the cryptocurrency market, did not receive a vote before the Senate's August recess, it is expected to be discussed again in mid-September.Meanwhile, buoyed by the rise in Bitcoin's price, spot Bitcoin ETFs have recorded their largest weekly inflow in ten months. According to Bloomberg, 13 spot Bitcoin ETFs in the U.S. saw a total net inflow of $1.92 billion, the highest since Bitcoin reached its all-time high last October.However, some analysts caution that the current surge in Bitcoin's price may be a temporary phenomenon driven by short squeezes, suggesting that buying momentum may not be sustainable. 2026-08-25 13:32:00
Democratic Party Launches Integration Task Force to Broaden Membership The Democratic Party of Korea launched an integration task force on August 25, aiming to strengthen internal unity and expand its membership by recruiting talent from both progressive and conservative backgrounds. Kim Min-seok, the party leader, announced plans to pursue a broad recruitment strategy without being limited to specific factions.During the first meeting of the task force held at the National Assembly, Kim emphasized the goals of a 'winning integration' and a 'sustainable integration.' He stated, "Our party's principle of integration is to achieve a winning and sustainable integration, while clearly solidifying our internal unity and targeting all external forces, including progressives, reformists, centrists, and conservatives for recruitment."Park Beom-gye, who leads the task force, acknowledged the internal divisions within the party but stressed the necessity of integration for the success of the Lee Jae-myung administration. He remarked, "Despite the wounds and divisions within the party, now is the time for integration to ensure the success of the Lee government."Lee Hee-sik, chair of the Innovation Party Alliance Committee, expressed his commitment to fostering a beneficial relationship between the Democratic Party and the Innovation Party, stating, "I will do my best to restore relations with the Innovation Party for the benefit of the Democratic Party and the entire progressive and reformist camp."Co-chairs of the recruitment expansion committee, Lee So-young and Hwang Myung-sun, both emphasized their commitment to dynamic recruitment efforts. Lee stated, "We will showcase a vibrant Democratic Party through fresh and bold talent acquisition," while Hwang added, "We will seek capable individuals to usher in a golden era for the Democratic Party."* This article has been translated by AI. 2026-08-25 13:24:00
Heat wave fuels Korea food delivery apps to record SEOUL, August 25 (AJP) - Payments on South Korea's four leading food delivery apps climbed to an all-time monthly high in July as a punishing heat wave kept consumers indoors. According to Tuesday data from market tracker WiseApp Retail, combined estimated payments on Baemin, Coupang Eats, Yogiyo and Ttaenggyeoyo reached 3.28 trillion won ($2.37 billion) last month, up 18 percent from 2.79 trillion won a year earlier. The figure eclipsed the previous record of 3.20 trillion won, set only in May. Some 24.41 million people ordered through the platforms in July, spending an average of 134,747 won each across 5.8 transactions, WiseApp said. The average single order came to 23,203 won. The tracker attributed the growth to sweltering temperatures reinforcing a seasonal surge in dining-out and holiday demand, driving shoppers to their phones rather than to grocery aisles or restaurants. Aggressive free-delivery offers, discount coupons and membership perks further lowered the cost of ordering in. Baemin remained the most-used app, with 23.02 million monthly active users, followed by Coupang Eats at 13.13 million, Yogiyo at 3.55 million and Ttaenggyeoyo at 2.49 million. Coupang Eats posted record highs in both payments and users, sharpening a price war fought largely over shipping fees. The survey draws on a sample of Koreans' credit and debit card spending and app usage across Android and iOS devices. It excludes bank transfers, cash and gift-certificate payments, so the estimates may differ from companies' actual sales. AJP Takeaways • South Korea's four main delivery apps — Baemin, Coupang Eats, Yogiyo and Ttaenggyeoyo — took a combined 3.28 trillion won ($2.37 billion) in estimated July payments, an all-time monthly high, according to WiseApp Retail. • The total rose 18 percent from 2.79 trillion won a year earlier and topped the prior record of 3.20 trillion won set in May, with 24.41 million people ordering at an average of 134,747 won each. • Coupang Eats set record highs in both payments and users, reaching 13.13 million monthly active users against market leader Baemin's 23.02 million, as free-delivery competition intensified. 2026-08-25 13:21:11
ISS and Sustainalytics Support Candidate for Korea Zinc Audit Committee Ahead of Shareholder Meeting As Korea Zinc prepares for its extraordinary shareholders meeting next month, major domestic and international proxy advisory firms are backing Chairman Choi Yoon-bum's candidate.Following the recommendation from domestic firm Sustainalytics, global proxy advisory firm ISS has also advised support for Baek In-kyu, the candidate recommended by Korea Zinc's board. This development could influence the voting outcome at the extraordinary shareholders meeting scheduled for next month.According to industry sources, ISS published an analysis report on the extraordinary shareholders meeting on August 24, recommending a 'FOR' vote for Baek and an 'AGAINST' vote for Park.ISS noted that Baek's expertise in accounting, auditing, and internal controls aligns more directly with the key tasks currently facing Korea Zinc's audit committee.Baek's extensive experience in accounting, auditing, financial consulting, and internal controls, including a senior position at Deloitte Korea, was also viewed positively.ISS found no issues with the candidate nomination process, stating that it did not find evidence suggesting that the nomination process conducted by Korea Zinc's independent director nomination committee, composed entirely of outside directors, was inappropriate or inconsistent with generally accepted governance standards.Earlier, Sustainalytics also recommended a 'FOR' vote for Baek on August 20. While there was no significant difference in the independence of the two candidates, Baek was deemed relatively more suitable due to his expertise directly related to the core duties of the audit committee, such as financial reporting and internal controls.With both domestic and international proxy advisory firms supporting Korea Zinc's candidate, attention is now focused on how foreign and institutional investors will vote at next month's extraordinary shareholders meeting. Although proxy advisory recommendations do not bind actual votes, they are often used as key decision-making resources by foreign institutional investors when exercising their voting rights.The election of the audit committee member is seen as a critical battleground in the voting contest between Korea Zinc and MBK and Youngpoong. As the competition for shares continues, the choices of foreign and institutional investors are emerging as a significant variable that could determine the final outcome.Ryu Young-jae, CEO of Sustainalytics, recently emphasized the importance of long-term industrial competitiveness and investment continuity. He pointed out on his social media that the investment recovery period and profit structure of private equity funds could conflict with the timelines of long-term industries. In large-scale capital-intensive industries, considerations must be made regarding equipment maintenance and expansion, environmental and safety investments, human capital investments, and technology accumulation, which may be overshadowed by short-term cash flow concerns.With ISS's recommendation, the voting contest over the appointment of the audit committee member between Baek from Korea Zinc's management and Park from MBK and Youngpoong is expected to intensify, influenced by the judgments of proxy advisory firms.Korea Zinc will hold its extraordinary shareholders meeting on September 9, where it plans to appoint four independent directors and one independent director to serve on the audit committee. A cumulative voting system will be applied for the appointment of the four independent directors, with Korea Zinc and MBK and Youngpoong each nominating two candidates. The election for the single audit committee member will be contested between Baek and Park.* This article has been translated by AI. 2026-08-25 13:04:20
Government Confirms 400,000 Tons of Public Rice Reserves for 2026 The government has confirmed that it will purchase 400,000 tons of public rice reserves this year. The interim settlement price for the rice will be set at 60,000 won per 40-kilogram bag, an increase of 20,000 won from previous levels. The Ministry of Agriculture, Food and Rural Affairs announced on August 25 that this decision was finalized during a Cabinet meeting as part of the '2026 Public Rice Reserve Implementation Plan and 2027 Government-Managed Grain Supply Plan.' Of the 400,000 tons of public rice reserves, 35,000 tons will consist of powdered rice. The final purchase price will be determined at the end of the year based on the average market price of rice during the harvest season (October to December), converted to the price of paddy rice. The interim settlement price has been frozen at 30,000 won since 2017, increased to 40,000 won in 2024, and now reflects a further increase of 20,000 won based on market trends. The government will also introduce policies to encourage the production of high-quality rice. A pilot program will support environmentally friendly rice varieties with a 'low-protein eco-friendly rice incentive.' Farmers in the top 30% with low protein content will receive a 5% price incentive on their purchase price. The varieties eligible for public rice reserves will be limited to two pre-designated types in each city and county, excluding high-yield varieties such as Heukmi and Saenuri. Farmers who ship non-designated varieties will face restrictions on public rice shipments for the next five years. The government anticipates that the rice stock under government management will reach 710,000 tons by the end of this year. Considering public rice purchases, sales, and loan repayments, the government plans to manage the grain stock at around 840,000 tons by the end of the 2027 grain year. Jung Hye-ryeon, Director of Food Policy at the Ministry of Agriculture, Food and Rural Affairs, stated, "We will ensure stable food supply for the public by effectively managing public rice reserves and government-managed grain supply. This year, we aim to help stabilize farm management by increasing the interim settlement price and further strengthen the high-quality rice production system through low-protein rice incentives." * This article has been translated by AI. 2026-08-25 13:04:00
Oh Se-hoon and Han Dong-hoon Attend Seminar, Challenge Jang Dong-hyuk's Leadership Oh Se-hoon, the mayor of Seoul and a potential candidate for the presidency, and independent lawmaker Han Dong-hoon gathered on August 25 to express their concerns about the leadership of Jang Dong-hyuk. Oh stated, "We need additive and multiplicative politics rather than subtractive and divisive politics," while Han criticized the party's drift towards factionalism.The two attended the 10th Korea Future Innovation Forum seminar held at the National Assembly, which was led by lawmaker Kim Ki-hyun. The forum, centered around pro-Yoon (supporters of President Yoon Suk-yeol) lawmakers, featured a discussion with Hong Tae-hwa from the U.S. Institute of Foreign Policy Analysis on the topic of "America's Grand Strategy and Korea's Choices."Kim expressed concerns regarding Jang's emphasis on a "party-centered organization," saying, "It seems to be too one-sided these days. We should consider shifting from an excessive party focus to a people-centered approach."Han pointed out the dangers of Jang's factionalism, asserting that rebuilding conservatism is essential to check the Lee Jae-myung administration. He remarked, "Kim's call for a people-centered approach resonates deeply with me. We need to ensure that conservative politics is restored to effectively counter the Lee administration."He added, "The party is regressing and heading towards factionalism. If we continue down this path, we will fail to fulfill our mission of checking the current Democratic Party government, which is going astray. It is very regrettable."Oh advocated for a "conservative unification" to counter the Lee administration. After the seminar, he told reporters that Jang's proposal for direct elections of party committee chairs could be beneficial in a competitive system, but emphasized that there is a proper order and timing for such changes.He stated, "Now is the time to focus the party's efforts on criticizing the Lee administration's wrongdoings and to gather energy for unification politics. We need leadership that promotes additive and multiplicative politics rather than subtractive and divisive politics."Regarding the disciplinary actions against non-party-affiliated lawmakers by the party's ethics committee, he remarked, "Ethics committee politics is the lowest form of politics. I hope we can return to the fundamental role of the opposition party, which is to check the runaway government through dialogue and unification."As the People Power Party faces internal strife over disciplinary actions against current lawmakers and a complete re-election of party committee chairs, the two potential conservative leaders have voiced their concerns about Jang Dong-hyuk's leadership. Previously, Oh had advocated for a "legislative-centered party," while Han criticized Jang's "disciplinary politics."* This article has been translated by AI. 2026-08-25 12:48:00
Im Yi-ja proposes economic council to ruling party, urging tangible results for citizens Im Yi-ja, chair of the People Power Party's Policy Committee, proposed on August 25 that the Democratic Party establish an economic council to address citizens' needs. She suggested forming a working group between the policy chairs of both parties before gradually restoring the economic council.During a party meeting at the National Assembly, Im stated, "What the public wants is not a special law for the cancellation of charges (manipulated prosecutions), but an economic council for the people."She urged the Democratic Party to consider several legislative measures, including: amendments to the Yellow Envelope Law (revised Labor Union and Labor Relations Adjustment Act) to reduce confusion in industrial settings; the Urban and Residential Environment Improvement Act to increase floor area ratios for private redevelopment and reconstruction; the establishment of a special law to support the nuclear industry to address power shortages in the age of artificial intelligence and semiconductors; and discussions on tax reform plans.Im particularly highlighted the issues surrounding the Yellow Envelope Law, noting, "There continues to be confusion and conflict in industrial settings regarding who the employer is, how far negotiations should go, and what can be contested." She pointed out that the situation has reached a point where a de facto 'five-tier system' is necessary to determine employer status.She added, "Ambiguous laws have forced even management decisions into the whirlpool of negotiations and disputes. Companies are unsure with whom and how far they should negotiate, while labor groups express frustration that their rights are granted but not exercised. We must address these flaws beyond ideology and partisanship."Im called for a responsible decision from the Democratic Party, emphasizing, "We should not just talk about the people's livelihood; both parties must produce tangible legislative results that citizens can feel."* This article has been translated by AI. 2026-08-25 12:48:00
Ruling Party Intensifies Criticism of Lawmaker Over 5·18 Controversy The Democratic Party intensified its criticism on August 25 of Lee Jin-sook, a lawmaker from the People Power Party, amid the controversy surrounding her remarks about the 5·18 Gwangju Democratization Movement. The party also passed a resolution in the National Assembly's operating committee, calling for her expulsion, which was submitted on August 14.During a strategy meeting held at the National Assembly, Democratic Party lawmakers targeted both Lee and the People Power Party. Han Byeong-do, the party's floor leader, stated, "No matter how much the People Power Party tries to protect her, Lee's outrageous remarks and accountability cannot be concealed. They must clearly decide whether they will continue to shield her. The Democratic Party will hold them accountable to the end."Chun Jun-ho, the party's deputy floor leader, criticized the assembly for providing a platform for Lee's comments, which labeled the 5·18 Gwangju Democratization Movement as a riot and referred to former President Chun Doo-hwan as anything but a murderer. He declared that the party would push for Lee's expulsion.Jeon Yong-ki, another deputy floor leader, pointed out the lack of disciplinary action from the People Power Party, saying, "If a German lawmaker held an event to reevaluate the Nazi regime, what would happen? They need to respond to the call for discipline as soon as possible."Lawmakers Kim Yoon and Park Kyun-taek also urged the establishment of an ethics special committee to initiate expulsion procedures and called on the People Power Party to demonstrate its ability for self-correction through Lee's expulsion.Following the strategy meeting, the operating committee convened, where the resolution to expel Lee was passed under the leadership of the ruling coalition. Members of the People Power Party did not attend the meeting.The chair of the operating committee urged members before the vote, stating, "This resolution is about recording the National Assembly's stance on the 5·18 Gwangju Democratization Movement."Subsequently, all 17 members present from the ruling coalition voted in favor, allowing the resolution regarding Lee to pass the committee.Meanwhile, on August 24, Lee filed a lawsuit against Kim Min-seok, who referred to her as the 'female Hitler.' Lee's camp argued that Kim's comparison of her to 'female Chun Doo-hwan' and 'female Hitler' constituted malicious personal attacks.* This article has been translated by AI. 2026-08-25 12:48:00
Changwon Revises Public-Private Bus Partnership After Five Years Changwon City is set to revise its public-private partnership for city buses five years after its implementation.The city has outlined three main innovation directions: financial stability, citizen satisfaction, and coexistence. However, the need for reform stems from the growing financial burden each year. Since the introduction of the partnership, the city's financial support has increased by 28.4 billion won, with a significant portion of this increase attributed to driver wages.On August 25, the city announced its plan for 'Changwon Public-Private Partnership 2.0.' The goal is to maintain the operational achievements of the partnership introduced in September 2021 while reducing financial burdens and improving service systems.A city official explained that while the reform aims to enhance financial health and service quality, there is a stronger emphasis on cost reduction.The city has set an annual savings target of 10 billion won, which is not expected to be achieved in the short term. This figure is a long-term estimate based on the cumulative effects of various projects, including a planned reduction of about 5 billion won through route adjustments for low-revenue lines. The remaining savings will come from operational efficiencies, such as expanding bus advertising and selling carbon credits. The full impact of these savings is expected to be realized by 2028.Of the six initiatives being pursued, four will begin in 2028. The direct management of electric charging facilities will start in 2026, while the expansion of bus advertising and cashless buses will be implemented in 2027. However, the more significant cost-saving measures, including the restructuring of low-revenue routes, fuel efficiency systems, and carbon credit sales, are scheduled for the latter part of the term. Consequently, the verification of the savings target will also be delayed.At the heart of the financial savings is the restructuring of low-revenue routes. The city plans to convert about 50 of the 135 city bus routes, which accounts for over 7%, into community buses and demand-responsive transport (DRT) services. This will necessitate adjustments to some routes. While DRT fares will remain the same as existing city buses, community bus fares will be 100 won higher, potentially adding extra costs for users in those areas.During the transition, the mobility rights of vulnerable groups, such as the elderly, students, and night workers, must also be considered.A city official stated, "We will analyze passenger data by route and time using bus card data, and routes with high late-night usage will be excluded from the conversion. We will also prepare alternative transport options based on user demand to replace existing city buses."◆ Maintaining Achievements, But No Immediate Changes ExpectedChangwon City has reported achievements in route adjustments, eco-friendly bus transitions, and safety since the introduction of the public-private partnership.Route adjustments increased from 11 annually before implementation to 29, a 164% rise. Traffic accidents decreased from 879 in 2019 to 700 in 2025, a reduction of 20.4%. The number of electric and hydrogen buses increased to 346, achieving a 70% adoption rate, which the city claims has saved 9 billion won in fuel costs.Citizen satisfaction rose from 67% to 70.6%, while satisfaction with safe driving increased from 66.6% to 75.6%. However, it remains unclear how the reduction in traffic accidents compares to trends in city buses nationwide during the same period.While service reforms have been announced, citizens will not immediately notice changes. No adjustments will take effect on the scheduled implementation date of September 1. A city official noted, "Although the implementation is set for September 1, there will be no immediate changes. We will go through a preparation period and apply changes gradually."The cashless bus initiative, which is expected to be a noticeable change, will undergo pilot testing next year and will not be fully implemented until 2027. The introduction of a mid-schedule system to improve punctuality, along with driver evaluations based on driving records (DTG) and artificial intelligence (AI), will also be phased in.The city aims to move away from a reactive approach to labor disputes and establish a framework for regular discussions among labor, management, and government on ongoing issues.This shift comes after three strikes and one compliance operation over the past six years, which caused repeated inconveniences for citizens. Labor and management have agreed on a wage standard that will apply the civil servant wage increase rate for the next two years and reached a joint declaration of no disputes on August 19.Jeon Jin-an, chairman of the Changwon City Bus Association, stated, "Labor and management have come together under the shared understanding that we are responsible for the citizens' transportation needs and have agreed to maintain a no-dispute relationship. The transportation industry will also actively participate in improving management efficiency and service quality to provide better transportation services."Kang Ki-yun, mayor of Changwon, emphasized, "Since the public-private partnership is funded by taxpayers, there must be accountability for both finances and services. Labor, management, and government must implement improvement tasks without delay based on trust to enhance financial efficiency and provide safer and more convenient city bus services to citizens."* This article has been translated by AI. 2026-08-25 12:40:00
Miridi Partners with Sturning to Enhance Design Services for Businesses Miridi announced on August 25 that it has signed a memorandum of understanding (MOU) with Sturning, which operates the design expert connection platform Loudsourcing.The agreement aims to address the demand from companies seeking to commission professional designers for logo development and customized brand design.Miridi, which runs Miricanvas and Bizhouse, plans to significantly expand its corporate branding infrastructure by combining its B2B network and design capabilities with Sturning's pool of 300,000 designers.Key areas of collaboration include connecting personnel for B2B branding and design projects, utilizing the Miricanvas and Bizhouse infrastructure for production and printing, and exploring joint business opportunities.Miridi will provide corporate client discovery, project management, and Bizhouse's printing and production services. Sturning designers will deliver design outcomes through Miricanvas to maximize collaboration synergies.Kang Chang-seok, CEO of Miridi, stated, "By adding Sturning's proven design talent to Miridi's professional design capabilities and production convenience, we will further enhance the one-stop design solutions that corporate clients desire." He added, "We will continue to expand our service capabilities to dramatically reduce the challenges companies face in branding and design production."* This article has been translated by AI. 2026-08-25 12:28:00