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[Photo News] Mercedes-Benz Korea contributes to urban forest in Seoul
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Korea Herald
2 days ago
- Korea Herald
Seoul Mayor orders regulatory review of foreign buyers' housing purchases
Seoul Mayor Oh Se-hoon on Monday ordered city officials to review potential regulations and monitoring measures on purchases of high-priced real estate by foreign nationals who do not reside in the property. According to the Seoul Metropolitan Government, Oh directed relevant departments to examine how major countries, including the United States, Australia, Singapore and Canada, regulate and monitor foreign purchases of housing for non residential purposes. Oh also requested the departments to assess whether such measures could be applied in Seoul. The city government said the mayor's directive was prompted by concerns that purchases of high-priced homes by foreign buyers who do not live there could distort the real estate market and lead to reverse discrimination against local residents. So far, the city government has proposed amendments to the Act on Report on Real Estate Transactions to limit real estate acquisitions by foreign nationals who do not live in the property to the Land Ministry. It has also joined hands with the Seoul Institute to analyze foreign property ownership by nationality, age and region to improve transparency in real estate transactions involving foreign nationals since July. The National Tax Service launched a special tax investigation into 49 foreign nationals who allegedly acquired high-priced houses through illicit means in Gangnam-gu, Seocho-gu, Songpa-gu and Yongsan-gu in early August. The tax agency added that most of them were from the US and China, and about 40 percent of them were ethnic Koreans. The city government plans to review different measures, including pre-approval and permit systems based on the principle of reciprocity, and consult with the Land Ministry to determine the policy direction for high-priced real estate acquisitions by foreign buyers for purposes other than living there.
Korea Herald
5 days ago
- Korea Herald
CODIT Showcases AI-Powered Policy Agent at APEC Digital & AI Forum
– Launches AI-driven policy dashboard for government and industry leaders from 21 APEC economies – Set to present digital transformation and AI collaboration strategies at APEC Dialogue on August 12 SEOUL, South Korea, Aug. 8, 2025 /PRNewswire/ -- CODIT, an AI-powered legal and policy intelligence platform, participated in the corporate exhibition at the APEC 2025 Digital & AI Forum held on August 5 in Songdo, Incheon. During the forum, the company presented its real-time policy monitoring platform designed to improve access to timely and accurate regulatory intelligence. The forum, held as an official side event of the APEC Digital and AI Ministerial Meeting, convened government and industry leaders from all 21 APEC member economies. At its exhibition booth, CODIT introduced its dynamic dashboard that curates and summarizes policy developments related to core forum themes, including artificial intelligence and digital transformation. The platform attracted significant attention from policymakers and ICT experts across the region. Korea's Minister of Science and ICT, Bae Kyung-hoon, visited the booth to explore the platform firsthand. Attendees noted that in a rapidly evolving regulatory environment like Korea's, having concise policy updates available in English significantly enhances accessibility and practical usability for global stakeholders. The AI-powered dashboard's ability to automatically classify and summarize legislation, press releases, and news articles based on user-defined topics, was particularly well received. CODIT currently provides policy response support services built on Korea's largest policy data coverage and proprietary AI summarization engine. In the second half of this year, the company plans to launch Chat CODIT, an interactive AI agent that enables real-time Q&A on policy information across major jurisdictions, including Korea and the United States. "It was truly meaningful to receive direct feedback from policymakers who recognized CODIT as a practical solution for real-world policy response." said Ji Eun Chung, CEO of CODIT. "As digital environments evolve at unprecedented speed, the ability to deliver cross-border policy insights with speed and accuracy has never been greater. CODIT will continue to grow as a global platform that empowers better, faster policy decisions." CODIT is also scheduled to speak at the upcoming APEC Public-Private Dialogue on August 12, where it will share strategic perspectives on digital transformation and AI cooperation. As APEC advances its regional agenda on AI collaboration, the session will highlight how AI-powered policy platforms can help build a more inclusive and sustainable digital ecosystem.
Korea Herald
03-08-2025
- Korea Herald
Foreign money returns to Kospi, piling into Samsung
Analysts forecast Kospi's rally to take pause in August amid market correction Foreign investors net purchased shares of over 6 trillion won ($4.3 billion) on the benchmark Kospi in July, driven largely by a massive 3.5 trillion won buying spree on the country's leading chipmaker, Samsung Electronics. Offshore investors bought a net 6.28 trillion won worth of local stocks on the main bourse Kospi in July, according to the data from the bourse operator Korea Exchange. It was the largest amount since the 7.86 trillion won net buying in February 2024. Since turning to a net buying stance in May, foreign investors have been scooping up shares on the Kospi for three consecutive months. Samsung Electronics was the top pick, drawing 3.5 trillion won in net foreign purchases, accounting for 56 percent of the monthly total. Giving further buying momentum was news that the company would manufacture AI chips for Tesla under a multiyear $16.5 billion deal, stoking hopes of a rebound in its loss-making foundry business. Hanwha Ocean followed, buoyed by expectations surrounding the Korea-US trade deal, with offshore investors net purchasing shares worth 858 billion won. The shipbuilder under the defense-to-energy conglomerate Hanwha Group is expected to anchor the Korea-US shipbuilding initiative 'Make American Shipbuilding Great Again.' Shares of SK Square (457 billion won), Isu Petasys (329 billion won) and Hanwha Aerospace (249 billion won) trailed behind as the next most purchased stocks. Marking a contrast with the buying rally for Samsung Electronics, offshore investors offloaded 193.1 billion won worth of SK hynix shares last month, following a bearish forecast from global banking giant Goldman Sachs. Naver was the most sold stock by foreigners during the period, as they dumped 668.2 billion won worth of shares last month. Major net sold stocks included Doosan Enerbility (243.8 billion won), Samsung SDI (206.8 billion won), Kakao Pay (184.5 billion won) and KB Financial Group (159.8 billion won). Meanwhile, the Kospi sank to 3,119.41 on Friday, down 3.88 percent from the previous session, marking its sharpest single-day drop in two months. The stock market was dampened by the government's tax code revision plan and the uncertainty associated with the US tariff talks. On the day, foreign investors offloaded shares worth 656 billion won on the Kospi. 'Investor sentiment weakened as expectations for US rate cuts receded. Foreign investors posted net selling of around 1 trillion won in both the spot and futures markets amid a stronger dollar,' analyst Park Ki-hoon from Korea Investment & Securities explained. 'The market experienced a sharp correction as a series of expectations quickly unraveled amid heightened macro uncertainty both at home and abroad,' said Lee Kyung-min of Daishin Securities. Despite the Kospi's bullish run in recent months, analysts anticipate a period of elevated volatility in August as the index steps into a phase of valuation correction. 'The conclusion of the Korea-US tariff negotiations, diminished expectations for US rate cuts, and lowered hopes for tax reform are factors weighing on the stock market," said Na Jeong-hwan, an analyst at NH Investment & Securities, projecting the Kospi to trade between 3,000 and 3,300 points this week. 'With a lack of earnings momentum in the domestic market, a short-term correction appears necessary. Volatility is expected to increase in August,' said Kyobo Securities analyst Kim Joon-woo, suggesting the Kospi could inch down to as low as 2,900 points this month.
