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South Korean President Cites Japan's Realty Crash to Address Housing Market Concerns

South Korean President Cites Japan's Realty Crash to Address Housing Market Concerns

South Korean President Lee Jae Myung has drawn parallels between Japan's real estate crash in the early 1990s and current concerns about South Korea's housing market. In a public discussion, Lee highlighted the potential risks of an overheated real estate sector, referencing Japan's 'lost decades' as a cautionary tale. The South Korean government is considering revising taxes to stabilize the housing market, which constitutes a significant portion of household wealth in the country. As of March 2025, real assets accounted for 75.8% of Korean household assets. Lee's administration aims to redirect household wealth from real estate to financial markets, although this strategy has seen limited success.

South Korean President Cites Japan's Realty Crash to Address Domestic Housing Concerns

South Korean President Cites Japan's Realty Crash to Address Domestic Housing Concerns

South Korean President Lee Jae Myung has drawn parallels between Japan's real estate crash in the early 1990s and current concerns over South Korea's housing market. During a public discussion, Lee highlighted the potential risks of an overheated real estate market, referencing Japan's 'lost decades' following a significant market crash. South Korea's real estate accounts for a substantial portion of household wealth, with real assets comprising 75.8% of household assets as of March 2025. Lee's administration is considering revising taxes to stabilize the housing sector, aiming to prevent a similar economic downturn. The South Korean government has been proactive in addressing financial imbalances, unlike Japan before its crash, and is exploring measures to redirect household wealth from real estate to financial markets.

New US tariffs linked to claims of foreign forced labor dismay and anger trading partners

New US tariffs linked to claims of foreign forced labor dismay and anger trading partners

U.S. President Donald Trump’s latest set of tariffs has provoked heated objections from America’s trading partners

Samsung Elec, SK Group seal $950 billion deals as South Korea hosts AI powers

Samsung Elec, SK Group seal $950 billion deals as South Korea hosts AI powers

By Max A. Cherney and Heekyong Yang SAN FRANCISCO/SEOUL, July 24 (Reuters) - South Korea announced $950 billion in new AI initiatives involving Samsung Electronics, SK Group and U.S. tech firms as global AI leaders rush to fill a shortage of faster chips to power and develop more advanced systems.

U.S. Government Reaffirms Commitment to 15% Tariff Cap with South Korea Amid New Section 301 Duties

U.S. Government Reaffirms Commitment to 15% Tariff Cap with South Korea Amid New Section 301 Duties

The United States has confirmed its commitment to maintaining a 15% tariff cap on South Korean goods, as per the existing Seoul-Washington trade agreement. This comes in light of newly announced Section 301 tariffs on imports from 60 trade partners, which range from 10% to 12.5%. The announcement follows the expiration of temporary 10% worldwide tariffs and a Supreme Court decision that struck down previous reciprocal tariffs. South Korea, along with Japan and Switzerland, is subject to a 12.5% tariff under the new scheme. The South Korean government, led by Industry Minister Kim Jung-kwan, has been in talks with U.S. officials to ensure that any tariffs resulting from ongoing investigations into forced labor and excess industrial capacity remain within the agreed 15% ceiling.

UNESCO adds Greece's Mount Olympus, ancient Japanese capitals to World Heritage List

UNESCO adds Greece's Mount Olympus, ancient Japanese capitals to World Heritage List

The iconic Mount Olympus in Greece and the ancient Japanese capitals of Asuka and Fujiwara were among the sites added to the World Heritage List on Sunday at a U.N. committee meeting in South Korea reviewing dozens of nominations

Korea's chipmakers prepare big U.S. deals in Silicon Valley

Korea's chipmakers prepare big U.S. deals in Silicon Valley

Samsung Electronics and SK Hynix are preparing to unveil major supply agreements with American technology companies during President Lee Jae Myung’s visit to Silicon Valley. The negotiations behind these deals have been running for months. What changed is the venue, and that detail says something ...

Chairman of South Korean tech giant SK ordered to pay $640 million in divorce case

Chairman of South Korean tech giant SK ordered to pay $640 million in divorce case

A South Korean court has ordered billionaire SK Group Chairman Chey Tae-won to pay $640 million to his ex-wife Roh So-yeong in a case that the national media dubbed the divorce of the century

US tariff hikes linked to claims of foreign labor dismay and anger trading partners

US tariff hikes linked to claims of foreign labor dismay and anger trading partners

U.S. President Donald Trump’s latest set of tariff hikes has provoked heated objections from America’s trading partners

UNESCO adds West Bank site and Lebanese castles to World Heritage List despite Israeli objections

UNESCO adds West Bank site and Lebanese castles to World Heritage List despite Israeli objections

A United Nations committee has inscribed a major archaeological site in the West Bank and a set of castles in southern Lebanon as World Heritage sites

South Korea's AI Boom Influences Housing Market, Exacerbating Property Divide

South Korea's AI Boom Influences Housing Market, Exacerbating Property Divide

The AI boom in South Korea, fueled by increased spending in the U.S., is significantly impacting the country's housing market. Major South Korean chip manufacturers like Samsung Electronics and SK Hynix are experiencing record profits and expanding their factories. The financial gains from these companies are spilling over into the real estate sector, leading to increased property values. This trend is contributing to a widening property divide, as housing affordability becomes a growing concern amidst rising asset inequality.

South Korea shifting to ‘peace first’ North Korea policy, retains denuclearisation goal

South Korea shifting to ‘peace first’ North Korea policy, retains denuclearisation goal

By Kyu-seok Shim SEOUL, July 23 (Reuters) - South Korea is abandoning a "denuclearisation first" policy in favour of a "peace first" approach towards North Korea, Unification Minister Chung Dong-young said on Thursday, while retaining the eventual goal of a nuclear-free Korean Peninsula.