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  • Housing Industry Welcomes August 13 Housing Supply Measures, Sees Improvement in Private Supply Conditions
    Housing Industry Welcomes August 13 Housing Supply Measures, Sees Improvement in Private Supply Conditions The Korea Housing Association, the Korea Housing Construction Association, and the Korea Developers Association welcomed the government's housing supply and financial measures announced on August 13, stating that they could promote private housing supply and contribute to market stability.On the same day, the three associations expressed their approval of the government's "Rapid Housing Supply Plan for Stabilizing the Rental and Sales Market" and "Comprehensive Financial Measures for Real Estate Market Stability," stating, "These measures accurately diagnose the current housing market and recognize the role of the private sector in stabilizing the market."Regarding housing redevelopment and reconstruction projects, they positively assessed the extension of the PF loan guarantee limit until 2027 and the increase in the acquisition price of rental housing to the level of basic construction costs. They also noted that managing housing loans for actual residents separately from financial institution total management goals, simplifying the bidding process for construction materials, expanding the guarantee for bid deposits, improving the trust-based reconstruction system, and establishing a specialized mediation body for reconstruction projects would help facilitate urban housing supply.The associations viewed the recognition of funding support for housing supply as "productive finance" and positively evaluated the temporary suspension of capital ratio regulations for private financing to encourage housing supply funding. They also anticipated that raising the PF guarantee supply target, expanding the reduction of guarantee fees, and broadening exceptions for housing loans for sales and rental businesses would improve financing conditions for housing construction and enhance the momentum for private housing projects.They also gave a positive assessment of the measures to improve conditions for non-apartment supply. The expansion of the building area limit for multi-family and multi-household housing to 1,000 square meters, the relaxed application of community facility area in calculating floor area ratio, and the increase in construction funding limits along with interest rate reductions were all seen as commendable steps. The three associations believe these measures could significantly contribute to revitalizing non-apartment supply, which plays a crucial role in providing affordable housing.They also evaluated the gradual relaxation of the donation ratio for housing construction projects due to expedited permits, the temporary reduction of development burden fees for residential facilities, and the easing of non-residential facility ratios in mixed-use apartments as necessary measures to expand housing supply.However, they emphasized the need for the swift passage of housing supply-related bills currently awaiting approval in the National Assembly. The associations stated, "For the expectations surrounding these measures to translate into actual effects in the housing market, prompt implementation of policy measures, including amendments to related laws, is essential."To ensure smooth policy implementation, they proposed establishing a working group to regularly monitor the progress of policy initiatives and requested additional measures to address unsold properties in local areas that were not specifically covered in this plan. The three associations reiterated their commitment to actively cooperate with government policies to ensure stable housing supply that meets public demand.* This article has been translated by AI. 2026-08-13 17:32:00
  • Meta Accelerates Social Commerce Expansion in APAC, Promising High Returns for Advertisers
    Meta Accelerates Social Commerce Expansion in APAC, Promising High Returns for Advertisers Meta is aggressively expanding its social platform-based commerce ecosystem in the Asia-Pacific (APAC) region. The company aims to integrate unique APAC consumer behaviors, such as the December 12 shopping event, with AI-driven tools to facilitate the entire process from discovery to purchase and post-purchase support on its platforms. On August 13, Meta held an online briefing for media in the APAC region to announce these developments. ◆ "AI Tools Available Regardless of Business Size" Benjamin Joe, Vice President and Head of Meta's APAC region, stated, "Meta aims to be the best platform for business growth, supporting all businesses—from individual entrepreneurs to large advertisers—with the same AI-based marketing tools to drive growth." In the second quarter of 2026, Meta reported a 28% increase in revenue compared to the same period last year, with 3.6 billion people using at least one Meta family app daily. Over 9 million small businesses are utilizing at least one generative AI advertising creative tool, and the adoption rate of image generation features more than doubled in the second quarter. Meta is enhancing its ad exposure prediction and ranking systems using large language models (LLMs), which is improving ad relevance and conversion performance. ◆ Half of APAC Consumers Purchase via Social Platforms An annual holiday shopping survey commissioned by Meta and conducted by Ipsos revealed distinct shopping patterns among APAC consumers. Key findings include: 69% of APAC consumers prefer shopping on December 12 over Black Friday (49%); 47% shop on New Year's Day, more than double the 19% in North America; 50% of purchases in APAC are made through social platforms, exceeding the global average of 37%; consumers who discover products on Meta platforms spend 1.3 times more than those who do not; and trust in creator product reviews is 6 percentage points higher than in other regions. To target these consumer behaviors, Meta is offering a multi-layered commerce solution that includes live broadcast ads, affiliate partnerships, product tagging, and Meta Business Agents. Live broadcast ads utilize the live streaming itself as advertising material, allowing for broadcasts without separate production and enabling transmission in about two minutes without sales commissions. Affiliate partnerships allow creators to recommend products and earn commissions on sales, collaborating with regional retailers like Shopee in Singapore, Lazada in Southeast Asia, and Flipkart and Myntra in India. Over the past year, more than 10 million creators in the APAC region have linked their Facebook accounts with affiliate partners, generating over $24 million in commissions in the past month alone. Product tagging replaces the previous 'profile link' method, allowing creators to tag products directly in Reels and feed posts, with a 'commission eligible' label for transparency. Meta Business Agents are AI agents that automatically handle customer inquiries and order processing 24/7, integrated with platforms like Shopify, Zendesk, and Shopee, and are currently used by 1 million businesses on WhatsApp and Messenger, with plans for expansion to Instagram. During the briefing, Singapore-based parenting content creator Debra, who has 880,000 followers, shared her experience with affiliate partnerships. She gained trust from her followers by showcasing parenting products she used after giving birth, and reported that a brand experiencing poor sales saw a recovery after her content exposure. ◆ 160 Million Scam Ads Removed: "Safety is a Prerequisite for Expansion" However, ensuring safety is a challenge as Meta expands. The company reported removing over 159 million scam ads and 10.9 million scam accounts from Facebook and Instagram last year. In June, Meta collaborated with international law enforcement agencies, including the U.S. Department of Justice and Thailand's Royal Police, to crack down on scam crime organizations, taking action against over 1.4 million accounts, pages, and groups, and seizing more than 1 million online assets, resulting in the arrest of 63 individuals in Thailand. The user education campaign 'One Step Ahead' reached over 330 million people across 18 APAC countries, and over 99% of adjacent content in ads on Facebook, Instagram, and Threads met brand safety standards verified by third-party organizations. In response to inquiries related to South Korea, Meta stated it is addressing celebrity impersonation scam ads using deepfake technology with facial recognition and comparison techniques. On May 24 alone, about 200 suspected scam ads targeting South Korea were removed, and ads deemed scams are automatically blocked. When asked about the launch of the product tagging feature in South Korea, they responded, "It is possible." In the context of increasing competition in short-form and live commerce, Meta expressed its intention to act as an 'enabler' that expands brands' organic voices through creators. ◆ "Advertisers Earn $3 for Every $1 Invested: ROI Increases 30% Annually" In response to questions about investment returns, Meta revealed that advertisers earn an average of $3 for every $1 invested on its platform, with this return on investment (ROI) increasing by 30% annually. This success is attributed to advancements in AI-based ad predictions and audience matching. 2026-08-13 17:24:10
  • Kangwon FC CEO Kim Byung-ji Apologizes for Controversy Over Chuncheon Remarks
    Kangwon FC CEO Kim Byung-ji Apologizes for Controversy Over Chuncheon Remarks Kim Byung-ji, CEO of Kangwon FC, has issued an apology to the city of Chuncheon and its residents regarding the controversy that arose last year over his remarks.On the morning of August 13, Kim released a statement titled 'A Message to the People of Gangwon,' acknowledging that his comments during a press conference discussing the Asian Football Confederation Champions League Elite (ACLE) being held in Chuncheon were misunderstood. He stated, 'Regardless of my intentions, I deeply apologize to the citizens of Chuncheon, the mayor, and city officials who have felt discomfort and hurt.'The conflict between the two parties began during discussions about the ACLE host city last year. At that time, Kim compared Chuncheon's attendance and season ticket sales to those of other regions, such as Gangneung, explaining the differences in hosting conditions. This led to backlash from the local community, with banners demanding his resignation appearing throughout the city.The situation escalated on May 3 of last year during a K League 1 match between Suwon FC and Kangwon FC, when access passes for Chuncheon Mayor Yook Dong-han and city officials were revoked, further straining relations.In response to the access pass controversy, Kim clarified that he did not directly order the revocation. He explained, 'While there were banners around the stadium calling for my resignation, I did not issue a directive to remove them, just as I did not instruct the return of the mayor's access pass or the ban on his entry to the stadium.'He added, 'As the CEO overseeing the club's home games, I regret that such an incident occurred.'Kim's official apology came two days after Mayor Yook demanded a 'sincere apology' as a prerequisite for restoring relations. On August 11, Yook indicated his willingness to host home games for the 2027 season, emphasizing that it was not a matter of personal honor or feelings but rather a matter of respect for the citizens of Chuncheon and soccer fans. He stated, 'A sincere apology from Kim, the person who made the remarks, is the starting point for restoring normal relations.'Currently, Gangwon Province and Kangwon FC are discussing plans to host home games for the 2027 season in both Chuncheon and Gangneung.Kim remarked, 'Kangwon FC is a club for all residents of Gangwon Province,' and urged both Chuncheon and Gangneung to review the criteria and procedures for hosting home games in the 2027 season and to actively participate in future discussions.* This article has been translated by AI. 2026-08-13 17:24:10
  • LHs Lee Seong-hoon Sells Two Properties During Time at Blue House
    LH's Lee Seong-hoon Sells Two Properties During Time at Blue House The Korea Land and Housing Corporation (LH) announced that Lee Seong-hoon, its president, sold two of his three properties while serving at the Blue House. On August 13, LH communicated to reporters that "Lee sold two of his three properties during his time at the Blue House," adding that "the apartment in Dogok-dong was sold in early June, and the apartment in Sejong City had a sales contract finalized in May." However, due to the remaining lease period for the tenant in the Sejong City apartment, the transfer of ownership registration is expected to be completed by the end of October. Therefore, while the property is still registered under his name, LH clarified that a sales contract has already been signed. LH's disclosure of Lee's property sales comes amid recent political scrutiny regarding his multiple property ownership. Park Seong-hoon, a spokesperson for the ruling People Power Party, criticized the Blue House's decision to dismiss Kim Sang-ho, the head of the Chunchu Office, over allegations of unauthorized construction in multi-family housing, calling it a typical case of "cutting off the tail." He claimed, "Lee Seong-hoon, who owned three properties, smoothly transitioned to the position of LH president while still holding multiple properties." Previously, Lee Seong-hoon served as the Blue House's secretary for land and transportation before being appointed as LH president last month. Some have raised concerns that his appointment contradicts President Lee Jae-myung's emphasis on excluding stakeholders with multiple properties from discussions on real estate policy. An LH official stated, "We felt it was necessary to clarify the facts to avoid confusion, as it could be misinterpreted that he has not yet sold his properties, despite having done so." Meanwhile, although the sales contract for the Sejong City apartment has been signed, the transfer of registration has not yet been completed, which means he may still be listed as a multiple property owner for a certain period in public records.* This article has been translated by AI. 2026-08-13 17:24:00
  • Special Prosecutors Conduct Raids on Supreme Prosecutors Office and Seoul High Court Related to Shin Woo-jung
    Special Prosecutors Conduct Raids on Supreme Prosecutors' Office and Seoul High Court Related to Shin Woo-jung The second special prosecutor team, led by Kwon Chang-young, is conducting raids on the Supreme Prosecutors' Office and the Seoul High Court in connection with allegations against former Prosecutor General Shin Woo-jung regarding important duties related to insurrection.On the afternoon of August 13, the special prosecutor's office announced, "We are conducting searches at the Supreme Prosecutors' Office, Seoul High Court, Seoul Central District Prosecutors' Office, and Cheongju District Prosecutors' Office related to allegations against former Prosecutor General Shin and former Planning and Coordination Bureau Chief Jeon Mu-gon regarding insurrection duties."The raids include the PCs of researchers at the Supreme Prosecutors' Office and electronic data created or modified by the Information and Communications Division during the emergency martial law period on December 3.Previously, on August 6, the special prosecutor's office conducted a search of the Information and Communications Division to gather evidence against Shin and Jeon.Shin is accused of considering a plan to dispatch prosecutors to the Joint Investigation Headquarters of the Martial Law Command following the declaration of martial law on December 3, 2024, under the direction of former Justice Minister Park Sung-jae.Jeon is alleged to have assisted Shin in drafting documents regarding the jurisdiction of trials under martial law and participating in discussions about trial jurisdiction.Meanwhile, the special prosecutor's office sought arrest warrants for Shin and Jeon, but the court rejected the requests. The special prosecutor's office is fully committed to conducting a thorough investigation to substantiate the allegations.* This article has been translated by AI. 2026-08-13 17:24:00
  • F&F Acquires Global Trademark Rights for Discovery Expedition for $80 Million
    F&F Acquires Global Trademark Rights for Discovery Expedition for $80 Million F&F is expanding its global brand business by acquiring the global trademark and intellectual property rights for Discovery Expedition.On August 13, F&F announced that it will purchase the global trademark and related IP for Discovery Expedition from Discovery Communications for $80 million. The transfer of trademark rights will proceed sequentially in accordance with relevant laws and procedures in each country.With this acquisition, F&F secures ownership of the Discovery Expedition brand, which it has previously operated under a licensing agreement. This move is expected to enhance brand operational stability and allow for more independent product and marketing strategies in international markets.F&F also plans to expand the brand's identity. The company aims to extend its business scope beyond lifestyle outdoor products into the active wellness sector, developing it into a high-performance lifestyle wear brand with enhanced functionality.Additionally, F&F intends to establish product, marketing, and retail strategies tailored to the consumer characteristics and market environments of each country, thereby increasing brand competitiveness in overseas markets.Kim Chang-soo, Chairman of F&F, stated, "Discovery embodies the curiosity and spirit of challenge that has driven human progress. Discovery Expedition will continue to be a brand that significantly impacts human life in the future."An F&F representative noted, "By securing brand ownership, we have strengthened operational stability while laying the groundwork for global business expansion. We also expect improvements in our revenue structure by alleviating royalty cost burdens."* This article has been translated by AI. 2026-08-13 17:24:00
  • ITCEN Global Reports 92% Revenue Increase in First Half of 2026
    ITCEN Global Reports 92% Revenue Increase in First Half of 2026 ITCEN Global announced that its consolidated revenue for the first half of 2026 reached 5.58 trillion won, marking a 92% increase compared to the same period last year.During the same period, operating profit rose to 107.5 billion won, a 94% increase, while net profit surged to 109.8 billion won, up 153%. An ITCEN Global representative explained that the growth was driven by increased performance in gold distribution and trading businesses, including the Korea Gold Exchange, as well as IT services from subsidiaries like ITCEN CTS and ITCEN N Tech.The gold-related business in the first half was influenced by fluctuations in international gold prices and changes in market demand. The company plans to monitor market conditions, including gold prices and trading demand, as it operates its business in the second half of the year.In the second half, ITCEN Global aims to pursue digital asset-related businesses, including token securities (STO) and real-world assets (RWA). The company is preparing for licensing related to investment brokerage for revenue securities and is exploring issuance and distribution methods for digital assets based on physical assets like gold.Recently, the company acquired a stake in Galaxia FN, securing a majority ownership. Galaxia FN, a subsidiary of Galaxia Money Tree, has the organizational structure and functions to promote token securities-related businesses.ITCEN Global is considering ways to integrate Galaxia FN's capabilities in token securities with its subsidiaries' experience in gold distribution, storage, and digitization of physical assets. This strategy aims to solidify business models for token securities and RWA based on physical assets like gold.Since acquiring the Korea Gold Exchange in 2018, ITCEN Global has operated gold distribution and trading businesses. It later established Korea Gold Exchange Digital Assets and introduced digital services such as fractional gold investment and peer-to-peer physical trading platforms. The consortium in which the company participated was selected as the operator for the Busan Digital Asset Exchange, and it is also involved in related digital asset trading systems.In the IT services sector, the company provides information system construction and operation, cloud transition, and network and infrastructure services to public institutions and private enterprises. Recently, it has expanded services that apply artificial intelligence and data technology to existing system construction and operation projects.ITCEN N Tech has undertaken public digital transformation projects, including the next-generation information system construction for the Korea Housing and Urban Guarantee Corporation (HUG), while its subsidiaries continue to engage in cloud transition, IT infrastructure construction, and outsourcing for public and private clients. The combination of large-scale construction projects and ongoing maintenance and support services has bolstered the performance of the IT services sector.Kang Jin-mo, CEO of ITCEN Global, stated, "In the first half, we saw increased performance in gold trading-related businesses and the IT services sector. In the second half, we will gradually advance our STO and RWA projects in accordance with relevant laws and licensing procedures, while exploring business models that can integrate our existing gold distribution infrastructure and IT service capabilities."* This article has been translated by AI. 2026-08-13 17:20:00
  • Small Business Agency Recognizes Outstanding Service in Q2 2026
    Small Business Agency Recognizes Outstanding Service in Q2 2026 The Small Business Market Promotion Agency announced on August 13, 2026, that it has selected three outstanding cases for its 'Q2 2026 Praise Program.'The agency conducted an internal vote involving 244 employees to determine the top examples from 21 customer commendations submitted on its 'Praise Program' bulletin board.Hwang Ji-hyun, a manager at the Daegu Northern Center, was awarded first place. She received high praise for her meticulous guidance on loan procedures and documents, as well as her genuine empathy for the challenges faced by small business owners.One customer expressed gratitude, stating, "After completing the process, she asked, 'What difficulties have you faced?' Her consideration, despite her busy schedule, brought me to tears."Joint second place went to Hong Hye-jin, a manager in the Specialized Support Team, and Nam Yoon-mi from the Ansan Center. Hong was recognized for her attentiveness to a foreign evaluator who was unwell during a market assessment, ensuring their health was monitored, and providing warm support to attendees at the event.Nam assisted a foreign small business owner by clearly explaining the policy funding system and carefully guiding them through the application process, even helping with documents they had not prepared. The grateful business owner remarked, "This kindness I experienced in Korea has inspired me to help others in need in the future."In Tae-yeon, the agency's director, stated, "The public's praise reflects the valuable efforts of our employees who interact with small business owners on the ground. We will continue to listen to the voices of small business owners and strive to provide warm public services that can be trusted and felt through proactive administration."* This article has been translated by AI. 2026-08-13 17:16:00
  • Rainy long holiday weekend to bring relief to drought-hit southern province
    Rainy long holiday weekend to bring relief to drought-hit southern province SEOUL, August 13 (AJP) - Rain may ruin the plans of many holidaymakers over this weekend, but it is expected to bring much-needed relief to drought-hit areas in the southern part of the country. According to the Korea Meteorological Administration (KMA) on Thursday, rain is forecast for most parts of the country from Friday through Monday, which is a substitute holiday as this year's Liberation Day falls on Saturday. Up to 50 millimeters of precipitation is expected over the long weekend, with scattered showers varying by region, bringing enough rainfall to ease the prolonged heatwave in recent weeks. The rainfall, which comes after this year's 15th Typhoon Chan-hom dissipated over Japan and moved toward the East Sea, is especially good news for South Gyeongsang Province, where water reserves have been depleted due to low precipitation in recent months. The province suffered from a severe drought over the past month, receiving an average of 58.5 millimeters of rain, about a quarter of the usual seasonal average of 241.9 millimeters, prompting the government to dispatch firefighters and other workers, along with more than 200 water tankers, to provide emergency water supplies to drought-hit areas there. AJP Takeaways: - Rain is forecast across most parts of Korea from Friday, Aug. 14, through Monday, Aug. 17, 2026, bringing up to 50 millimeters of precipitation over the long weekend. - The rainfall is expected to ease the prolonged heatwave that has affected much of Korea in recent weeks. - South Gyeongsang Province is expected to benefit significantly from the rain after suffering severe drought conditions caused by months of below average precipitation. - South Gyeongsang Province received an average of 58.5 millimeters of rain over the past month, about one quarter of its usual seasonal average of 241.9 millimeters. - The Korean government dispatched firefighters, other workers and more than 200 water tankers to South Gyeongsang Province to provide emergency water supplies to drought hit areas. 2026-08-13 17:14:02
  • Hanwha Galleria Reports 2nd Quarter Operating Profit of 15.1 Billion Won
    Hanwha Galleria Reports 2nd Quarter Operating Profit of 15.1 Billion Won Hanwha Galleria has successfully turned a profit in the second quarter of this year, driven by increased demand for luxury goods and rising sales to foreign customers. Both revenue and profitability have improved significantly.On August 13, Hanwha Galleria announced that its consolidated operating profit for the second quarter reached 15.1 billion won, a turnaround from an operating loss of 4.8 billion won during the same period last year.During the same timeframe, sales rose to 150.9 billion won, marking an 18.9% increase compared to the previous year. The company also reported a net profit of 5.1 billion won, reversing a loss from the same period last year.This improvement in performance marks the second consecutive quarter of positive results, following a first-quarter operating profit of 12.3 billion won, which was a 551% increase from the same period last year.Since the second half of last year, Hanwha Galleria has focused on enhancing its high jewelry and watch categories at its Apgujeong luxury department store, targeting its key VIP customers.The company has successfully attracted the Swiss watch brand Moritz Grossmann and the German jewelry brand Wellendorff, and has introduced luxury watch brands such as Tudor, Hublot, and Grand Seiko at its Gwanggyo store.Additionally, the influx of over 10 million foreign tourists to South Korea in the first half of this year has positively impacted luxury consumption, contributing to the company's improved performance.A Hanwha Galleria representative stated, “Our profits have significantly improved due to increased demand for luxury goods and rising sales to foreign customers. We will continue to focus on developing new content and enhancing our services to maintain this momentum.”* This article has been translated by AI. 2026-08-13 17:12:00