The Korea Times

Pace Gallery Seoul's head works to carve out lasting place for Korean art

For the first two years after joining Pace Gallery, Lee Young-joo found herself constantly shuttling between Seoul and Hong Kong. In 2015, the blue-chip New York gallery was looking toward Hong Kong, not Seoul. The Asian art market was expanding rapidly and the world’s major dealers were following the money into China. Lee was brought in as a senior director to help with Pace’s growing Hong Kong operation, where she watched the city’s art world gradually transform. But what she saw made her think about her home country. “Dealers and artists from around the world were coming together in Hong Kong, and I was able to watch firsthand how that complex ecosystem grew and was absorbed back into the local market,” she said. “I kept thinking that I wanted to see something like that happen in Korea, too.” Korean collectors were already traveling to Hong Kong to attend fairs and buy art. To Lee, that suggested something the global galleries had yet to fully recognize: Korea did not lack a market. Its infrastructure simply had not caught up with its growing appetite for international ar

Aug 27, 2026By Park Han-sol

Pace Gallery Seoul's head works to carve out lasting place for Korean art

Economy

KOSPI inches up as corporate buying offsets foreign, retail sell-offs

The KOSPI edged higher Wednesday, buoyed by buying from corporate investors as Samsung Electronics and SK hynix stepped up share buyback plans, though cautious trading ahead of Nvidia’s earnings kept gains in check. The benchmark index opened at 6,727.25, down 0.23 percent from the previous session, and moved within a narrow range before picking up momentum in the afternoon. It ultimately closed at 6,808.21, up 0.97 percent. The gain came despite selling by both retail and foreign investors. Retail investors offloaded a net 2.25 trillion won ($1.63 billion) worth of shares, while foreign investors sold 105.2 billion won. Institutional investors, meanwhile, purchased a net 764.9 billion won. Corporate investors — companies that fall outside the individual, foreign and institutional investor categories — were the most notable buyers, purchasing a net 1.6 trillion won. The buying appeared to reflect in part purchases related to the share buyback programs announced by Samsung Electronics and SK hynix. Shares of the two semiconductor heavyweights rose 1.75 percent and 0.6 percent, respe

Aug 26, 2026By Park Han-sol

KOSPI inches up as corporate buying offsets foreign, retail sell-offs

Companies

Korea's public delivery apps struggle to turn low fees into lasting loyalty

President Lee Jae Myung on Tuesday called for measures that would help public delivery apps become a meaningful counterweight to dominant private platforms whose high fees are considered a burden on small businesses. But despite initially winning users over with cheaper rates, many public apps have struggled to maintain their user base and transaction volume once state subsidies scale back, raising questions about whether they can become self-sustaining. At a Cabinet meeting at Cheong Wa Dae in Seoul, Lee described the food delivery market as “effectively a powerful oligopoly,” after being told that food delivery apps Baemin and Coupang Eats together account for roughly 93 percent of the market. Lee Byeong-gweon, second vice minister of SMEs and startups, stated that the government plans to use next year’s budget to give public delivery apps a major boost. “We are planning a support program aimed at raising their combined market share to 15 to 20 percent.” There are currently 12 public delivery apps operated or supported by local governments across the country. Since 2020, loca

Aug 26, 2026By Park Han-sol

Korea's public delivery apps struggle to turn low fees into lasting loyalty

Economy

'You can't remove heart from body': FSS, KDIC unions rally against relocation out of Seoul

“The Korea Deposit Insurance Corporation (KDIC) and the Financial Supervisory Service (FSS) are the heart of Korea’s financial stability. And yet the government says it wants to move that heart away from the center of the financial markets. If you take out the heart and put it somewhere else, can you really expect the body to keep functioning normally?” The voice of Kim Young-heon, head of the KDIC labor union, rang out under the sweltering sun outside Cheong Wa Dae in Seoul, Monday. “Heart transplant surgery is among the most delicate procedures, where even a single mistake can be fatal. Keep in mind that our financial system has no anesthesia and no recovery room.” More than 40 union members from the KDIC and FSS waved bright red placards as Kim continued his speech at a rare joint press conference protesting a government plan to relocate the institutions to Sejong, Korea’s administrative capital. The relocation drive is part of the Lee Jae Myung administration’s push to move government agencies out of the Seoul area, thus easing the heavy concentration around the capital

Aug 24, 2026By Park Han-sol

'You can't remove heart from body': FSS, KDIC unions rally against relocation out of Seoul

Economy

85% of staff consider quitting if FSS moves out of Seoul

The prospect of relocating the Financial Supervisory Service (FSS) outside Seoul is raising fears that it could accelerate an exodus of staff that is already well underway, according to industry officials Sunday. The FSS is among the financial institutions being considered for relocation to Sejong, Korea’s administrative capital, as part of President Lee Jae Myung’s broader push to move government agencies out of the Seoul area and ease the country’s heavy concentration around the capital. The Cabinet is expected to begin deliberations as early as next week on the relocation drive. FSS data show that 481 employees left the watchdog between 2022 and July 2026, with more than 100 departing each year. So far this year, 54 employees have already left. Younger staff have accounted for a growing share of departures, with employees in their 20s, 30s and 40s accounting for 180, or 37.4 percent, of the total. They made up half of those who left this year. Amid the ongoing staff exodus, the prospect of relocation has heightened concerns that the FSS could lose even more experienced professio

Aug 23, 2026By Park Han-sol

85% of staff consider quitting if FSS moves out of Seoul

Banking & Finance

Non-life insurers set sights on global specialty market as new growth engine

Major Korean non-life insurers are stepping up their push into the global specialty insurance market for new growth opportunities as the domestic market matures, with KB Insurance becoming the latest to pursue a foothold at Lloyd’s of London, industry officials said Sunday. KB Insurance CEO Koo Bon-wook is expected to visit Lloyd’s next month, following board approval in March for the company to pursue an entry into the market. The visit will reportedly give Koo a chance to assess potential entry routes and business opportunities firsthand. The company is set to finalize its plans in the first half of next year. Lloyd’s is the world’s leading specialty insurance marketplace, bringing together syndicates, underwriters and brokers to take on risks that are too complex or high-value for conventional insurers to handle. Its market spans everything from aviation, cyber and professional indemnity to high-value assets such as fine art and jewelry, as well as risks arising from natural disasters, terrorism and war. For KB Insurance, the push overseas comes as growth in Korea’s non-lif

Aug 23, 2026By Park Han-sol

Non-life insurers set sights on global specialty market as new growth engine

Companies

MBK Partners threatens legal action against Korea Zinc management over 'false' EGM materials

Private equity firm MBK Partners has threatened legal action against Korea Zinc management over what it called “false and misleading” claims about companies in its investment portfolio, escalating the latest fight for control of the zinc smelter ahead of an extraordinary general meeting (EGM). Korea Zinc is due to hold the EGM on Sept. 9, with shareholders set to vote on five outside directors, including one audit committee member. The MBK Partners-Young Poong alliance, the smelter’s largest shareholder, is seeking to take control of the board in a contest with Chairman Choi Yun-beom. MBK objected to explanatory materials for the meeting posted on Korea Zinc’s website by Choi’s camp, accusing the company of selectively presenting and distorting facts about the performance of executives at its portfolio companies. The private equity firm demanded that the problematic materials be removed and that measures be taken to prevent similar claims from being made again. It warned that it could pursue criminal complaints and other legal action if its demands are not met. The disputed mat

Aug 20, 2026By Park Han-sol

MBK Partners threatens legal action against Korea Zinc management over 'false' EGM materials

Economy

Deposit insurance fee hikes face pushback from financial firms

Financial companies are pushing back against plans to raise deposit insurance fees, warning that a steep increase could put an excessive burden on the industry and ultimately be passed on to customers, industry officials said Thursday. The Korea Deposit Insurance Corporation (KDIC) is currently considering higher deposit insurance rates across financial sectors, which would mark the first increase since 2009. The move follows the government’s decision last September to double the deposit protection limit from 50 million won ($36,000) to 100 million won. The KDIC, which collects fees from financial companies to build a fund used to reimburse depositors when institutions fail, says the industry should shoulder more of the cost as the number of failed financial companies — including dozens of savings banks and MG Non-Life Insurance — has grown over the years. The scale of the proposed increase, however, has become a sticking point. A recent study commissioned by the KDIC estimated that the deposit insurance rate for banks should rise to 0.13 percent of eligible deposit balance from the

Aug 20, 2026By Park Han-sol

Deposit insurance fee hikes face pushback from financial firms

Economy

Young Koreans' 1st-home buying hits 5-year high as Seoul rents soar

First-time home purchases by people in their 20s and 30s hit a nearly five-year high in Seoul in July, as rising “jeonse” rental costs and relatively accessible mortgage financing encouraged more young renters to enter the housing market, government data showed Wednesday. According to the Supreme Court’s real estate registration data, 7,547 first-home purchases were recorded in the capital city last month, the highest monthly figure since November 2021. Buyers in their 20s accounted for 887 transactions, or 11.8 percent of the total, while those in their 30s accounted for 4,300, or 57 percent. The surge comes as jeonse costs continue to rise. Under the uniquely Korean rental system, tenants pay a large lump-sum deposit instead of monthly rent. The apartment jeonse price index in Seoul rose to 104.39 in June from 100 at the start of the year, according to the Korea Real Estate Board. The rising jeonse deposits can make buying comparatively attractive for young eligible renters, particularly when policy-backed loans lower their upfront financing barrier. Eunpyeong recorded the most pu

Aug 19, 2026By Park Han-sol

Young Koreans' 1st-home buying hits 5-year high as Seoul rents soar

Companies

Korea Zinc ownership battle underscores need for truly independent boards: governance expert

As a candidate backed by the MBK Partners-Young Poong alliance for an audit committee seat at Korea Zinc, Park Yoo-kyung finds herself at the center of one of the country’s most closely watched battles for corporate control. The zinc smelter is due to hold an extraordinary shareholders meeting on Sept. 9, where participants will vote on the election of an audit committee member as the alliance vies for control of the board with the company’s chairman, Choi Yun-beom. Young Poong and MBK Partners, the smelter’s largest shareholders, are backing Park, while Choi’s camp is fielding Baek In-kyoo, a former chairman of Deloitte Korea’s board. For Park, however, the significance of the September vote goes far beyond the bruising battle between the two sides. After spending nearly two decades at APG Asset Management as its Asia-Pacific head of responsible governance and investment, she sees Korea Zinc as a real-world test case for whether the country’s recent Commercial Act revision can translate into tangible changes in how corporate governance is practiced. “The idea that good gov

Aug 18, 2026By Park Han-sol

Park Han-sol

Read more

Pace Gallery Seoul's head works to carve out lasting place for Korean art

KOSPI inches up as corporate buying offsets foreign, retail sell-offs

Korea's public delivery apps struggle to turn low fees into lasting loyalty

'You can't remove heart from body': FSS, KDIC unions rally against relocation out of Seoul

85% of staff consider quitting if FSS moves out of Seoul

Non-life insurers set sights on global specialty market as new growth engine

MBK Partners threatens legal action against Korea Zinc management over 'false' EGM materials

Deposit insurance fee hikes face pushback from financial firms

Young Koreans' 1st-home buying hits 5-year high as Seoul rents soar

Korea Zinc ownership battle underscores need for truly independent boards: governance expert

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