my timesThe Korea Times
lhj

Lee Hyo-jin

Korea Times Finance Reporter

Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.

Go to Email

Read more

Economy

Seoul stocks tumble as Trump threatens 'extremely hard' strikes on Iran

Seoul stocks tumbled Thursday after U.S. President Donald Trump warned of "extremely hard" strikes on Iran, rattling global markets and fueling risk-off sentiment among foreign investors. Trump's remarks dashed hopes for a de-escalation in the Middle East, sending the Korean won sharply lower. The currency closed at 1,519.7 won per dollar, down 18.4 won from the previous session. The benchmark KOSPI opened at 5,541.20, up 62.50 points, or 1.14 percent, from the previous session, but quickly turned lower as foreign investors led a broad sell-off. It fell 244.65 points, or 4.47 percent, to close at 5,234.05. Foreign investors and institutions were heavy net sellers, offloading 132.9 billion won ($87.6 million) and 1.4512 trillion won, respectively. Retail investors moved to cushion the decline, buying a net 1.2052 trillion won. Market bellwethers also came under pressure. Samsung Electronics fell 5.91 percent to 178,400 won, while SK hynix dropped 7.05 percent to 830,000 won. A sell-side sidecar was triggered around 2:46 p.m., according to the Korea Exchange, as KOSPI 200 futures fell 5.04

Apr 2, 2026By Lee Hyo-jin
Seoul stocks tumble as Trump threatens 'extremely hard' strikes on Iran
Economy

Questions rise over effectiveness of tightened driving rotation for public sector

The government's plan to impose a stricter driving rotation system across the public sector, aimed at curbing fuel consumption amid rising energy prices, is drawing skepticism over its effectiveness, according to industry watchers Thursday. Announced a day earlier, the measure will take effect next Wednesday and require public institutions to adopt a two-day rotation based on license plate numbers. Vehicle use will be correspond to calendar date. Cars with plates ending in odd numbers will be barred on odd-numbered days, while those with even-numbered plates will be restricted on even-numbered days. The policy will apply to around 11,000 public institutions — including central and local governments, state-run agencies, public schools and universities — and cover an estimated 1.3 million vehicles nationwide, officials said. For the private sector, the government plans to implement indirect curbs by limiting access to around 30,000 public parking lots under a five-day rotation system based on the last digits of license plates. The tightened rule on the public sector has prompted backlas

Apr 2, 2026By Lee Hyo-jin
Questions rise over effectiveness of tightened driving rotation for public sector
Policy

Will Korea's WGBI debut bring FX stability?

Korea's inclusion in the World Government Bond Index (WGBI) took effect Wednesday, raising expectations that fresh foreign inflows could help support the weakening won. According to financial authorities, the inclusion of Korean government bonds into the index operated by London-based FTSE Russell will be phased in over eight months through November. The WGBI currently comprises government bonds from 25 countries, and Korea's weighting is expected to reach around 2 percent, making it the ninth-largest among members. Inclusion in the index is expected to trigger investment from global institutional investors, including pension funds and asset managers that track the benchmark. The Ministry of Finance and Economy said it held a kick-off meeting for a task force the same day with the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service and the Korea Securities Depository to monitor WGBI-related capital inflows and promote further investment. Koo Yun-cheol, deputy prime minister and finance minister, said the inclusion to the global index is expected to help sta

Apr 1, 2026By Lee Hyo-jin
Will Korea's WGBI debut bring FX stability?
Economy

'Map for beggars' goes viral as Koreans seek cheap eats amid rising prices

A graduate student surnamed Jeong, living in Seoul's Seongbuk District, recently began using a crowdsourced map of cheap eateries to cope with rising dining costs. "I came across it on an online campus community and found a noodle place for 5,000 won ($3.30)," she said. "I got tired of cafeteria food, but eating out is expensive these days since most places cost 10,000 to 15,000 won. It's a burden for a student like me." The website, Geojimap, which translates to "map for beggars," has gone viral among young Koreans seeking budget meals as surging food prices take a toll on their wallets. The platform aggregates user recommendations of restaurants where a meal can be had for under 10,000 won, operating on what it describes as the "collective intelligence and strict evaluation of beggars." More than 2,500 restaurants and cafes across the country have been listed as of Wednesday. Users not only share locations but also post detailed reviews. One pork cutlet restaurant in Seoul's Seodaemun District, where a meal costs around 4,000 won, drew comments such as "It's worth 15,000 won" and "Port

Apr 1, 2026By Lee Hyo-jin
'Map for beggars' goes viral as Koreans seek cheap eats amid rising prices
Economy

'Everything's going up': Small business owners squeezed by rising fuel, ingredient costs

Kim Bong-hwan, who runs a barbecue restaurant in Myeong-dong in central Seoul, is feeling the brunt of rising costs, with wholesale beef prices climbing from about 28,000 won ($18) per kilogram to more than 40,000 won in recent weeks. "Everything's going up — beef, pork, eggs, vegetables and even disposable materials like plastic bags and containers," he said. "Prices have risen 20 to 30 percent in just a few weeks." Kim, who has operated the restaurant for more than 15 years, said raising menu prices is a last resort as he fears losing customers. "For now, I'm absorbing the hit to my margins," he said. "But I'm worried this is only the beginning and the worst is yet to come." Like Kim, many small business owners across Korea are grappling with rising fuel, ingredient and packaging costs as higher global oil prices ripple through the economy amid tensions in the Middle East. Global oil prices have surged amid the escalating conflict. U.S. West Texas Intermediate crude futures for May delivery rose 3.25 percent to $102.88 per barrel on Monday, surpassing the $100 mark on a closing basis

Apr 1, 2026By Lee Hyo-jin
'Everything's going up': Small business owners squeezed by rising fuel, ingredient costs
Politics

Labor Day set to become public holiday for all workers

The National Assembly on Tuesday passed a bill designating May 1 Labor Day as a public holiday, extending the right to take the day off to all workers in Korea. If approved at an upcoming Cabinet meeting, the revision to the Act on Public Holidays will take effect this year, granting all workers — regardless of employment status — a day off on May 1. Lawmakers approved the bill in a plenary session with 194 votes in favor, two against and three abstentions out of 199 members present. The amendment designates Labor Day as an official public holiday, expanding coverage to include public officials, teachers and workers in irregular employment arrangements such as platform- and contract-based jobs. Labor Day has been recognized as a paid holiday under the Labor Standards Act since 1994, but the law applied only to workers classified as employees under labor law. Public sector employees and many nontraditional workers were excluded. National Assembly Speaker Woo Won-shik said the move addresses long-standing gaps in labor rights coverage. "Labor Day had been applied only to the private sect

Mar 31, 2026By Lee Hyo-jin
Labor Day set to become public holiday for all workers
Policy

BOK chief nominee shrugs off concerns over weakening won

Bank of Korea (BOK) Gov. nominee Shin Hyun-song downplayed concerns over the weakening Korean won Tuesday, saying the exchange rate does not necessarily signal financial instability. "The exchange rate level itself should not be given too much significance," Shin told reporters on his way to the office. "Rather, it reflects how much risk the financial system can absorb. In that sense, there is no major concern at this point." "Unlike in the past, there is no need to directly link exchange rate movements with financial instability," he added. The nominee's remarks come as the Korean currency has hovered around the 1,500 level against the U.S. dollar in recent trading days, pressured by foreign selling of domestic stocks amid the ongoing Middle East crisis. Shin cited the Middle East conflict as the biggest near-term risk to the economy, warning that higher oil prices could fuel inflation while weighing on growth. "Given the high level of uncertainty over how the situation will unfold in the Middle East, it is difficult to say more at this point," he said. Hours after his remarks, the centra

Mar 31, 2026By Lee Hyo-jin
BOK chief nominee shrugs off concerns over weakening won
Banking & Finance

Hana Bank wins 2026 Best Bank of Korea award

Hana Bank has been named "2026 Best Bank of Korea" by Global Finance, a U.S.-based financial magazine, the lender said Monday. This marks the bank's 10th win and sixth straight year receiving the title. In addition to the top honor, the bank was also recognized as Korea's best foreign exchange bank for the 25th consecutive year and best trade finance bank for the 25th time overall. Global Finance cited Hana Bank's artificial intelligence-driven digital innovation, as well as differentiated services in the overseas market supported by its expanding global network. The magazine also pointed to the lender's stable earnings, effective risk management and customer-focused financial services. "The award reflects our customer-focused approach and growing competitiveness in the global market," a Hana Bank official said. "We will continue to pursue innovation and strengthen our position as a leading global bank." Hana expanded its global footprint in 2025 by launching new branches in the United States, Poland and India. It currently operates 144 overseas networks across 27 regions, marking the larg

Mar 30, 2026By Lee Hyo-jin
Hana Bank wins 2026 Best Bank of Korea award
Banking & Finance

Leveraged homeowners struggle with surging mortgage rates amid growing inflation pressure

A salaried worker in his 40s surnamed Park, who lives in Seoul's Yeongdeungpo District, is increasingly feeling the strain of rising mortgage payments. "I bought an apartment in early 2021 with a mortgage at a rate in the 2 percent range," he said. "After the loan switched to a variable rate earlier this year, it rose to 4 percent. I am now paying more than 2 million won ($1,320) a month, which is a significant burden considering my income." "With two children to support and grocery prices rising, I have little room to cut spending elsewhere," he added. Park is among many Koreans who stretched their budgets to buy homes at the peak of the real estate market. But as mortgage rates have climbed to a three-year high, they are facing rising repayment burdens. According to the financial industry, five-year reset mortgage rates at the country's five major banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — ranged between 4.41 percent and 7.01 percent as of last Friday. It marks the first time since October 2022 that the upper end of the range has exceeded 7 percent. Such mortgages typ

Mar 30, 2026By Lee Hyo-jin
Leveraged homeowners struggle with surging mortgage rates amid growing inflation pressure
Banking & Finance

JB Financial to offer non-face-to-face banking for foreign residents

JB Financial Group will expand financial services for foreign residents in Korea through a pilot program enabling non-face-to-face account opening, the group said Sunday. The initiative, unveiled March 23 at a National Assembly forum, seeks to allow long-term foreign residents and overseas Koreans to open low-limit bank accounts remotely using passport information and biometric authentication before receiving an residence card. The move is aimed at closing a gap in access to basic financial services during the initial settlement period. As it can take up to two months for foreign nationals to obtain residence cards after arrival, many are left without bank accounts during that time, limiting access to essential services such as online shopping, telecommunications and delivery platforms. "While the number of foreign residents in Korea has already surpassed 2.6 million and is approaching 3 million, many still struggle to open bank accounts in the early stages of their stay," said Park Jong-choon, vice president and head of the AI transformation division at JB Financial Group. "Limited acces

Mar 29, 2026By Lee Hyo-jin
JB Financial to offer non-face-to-face banking for foreign residents
previous page
89101112
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.