The Korea Times

New fire protection association chief vows shift from response to prevention

Kim Ki-hwan, the newly appointed chairman of the Korean Fire Protection Association, pledged to shift the organization's focus from post-accident response to proactive risk management and prevention. Speaking at his inauguration ceremony on Monday, Kim said the association should evolve into a comprehensive disaster risk management institution capable of identifying risks before accidents occur. "Our mission is to identify risks before they materialize, prevent accidents and help build a safer society," Kim said. "Over the past 53 years, the association has helped shape Korea's history of risk management and disaster prevention," he said. "The expertise, experience and data we have accumulated over these decades are valuable assets that only few organizations can match." Kim pointed to growing challenges posed by climate-related disasters, electric vehicles, energy storage systems and data centers, saying rapid technological change is creating new demands for risk management. "Change is not a choice but a reality. However, this is not a crisis, but an opportunity for us to leap forward." T

Jun 23, 2026By Lee Hyo-jin

New fire protection association chief vows shift from response to prevention

Banking & Finance

Housing loan scams hit IBK, Woori Bank

A series of commercial property scams at major lenders has put banks on alert for similar fraud schemes involving external parties, industry officials said Tuesday. Industrial Bank of Korea (IBK) on Monday disclosed a financial fraud case involving 4.78 billion won ($3.11 million) linked to a commercial property presales scam. According to a regulatory filing, the incident took place between May and December 2024 and was uncovered after investigative authorities requested related documents. The scam involved borrowers misleading the lender about property values and presales prices to secure loans larger than they would have qualified for. The bank said it has yet to determine the expected amount of losses. "The fraud involved borrowers obtaining larger loans by inflating property prices above their appraised values. The case is currently under investigation," an IBK official said. The disclosure came a week after Woori Bank reported a separate financial incident involving 4.01 billion won caused by fraudulent documents submitted by an external party. The incident occurred in August 2024 an

Jun 23, 2026By Lee Hyo-jin

Economy

Over 200 stocks face delisting as penny stock crackdown kicks off in July

More than 200 public companies could face delisting under a new Korea Exchange (KRX) rule targeting penny stocks set to take effect July 1, putting investors and affected firms on edge. Penny stocks refer to shares trading below 1,000 won ($0.65). According to KRX data, 219 companies were trading below that threshold as of Friday, accounting for 7.6 percent of all listed firms. The total includes 148 companies listed on the secondary Kosdaq market, 42 on the benchmark KOSPI and 29 on the Korea New Exchange (KONEX), a market for small and medium-sized enterprises and startups. These companies account for more than 8 trillion won in combined market capitalization, raising concerns that a sizable amount of value could disappear from the market if those firms eventually fail to meet the new requirements. Given the monitoring and grace periods under the new rules, market observers expect the first companies to become eligible for delisting as early as the fourth quarter of the year. The move is part of a broader delisting reform package unveiled by the KRX earlier this year to accelerate the r

Jun 22, 2026By Lee Hyo-jin

Over 200 stocks face delisting as penny stock crackdown kicks off in July

Economy

8% youth savings plan faces test as stock market booms

The appeal of a new government-backed savings program for young people, which opened for applications on Monday, is being put to the test as a stock market frenzy draws younger investors into equities. According to the Financial Services Commission (FSC), applications for the Youth Future Savings Plan will be accepted for two weeks through July 3 at 15 major banks. The program is available to individuals aged 19 to 34. Applicants must meet income requirements based on earnings from the previous year. The general tier is available to those who earn a salary of up to 60 million won ($39,000) a year, as well as small business owners with annual sales of up to 300 million won. The three-year savings product allows subscribers to deposit up to 500,000 won a month. It offers a base interest rate of 5 percent, which can rise to as much as 7 to 8 percent depending on the bank and eligibility for additional incentives. The government will provide contributions equivalent to 6 percent or 12 percent of monthly deposits, depending on income levels, while exempting interest income from taxation. The F

Jun 22, 2026By Lee Hyo-jin

8% youth savings plan faces test as stock market booms

Economy

Gov't wary of chip boom liquidity spilling into housing market

Policymakers are growing increasingly concerned that a wave of liquidity generated by the ongoing semiconductor boom could spill over into Korea's already overheated housing market, fueled by record-high bonus payouts and low-interest employee loans at Samsung Electronics and SK hynix. Industry estimates suggest that bonus payouts and employee housing loan programs at the two chipmakers could unleash as much as 53 trillion won ($34.6 billion) in liquidity by next year, raising worries about further pressure on the housing market. The figure includes about 23 trillion won in bonus-related cash and more than 30 trillion won in low-interest housing loans available to employees. The estimates come as both companies prepare to roll out large bonus packages driven by the global artificial intelligence-driven semiconductor boom. SK hynix, which allocates 10 percent of its annual operating profit to employee bonuses, is expected to set aside about 26 trillion won for incentive payments based on forecasts that it will post an operating profit of 260 trillion won this year. The company also offers

Jun 21, 2026By Lee Hyo-jin

Gov't wary of chip boom liquidity spilling into housing market

Banking & Finance

Woori Financial steps up productive finance with $6.5 bil. boost

Woori Financial Group will expand its productive and inclusive finance programs by a combined 10 trillion won ($6.5 billion), stepping up support for strategic industries while broadening assistance for vulnerable borrowers, the company said Sunday. The decision was made during a Friday meeting of senior executives from Woori's affiliates led by Chairman Yim Jong-yong, where participants reviewed progress under the group's productive and inclusive finance initiative, dubbed the Future Shared Growth Project. The financial group said it will add 9.4 trillion won in productive financing and 600 billion won in inclusive finance, bringing the project's total size to 90 trillion won. Most of the increase will be directed toward productive financing. Woori said it plans to provide the additional 9.4 trillion won over the next two years, including 5.7 trillion won this year and 3.7 trillion won next year, to support strategic industries, exporters and other sectors viewed as key drivers of future growth. The group also plans to significantly expand its inclusive finance programs this year. It will

Jun 21, 2026By Lee Hyo-jin

Woori Financial steps up productive finance with $6.5 bil. boost

Banking & Finance

All-in-one apps emerge as new battleground among financial groups

Major financial groups are stepping up efforts to consolidate banking, securities, card and insurance services into single mobile platforms, intensifying competition to build all-in-one financial apps, industry officials said Thursday. The latest move came from Shinhan Financial Group, which on Wednesday unveiled its new integrated financial platform, Shinhan Super SOL, as part of a broader strategy to unify services across its banking, card, securities and insurance affiliates. According to the company, the upgraded platform allows customers to access banking, card, securities and insurance functions through one application, reducing the need to repeatedly log in or switch between apps. The launch reflects a broader industry trend as major financial groups seek to strengthen customer loyalty and increase user engagement within their digital ecosystems. Other financial groups are pursuing similar strategies. Earlier this year, Hana Bank overhauled its Hana One Q app to integrate deposits, loans, foreign exchange and card-related services into a single platform. Woori Bank has expanded the

Jun 18, 2026By Lee Hyo-jin

All-in-one apps emerge as new battleground among financial groups

Economy

US Fed's hawkish hold strengthens case for BOK rate hike in July

The U.S. Federal Reserve's hawkish signal has reinforced expectations that the Bank of Korea (BOK) will raise interest rates as early as next month, market observers said Thursday. With inflation concerns persisting in both countries, monetary officials in Washington and Seoul are increasingly focused on restoring price stability, potentially marking the start of a renewed tightening cycle in both economies. The Fed held its benchmark interest rate steady Wednesday (local time) in its first policy decision since Kevin Warsh became its chair. The U.S. central bank unanimously left the federal funds rate unchanged at 3.5 percent to 3.75 percent, marking its fourth consecutive pause. The latest dot plot showed that nine of the 19 Federal Open Market Committee participants expected interest rates to be higher than current levels for the rest of this year. Warsh did not submit a rate projection. The Fed's hawkish stance has added to pressure on the BOK to tighten its policy, as officials here seek to contain inflation and limit the impact of a wide interest rate gap with the United States. Mar

Jun 18, 2026By Lee Hyo-jin

US Fed's hawkish hold strengthens case for BOK rate hike in July

Economy

Inflation to remain above 3% in 2nd half despite US-Iran deal: BOK

Korea's consumer inflation is expected to remain around 3 percent in the second half of the year as the impact of elevated oil prices stemming from the Middle East conflict continues to filter through the economy, the Bank of Korea (BOK) said Wednesday. Although a ceasefire agreement between the United States and Iran has raised hopes for an end to the monthslong war, the BOK said price pressures fueled by higher energy costs are likely to spread beyond petroleum products to other goods and services in the coming months. "Although geopolitical tensions have eased somewhat following the ceasefire agreement between the U.S. and Iran, upside risks to inflation remain," BOK Gov. Shin Hyun-song said during a press briefing. "It could take considerable time for energy supply chains to normalize and for oil prices to stabilize. Higher energy costs could also gradually spill over into other goods and services," he said. Despite recent declines in oil prices as expectations rise that shipping through the Strait of Hormuz will normalize, Shin said the central bank would look beyond short-term mark

Jun 17, 2026By Lee Hyo-jin

Inflation to remain above 3% in 2nd half despite US-Iran deal: BOK

Economy

US-Iran peace deal unlikely to cool BOK's rate-hike bets

A tentative ceasefire agreement between the United States and Iran has fueled hopes of lower oil prices, but expectations for a Bank of Korea (BOK) rate hike remain largely unchanged as inflation risks persist, analysts said Tuesday. The BOK has maintained a hawkish tone in recent months, citing inflationary pressures fueled by the Iran conflict. The U.S.-Iran ceasefire agreement, announced Monday and expected to include plans to reopen the Strait of Hormuz, has eased immediate concerns over energy supply disruptions in the Middle East. Analysts cautioned, however, that the implications for Korea's inflation outlook remain uncertain and will require closer monitoring in the coming months. Even if shipping through the key waterway returns to normal, damaged energy infrastructure in the Middle East could take time to recover, and global supply chains may not immediately return to pre-Iran war conditions, they said. Analysts also noted that changes in oil prices typically take time to feed through to consumer inflation, meaning any easing in price pressures is unlikely to be immediate. Joo Wo

Jun 16, 2026By Lee Hyo-jin

Lee Hyo-jin

Read more

New fire protection association chief vows shift from response to prevention

Housing loan scams hit IBK, Woori Bank

Over 200 stocks face delisting as penny stock crackdown kicks off in July

8% youth savings plan faces test as stock market booms

Gov't wary of chip boom liquidity spilling into housing market

Woori Financial steps up productive finance with $6.5 bil. boost

All-in-one apps emerge as new battleground among financial groups

US Fed's hawkish hold strengthens case for BOK rate hike in July

Inflation to remain above 3% in 2nd half despite US-Iran deal: BOK

US-Iran peace deal unlikely to cool BOK's rate-hike bets

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