The Korea Times

Hana Financial supports low-cost egg supply ahead of Chuseok

Hana Financial Group has teamed up with small business support organizations to supply cheaper eggs to supermarkets, seeking to ease food price pressures ahead of the Chuseok holiday, the group said Sunday. The financial group signed an agreement Friday with the Small Enterprise and Marketing Service and the Korea Federation of Micro Enterprise to support the supply of eggs at lower prices. Under the initiative, dubbed the "Good Egg Project," Hana Financial plans to work with 20 poultry farms and supply about 120,000 trays of eggs to some 4,000 supermarkets nationwide. A set of two trays, or 60 eggs, will be priced at 9,990 won ($7) at designated stores, starting Friday. Hana Financial will contribute funds to the project and cover costs related to washing, inspecting and sorting the eggs, as well as transportation expenses as part of efforts to reduce distribution costs and keep retail prices down. The Small Enterprise and Marketing Service will establish guidelines for price labeling and oversee the project, while the Korea Federation of Micro Enterprise will help secure distribution th

Sep 6, 2026By Lee Hyo-jin

Hana Financial supports low-cost egg supply ahead of Chuseok

Economy

Korea narrows current account surplus gap with Taiwan amid chip boom

Korea is rapidly closing the gap with Taiwan in its current account surplus as a share of gross domestic product, with some global investment banks expecting Korea to overtake Taiwan this year, analysts said Sunday. According to data from the Korea Center for International Finance, the average forecast from eight foreign investment banks for Korea's current account surplus as a share of GDP rose to 16 percent in August from 14.7 percent in July. The banks are Barclays, Bank of America Merrill Lynch, Citi, Goldman Sachs, JP Morgan, HSBC, Nomura and UBS. The increase came as several banks significantly raised their forecasts on stronger expectations for semiconductor exports. Nomura expects Korea's current account surplus to reach 19.7 percent of GDP, while Goldman Sachs projects 18.7 percent and Citi cites 18.2 percent. The ratio shows the size of Korea's current account surplus relative to the size of its economy, allowing for comparisons between economies of different sizes. Seven investment banks expect Taiwan's current account surplus to average 20.6 percent of GDP this year, unchanged

Sep 6, 2026By Lee Hyo-jin

Korea narrows current account surplus gap with Taiwan amid chip boom

Banking & Finance

Financial workers take to streets over state-run banks' potential relocation

Unionized workers in the financial sector took to the streets Friday to oppose the government's consideration of relocating state-run banks and other public financial institutions out of the capital. The Korea Financial Industry Union (KFIU), a major umbrella labor group, staged a strike in Gwanghwamun Square in central Seoul, drawing about 30,000 members, according to organizers. Police estimated the turnout at 14,000. The rally focused on the prospect of relocating state-run banks, including Industrial Bank of Korea (IBK), Korea Development Bank (KDB) and Export-Import Bank of Korea (Eximbank). KFIU Chairman Yoon Seok-gu said the union opposed relocating financial institutions for political reasons, arguing that Seoul already serves as a major financial hub. "Major financial centers such as New York, London, Tokyo and Hong Kong have their financial institutions concentrated in their cities, and Seoul is fully capable of serving the same role," Yoon said. "What kind of logic is it to simply tell us to go somewhere else without any clear reason or justification?" he said. The union's other

Sep 4, 2026By Lee Hyo-jin

Financial workers take to streets over state-run banks' potential relocation

Economy

Gov't seeks infrastructure to tokenize traditional securities beyond fractional investments

The government plans to build infrastructure to tokenize traditional securities such as stocks, bonds and funds, expanding security token offerings (STOs) beyond fractional investment products ahead of the system's scheduled launch in February. The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) unveiled the policy direction on Friday, with the ultimate goal of laying the groundwork for stablecoin payment infrastructure. Tokenized securities are digital representations of securities issued and traded through blockchain-based distributed ledger technology. The term is frequently confused with fractional investing, but it actually describes the method used to issue a security, rather than a distinct category of investment. The technology can thus be applied far beyond fractional investment products, allowing conventional securities such as stocks, bonds and funds to be issued and traded in tokenized form using distributed ledger systems. The FSC, the country's top financial regulator, has been developing the regulatory framework for token securities since am

Sep 4, 2026By Lee Hyo-jin

Gov't seeks infrastructure to tokenize traditional securities beyond fractional investments

Economy

KOSPI ends slightly higher after intraday swings

The benchmark KOSPI closed slightly higher Thursday, following a choppy session in which the main index plunged nearly 2 percent during afternoon trading. The KOSPI opened 1.33 percent higher at 6,650.33 and initially extended its gains before reversing sharply around 2 p.m. It fell to the 6,400 range before rebounding to close at 6,579.48, up 16.76 points, or 0.26 percent, from the previous session. Retail investors led net selling with 955 billion won ($703 million), while foreign investors and institutions sold a net 423.4 billion won and 215.2 billion won, respectively. Corporations were the only major investor group to post net buying, purchasing nearly 1.6 trillion won and helping cushion the selling pressure from the other three groups. Ongoing share buybacks by Samsung Electronics and SK hynix have recently emerged as a buffer against the sell-off. Market bellwethers closed lower. Samsung Electronics closed at 250,000 won, down 0.2 percent from the previous session, while SK hynix fell 1.05 percent to 1.596 million won. The KOSPI's initial gains followed an overnight rebound on Wa

Sep 3, 2026By Lee Hyo-jin

KOSPI ends slightly higher after intraday swings

Economy

BOK stops disclosing Korea's FX reserve ranking to prevent ranking swings from distorting external sector fundamentals

The Bank of Korea (BOK) has decided to stop disclosing Korea's ranking among major countries by foreign exchange reserves on Thursday, ending a practice that had continued for more than 25 years. In its monthly report on foreign exchange reserves released Thursday morning, the central bank left out the section showing Korea's ranking among major countries, a figure it had routinely included in its releases. It was the first time since February 2001 that the BOK had omitted Korea's global ranking from its monthly report, ending a practice that began after the country recovered from the 1997-98 Asian financial crisis. The central bank first began publishing the names and reserve holdings of the world's top 10 countries in February 2001. Foreign exchange reserves have long been viewed as a key indicator of Korea's ability to meet external payment obligations, making the ranking a closely watched measure among market watchers both home and abroad. The decision to remove the data raised eyebrows, particularly as the central bank initially did not give any explanation for the change. "The rankin

Sep 3, 2026By Lee Hyo-jin

BOK stops disclosing Korea's FX reserve ranking to prevent ranking swings from distorting external sector fundamentals

Banking & Finance

Major banks shrink entry-level hiring amid AI shift

Korea's major banks are hiring fewer entry-level employees as they expand the use of artificial intelligence (AI) and continue to close branches, making the job market tougher for young people seeking careers in finance, industry officials said Wednesday. The banks have recently begun their open recruitment for the second half of the year. Woori Bank is accepting applications through Aug. 8. While it has not disclosed how many people it plans to hire, the bank is expected to recruit fewer than 100 new employees, down sharply from the 190 it hired in the second half of last year. KB Kookmin Bank is taking applications for about 160 entry-level positions through Sept. 9, while the Industrial Bank of Korea plans to hire 175 new employees, with applications open through Sept. 14. Other major banks are expected to announce their hiring plans soon, but industry officials say the overall number of positions is unlikely to increase. The trend is already evident in figures shown in the first half of this year. The country's four major banks — KB Kookmin, Shinhan, Hana and Woori — hired a combin

Sep 2, 2026By Lee Hyo-jin

Major banks shrink entry-level hiring amid AI shift

Banking & Finance

Foreign workers take on bigger roles in Korea's financial industry

Oleg Smagin's workday in Seoul looks much like that of his Korean colleagues. The 31-year-old Russian national works as a senior manager in JB Financial Group's AX Strategy Division at its Seoul office in Yeouido, the heart of Korea's financial district. His work involves market research, writing reports, attending meetings and keeping track of regulatory developments across the financial sector. He usually has lunch with his colleagues and joins after-work gatherings, a familiar part of Korean office culture. Having joined JB Financial in June 2025, Smagin focuses on finding new business opportunities related to digital assets. "My main task is to explore business strategies related to digital assets, particularly how assets such as stablecoins can be connected with existing financial services to create new products and services," Smagin said in a recent interview with The Korea Times, speaking in fluent Korean. Smagin first came to Korea as an exchange student in 2014 and eventually decided to settle here. His current role allows him to put his academic background in economics and previ

Sep 2, 2026By Lee Hyo-jin

Foreign workers take on bigger roles in Korea's financial industry

Companies

Supreme Court rules Korea Zinc's SMC-based restriction of Young Poong's voting rights 'unlawful'

The Supreme Court upheld a lower court ruling that Korea Zinc unlawfully restricted the voting rights of its largest shareholder, Young Poong, in a decision that could affect the fair trade watchdog's ongoing review of the smelter, observers said Monday. In a ruling issued Friday, the Supreme Court upheld the lower court's finding that Sun Metals Corp. (SMC), Korea Zinc's Australian affiliate, does not qualify as a subsidiary under the Korean Commercial Act. The top court found no error in the lower court's conclusion that SMC cannot be regarded as the same as, or most similar to, a stock company under Korean law. The dispute centers on Korea Zinc's use of SMC ahead of its extraordinary shareholders meeting in January 2025. Shortly before the meeting, SMC acquired about 10 percent of Young Poong's shares. Korea Zinc then argued that the resulting cross-shareholding relationship allowed it to restrict Young Poong's voting rights at the meeting. The court's ruling effectively rejected the legal basis for that move, Young Poong and MBK Partners said. The alliance described the decision as a

Aug 31, 2026By Lee Hyo-jin

Supreme Court rules Korea Zinc's SMC-based restriction of Young Poong's voting rights 'unlawful'

Economy

COVER STORY Lee bets on same economic playbook despite Cabinet reshuffle

President Lee Jae Myung is betting on the same economic playbook despite his Cabinet reshuffle, with career bureaucrats tapped to lead the ministries overseeing economic and housing policies, analysts said Monday. Lee on Sunday nominated Lee Hyoung-il, currently the first vice finance minister, for finance minister, and Hong Jee-sun, currently the second vice minister of land, infrastructure and transport, to lead the ministry. The two were among six ministerial nominees announced in the reshuffle. The changes come as both economic and housing policies have faced growing public criticism. The departures of Finance Minister Koo Yun-cheol and Land Minister Kim Yun-duk were widely viewed as dismissals, with public sentiment turning against the Lee administration following the tax reform package and housing supply plans unveiled earlier this month. However, the president's choice of replacements suggests that he is seeking to reinforce rather than overhaul his policy direction. "The reshuffle of the economic policy team is about maintaining policy continuity while delivering tangible results,

Aug 31, 2026By Lee Hyo-jin

Lee Hyo-jin

Read more

Hana Financial supports low-cost egg supply ahead of Chuseok

Korea narrows current account surplus gap with Taiwan amid chip boom

Financial workers take to streets over state-run banks' potential relocation

Gov't seeks infrastructure to tokenize traditional securities beyond fractional investments

KOSPI ends slightly higher after intraday swings

BOK stops disclosing Korea's FX reserve ranking to prevent ranking swings from distorting external sector fundamentals

Major banks shrink entry-level hiring amid AI shift

Foreign workers take on bigger roles in Korea's financial industry

Supreme Court rules Korea Zinc's SMC-based restriction of Young Poong's voting rights 'unlawful'

COVER STORY Lee bets on same economic playbook despite Cabinet reshuffle

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