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

Korea Eximbank urged to exercise caution in financing support for Indonesia's KF-21 deal

The state-run Export-Import Bank of Korea (Korea Eximbank) should tread carefully in extending financing support to Indonesia as the Southeast Asian nation moves to finalize a deal to purchase Korea's first domestically developed KF-21 fighter jet later this month, industry officials said Tuesday. Indonesia is a co-developer of the KF-21 program, but the project has been marred in controversy due to Jakarta's delayed payments and alleged technology leaks, raising questions about its reliability as a partner. Jakarta had initially planned to acquire 48 KF-21 jets, but is now expected to purchase only 16 at first due to budget constraints. Military commentator Kim Dae-young said concerns over Indonesia's reliability have persisted since the early stages of the joint project. "There have long been questions about whether Indonesia is a reliable partner, so financing support needs to be handled with extra care," Kim said. "While the size of the loan remains unclear, the finance authorities will need to carefully assess factors such as the country's creditworthiness." Indonesia plans to purch

Mar 24, 2026By Lee Hyo-jin
Korea Eximbank urged to exercise caution in financing support for Indonesia's KF-21 deal
Policy

Will next BOK chief hike interest rates to counter surging oil prices, weakening won?

Markets are closely watching whether Bank of Korea (BOK) Gov. nominee Shin Hyun-song will raise interest rates after he is confirmed, as the economy faces mounting pressure from rising oil prices and a weakening won, economists and analysts said Tuesday. Shin, widely seen as a pragmatic hawk, is expected to lean toward rate hikes to contain inflationary pressure, though not immediately after taking office in April, they said. "Shin is considered hawkish, but appears cautious about preemptive tightening. Early in his term, he will likely assess external conditions such as the Middle East situation and oil prices before making decisions," said Joo Won, head of research at the Hyundai Research Institute. "It's clear the rate-cut cycle is over. While a hike will likely come at some point, the timing will be a key consideration for the incoming BOK chief," Joo added. The analyst also said a rate hike as early as May appears unlikely, as it could undermine the government's planned 25 trillion won ($16.6 billion) supplementary budget aimed at cushioning the economic fallout from the Iran confli

Mar 24, 2026By Lee Hyo-jin
Will next BOK chief hike interest rates to counter surging oil prices, weakening won?
Companies

CalPERS opposes reappointment of Korea Zinc Chairman Choi Yun-beom

California Public Employees' Retirement System (CalPERS) — the largest public pension fund in North America — has decided to vote against the reappointment of Korea Zinc Chairman Choi Yun-beom, as the zinc smelter is set to hold a shareholders' meeting on Tuesday. According to industry sources Monday, CalPERS decided to oppose the reappointment of Choi and also vote against audit committee candidates Kim Bo-young and Lee Min-ho, both recommended by Korea Zinc, citing concerns over "damage to corporate value and infringement of shareholder rights." The decision comes after Korea's National Pension Service (NPS) said Friday it would abstain from voting on Choi's reappointment and vote against the appointment of Kim and Lee. NPS' decision was interpreted by watchers as withholding confidence in the current management. Industry observers say the series of moves by major pension funds reflects broader concerns about the effectiveness of board oversight and the functioning of internal control mechanisms under Choi's leadership. "The consistency of voting decisions by major pension funds, in

Mar 23, 2026By Lee Hyo-jin
CalPERS opposes reappointment of Korea Zinc Chairman Choi Yun-beom
Economy

Milk falls out of favor in Korea as consumption hits 40-year low

For Kim So-hyun, a 31-year-old office worker living in Suwon, Gyeonggi Province, milk has long since disappeared from her grocery list. Once a daily staple poured over cereal during her university years, she now considers it unnecessary. "It goes bad too quickly since I live alone," she said. "I usually buy Greek yogurt or soy milk for a quick breakfast, but I can't even remember the last time I bought dairy milk." Kim is not alone. Korean consumers are steadily turning away from fresh milk, driven by shifting dietary habits, rising prices and a growing array of alternatives, industry data showed Monday. According to the Korea Dairy Committee, per capita consumption of fresh milk fell to 22.9 kilograms in 2025, down 9.5 percent from a year earlier. This marks the lowest level since milk consumption began expanding widely in the late 1980s. Milk consumption peaked at around 31 kilograms in the early 2000s, but has been on a steady decline since the 2010s. In contrast, demand for processed dairy products is rising. Yogurt consumption increased from 2.1 kilograms in 2024 to 2.6 kilograms in 2

Mar 23, 2026By Lee Hyo-jin
Milk falls out of favor in Korea as consumption hits 40-year low
Banking & Finance

Hana Financial Group honors Winter Paralympics MVP Kim Yun-ji

Hana Financial Group hosted a celebratory event for Paralympic athlete Kim Yun-ji, who was named most valuable player (MVP) of the Korean delegation at the 2026 Milan-Cortina Winter Paralympics, the group said Friday. The event, held at the group's headquarters in central Seoul the previous day, brought together employees for a fan signing session and a ceremony to present a cash award in recognition of Kim's performance. At the Paralympics, held from March 5 to 16, the 19-year-old athlete won five medals — two gold and three silver — in biathlon and cross-country skiing. The result marked the first time a Korean athlete has won five medals at a single Olympic or Paralympic Winter Games. The gathering was held to celebrate Kim's achievements, which marked a new milestone for Korean sports, and to support her future endeavors, the group said, noting that her father is an employee at the group's affiliate Hana Card. "I was able to give my best performance until the end despite difficult conditions thanks to the support and encouragement I've received," Kim said. "I appreciate Hana Fina

Mar 20, 2026By Lee Hyo-jin
Hana Financial Group honors Winter Paralympics MVP Kim Yun-ji
Banking & Finance

KB, Shinhan thrive abroad as Hana, Woori lag behind

Korea's four major banks posted sharply diverging results for their overseas performances in 2025, with Shinhan Bank and KB Kookmin Bank reporting gains while Hana Bank and Woori Bank saw steep declines in profit, industry officials said Friday. Combined net profits from the four lenders across their 37 overseas units totaled 833.4 billion won ($556 million) in 2025, up just 0.56 percent from a year earlier, according to the Financial Supervisory Service's public disclosure system, DART. By lender, Shinhan reported 586.9 billion won in net profit from its 10 overseas units, up 2.6 percent from a year earlier. KB Kookmin posted 116.3 billion won from five overseas units, posting a profit for the first time in four years. In contrast, Hana saw net profit from its 11 overseas units drop 33 percent year on year to 86.8 billion won, while Woori reported a 79 percent plunge to 43.5 billion won from its 11 overseas operations. The United States was a key driver of overseas earnings growth for Korean lenders. From their U.S. operations, Shinhan, Hana and Woori reported net profit of 18.4 billion

Mar 20, 2026By Lee Hyo-jin
KB, Shinhan thrive abroad as Hana, Woori lag behind
Others

BTS concert to boost retail stocks as fans flock to Seoul

A much-anticipated comeback concert by K-pop juggernaut BTS set for this Saturday is raising expectations of a boost to retail stocks as tourists continue to flock in, market watchers said Thursday. Yu Jung-hyun, an analyst at Daishin Securities, recommended an overweight view on the retail sector in her report, saying inbound visitor numbers are likely to hit fresh record highs as global fans travel to Korea ahead of the concert. Shinsegae Department Store was named the top pick, with a target price of 410,000 won ($273). Hyundai Department Store and Lotte Shopping are also expected to benefit, with target prices set at 145,000 won and 115,000 won, respectively. "With many overseas fans expected to visit Korea for the BTS concert, expectations are rising for a tourism-driven boost in nearby hotels and department stores," Yu said. The country is also seeing an increase in foreign visitors' spending, the analyst added. Overseas card spending in Korea reached a record 20 trillion won in 2025, accounting for about 3 percent of total retail sales. The actual share is likely higher when inclu

Mar 19, 2026By Lee Hyo-jin
BTS concert to boost retail stocks as fans flock to Seoul
Banking & Finance

Delayed BOK chief nomination fuels leadership gap concerns

A delay in naming the next governor of the Bank of Korea (BOK) is adding to market uncertainty, with the incumbent's term set to expire next month and no successor yet announced, according to industry officials Thursday. Gov. Rhee Chang-yong's four-year term ends April 20, but the presidential office has yet to put forward a nominee. The post requires a parliamentary confirmation hearing, a process that typically takes three to four weeks, raising concerns about a potential leadership vacuum. The delay comes amid mounting economic uncertainty, as prolonged tensions in the Middle East push up fuel prices while inflationary pressures persist, with markets closely watching the central bank's policy direction. Observers say the government needs to move quickly, warning that a vacancy at the top could delay policy responses. "If a nominee is named within this week, we expect a new governor could be appointed in time. We are still waiting for an official announcement," a BOK official said, declining to comment further on the leadership transition. Speculation over potential candidates is buildi

Mar 19, 2026By Lee Hyo-jin
Delayed BOK chief nomination fuels leadership gap concerns
Banking & Finance

Woori Bank teams up with viral ex-civil servant YouTuber

Woori Bank has teamed up with rising YouTuber Kim Sun-tae, known as "Chungju Man," to produce promotional content as the lender looks to expand its marketing reach among younger audiences, industry officials said Wednesday. The bank recently filmed a video with Kim though a release date has not been set. Woori employees said the YouTuber was seen at the bank's headquarters in Jung District, Seoul, earlier this week. The collaboration is said to be a one-off project rather than a formal brand ambassadorship. Kim, a former civil servant, rose to prominence for his creative content while working in media relations at the Chungju City Government. His work is widely regarded as a successful case of YouTube marketing in the public sector. After resigning in February, Kim launched his own channel which quickly gained traction, surpassing 1 million subscribers within 48 hours. Operating under the slogan "Promoting everything in the world," Kim has since drawn a flood of partnership offers from companies and public institutions. Dozens of firms and state-run agencies left comments on his first vid

Mar 18, 2026By Lee Hyo-jin
Woori Bank teams up with viral ex-civil servant YouTuber
Others

Commuters turn to public transit as fuel prices soar amid Iran conflict

Lim Joo-young, an office worker in her 30s who commutes from Seongnam, Gyeonggi Province, to Seoul's Seocho District, recently switched from driving to taking the subway as fuel costs climb. "I used to drive to work, so taking the subway during the rush hour has been uncomfortable," she said. "But fuel costs have become too high, so I plan to keep taking the subway for now. I used to fill up about three times a month, but I'm trying to cut that down to once or twice." Another office worker, surnamed Park, who lives in Yangcheon District in Seoul, has also began cutting back on driving. Though her workplace is just a 20-minute drive away, she now rides a bus that takes about an hour. "I've started taking the bus twice a week. I'm trying to rely less on my car overall," Park said. "I'm also cutting back on longer drives to shopping malls on the weekend to save on fuel." Data shows that more commuters are shifting to public transportation as high fuel prices, driven by the escalating conflict in the Middle East, weigh on household budgets. According to Seoul Metro on Wednesday, average daily

Mar 18, 2026By Lee Hyo-jin
Commuters turn to public transit as fuel prices soar amid Iran conflict
previous page
2425262728
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.