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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.

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Economy

Korea unveils 'Youth New Deal' to tackle youth unemployment

The government unveiled Wednesday a package of youth employment measures aimed at supporting around 100,000 individuals, as the youth employment rate falls to its lowest level since the COVID-19 pandemic. The plan, dubbed the "Youth New Deal," is built around four pillars — training, work experience, reintegration support and hiring incentives — alongside expanded financial assistance for job seekers, according to the Ministry of Finance and Economy. Under the training pillar, the government will partner with private companies and universities to provide programs for 19,000 young people in fields such as artificial intelligence (AI), semiconductors, finance and content creation. It will also expand hands-on work experience opportunities to 23,000 young people across the public and private sectors, including new hiring for public projects and expanded internship programs at state-run institutions. The initiative is designed to ensure such experience can be formally recognized as part of job seekers' resumes. The reintegration component targets young people who have left their jobs or

Apr 29, 2026By Lee Hyo-jin
Korea unveils 'Youth New Deal' to tackle youth unemployment
Banking & Finance

Hana Financial, POSCO International, Dunamu team up on blockchain-based cross-border payments

Hana Financial Group said Wednesday it signed a memorandum of understanding with POSCO International and Dunamu to jointly develop blockchain-based overseas remittance services. The three companies aim to combine Hana Financial's foreign exchange network, POSCO International's global trading and supply chain operations, and Dunamu's blockchain technology to test real-time cross-border transfers. The agreement signing ceremony took place at the group's headquarters in Seoul and was attended by Lee Eun-hyung, vice chairman of Hana Financial Group, POSCO International CEO Lee Kye-in and Dunamu CEO Oh Kyoung-suk. Under the partnership, the companies will collaborate on building blockchain-based remittance systems, improving global cash management and payment infrastructure, and exploring new digital finance business opportunities. Hana Financial plans to leverage its global network to develop blockchain-based remittance services aimed at reducing transfer time and costs, particularly for corporate clients. POSCO International will act as a test bed by applying the system to its global trade o

Apr 29, 2026By Lee Hyo-jin
Hana Financial, POSCO International, Dunamu team up on blockchain-based cross-border payments
Economy

K-pop stocks underperform despite market rally

Shares of major K-pop agencies are struggling to gain traction despite a strong rally in the Korean stock market, as one-off, artist-driven events seem to have limited impact on investor sentiment, analysts said Tuesday. HYBE, the agency behind K-pop supergroup BTS, closed at 248,500 won ($168) on the Korea Exchange, Tuesday, down 0.6 percent from the previous session. Over the past month, HYBE has fallen 17.76 percent. YG Entertainment and JYP Entertainment declined 3.56 percent and 2.02 percent, respectively, while SM Entertainment rose 0.98 percent, effectively remaining flat. The benchmark KOSPI has gained 21.14 percent over the same period, highlighting the sector's underperformance. Hopes for a rebound had emerged following BTS' high-profile concert in central Seoul on March 21. However, attendance fell short of expectations. HYBE had projected about 260,000 attendees, but turnout stood at around 100,000. Investor sentiment has also been weighed down by recent legal risks surrounding HYBE Chairman Bang Si-hyuk. Police are seeking to refile a request for an arrest warrant against Ban

Apr 28, 2026By Lee Hyo-jin
K-pop stocks underperform despite market rally
Banking & Finance

BOK's Q1 net profit hits all-time high on weakening won

The Bank of Korea (BOK) reported a record first-quarter profit of more than 4 trillion won ($2.71 billion), as a weaker won against the dollar boosted returns on its foreign currency assets, according to data released Tuesday. While part of the windfall will be transferred to government revenue, supporting public finances, the gains driven by high exchange rates underscore the challenge facing the central bank in curbing currency volatility. According to the BOK's monthly balance sheet, cumulative net profit for the January-March period reached 4.21 trillion won. This is more than triple the 1.39 trillion won recorded during the same period in 2025, marking the highest first-quarter figure on record. It also nearly doubled the previous high of 2.22 trillion won set in March 2020. The BOK's earnings are largely driven by interest income and capital gains on foreign currency securities, leaving them sensitive to global financial conditions, including interest rates, equity markets and exchange-rate movements. A prolonged period of won weakness against the dollar — with the Korean currency

Apr 28, 2026By Lee Hyo-jin
BOK's Q1 net profit hits all-time high on weakening won
Economy

PHOTO Gov't rolls out cash aid for vulnerable groups amid Mideast crisis

Residents wait to apply for cash assistance aimed at easing financial strain caused by the Middle East crisis at a community center in Gwangju, Monday. The payments, ranging from 100,000 won ($67) to 600,000 won, were first made available to vulnerable groups, with applications for the broader public set to begin May 18. Yonhap

Apr 27, 2026By Lee Hyo-jin
[PHOTO] Gov't rolls out cash aid for vulnerable groups amid Mideast crisis
Banking & Finance

Banks’ profit growth slows despite record earnings at financial groups

Profit growth at major Korean banks has stalled even as their parent financial groups posted record first-quarter earnings, industry data showed Monday. The combined net profit of the country's five largest financial groups — KB Financial Group, Shinhan Financial Group, Hana Financial Group, Woori Financial Group and NH Financial Group — reached about 6.2 trillion won ($4.2 billion) in the January-March period, up 9.8 percent from 5.6 trillion won a year earlier. It marks the first time their combined quarterly net profit has exceeded 6 trillion won. The growth was largely driven by nonbank units, particularly securities arms, which benefited from a stock market rally. Banking units saw weaker earnings, with several lenders posting declines. Woori Bank reported a net profit of 522 billion won in the first quarter, down 17.8 percent from a year earlier. NH NongHyup Bank posted a net profit of 557.7 billion won, up just 0.6 percent year-on-year, largely flat. State-run policy lender Industrial Bank of Korea also saw its net profit fall 12.4 percent to 666.3 billion won. Woori attributed i

Apr 27, 2026By Lee Hyo-jin
Banks’ profit growth slows despite record earnings at financial groups
Economy

Eat together, pay less: Rising prices fuel meetups where Koreans split bills

A 25-year-old woman surnamed Park, who lives in Seoul's Guro District, recently met with people she connected with online to share a meal of "malatang," a Chinese spicy hot pot dish popular among young Koreans. She found the group on Danggeun Market, a mobile platform for secondhand trading and local community activities. "It's expensive to eat malatang alone, especially when I want to order side dishes like sweet and sour pork or fried eggplant," Park said. "I was initially looking for one person, but two people responded to my post, so the three of us ended up going together." The three split the bill evenly, paying about 13,000 won ($9) each, which Park said was much cheaper than eating alone, given the added cost of side dishes. Meeting new people online to share meals and split costs appears to be a growing trend among young Koreans, as rising food prices weigh on their wallets. On Danggeun Market, a group of residents in Seoul's Songpa District seeking to share tteokbokki has attracted more than 250 members. The spicy rice cake dish is typically portioned for two to three people, ma

Apr 27, 2026By Lee Hyo-jin
Eat together, pay less: Rising prices fuel meetups where Koreans split bills
Banking & Finance

Hana Bank expands infrastructure financing, digital payment businesses in Vietnam

Hana Bank said Sunday it signed a memorandum of understanding (MOU) with the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) to expand infrastructure cooperation in Vietnam. The agreement was signed Thursday in Hanoi during the Korea-Vietnam Business Forum, with participation from Korea Overseas Infrastructure & Urban Development Corporation. The three parties agreed to explore joint projects across infrastructure, energy, urban development and green sectors. BIDV is a state-run lender and one of Vietnam's largest banks. The partnership aims to identify investment opportunities and support Korean companies expanding into Vietnam and other overseas markets, according to Hana officials. The three institutions plan to strengthen cooperation through expanded networks and joint initiatives in the coming years. Separately, on the same day, Hana Bank and its subsidiary Global Loyalty Network (GLN) launched a QR payment service in partnership with National Payment Corporation of Vietnam and BIDV, allowing Korean visitors to make payments in Vietnam using domestic bank

Apr 26, 2026By Lee Hyo-jin
Hana Bank expands infrastructure financing, digital payment businesses in Vietnam
Economy

Semiconductor-led growth conceals deeper structural weakness in Korea’s economy

A semiconductor export boom is underpinning Korea's economic growth, but deeper structural weaknesses continue to weigh on its long-term trajectory, economists and market analysts said Sunday. Their view is that policy measures are needed to ease the economy's heavy reliance on semiconductors, while long-term efforts should focus on boosting growth in the face of a rapidly aging population and low birth rates. According to the latest data from the Organization for Economic Cooperation and Development (OECD), the country's potential growth rate is estimated to decline to 1.71 percent this year from 1.92 percent in 2025. It is projected to decline further to 1.57 percent next year. The OECD expects the quarterly rate to slow to 1.52 percent in the fourth quarter of 2027, pointing to a continued gradual slowdown. Potential growth refers to the maximum level of output an economy can sustain by fully utilizing labor, capital and other resources without triggering inflation. It is widely seen as a measure of an economy's underlying strength. The OECD data showed that Korea's potential growth ra

Apr 26, 2026By Lee Hyo-jin
Semiconductor-led growth conceals deeper structural weakness in Korea’s economy
Banking & Finance

Woori Bank partners with Viettel Global to expand financial cooperation in Vietnam

Woori Bank has partnered with Viettel Global, a subsidiary of Vietnam's largest telecommunications group Viettel, as the Korean lender seeks to expand its footprint in the Southeast Asian nation, the bank said Thursday. The two sides signed a memorandum of understanding (MOU) the previous day to deepen financial cooperation, building on existing transactions between Woori Bank's Vietnamese unit and Viettel Global. The signing ceremony, which took place at Viettel's headquarters in Hanoi, was attended by Woori Bank CEO Jung Jin-wan, Bae Tae-in, head of Woori Bank's Vietnam unit, Nguyen Thi Hoa, CEO of Viettel Global, and Nguyen Cao Loi, deputy general director of Viettel Global. Jung was part of a business delegation accompanying President Lee Jae Myung on a three-day visit to Hanoi, where the CEO reviewed local financial market conditions and explored opportunities to expand Woori's overseas operations. Under the deal, the two sides plan to expand cooperation beyond conventional financing, including sharing information related to Viettel's overseas business and providing additional suppo

Apr 23, 2026By Lee Hyo-jin
Woori Bank partners with Viettel Global to expand financial cooperation in Vietnam
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