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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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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
[COVER STORY] Lee bets on same economic playbook despite Cabinet reshuffle
Economy

Korea's $20 bil. US investment unlikely to pressure won: BOK chief

Korea's planned annual investment of up to $20 billion in the United States is unlikely to put pressure on the won, as the local currency has become more resilient to external shocks, Bank of Korea (BOK) Gov. Shin Hyun-song said. Speaking to reporters on the sidelines of the Jackson Hole Economic Policy Symposium in Wyoming on Friday (local time), Shin said the size of the investment was manageable, given Korea's foreign exchange reserves. "The memorandum of understanding says Korea will invest up to $20 billion annually in the U.S. While the investment could reach $20 billion, we could invest less, depending on the circumstances," Shin was quoted as saying in response to a question about whether the planned investment could put pressure on the won. Seoul's commitment to invest up to $20 billion annually is part of a larger $350 billion investment framework with Washington in exchange for lower tariffs. But concerns have emerged that the investment commitment could put additional pressure on the foreign exchange market by increasing demand for dollars, particularly if the won remains wea

Aug 30, 2026By Lee Hyo-jin
Korea's $20 bil. US investment unlikely to pressure won: BOK chief
Economy

Household, self-employed debt raises alarm as BOK lifts key rate to 3%

The Bank of Korea's (BOK) recent decision to raise its policy rate to 3 percent is increasing concerns over the financial stability of already vulnerable borrowers, including the self-employed, analysts said Sunday. Delinquency rates have climbed to record highs, while total household debt has surpassed 2,000 trillion won ($1.45 trillion) for the first time. With a large share of these loans carrying variable rates, higher borrowing costs could put further strain on vulnerable borrowers and increase the risk of defaults. The central bank raised its benchmark rate by 0.25 percentage points to 3 percent at Thursday's policy meeting, marking the second consecutive hike following its July increase. The impact is likely to be particularly burdensome for self-employed borrowers, as both outstanding debt and delinquent loans have reached record highs, while delinquency rates have climbed to alarming levels, raising concerns that the rate hike could further increase their interest burden and the risk of defaults. "My loan interest rate is already at 6 percent, and it looks like it could go even

Aug 30, 2026By Lee Hyo-jin
Household, self-employed debt raises alarm as BOK lifts key rate to 3%
Business

Korea Times to deliver KIS-powered investor insights

The Korea Times signed an agreement with Korea Investors Service (KIS), a credit ratings agency, on Friday to collaborate on research content. Under the agreement, the two sides will cooperate on the distribution of research reports, market commentaries and data-driven analytical materials. KIS is one of Korea's leading credit ratings agencies and an affiliate of Moody's. The signing ceremony was attended by Korea Times President-Publisher Oh Young-jin and KIS CEO Patrick Yoon at the newspaper's office in Seoul. "It is particularly meaningful that the two organizations are laying the groundwork for cooperation based on clear and transparent guidelines, while fully respecting each other's intellectual property and expertise," Oh said. "I believe that combining the expertise of Korea's leading capital market rating agency with the reach of a global media organization will create strong synergies,” he added. Yoon, for his part, emphasized the potential for broader collaboration. "By sharing more of our research and expertise, particularly in credit ratings, we hope to contribute to a better

Aug 28, 2026By Lee Hyo-jin
Korea Times to deliver KIS-powered investor insights
Policy

Monetary, fiscal policies out of sync as BOK hikes rates, gov't boosts spending

Concerns are growing that the country's monetary and fiscal policies are moving out of sync, as the central bank accelerates its tightening cycle while the government pursues an expansionary fiscal policy with next year's budget proposal expected to exceed 800 trillion won ($581 billion), experts said Friday. The Bank of Korea (BOK) on Thursday raised its benchmark interest rate by 0.25 percentage points to 3 percent, delivering a second consecutive hike following its July increase, as it sought to contain inflationary pressures. Meanwhile, the Ministry of Planning and Budget is in the final stages of preparing next year's budget proposal. Last month, the ministry suggested a spending increase of 10 percent or more from this year's 729.9 trillion won budget, signaling that next year's budget could exceed 800 trillion won. This would mark the first double-digit increase in total expenditures since 2009, when spending rose 10.9 percent amid the global financial crisis. Experts warned that the BOK's tightening monetary policy and the government's expansionary fiscal policy could clash, weake

Aug 28, 2026By Lee Hyo-jin
Monetary, fiscal policies out of sync as BOK hikes rates, gov't boosts spending
Banking & Finance

KB Financial narrows down chair race to 3 candidates

KB Financial Group on Thursday shortlisted three candidates for its next chairman, including incumbent Chairman Yang Jong-hee, setting the stage for a final decision on whether he will secure a second term. The two other candidates are KB Financial Vice Chairman Lee Jae-keun and former Woori Bank CEO Kwon Kwang-seok. The chairman candidate recommendation committee initially considered six candidates, including KB Financial Group Vice Chairman Lee Chang-kwon and KB Kookmin Bank CEO Lee Hwan-ju. The group will hold in-depth interviews with the three shortlisted candidates on Sept. 11 and select a single final nominee. The final appointment will be confirmed at a shareholder meeting in November, when Yang's current term is scheduled to end. "The succession process is being conducted fairly, objectively and transparently based on clear criteria. We will ensure that the best candidate who can earn the trust of all stakeholders is selected as the next chairman," an official at the candidate recommendation committee said. Attention is now focused on whether Yang will secure a second term, with hi

Aug 27, 2026By Lee Hyo-jin
KB Financial narrows down chair race to 3 candidates
Economy

BOK raises benchmark rate to 3% as inflation woes persist

The Bank of Korea (BOK) on Thursday raised its benchmark interest rate by 0.25 percentage points to 3 percent, delivering a rare consecutive hike as inflationary pressures persist amid Middle East uncertainties. The BOK also revised up its 2026 growth forecast to 3.3 percent from the 2.6 percent projection announced in May, as robust semiconductor exports continued to support the economy. The central bank's Monetary Policy Board voted to raise the benchmark rate for a second straight meeting following its July hike, bringing the rate back to the 3 percent range for the first time since November 2024. It is highly unusual for the BOK to raise its benchmark rate in back-to-back meetings immediately after beginning a rate-hike cycle, signaling an accelerated pace of monetary tightening. Six members of the Monetary Policy Board voted for the rate hike, while one dissented in favor of keeping the rate unchanged, according to the BOK. "This consecutive rate hike was a departure from the usual practice. It has sent a strong signal to the market," Gov. Shin Hyun-song said during a press conferenc

Aug 27, 2026By Lee Hyo-jin
BOK raises benchmark rate to 3% as inflation woes persist
Economy

'Breadflation' hits consumers as bakery chains hike prices

"I went to a bakery in Jongno District last weekend, and two pieces of bread and two cups of coffee cost more than 20,000 won ($14)," said Yang, a college student in her 20s. "These days, it feels like I often end up spending more on dessert than on a meal when I hang out with my friends," she said. For many Korean consumers, bread is no longer a cheap snack, as major bakery chains roll out a fresh wave of price hikes. Paris Baguette, the country's largest bakery chain, raised prices for 127 products by an average of 5 percent from Tuesday, including 86 types of bread and 41 cakes and desserts. Tous les Jours raised prices for 76 types of bread and cakes by an average of 8.2 percent from July 31, while Dunkin' raised prices for 39 types of donuts by an average of 6.5 percent from Aug. 2. SPC Samlip, a confectionery unit under SPC Group, is set to raise prices for around 50 bread products by an average of 9 percent from Sept. 1. The price increases are not limited to franchise chains. Prices at independent bakeries are also rising, with some products selling for more than 10,000 won. A post

Aug 26, 2026By Lee Hyo-jin
'Breadflation' hits consumers as bakery chains hike prices
Banking & Finance

Citi tops Korea investment banking league table after raising $60 bil. for clients

Citigroup Global Markets Korea (CGMK), Citi's investment banking franchise in Korea, ranked No. 1 in the Dealogic Korea Investment Banking Wallet League table with a 16 percent market share, the company said Wednesday. Citi raised a total of $60 billion for Korean clients across global debt and equity markets from January to August this year, according to Dealogic data. The financing came through a total of 40 transactions so far this year, or more than one deal a week on average, making it a record year for CGMK. Citi's track record includes a lead role in SK hynix's $26.5 billion offering of American depositary receipts on Nasdaq in July, which was the largest U.S. initial public offering ever by a foreign issuer and the largest equity deal ever to emerge from an Asian market, the company said. Citi expects continued active transaction flow in Korea's investment banking sector in the second half of the year, with key financings across debt and equity capital markets expected to drive a record year for capital markets issuance from the country. CGMK said it has a strong pipeline, while e

Aug 26, 2026By Lee Hyo-jin
Citi tops Korea investment banking league table after raising $60 bil. for clients
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