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Lee Kyung-min

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Concerns rise over budget minister nominee’s fiscal policies

Concerns over the country’s fiscal discipline are growing, prompted by the nomination of four-term ruling Democratic Party of Korea (DPK) lawmaker Park Hong-keun to lead the Ministry of Planning and Budget, market watchers said Tuesday. Many say the close aide to President Lee Jae Myung is largely expected to advance Lee’s expansionary fiscal drive, which includes the drafting of a supplementary budget, with long-term fiscal prudence potentially being undermined by short-term political objectives. Also concerning to some is the diminished power of Finance and Economy Minster Koo Yun-cheol, whose role overseeing broader macroeconomic policies and economic growth plans will be eclipsed by Park’s budget-backed agendas. “I will outline a sustainable fiscal policy to support the Korean economy, which is facing low growth, demographic challenges and widening inequality,” Park said before entering the site of his confirmation hearing in Seoul. Under his leadership, he added, the ministry will strengthen its long-term strategy, prioritizing future industries. “The ministry’s future

Mar 3, 2026By Lee Kyung-min
Concerns rise over budget minister nominee’s fiscal policies
Others

KOSPI expected to face limited shock from Middle East tensions, won may weaken

The benchmark KOSPI may open lower Tuesday, due to escalating geopolitical tensions between the U.S. and Iran. However, a wider shock would be limited, mitigated by retail investors “buying the dip” to join the semiconductor-driven rally, market watchers said Monday. However, concerns are rising that the recently stabilized Korean currency could weaken again to the significant threshold of 1,500 won per dollar, affected by surging oil prices. Some say a full blockade of the Strait of Hormuz could push crude prices up to $130 per barrel. However, this is likely to be offset by accelerated output increases from oil-producing OPEC+ members. OPEC+ is a coalition of the 12 member countries of the Organization of the Petroleum Exporting Countries (OPEC) plus 10 additional major oil-producing nations, led by Russia. Together, they control roughly 40 percent of global crude production. According to local media reports, U.S. President Donald Trump suggested the conflict with Iran could take “four weeks or less,” a comment made after strikes hit Iran’s nuclear and military infrastructure

Mar 2, 2026By Lee Kyung-min
KOSPI expected to face limited shock from Middle East tensions, won may weaken
Others

Woori joins KB, Shinhan in establishing financial hub in Jeonju

Major financial groups are accelerating efforts to turn North Jeolla Province into a financial hub, with Woori Financial Group joining KB and Shinhan in expanding infrastructure and investment in the southwestern region, market watchers said Thursday. Woori said it will establish key affiliates including asset management, banking and insurance arms to help the province become a financial center under the Lee Jae Myung administration’s “balanced growth” drive. Central to the initiative is Jeonju, the city where the headquarters of the state-run National Pension Service (NPS) is located. Woori plans to increase its workforce there to more than 300 from the current 200, including staff at Woori Bank, the NPS’s main trading partner bank. Woori Asset Management will open a Jeonju office to strengthen ties with the NPS and to expand regional networks. They will also launch an internship program for university students in the region. Woori Bank will establish a specialized corporate finance service channel, dubbed the “Jeonbuk BIZ Prime Center,” to support advanced strategic industrie

Feb 26, 2026By Lee Kyung-min
Woori joins KB, Shinhan in establishing financial hub in Jeonju
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BOK lifts 2026 growth forecast from 1.8% to 2% on strong chip exports

The Bank of Korea (BOK) raised its 2026 growth forecast from 1.8 percent to 2 percent on Thursday, buoyed by an unexpectedly strong outlook for semiconductor exports. It held the key rate steady at 2.5 percent in a sixth consecutive freeze. BOK Gov. Rhee Chang-yong said the upward revision from 1.8 percent, projected in November of last year, reflects the economy’s increasing reliance on chips and select IT manufacturing sectors amid an extended downturn in construction and other non-IT sectors. He added that the recent strengthening of the Korean currency against the U.S. dollar to the 1,420-won range is “not yet a level where we can feel complacent.” "Domestic factors that had previously driven expectations of the won weakening past 1,500 per dollar have eased," Rhee said during a press conference at the bank headquarters in Seoul. However, overseas variables, including volatility in U.S. AI stocks, the recent U.S. Supreme Court ruling on tariffs and Japan’s fiscal policy, remain factors to be closely monitored, he said. “Many companies are selling U.S. dollars they have kept

Feb 26, 2026By Lee Kyung-min
BOK lifts 2026 growth forecast from 1.8% to 2% on strong chip exports
Others

KDB chairman vows to support inclusive, productive growth

Korea Development Bank (KDB) will spend 30 trillion won ($20 billion) this year for productive and inclusive growth of Korea’s high-tech industries and regional economies, the company head said Wednesday. KDB Chairman Park Sang-jin said the drive can be advanced by the potential launch of a state-run investment entity in the southeastern region, upon the passage of related bills at the National Assembly, further helping the country move away from a Seoul-centric growth model toward more balanced, sustainable growth. The head of the state-run policy lender also expressed hope for an orderly restructuring of HD Hyundai Chemical, a newly unified body between Lotte Chemical and HD Hyundai Chemical. This can be a test case for effective and efficient government-led reform of many traditional, growth-driving manufacturing industries under pressure for downsizing and outright closures, in the face of new global supply-and-demand dynamics. “We will mobilize our utmost efforts to provide 30 trillion won in financial aid packages before the year’s end,” Park said during a press conference

Feb 25, 2026By Lee Kyung-min
KDB chairman vows to support inclusive, productive growth
Others

KOSPI rally fuels record exodus from long-term bank savings

Lee Joo-young, an office worker in his 30s, recently broke a three-year deposit to put the money into large-cap semiconductor stocks. “I thought the stock market boom would be short-lived, but I guess I was wrong,” he said. “Better late than never, right? I don’t want to leave cash for two or more years while feeling frustrated for missing out. The past few months have been enough. I will stop feeling jealous or bitter for not taking the chance sooner.” Many of his friends made quick money after buying SK hynix and Samsung Electronics, some of them having taken out stock loans for larger gains. “Every time we said SK hynix share prices were too high and soon would fall, they climbed higher. Is it too late? Maybe, but maybe not, since the semiconductor supercycle is reportedly locked in for the next few years. Samsung Electronics shares are not what they used to be. Who would have thought they would top 200,000 won ($139)?” Lee said. Similarly, Lim Sung-yoon, another office worker, said stock investments were a frequent topic of conversation in her daily life. “When I meet

Feb 25, 2026By Lee Kyung-min
KOSPI rally fuels record exodus from long-term bank savings
Others

World Dagachi platform expands tailored services for foreign residents

Kwon Hae-suk, CEO of World Dagachi, operator of Dagachi, an artificial intelligence (AI) multilingual communication platform, said he hopes the platform would help provide foreign residents of Korea with easy access and practical information related to jobs, housing, visas and daily life. The mobile app- and web-based service is available in 16 languages including English, Chinese and Vietnamese. “Our goal is to improve access for foreign students and workers in Korea, delivering useful information and knowledge in an easy and understandable way,” he said. "The recent signing of a memorandum of understanding with Shinhan Bank will go a long way to advancing that goal" The two firms signed a strategic partnership to strengthen financial services for foreign residents, to better meet the growing demand for more foreign-friendly banking services. Under the agreement, the two firms will expand the bank’s foreign customer base, enhancing service quality by linking financial services with everyday living support platforms used by foreign residents, migrant workers and international stude

Feb 25, 2026By Lee Kyung-min
World Dagachi platform expands tailored services for foreign residents
Others

Older homeowners dependent on rental income worry about Lee's move to deny loan extensions

Choi Sung-ho, 67, who has lived in a small apartment in northern Seoul for nearly three decades, said the thought of being left without monthly rental income keeps him up at night. He is currently renting out a unit in a four-story building, commonly called a “multi-family villa,” nearby. The sleepless nights began when President Lee Jae Myung posted a message on social media questioning the fairness of extending loans to people who own multiple homes. Choi's anxiety deepened as news reports said financial authorities were moving quickly to hold meetings, outlining measures to deny loan extensions for those registered as rental business operators. “Am I a greedy speculator? I don’t think so. I don’t own multiple expensive homes — just one for my wife and me to live in, and one that gives us a steady monthly income so we can maintain our dignity in retirement without asking our children for money. We’re not luxury investors with high-rise buildings. That monthly rent is what pays for groceries and hospital bills.” Choi has a bank loan tied to the rental property. He took i

Feb 24, 2026By Lee Kyung-min
Older homeowners dependent on rental income worry about Lee's move to deny loan extensions
Others

Regional banks see profit decline despite holding firms’ record earnings

Regional financial groups posted record earnings last year, but worsening asset quality at their core banking units is a key risk undermining their profits and financial stability, market watchers said Friday. The holding companies’ figures came on the back of strong nonbank subsidiaries such as securities and capital firms, and the easing of real estate project financing provisions. However, their regional bank subsidiaries’ heavy exposure to small and medium-sized enterprises (SMEs) are leading to rising delinquencies. According to financial market data, BNK Financial, JB Financial and iM Financial saw their combined net profit surpass 1.96 trillion won ($1.3 billion) last year, up 21.5 percent from a year earlier. Their subsidiaries logged mixed and comparatively weak results. Of BNK Financial’s bank subsidiaries, Busan Bank posted 439.3 billion won in net profit, up 7 percent from a year earlier, but Kyongnam Bank saw their figure fall 5.6 percent to 292.8 billion won. Of JB Financial’s bank affiliates, Jeonbuk Bank recorded a net profit of 228.7 billion won, a 4.6 percent incr

Feb 20, 2026By Lee Kyung-min
Regional banks see profit decline despite holding firms’ record earnings
Others

Salaried workers frustrated by higher income tax as tax bracket revision stalls

Park Min-soo, 40, an office worker, said his salary increased last year but somehow felt like he was left with less. “I did the calculating myself,” he said. “After income tax, monthly premiums for national pension, state-run health insurance and other deductions, the extra raise meant essentially nothing.” What bothers him more is that some people working part-time or in temporary jobs aren’t paying the income tax at all. “I heard on the news that about a third of the workers are not paying earned income tax at all. I understand that they are low income. They may say life is hard, but it is for everybody else, too. Not paying any? It’s just not right. I can’t shake the feeling that the system is punishing full-time workers while letting others off easy. It’s demoralizing.” Similarly, Choi Eun-jung, 45, said the tax brackets haven’t changed much over the past two decades. “Inflation eats up my wages, yet many salaried workers automatically are moved into higher tax brackets. It’s frustrating to think about what should be rightfully mine is taken from me only beca

Feb 19, 2026By Lee Kyung-min
Salaried workers frustrated by higher income tax as tax bracket revision stalls
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