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Lee Kyung-min

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Economy

KOSPI surpasses 3,400 for 1st time on gov’t tax policy tweak, global tech boom

Korea’s main bourse KOSPI surpassed an all-time high of 3,400 Monday, continuing its historic rally for the fourth consecutive session. Analysts said the milestone underscores growing investor confidence, powered by a global tech stock boom. Also at play was the government’s scrapping of a plan to tighten rules on major shareholders subject to capital gains tax after fierce backlash from retail investors. The KOSPI, which surged to an intraday high of 3,420.23 points, ended at 3,407.31 points, up 0.35 percent from the previous session. The main stock index has now risen for 10 consecutive trading days, its longest such streak in recent years. Behind the bullish run was last week’s U.S. tech rally. Despite mixed U.S. consumer sentiment data, investors continued betting on a September rate cut by the U.S. Federal Reserve. This sent the shares of Tesla soaring more than 7 percent on optimism over artificial intelligence (AI) and robotics. In addition, Seoul stocks gained further upward momentum, propelled by Economy and Finance Minister Koo Yun-cheol’s comment earlier in the day that

Sep 15, 2025By Lee Kyung-min
KOSPI surpasses 3,400 for 1st time on gov’t tax policy tweak, global tech boom
Economy

Gov’t officials to visit diplomatic missions of APEC member economies

A group of government officials will launch a diplomatic campaign to encourage participation in the upcoming Asia-Pacific Economic Cooperation (APEC) finance and structural reform ministerial meetings, the finance ministry said Monday. APEC is a regional economic forum of 21 Asia-Pacific economies that promotes free trade, regional economic integration and cooperation to foster greater prosperity for the people of the region. The coordinated effort comes roughly a month ahead of APEC meetings in Incheon from Oct. 20-23. The four-day event will feature the APEC Finance Ministerial Meeting and Structural Reform Ministerial Meeting. According to the Ministry of Economy and Finance’s APEC Task Force, government officials will pay relay visits to APEC member embassies in Korea. These on-site meetings seek to brief diplomats on the meeting agenda, as part of Korea’s preparation efforts, policy sharing and diplomatic opportunities tied to the high-level event. “This campaign is more than just a promotion. It’s about building momentum centering on key regional issues and encouraging real

Sep 15, 2025By Lee Kyung-min
Gov’t officials to visit diplomatic missions of APEC member economies
Economy

Hana Bank strengthens gov’t-private partnerships to support tariff-hit businesses

Hana Bank, along with the Ministry of Trade, Industry and Energy, HL Group and the Korea Trade Insurance Corp. (K-SURE), have launched a 100 billion won ($75 million) export financing assistance package to support Korean automotive suppliers struggling due to U.S. tariff policies, the lender said Sunday. The public-private initiative seeks to mitigate fallout from recent U.S. tariff uncertainties, including concerns about the vulnerability of Korea’s export supply chains and the need to protect small and mid-sized manufacturers. The memorandum of understanding (MOU) for the partnership was inked at Hana Bank’s headquarters in Seoul on Sept. 12, with high-level officials from all parties in attendance. The agreement seeks to help key suppliers within HL Group’s network, many of whom face uncertainty due to new U.S. tariff policies that have had significant impact on auto parts exporters. The financing program includes 100 percent coverage of guarantee fees, lower borrowing rates, lower foreign exchange transaction fees and favorable exchange rates for the suppliers. Hana Bank and HL

Sep 14, 2025By Lee Kyung-min
Hana Bank strengthens gov’t-private partnerships to support tariff-hit businesses
Economy

Korea to lag behind Taiwan in GDP per capita for 1st time in 22 years

Taiwan is expected to overtake Korea in per capita GDP this year, data showed Sunday. The reversal after 22 years is explained by Korea’s weakening growth momentum coupled with Taiwan’s rise as a technological and economic powerhouse in the global economy. As a benchmark for economic performance, higher per capita GDP often implies a more productive economy, but it does not measure income inequality. The development underscores Korea’s declining competitive edge, eroded by a lack of structural reforms to respond to rapid aging, industrial stagnation and currency weakness. Many say the difference between the two economies will widen, since Taiwan’s potential growth rate is likely to exceed 3 percent this year, underpinned by a global tech boom and semiconductor value chain, especially amid the rise of artificial intelligence (AI) and high-performance tech advancements. Korea, on the other hand, will see its figure drop below 2 percent, weighed down by the fallout of political uncertainties from former President Yoon Suk Yeol’s martial law declaration last December and a slowdown

Sep 14, 2025By Lee Kyung-min
Korea to lag behind Taiwan in GDP per capita for 1st time in 22 years
Economy

Financial groups strengthen business for people over 60 amid rapid population aging

Korea’s leading financial groups are accelerating efforts to tap into the market, targeting people aged 60 and older whose combined net assets exceed 4,300 trillion won ($3.2 trillion) as of last year, market watchers said Thursday. KB, Shinhan, Hana and Woori are rolling out specialized brands, services and even postretirement health care infrastructure. The collective move indicates a rapid shift in the financial groups' role in a rapidly aging society from traditional lender to provider for a healthy lifestyle. The sector is expected to become a lucrative market built on long-term loyalty. Previously, their products were limited to pensions and trusts, but are now expanding into “total care” packages, combining wealth management with nursing needs and inheritance planning. KB Financial Group has launched KB Golden Life, an older adult-centric brand that provides the group's financial and nonfinancial services. The group’s subsidiary KB Golden Life Care operates seven nursing homes. KB Investment, another subsidiary, recently made a 10 billion won investment in byL, an older adu

Sep 11, 2025By Lee Kyung-min
Financial groups strengthen business for people over 60 amid rapid population aging
Economy

Voice phishing-linked frozen bank accounts set to hit record high this year

More than 150,000 bank accounts at Korea’s six largest commercial lenders were used in voice phishing crimes over the past five years, government data showed Thursday. The figure comes amid a growing push by lawmakers and financial regulators for legislation that would hold banks partially liable for compensating victims, in a stronger measure to curb financial fraud. Experts say Korea should establish a system that allows real-time information sharing among banks, law enforcement entities and financial regulators. Ministry of Science and ICT data showed that voice phishing damages exceeded 600 billion won ($432 million) in the first half of this year, up from 324.3 billion won from the previous year. According to Rep. Park Sung-hoon of the main opposition People Power Party, a total of 150,082 accounts across the country’s top six lenders — KB Kookmin, Shinhan, Hana, Woori, NH NongHyup and Industrial Bank of Korea (IBK) — were frozen after being confirmed as fraud-related between 2020 and March this year. The data provided by the Financial Supervisory Service was based on claims

Sep 11, 2025By Lee Kyung-min
Voice phishing-linked frozen bank accounts set to hit record high this year
Banking & Finance

KB Financial Group runs mobile training lab to ease digital divide, prevent voice phishing

KB Financial Group partnered with the Ministry of Agriculture, Food and Rural Affairs to launch a mobile voice phishing prevention program to raise awareness of financial fraud among the elderly, the group announced Wednesday. The initiative is part of the group's broader efforts to bridge the digital and financial literacy gap in remote rural areas where internet access and digital awareness remain limited. KB will operate a food truck that serves as a mobile hub for anti-voice phishing education. The vehicle will travel to rural regions across the country, including Jinan, North Jeolla Province; Gumi, North Gyeongsang Province; Damyang, South Jeolla Province; Asan, South Chungcheong Province; and Yeoju, Gyeonggi Province. University student volunteers trained in anti-scam education through a ministry-supervised program will give information sessions using content developed by KB Financial. The sessions will cover how to detect common fraud tactics, including phishing texts with malicious links that compromise personal data and passwords when clicked. The training will also address fake r

Sep 10, 2025By Lee Kyung-min
KB Financial Group runs mobile training lab to ease digital divide, prevent voice phishing
Banking & Finance

Fintechs turn profit, accelerate overseas expansion drives

Korea’s three major fintechs — Naver Financial, KakaoPay and Toss — have turned a profit for the first time this year, market watchers said Wednesday. Their collective strong performance was driven by rapid adoption of digital payment, platform efficiency and services powered by artificial intelligence (AI). Some of their smaller peers are also showing strong earnings, laying the groundwork for initial public offerings and overseas expansion. But many say policy uncertainties and market saturation remain a risk, adding that their long-term success will depend on innovation, diversification and agility in a rapidly changing financial market landscape. According to Financial Supervisory Service data, the Kakao subsidiary reported an operating profit of 4.4 billion won ($3.3 million) in the first three months of this year, a dramatic turnaround that broke 15 quarters of operating losses. Its operating profit doubled to 9.3 billion won in the second quarter. The strong figure was led by a 35 percent year-on-year increase in in-person transactions, coupled with no significant losses rela

Sep 10, 2025By Lee Kyung-min
Fintechs turn profit, accelerate overseas expansion drives
Economy

Ex-compliance chief tapped to lead KDB

Park Sang-jin, former compliance officer of the Korea Development Bank (KDB), has been nominated to lead the state-run lender, the financial regulator said Tuesday. The Financial Services Commission (FSC) said Park's nomination will be finalized upon approval by President Lee Jae Myung. Park has three decades of experience at the state-run lender. His expertise includes financial law and major corporate restructuring. He was part of the task force that led the corporate restructuring of Kia Group, Daewoo Heavy Industries and Daewoo Motors. The FSC said Park would contribute to strengthening the government’s drive to move toward productive finance and “tangible economic growth.” His background is expected to help the bank’s drive to support high-tech industries and manage complex government-led finance project initiatives. Born in 1962, he began his career at the KDB in 1990. He has a law degree from Chung-Ang University.

Sep 9, 2025By Lee Kyung-min
Ex-compliance chief tapped to lead KDB
Economy

Planned gov’t restructuring lowers chances for launch of 4th internet-only bank this year

The government’s plan to grant a license for a fourth internet-only bank hangs in the balance, weakened by the potential restructuring of economic and financial ministries and regulatory bodies, market watchers said Tuesday. The future of the fourth digital lender will be determined not by its commercial viability, but by administrative continuity. The potential governmental restructuring has cast doubt over whether the fostering of digital competition will remain as a policy priority. The Financial Services Commission (FSC), the country’s top financial regulator overseeing the licensing process, will be restructured if the plan goes through. Its financial policy functions and oversight authority would be absorbed by the finance ministry, which is also potentially undergoing an organizational split. The FSC is in the final stages of reviewing preliminary license applications submitted by four consortiums, led respectively by Soho Bank, Soso Bank, AMZ Bank and a bank representing the interests of overseas Koreans. However, more than five months have passed since the document submission

Sep 9, 2025By Lee Kyung-min
Planned gov’t restructuring lowers chances for launch of 4th internet-only bank this year
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