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Lee Kyung-min

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Economy

Seoul mortgage borrowers pay 40% of income to service debt

Seoul mortgage borrowers pay close to more than 40 percent of their income to service debt, government data showed Tuesday. The heavy debt repayment burdens followed postpandemic monetary tightening and a spike in borrowing costs, translating to a rise in both their delinquency rates and a 30 percent year-on-year increase in the foreclosed properties auctioned off. Many of them rushed to take out mortgages during the pandemic when interest rates were ultralow. According to the Korea Housing-Finance Corp., the Housing Affordability Index (K-HAI) in Seoul came to 157.9 in October-December last year, up from 150.9 three months earlier. The higher the figure, the less affordable the housing. The state-run entity added that Seoul mortgage borrowers paid 40.6 percent of their income on principal and interest payments. The quarterly figure overcoming the 40 percent mark came three quarters after the figure stood at 38.8 percent in the January-March period last year. In the fourth quarter of 2023, the figure was at 40.1 percent. Separate data from the central bank showed that the mortgage delinquenc

May 13, 2025By Lee Kyung-min
Seoul mortgage borrowers pay 40% of income to service debt
Economy

Korea to weather tariff uncertainties with strong trade infrastructure, expansive FTA network: UN expert

Korea’s strong trade infrastructure, comprehensive governance frameworks and expansive free trade agreement network position it well to navigate global tariff uncertainties, a senior researcher at a U.N. body said Monday. The export-reliant economy will be able to leverage these strengths to tap into the growing market for cross-border digital trade, according to a team led by Rupa Chanda, director of trade, investment and innovation division at the Economic and Social Commission for Asia and the Pacific (ESCAP). The ESCAP is one of five regional commissions of the U.N. Digitally delivered services are less vulnerable to tariffs but also ensure broader market access for goods and services through preferential trading arrangements — an area with strong growth potential for Korea, a global leader for digital and tech advancements, Chanda said. “Korea consistently ranks among the top performers in ESCAP’s trade digitalization index,” she said in a recent interview with The Korea Times. The index assesses the Asia-Pacific region for progress in paperless trade facilitation. Strong c

May 12, 2025By Lee Kyung-min
Korea to weather tariff uncertainties with strong trade infrastructure, expansive FTA network: UN expert
Banking & Finance

Hana Bank teams up with leisure-focused platform operator Nol Universe

Hana Bank has teamed up with Nol Universe, an online travel and leisure company. Together, they aim to create innovative digital finance products that integrate banking with leisure. These products will also expand to include travel, sports and culture, the lender said Sunday. The partnership is part of Hana’s strategy to expand digital financial services into the rapidly growing leisure tech space. Nol Universe is a comprehensive online operator that provides a range of leisure services, including travel bookings for flights, hotels and tour packages. Other services include ticket sales for cultural events, performances and exhibitions, as well as sports content. Nol Universe operates several platforms, including NOL, NOL Ticket and NOL Interpark. The lender said the two signed a business agreement, May 9 at Nol Universe's Pangyo headquarters in Seongnam, Gyeonggi Province. They plan to jointly develop a savings account only for Nol Universe affiliates and its members and roll out financial products tailored to sports fans. More teamwork will be outlined to strengthen their collaborative

May 11, 2025By Lee Kyung-min
Hana Bank teams up with leisure-focused platform operator Nol Universe
Economy

Korea’s Q1 growth slowest among 19 major economies

Korea's real GDP contracted by 0.246 percent in the first quarter of this year compared to the previous quarter, marking the slowest growth among 19 economies with available data, according to central bank figures released Sunday. The 19 nations include China, along with 18 of the 36 member countries of the OECD. Many attributed Korea’s stagnant economy to weak domestic demand. This demand is unlikely to turn around due to anemic private spending, which stems from overall high price levels and household debt. Bank of Korea (BOK) Gov. Rhee Chang-yong acknowledged the deepening economic downturn last week, but not to the degree that warrants a steep back-to-back rate cut. He made the assessment in Milan, Italy, May 5 (local time), during an Asian Development Bank meeting. According to the BOK, the 0.246 percent contraction placed Korea at the bottom of the list of 19 economies. Even the U.S. contracted by 0.069 percent, despite tariff uncertainties, which made Korea’s decline appear even more dramatic. Ireland topped the list with a growth rate of 3.219 percent, followed by China (1.2 pe

May 11, 2025By Lee Kyung-min
Korea’s Q1 growth slowest among 19 major economies
Companies

Theborn Korea shares in freefall despite CEO's apology

Theborn Korea shares have been on a sharp downtrend for days, battered by a slew of product quality scandals and alleged mismanagement, market analysts said Thursday. Company CEO Paik Jong-won said recently that he would indefinitely suspend TV and online broadcast appearances, pledging a support package of 5 billion won ($3.5 million) for its franchisees. However, investor sentiment remains deeply negative. The analysts say the shares will not be able to find a breakthrough, given “stock overhang,” a large block of shares that could significantly depress the stock price if released into the market all at once. The share lock-up period of six months expired as the company went public on Nov. 6, 2024. This means that more than 4.8 million shares, or about 33 percent of the total, held by Paik and other firm executives will be able to be traded. Also up for release are 282,000 shares held by institutional investors. According to the Korea Exchange, Theborn Korea shares closed at 26,400 won on Wednesday, down about 2 percent from the previous session. This was the lowest closing price si

May 8, 2025By Lee Kyung-min
Theborn Korea shares in freefall despite CEO's apology
Companies

Naver hit by Apple's 'AI replacing search engine' remark

Naver shares took a dive Thursday, rattled by remarks from a top Apple executive about artificial intelligence (AI) potentially replacing online search engines, according to market analysts. This concern also sent shares of Alphabet, Google’s parent company, tumbling by 7 percent, Wednesday (local time). The analysts say the share prices will not be able to see a breakthrough due to concerns that AI-powered programs would take over the search engine market, the main revenue generator for Naver, the country’s top web portal. Eddy Cue, Apple’s senior vice president of services, said Wednesday that the rise in AI use “will eventually replace standard search engine use.” He made the comments during a court hearing, according to a report by Bloomberg. According to Korea Exchange, Naver shares closed at 188,700 won, down 5.22 percent from the previous session. Naver is scheduled to release its first-quarter earnings Friday. Analysts expect both revenue and operating profit to post growth from the previous year. Shinhan Investment said Naver’s revenue in the first three months is expec

May 8, 2025By Lee Kyung-min
Naver hit by Apple's 'AI replacing search engine' remark
People & Events

'If you are truly passionate about something, it can become reality,' says winner of King Edward VII prize

When you are truly passionate about something, it can become a reality, according to Lee Yoon-ki, the winner of this year’s King Edward VII prize at the inaugural Entente Cordiale University Challenge competition. The prize was awarded under the joint patronage of His Majesty King Charles III and French President Emmanuel Macron, April 8 (local time). Lee’s teammates included Theo Kaiser from Germany and Nachiket Midha from India, who are also students at St Antony's College, University of Oxford. The competition aims to bring together students from U.K.- and French-based universities to produce and deliver solution-focused research on today’s most pressing issues. This year’s theme was climate change, biodiversity and developing countries. The title of their paper was "Fields on Fire: Policy Recommendations to Combat Stubble Burning in India." Lee, a graduate student majoring in international relations at University of Oxford, is a Korea Times Economic Essay contest winner. “It was especially meaningful to be the only Korean participant in the finalist round, and truly a histori

May 8, 2025By Lee Kyung-min
'If you are truly passionate about something, it can become reality,' says winner of King Edward VII prize
Economy

Will Korean won continue to strengthen against dollar amid growing volatility?

The Korean currency won has been gaining ground against the U.S. dollar in recent days, buoyed by broad appreciation of Asian currencies on the expectations of eased U.S.-China tensions, market watchers said Wednesday. The Korean currency opened at 1,380 per dollar, 25.3 won stronger than the previous session. The sharp appreciation came six months after former President Yoon Suk Yeol's Dec. 3 martial law declaration, when the won plunged to nearly 1,500 won against the dollar. Analysts say the Korean currency is expected to gain gradually, despite volatility from U.S. President Donald Trump’s tariff threats. Bank of Korea (BOK) Gov. Rhee Chang-yong said it is “too early to tell whether the won's strength will continue,” and it is “unclear whether the U.S. prefers a strong or weak dollar.” He made the comments in Milan, Italy, Monday (local time), during an Asian Development Bank meeting. According to foreign exchange market data, the won appreciated to 1,379.7 won against the dollar in the morning sessions of Wednesday. The won ended trading at 1,398 won, gaining 7.3 won from t

May 7, 2025By Lee Kyung-min
Will Korean won continue to strengthen against dollar amid growing volatility?
Economy

1 in 2 self-employed businesses fold within 3 years: tax agency

Only about half of self-employed businesses survive beyond three years and nearly 60 percent close within five amid the deepening economic downturn, government data showed Thursday. The grim figures come at a time when many small business owners are calling for a freeze in next year’s minimum wage, strained by surging labor costs and anemic consumer demand. According to National Tax Service data, which shows the survival rates of the top 100 self-employed sectors from 2019 to 2023, the three-year survival rate stood at 53.8 percent in 2023 and the five-year rate came to 39.6 percent. Those figures are significantly down from the one-year survival rate of 77.9 percent. Hair shops and "pension" guest houses had the highest three-year survival rates of 73.4 percent and 73.1, respectively. However, the rate was below average for online telecommunication shops (45.7 percent), snack shops (46.6 percent) and fast-food businesses, including fried chicken and pizza shops (46.8 percent). “Many self-employed fried chicken shop owners are closing their businesses only months after opening — a co

May 1, 2025By Lee Kyung-min
1 in 2 self-employed businesses fold within 3 years: tax agency
Banking & Finance

Banks seek to attract young customers for future business

A growing number of commercial lenders are offering cash-equivalent vouchers to parents with children in order to lock in a possible future revenue stream, according to industry officials Thursday. Driving these efforts is the rapid loss of market share to internet-only peers, whose mobile app-based services are tailored to a young, digitally savvy demographic. Most traditional lenders are expanding promotional campaigns in which parents are given up to 70,000 won ($49.14) for opening savings or home subscription accounts under their children’s names. Woori Bank recently offered 50,000 won to parents for opening new accounts under the names of children born in 2024. It also offered an additional 20,000 won for parents opening a home subscription account, meant to help save towards future house purchases, under their children’s name. KB Kookmin Bank had a similar campaign where up to 30,000 won worth of mobile gift coupons were provided. The lender offered 10,000 won worth of coupons redeemable on Baemin, a food delivery app, to parents who opened savings accounts for children under 14

May 1, 2025By Lee Kyung-min
Banks seek to attract young customers for future business
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