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Lee Kyung-min

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Economy

Economic uncertainties to continue despite Yoon's ouster

The government should introduce a supplementary budget quickly to prop up the faltering economy, certain to stagnate further despite the removal of former President Yoon Suk Yeol on Friday, economists and market analysts said Sunday. The recommendation comes amid concerns over a leadership vacuum in overall policy direction, further compounded by the Trump administration’s plan to impose 25 percent tariffs on all Korean goods. Also concerning are sluggish private consumption and infrastructure investment, along with rising youth unemployment. Consumer and business sentiment is expected to remain subdued until after the presidential election scheduled for early June, the experts said. “The government should draft about 30 trillion won ($20 billion) in extra budget,” Pinnacle Economic Research Institute chief economist Chang Jae-chul said. “Korea is facing heightened risks of a sharper economic downturn, hamstrung by weak domestic demand and Trump tariff threats hurting the country’s key exporters.” Any further delays in the extra budget implementation will accelerate the risk

Apr 6, 2025By Lee Kyung-min
Economic uncertainties to continue despite Yoon's ouster
Banking & Finance

Banks outline contingency plan to bolster foreign liquidity

Local commercial lenders are rushing to outline emergency plans contingent upon volatile foreign exchange (FX) movements, in a collective move to fortify financial soundness and capital liquidity, market watchers said Friday. Central to the concerns are the weakening of the Korean won relative to the U.S. dollar amid soaring demand for the world's reserve currency due to tariff uncertainties caused by the Trump administration. Many lenders are closely monitoring capital soundness and FX liquidity, mindful of a weaker won translating into a lower Common Equity Tier 1 (CET1) ratio and liquidity coverage ratio (LCR). The lower the figures, the worse their financial soundness. The financial regulators say the CET1 ratio should be maintained at over 12 percent, and the LCR at over 80 percent. The Koran currency weakening by 10 won leads to a CET1 ratio falling by 2 or 3 basis points. According to the financial industry, Woori Bank has set up a new emergency committee to better counter FX volatilities and to formulate plans to factor in fluctuations in FX levels. Tighter credit limits will be i

Apr 4, 2025By Lee Kyung-min
Banks outline contingency plan to bolster foreign liquidity
Economy

Korean won hits 2-year low of 1,000 won per 100 yen

The Korean currency weakened to a two-year low of around 1,000 won per 100 yen on the daytime trading market this week, influenced by the U.S. Trump administration’s reciprocal tariff policy that pushed many investors to seek safe-haven assets, including the Japanese currency. Also at play are the tariff uncertainties translating into an overall weakness of the U.S. reserve currency, compounded further by lingering concerns over the economic recession in the world’s largest economy. Regarding the won-yen exchange rate, it was considered virtually a norm that 100 yen be traded at 1,000 won or slightly higher, before the Japanese currency weakened to decades-low against the U.S. dollar in recent years. As of 3:30 p.m. Thursday, the Korean currency traded at 996.33 won per 100 yen, marking the lowest level since April 27, 2023 of 1001.71 won per 100 yen. But the won has since gained ground, trading at 981.82 per 100 yen as of 3:30 p.m. Friday. Concerning the yen-dollar exchange rate, the Japanese currency traded at 147.02 yen per dollar as of 3:30 p.m. Thursday. The dollar index, a measur

Apr 4, 2025By Lee Kyung-min
Korean won hits 2-year low of 1,000 won per 100 yen
Economy

Financial cooperation ambassador reassures Japanese investors of strength of Korean economy

International Financial Cooperation Ambassador Choi Jong-ku met with officials from major asset managers and a state-run pension fund in Japan to reassure them of the strength of the Korean economy, the finance ministry said Thursday. Central to the meetings was Korea’s efforts to enhance capital market access for offshore investors. This is a prerequisite for the country’s full inclusion in the World Government Bond Index (WGBI), operated by the London-based FTSE Russell. An inflow of up to $67 billion (98 trillion won) in offshore investor funds is expected in November. The WGBI is the world’s largest advanced bond index comprising government bonds from 26 countries, with assets of about $2.5 trillion tracking it. Choi, the former chairman of the Financial Services Commission, visited Tokyo from Monday to Tuesday, the Ministry of Economy and Finance said. During his visit, he met with key Japanese investors to discuss the progress of Korea’s foreign exchange and capital market reform measures. Choi met with the Chief Investment Officer (CIO) of Japan's Government Pension Investm

Apr 3, 2025By Lee Kyung-min
Financial cooperation ambassador reassures Japanese investors of strength of Korean economy
Banking & Finance

NH Financial, IBK embrace whistleblower system to curb employee misconduct

NongHyup Financial Group and state-run lender Industrial Bank of Korea (IBK) have embraced a whistleblower system in a move to prevent employee misconduct, including embezzlement and poor screening of loans, market watchers said Wednesday. Propelling the rushed efforts are poorly granted loans of over 88 billion won ($60 million) reported at the state lender and 108 billion won for the agriculture-oriented financing service provider. The IBK figure was 24 billion won at the time of the occurrence, but further investigation revealed the amount to be nearly triple the initial figure. This adds to over 187 billion won in financial irregularities at local banks last year, a five-year high and a 27-fold increase from 6.8 billion won in 2020. The state lender said it established a committee to oversee an internal whistleblowing system. The five-member committee with three outside figures will spearhead reform and report progress to the board of directors. The lender’s whistleblowing system, K-Whistle, operated by Korea Business Environment Institute, will allow IBK employees to report miscond

Apr 3, 2025By Lee Kyung-min
NH Financial, IBK embrace whistleblower system to curb employee misconduct
Economy

Trump tariffs will push up crude prices short-term, but supply-demand to return to balance: analyst

The impacts of the Donald Trump administration's tariff threats against Canada and Mexico, its pressure on Iran, and serious policy shifts by oil-producing countries are emerging as key risks to the international crude oil market, according to a global analyst on Wednesday. However, the much-dreaded supply-demand bottleneck will not materialize, said Muyu Xu, a senior crude oil analyst at Kpler, a leading provider of technology-led data, analytics and market insights focused on energy and shipping markets. “Our current assessment is that the global oil supply and demand will largely return to a balance,” she said during a seminar at Lotte Hotel, Seoul. “We see it's almost a perfect balance this year." She spoke on the theme "Crude oil 2025: Navigating through geopolitical shifts and Trump 2.0." However, several potential risks that cannot be ignored include a potential slowdown in the U.S. economy and the dampening effect of trade tensions on major economies. OPEC, a coalition of major oil-producing nations, plays a crucial role in regulating global oil supply and influencing market

Apr 2, 2025By Lee Kyung-min
Trump tariffs will push up crude prices short-term, but supply-demand to return to balance: analyst
Banking & Finance

Woori Bank opens Polish branch as part of Europe expansion drive

Woori Bank opened a branch in Warsaw, Poland, Monday (local time), as part of its continued expansion drive into Europe, the lender said Tuesday. The new branch will fortify Woori’s presence in Eastern Europe. Its London branch remains a key foreign currency credit line, while the Frankfurt branch is a hub for corporate financing. The Warsaw branch will accelerate Woori's business expansion beyond Poland, further into Hungary, the Czech Republic, Slovakia and Romania, where many Korean companies operate. Poland is a manufacturing and logistics hub in Eastern Europe, with strong growth potential due mostly to its geographical location. Woori expects the new branch will integrate and complement work previously handled by one set up in 2017 in the southwestern industrial city of Katowice. “Poland is emerging as a key area of focus for Korean firms in defense, electric vehicles and rechargeable batteries manufacturing,” a Woori official said. “The reconstruction of war-torn Ukraine is of business interest to many.” Woori was cleared by the Polish regulators to establish the new branc

Apr 1, 2025By Lee Kyung-min
Woori Bank opens Polish branch as part of Europe expansion drive
Banking & Finance

INTERVIEW Toss aims to be top guide for retail investors trading US stocks: head researcher

A record number of Korean retail investors are increasing their holdings in U.S. stocks. Still, it is hard to find high-quality, in-depth market research papers that are easy to understand, especially for those without professional knowledge in finance. This, according to Toss Securities Research Center lead Lee Young-gon, begs the question, “Why do the average investors have to get buried under mountains of papers full of complex jargon and that are hard to make it through to the end?” Stock reports should be easy to read, Lee said in a recent interview with The Korea Times. “Many existing research reports are quite difficult and unfriendly for many." The reports seek to provide in-depth insights but tend to be overly complex, making it harder for retail investors to understand. “We are focused on making our content easier, even for average investors without deep knowledge in finance," he said. "Our goal is to balance depth with clarity so that our readers can comprehend the material without feeling overwhelmed." Underpinning the objective is a division of labor between analysts an

Apr 1, 2025By Lee Kyung-min
[INTERVIEW] Toss aims to be top guide for retail investors trading US stocks: head researcher
Banking & Finance

INTERVIEW Demand for Korea Treasury bonds robust due to WGBI inclusion optimism: MarketAxess, NHIS

Demand for Korea Treasury Bonds (KTBs) has been and will continue to be robust from foreign sovereign wealth funds, pension funds, central banks and asset managers, according to MarketAxess, a U.S. electronic trading platform for the institutional credit markets, and NongHyup Investment and Securities (NHIS) on Tuesday. Underpinning the optimism is Korea’s relative strength in fiscal soundness, market maturity and transparency, as well as long-term structural growth trends, they said. Also at play is Korea’s inclusion in the World Government Bond Index (WGBI), operated by the London-based FTSE Russell. An inflow of up to $67 billion (98 trillion won) in offshore investor funds is expected in November if included. The finance ministry said government efforts would continue reassuring offshore investors of KTB investments' strengths. Second Vice Minister of Economy and Finance Kim Yoon-sang held a virtual meeting on Tuesday with more than 130 global investment bankers, asset managers, insurers and hedge funds from London, Hong Kong, Singapore and Japan. Included were BlackRock and JPMo

Mar 31, 2025By Lee Kyung-min
[INTERVIEW] Demand for Korea Treasury bonds robust due to WGBI inclusion optimism: MarketAxess, NHIS
Banking & Finance

Coffee lovers frustrated by low-cost brands' price hikes

Kim, an office worker in her 30s, was irritated when she saw that the price of a large Americano was going to be raised by 300 won ($0.2) at a coffee franchise she frequents. “The price of everything is going up, including the cheapest kind of coffee,” she said. The increase of 300 won may not seem that big of a deal at first, but the thought of spending about 6,000 won more every month frustrates her. “Recently, the prices of fast food menu items rose, and so did the prices of a bag of snacks and a box of chocolates. Everything has increased except what I earn every month," she said. "A cup of Americano every morning on my way to work was one sure thing that would keep me upbeat. But the thought of having to pay extra is not going to do the same trick.” Kim is among many coffee lovers frustrated by the price hikes of low-cost coffee franchises. Mega Coffee, operated by Mega MGC Coffee, said it plans to raise the price of a cup of Americano by 200 won to 1,700 won starting on April 21. For larger cups, the increase will be 300 won. A shot of espresso will cost 100 won more. This incr

Mar 31, 2025By Lee Kyung-min
Coffee lovers frustrated by low-cost brands' price hikes
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