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Yi Whan-woo

Korea Times Politics & City Reporter

Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.

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Iran crisis leads to rare fuel price reversal between diesel, gasoline

Korea is witnessing a rare reversal in fuel pricing amid the widening U.S.-Israel war on Iran, with diesel now costing more than gasoline at many domestic gas stations despite benefiting from lower fuel taxes. Real-time data from the Korea National Oil Corp'.s Opinet website showed that as of 5 p.m. Friday, the nationwide average price of diesel was 1,887.38 won ($1.28) per liter, while gasoline averaged 1,871.83 won per liter. The website showed the price trend in 10 of 17 municipalities and regions, including Seoul, Incheon, Ulsan and Gyeonggi Province. The trend emerged in the wake of the U.S.-Israeli military strikes on Iran on Feb. 28, reflecting the limits of Korea’s tax policy in favor of diesel amid a global tightening of the fuel’s supply, according to industry officials. They noted that diesel had long been sold at a lower price than gasoline in Korea, supported by a policy that levies 240 won less in tax per liter. The policy is aimed at curbing fuel consumption by ordinary drivers who mostly use gasoline-powered vehicles, thereby helping to reduce greenhouse gas emissions.

Mar 6, 2026By Yi Whan-woo
Iran crisis leads to rare fuel price reversal between diesel, gasoline
Others

High prices hold Koreans back from domestic travel: survey

Ock Ji-sook, a self-described budget traveler in her 30s, plans to visit Kyoto, Japan, instead of Gyeongju, North Gyeongsang Province, this spring to enjoy cherry blossoms alongside historic buildings. She says that the total expense of traveling to Japan is lower when accommodation, food and other costs are included, even though round-trip tickets on a low-cost carrier to Japan are about 200,000 won ($136), higher than the roughly 140,000 won for a domestic round-trip KTX bullet train. “A trip to Japan can be considered more cost-efficient, especially since it offers more exotic and foreign experiences, which are among the most attractive aspects of travel,” she said. Ock represents nearly one-third of respondents who picked high prices as the primary reason for avoiding domestic travel, according to a survey released Thursday. The survey was conducted jointly by Airbnb, an online home rental platform for travelers, and Embrain, a pollster, from Jan. 13 to 19. A total of 27.9 percent of respondents cited high travel costs when asked why they refrain from taking trips within the count

Mar 6, 2026By Yi Whan-woo
High prices hold Koreans back from domestic travel: survey
Economy

Seoul stocks rebound sharply from 2-day losing streak on signs of easing oil prices

Seoul stocks rebounded, Thursday, after two days of sharp declines, with the benchmark KOSPI marking the second-largest daily gain of 9.63 percent and the secondary bourse Kosdaq posting a record daily increase of 14.1 percent. The rebound was sharp enough to trigger buy-side sidecar trading curbs, in contrast to Wednesday’s sell-side curbs, reflecting heightened volatility in the domestic stock market following U.S.-Israel military strikes on Iran, Feb. 28. The KOSPI rose 9.63 percent to close at 5,583.9 points, Thursday, snapping the two-day losing streak after falling 7.24 percent on Tuesday and 12.06 percent on Wednesday. Thursday's gain marked the second-largest on record, behind the all-time high of 11.95 percent set on Oct. 30, 2008. The Kosdaq gained 14.1 percent to end at 1,116.41 points, Thursday, reversing declines of 4.62 percent and 14 percent over the two previous days. The 14.1 percent increase marked the largest daily gain for the secondary bourse, topping the previous 11.47 percent recorded on Oct. 30, 2008. Both indexes sustained upward momentum throughout the session

Mar 5, 2026By Yi Whan-woo
Seoul stocks rebound sharply from 2-day losing streak on signs of easing oil prices
Economy

Seoul stocks suffer steepest fall in history over widening Iran conflict

The benchmark KOSPI recorded its largest-ever daily loss of 12.06 percent Wednesday, surpassing its previous record of 12.02 percent, which occurred after the Sept. 11 terrorist attacks on the U.S. in 2001. The main index fell for a second consecutive day to close at 5,093.54 points, with losses accelerating amid a widening conflict in the Middle East involving the United States, Israel and Iran, building on Tuesday’s 7.24 percent decline. The secondary bourse Kosdaq also dropped 14 percent Wednesday, compared to a 4.62 percent decline the previous day, closing at 978.44 points. The decline was sharp enough to trigger a sidecar trading curb and next-level circuit breaker on both the KOSPI and Kosdaq during intraday trading. The sidecar was activated at 9:06 a.m. on the KOSPI and 10:31 a.m. on the Kosdaq, as the KOSPI 200 and Kosdaq 150 — baskets of the top 200 and 150 stocks, respectively — dropped past the 5 percent threshold from the previous day’s close. The curb temporarily halted sell orders for five minutes before trading resumed. A circuit breaker was triggered at 11:16 a.

Mar 4, 2026By Yi Whan-woo
Seoul stocks suffer steepest fall in history over widening Iran conflict
Others

Korea Eximbank partners with KHNP, Meralco on Philippine nuclear energy projects

The Export-Import Bank of Korea (Korea Eximbank) said Wednesday that it has partnered with energy companies from both Korea and the Philippines on the latter's nuclear energy projects. The state-run bank said a three-way memorandum of understanding (MOU) was signed with Korea Hydro & Nuclear Power (KHNP) and Meralco in Manila, Philippines, opening the door for Korea Eximbank to back parties financially. The MOU was signed during President Lee Jae Myung’s state visit to the Philippines from Tuesday to Wednesday. The visit included businesses from both countries, including KHNP and Meralco. KHNP provides more than 30 percent of Korea’s electricity and Meralco supplies more than 50 percent in the Philippines. The signing ceremony was attended by Minister of Trade, Industry and Resources Kim Jung-kwan, Secretary of the Philippines Department of Trade and Industry Cristina Roque, Korea Eximbank Chairman and CEO Hwang Ki-yeon, KHNP acting President and CEO Chun Dae-wook and Meralco Chairman and CEO Manuel Pangilinan. “The three-way partnership is expected to further bolster Korea’s over

Mar 4, 2026By Yi Whan-woo
Korea Eximbank partners with KHNP, Meralco on Philippine nuclear energy projects
Economy

Seoul stocks plunge over 7% due to Iran war, oil surge

The benchmark KOSPI lost more than 7 percent, Tuesday — the biggest fall in more than 18 months — amid heightened Middle East tensions following U.S.-Israeli strikes on Iran over the weekend. The Korean currency also fell more than 26 won against the U.S. dollar in onshore trading, marking its steepest decline this year and fueling ongoing concerns that it could reach the worrisome 1,500-won level. Seoul financial markets jittered as they reopened following a long weekend, joining other Asian markets that were hit by the Middle East conflict and fluctuating international oil prices, which climbed toward $80 per barrel. KOSPI closed at 5,791.91 points, down 452.22 points, or 7.24 percent, from the previous session, Friday, before the U.S.-Israeli strikes on Iran. The pace of decline was the steepest since Aug. 5, 2024, when it fell 8.77 percent amid fears of a U.S. recession. The main index started 1.26 percent lower at 6,165 points and, after briefly recovering above 6,180 points, saw the decline accelerate. The steep fall triggered a sidecar trading curb as the KOSPI 200 futures inde

Mar 3, 2026By Yi Whan-woo
Seoul stocks plunge over 7% due to Iran war, oil surge
Policy

NPS draws attention as votes on reappointments of Shinhan, Woori chairmen loom

The National Pension Service (NPS) is drawing attention over whether it will actively exercise its voting rights on corporate governance at shareholder meetings of financial holding companies later this month, market observers said Tuesday. The state-run pension fund operator is particularly under the spotlight regarding its stance on the reappointments of two chairmen — Jin Ok-dong of Shinhan Financial Group and Yim Jong-yong of Woori Financial Group. As a major shareholder of multiple listed firms, the NPS has long faced expectations from financial authorities to address corporate governance and other transparency-related agendas set by the government. This year, those expectations are heightened following President Lee Jae Myung’s criticism of management at financial holding companies a “corrupt inner circle.” The criticism was made in December 2025, when the president cited a lack of transparency in the CEO selection process, including extended or rotating tenures. At Shinhan and Woori, Jin and Yim will complete their first three-year terms at the end of March and have effecti

Mar 3, 2026By Yi Whan-woo
NPS draws attention as votes on reappointments of Shinhan, Woori chairmen loom
Others

Credit card dormancy hits record rate, reflecting heated market

More credit cards than ever are remaining dormant, reaching a record share of all cards issued as firms engage in fierce competition to attract customers, data showed Monday. The statistics, released by the Credit Finance Association, showed that dormant credit cards — defined as those unused for over a year and temporarily suspended — rose to 14.9 percent of all issued cards in 2025. According to the association, the surge in dormant cards reflects excessive competition among credit issuers, each vying to lure customers from rivals in a time of weakening profitability. The association highlighted the steady upward trend of card dormancy, which has risen from less than 10 percent in 2021 to 13.9 percent in 2024. The number of dormant cards has increased roughly four times faster than the total number of cards issued in recent years. Dormant cards rose 24 percent compared with 6.4 percent for all cards in 2022, 13 percent versus 3.7 percent in 2024 and 9 percent versus 2 percent in 2025. “In a limited market, credit card companies repeatedly engage in short-term, zero-sum competition

Mar 3, 2026By Yi Whan-woo
Credit card dormancy hits record rate, reflecting heated market
Policy

Blue Ocean Technologies leverages Seoul office to make Korea center of Asia-Pacific strategy

Korea is cementing its central role in Blue Ocean Technologies’ Asia-Pacific strategy, with its Seoul office — which just marked its first anniversary — propelling overnight U.S. stock trading in the region, CEO and President Brian Hyndman said Thursday. He said the Seoul office has been instrumental in regaining customers since its launch in February 2025, turning a crisis in August 2024 caused by a system outage into an opportunity to hone technological and sales capabilities. The rebound is especially crucial as Blue Ocean Technologies, once the sole competitor in Korea’s alternative trading system (ATS) for U.S. stocks, now faces competition from other ATS operators in the wake of the 2024 incident, according to the CEO. “Korea is the headquarters and the center of our Asia-Pacific business, and we were very focused on hiring local talent after the outage,” Hyndman said during an interview with The Korea Times in Seoul’s financial district of Yeouido. He explained that Asia represents about half of Blue Ocean Technologies’ more than 140 brokerage houses, with customer

Mar 2, 2026By Yi Whan-woo
Blue Ocean Technologies leverages Seoul office to make Korea center of Asia-Pacific strategy
Policy

Chronic clustering of shareholder meetings undermines government-led campaign again this year

More than 70 percent of KOSPI-listed companies schedule this year’s shareholder meetings on just three overlapping days, a chronic and troubling practice that undermines a government-led campaign to spread dates and boost shareholder participation. According to the Korea Listed Companies Association, 436 of the 593 companies on the main index — about 73 percent — cram their shareholder meetings into March 24, 26 or 31, with 272 of them holding theirs on March 26, the busiest day. The companies involved include Hyundai Motor and Doosan Enerbility, all ranked in the top 10 by market capitalization. The heavily concentrated schedule persists despite financial authorities' yearslong efforts to spread out meeting dates and enhance the rights of individual investors. Market observers said shareholder participation is becoming increasingly important as more Koreans invest in the stock market, with the KOSPI accelerating its rally and surpassing key milestones, including the 6,000-point mark. “Under the circumstances, the crammed schedule highlights that the government’s efforts are not

Mar 2, 2026By Yi Whan-woo
Chronic clustering of shareholder meetings undermines government-led campaign again this year
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