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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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KOMSCO PR chief co-authors book to challenge misconceptions about public enterprises

Woo Jin-goo, top public relations official at the Korea Minting and Security Printing Corp. (KOMSCO), has co-authored a new book challenging social bias toward public enterprises. Jobs in public enterprises are sometimes nicknamed an “iron rice bowl.” The term is used sarcastically to describe their guaranteed lifetime job security, which is often associated with low work efficiency, weak accountability or lax corporate management that would not be tolerated in a private company. The book, the title of which can be translated as “The Future of Public Enterprises,” carries special significance for Woo, whose career spanning both private and public sectors gives him insight into the realities behind these misconceptions. “It represents a significant milestone, both personally and for KOMSCO,” Woo said in an interview with The Korea Times, Wednesday. “Public enterprises are usually perceived through narrow stereotypes, with reference to the ‘iron rice bowl’ … and this book was conceived precisely to fill that information gap and bridge the divide between perception and r

Feb 12, 2026By Yi Whan-woo
KOMSCO PR chief co-authors book to challenge misconceptions about public enterprises
Economy

Top customs official backs homegrown clearance system for Korea’s global AI leadership drive

Korea Customs Service (KCS) Commissioner Lee Myeong-ku has identified the homegrown electronic clearance system, UNI-PASS, as central to reinforcing the role of KCS in Korea’s drive to become a top-three global artificial intelligence (AI) powerhouse. The system has been at the heart of Korea’s global expansion and digital transformation in customs administration. Originated in 1974 to support the computerized processing of trade statistics and related data, it has since evolved into a sophisticated tool used in 16 countries across Asia, Europe, Latin America and Africa. “We want to upgrade UNI-PASS with AI as part of a sweeping overhaul to bolster operational capacity,” the top customs official said in an exclusive interview with The Korea Times, Feb. 5. The upgrade focuses on applying AI across all areas of KCS operations and enhancing the 11 AI models currently in use within UNI-PASS, a fully digitalized platform that processes all documentation, inspection and approval of goods crossing the border without paper or in-person visits. The 11 models are entirely AI-based, coverin

Feb 12, 2026By Yi Whan-woo
Top customs official backs homegrown clearance system for Korea’s global AI leadership drive
Others

Bull market paves smoother path for brokerages to join W1 tril. club

An increasing number of brokerage houses are joining the so-called “1 trillion won club” with greater confidence than before, driven by an accelerated rally in the stock market that has subsequently boosted the companies’ profits, industry officials said Monday. In the brokerage sector, the club typically refers to companies that post more than 1 trillion won ($682.03 million) in yearly operating profit. The term now extends to the more demanding target of annual net income, with five companies — Mirae Asset Securities, Korea Investment Securities, Kiwoom Securities, NH Investment & Securities and Samsung Securities — so far having achieved both benchmarks. Mirae Asset Securities, one of the top-two companies, announced in its 2025 earnings report Monday that its operating profit totaled 1.91 trillion won and its net income 1.59 trillion won. Each figure set a record high, rising 72.2 percent and 61.2 percent, respectively, from the previous year. Korea Investment Securities, the other top-two company, has already secured entry into the club, with full-year earnings set to be an

Feb 10, 2026By Yi Whan-woo
Bull market paves smoother path for brokerages to join W1 tril. club
Others

Financial groups’ record profits raise prospects for higher shareholder dividends

A retail investor using the moniker “Jingle all the way” wrote on an online forum that he is thrilled about the expected returns from financial holding companies after taking a calculated risk that their profits would grow despite the government’s tighter lending regulations. He also expected that these gains would be shared generously with shareholders in line with the government’s stronger emphasis on investor rights. “And I could not be happier about the record earnings from the financial holding companies last week,” the investor wrote. He was referring to the record cumulative net income of 17.95 trillion won ($12.26 billion) posted by the four major KOSPI-listed financial holding companies — KB, Shinhan, Hana and Woori — in 2025. The amount rose 9.4 percent from a year earlier, despite the financial authorities’ curbs on housing loans and other lending restrictions. Such regulations had raised speculation that loan interest income, a major revenue source for the holding companies’ banking affiliates, would decline. Interest income still increased 2.6 percent year

Feb 10, 2026By Yi Whan-woo
Financial groups’ record profits raise prospects for higher shareholder dividends
Economy

Lotto tickets on sale via mobile for 1st time

A smartphone screen shows a Lotto ticket, Monday, as tickets become available for purchase via mobile device for the first time. Previously, purchases were only possible in person or through websites via PC. The change was led by the Korea Lottery Commission, which operates under the Ministry of Planning and Budget. Yonhap

Feb 9, 2026By Yi Whan-woo
Lotto tickets on sale via mobile for 1st time
Others

Securities firms gain on banks in bullish stock market

Securities firms are increasingly outperforming banks and their holding companies in the finance industry, an unusual reversal in a sector long dominated by traditional banking, industry officials said Friday. Among the leading brokerages, Mirae Asset Securities surpassed Woori Financial Group — the holding company of flagship affiliate Woori Bank — in market capitalization, while Korea Investment & Securities outperformed NH NongHyup Bank in net income. As of Friday, Mirae Asset Securities’ market capitalization stood at 27.22 trillion won ($18.53 billion), ranking 27th on the benchmark KOSPI among 841 listed companies. It trails KB Financial Group, the country’s largest financial holding company with 55.66 trillion won (12th), Shinhan Financial Group at 45.44 trillion won (15th) and Hana Financial Group at 31.89 trillion won (22nd). Woori Financial Group, the smallest of the four bank groups, occupies 31st place with 23.82 trillion won. According to the Korea Exchange, it is the first time that a securities firm’s market capitalization has surpassed any of the top four financ

Feb 6, 2026By Yi Whan-woo
Securities firms gain on banks in bullish stock market
Economy

Why Lee Jae Myung is pressuring multi-home owners with tighter regulations

President Lee Jae Myung has turned to social media to openly criticize those who own multiple homes, a practice he argued has been driving up prices and deepening housing supply shortages. The pressure centers on resuming a long-pending tax policy that could impose a heavy capital gains tax of up to 82.5 percent on houses sold after May 9. The move is in line with the fourth measure in a series of housing market regulations issued by the Lee administration on Jan. 29, which aims to provide 60,000 homes in Seoul and Gyeonggi Province. The president’s criticism may be justifiable given the widening inequality, growing household debt, excessive preference for real estate as an investment and other socioeconomic problems related to properties, according to economists and housing experts on Thursday. Lee’s social media campaign, however, also reflects political considerations with regard to securing more tax revenue to support his expansionary fiscal policy and the upcoming local elections in June, these experts said. They viewed that the president appears to be avoiding linking these pol

Feb 6, 2026By Yi Whan-woo
Why Lee Jae Myung is pressuring multi-home owners with tighter regulations
Economy

Frozen vegetables gain popularity as fresh produce prices remain high

A housewife in her 70s surnamed Kim says she increasingly weighs whether to buy frozen or fresh vegetables when shopping, as fresh produce prices show no signs of letting up. “I used to doubt the quality of frozen vegetables and never considered buying them, but the high prices of fresh items are reshaping my thinking,” she said, noting that frozen options cost 15 to 20 percent less than fresh. Kim’s dilemma reflects the growing demand for frozen vegetables amid abnormal weather and high prices for fresh vegetables. Among major retail chains, Emart saw sales of frozen vegetables rise 1 percent in 2025, while fresh vegetable sales fell 2.5 percent over the same period. At Lotte Mart, frozen vegetable sales increased 10 percent, while fresh vegetable sales dropped 4 percent. “The frozen items ranged from broccoli to cabbage, cauliflower and green beans, which a consumer can afford at a lower price,” an industry official said. The data came as the Korea Agro-Fisheries & Food Trade Corp. (aT) reported this week on rises in the prices last year of several fresh vegetables, including p

Feb 5, 2026By Yi Whan-woo
Frozen vegetables gain popularity as fresh produce prices remain high
Economy

Gov't to buy more AI products, using public procurement as growth platform

The government will purchase more artificial intelligence (AI) products, from software to hardware, through public procurement to support promising private companies and help Korea become a top-three global AI power, the Ministry of Economy and Finance said Wednesday. The ministry also said that AI will be newly applied as an operational tool to streamline and improve the efficiency of public procurement processes, including competitive bidding and single or multiple contracts. These measures, announced at a weekly meeting of economy-related ministers, aim to use the public procurement market as a platform for startups and small and medium-sized enterprises to showcase and develop their AI capabilities, as they often face limited access. With participation from 620,000 private sector suppliers, the market is valued at 225 trillion won ($155.1 billion) and accounts for 9 percent of Korea’s annual gross domestic product. “The government will leverage its purchasing power to become a leading buyer of AI-based goods and services,” Minister of Economy and Finance Koo Yun-cheol said as h

Feb 4, 2026By Yi Whan-woo
Gov't to buy more AI products, using public procurement as growth platform
Economy

‘Sugar tax’ stirs up debate over public health, inflation

A debate over whether sugar should be subject to extra taxes or levies by the government is heating up, with some promoting it as a public health measure while others worry that it will increase food costs for the most vulnerable, according to public health experts and economists, Tuesday. The debate began on Jan. 28, when President Lee Jae Myung took to social media to propose a new sugar tax or levy, similar to those on tobacco. “We can curb sugar consumption and reinvest the charges collected to strengthen public health both regionally and nationwide ... What are your thoughts?” the president wrote on X, formerly Twitter. Lee’s post echoed public health concerns over sugar and its potential effect on health, including obesity, diabetes and other metabolic diseases, with some countries taking measures to regulate its consumption. The proposal has been viewed positively from a public health perspective, and successful levies on tobacco products have been held up as precedent. The proposed charges resemble taxes, but the resulting revenue is earmarked specifically for public health

Feb 3, 2026By Yi Whan-woo
‘Sugar tax’ stirs up debate over public health, inflation
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