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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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Politics

Korea repatriates drug kingpin from Philippines

Cheong Wa Dae said Korea repatriated an imprisoned drug lord from the Philippines, Wednesday, less than a month after President Lee Jae Myung requested temporary custody for him during a summit between the leaders of the two countries. Presidential spokesperson Kang Yu-jung said the repatriation of the Korean national, surnamed Park, reflects Lee’s firm resolve and diplomatic efforts to eradicate transnational crime after more than nine years of stalemate in extradition proceedings. Although the government did not disclose his full name, the individual is widely understood to be Park Wang-yeol. The spokesperson's references to the 2016 "sugarcane field murder," the large-scale drug trafficking he allegedly continued from prison and his Telegram alias "Worldwide" all point to Park. “The government swiftly repatriated Park, known as the ‘Worldwide,’ early this morning,” Kang said in a written briefing. “This outcome reflects the president’s strong commitment and diplomatic endeavors to combat crime across the border,” she said, explaining that his repatriation had faced dif

Mar 25, 2026By Yi Whan-woo
Korea repatriates drug kingpin from Philippines
Politics

5-day driving rotation system to get stricter in public sector amid energy crisis

Korea will strengthen the restriction on which days workers in the public sector can drive their vehicles starting Wednesday, as the prolonged Middle East conflict squeezes global energy supplies. For the private sector, the government decided to leave the fuel-saving measure as a voluntary program rather than forcing it. Climate, Energy and Environment Minister Kim Sung-whan announced the measure during a Cabinet meeting at Cheong Wa Dae in Seoul Tuesday. Under the rule, drivers of gas-powered vehicles in the public sector must refrain from driving one day each week, with the day determined by the last digit of their license plate. More than 20,000 institutions are included, such as central government ministries and their affiliated organizations, local governments, provincial and municipal education offices, national universities and public elementary, middle and high schools. The system had already been in place in the public sector, but enforcement was largely symbolic and violations carried light penalties such as workplace parking bans. Under the expanded framework, however, public

Mar 24, 2026By Yi Whan-woo
5-day driving rotation system to get stricter in public sector amid energy crisis
Politics

President’s approval rises in conservative strongholds ahead of local elections

President Lee Jae Myung is securing higher approval ratings nationwide with atypical backing from conservative strongholds — a trend analysts say is increasing pressure on the main opposition party as the June 3 local elections approach. Multiple polls this month have highlighted this momentum, with Realmeter reporting ratings steadily rising over three consecutive weeks and Gallup Korea showing support for the president breaking records two weeks in a row. These results reveal attention-grabbing support from the conservative strongholds of Daegu and North Gyeongsang Province in southeastern Korea, where Realmeter reported a faster week-to-week increase in approval ratings than in any other region, while Gallup Korea indicated an approval level equal to that of the more politically diverse Seoul metropolitan area. Analysts say this pattern could produce a spillover effect benefiting the ruling Democratic Party of Korea (DPK) while pushing the main opposition People Power Party (PPP) further into a corner, as it already struggles with internal divisions and difficulties in fielding com

Mar 23, 2026By Yi Whan-woo
President’s approval rises in conservative strongholds ahead of local elections
Law & Crime

EXPLAINER Korea advances prosecution reform with passage of bills

Korea has taken a major step in prosecution reform after the National Assembly last week passed two bills that effectively separate the prosecution’s long-held powers to both press charges and conduct investigations. The two bills were passed on Friday and Saturday, respectively, and aim to create new agencies, with one solely handling indictments and the other dedicated to investigations, subsequently leading to the dismantling of the current prosecutorial office in October. While contentious issues remain over the grey area of supplementary investigative authority, this legislation brings Korea to the final stage of reform after long-standing debates over the prosecution’s abuse of power. The debate intensified over the course of the prosecution’s more than seven-decade history, with critics arguing that its control over both investigations and charging decisions violated political neutrality, often acting as a “handmaiden of power.” “A goal 70 years in the making is finally coming true. My deepest thanks to the people, and to President Lee Jae Myung,” Rep. Jung Chung-rae

Mar 23, 2026By Yi Whan-woo
[EXPLAINER] Korea advances prosecution reform with passage of bills
Foreign Affairs

US-Japan summit puts new pressure on Korea over Hormuz mission

Korea faces intensifying pressure to respond to U.S. President Donald Trump's demand for allied warships in the vital Strait of Hormuz, with analysts warning that the summit between Trump and Japanese Prime Minister Sanae Takaichi — slated for later Thursday in Washington, D.C. — could leave Seoul with little diplomatic room to keep leaving the request unanswered. Both Korea and Japan were repeatedly mentioned as Trump stepped up pressure for warships to protect the shipping route off the cost of Iran. However, East Asian allies, along with China and NATO members, have yet to respond or rebuff Trump’s call, while Iran has effectively shut down the Strait of Hormuz amid the U.S. and Israel's continued war campaign. Analysts said the Hormuz question is likely to be addressed at the Trump-Takaichi talks and that Korea would feel the consequences of however Tokyo responds. “The summit represents an unprecedented level of pressure on Korea after it remained silent and tried to buy time, given the shared traits with Japan that Trump has been addressing,” said Cho Han-bum, a senior re

Mar 19, 2026By Yi Whan-woo
US-Japan summit puts new pressure on Korea over Hormuz mission
Politics

President dismisses geopolitical fears as exaggerated, sets sights on 'Korea premium'

President Lee Jae Myung hosted a meeting on capital market reforms, Wednesday, arguing that geopolitical fears stemming from the divided Korean Peninsula are exaggerated and have long suppressed the value of Seoul stocks, suggesting that fixing the problem could turn the chronic "Korea discount" into a "Korea premium." “The geopolitical risk arising from the division of the Korean Peninsula is more exaggerated than people think and even politically exploited, becoming a recurring problem,” the president said during the meeting at Cheong Wa Dae, held under the slogan “A capital market strong in crisis and trusted by the people.” While acknowledging that risks must be addressed, Lee sought to reassure markets by noting that South Korea's spending exceeds North Korea's by more than 1.4 times and that its economic power — the foundation of national defense — is "overwhelmingly ahead, to the point where it's hard to compare." “I believe that, depending on what we do, the country doesn’t have to suffer from the ‘Korea discount.’ It is entirely possible to move beyond fair

Mar 18, 2026By Yi Whan-woo
President dismisses geopolitical fears as exaggerated, sets sights on 'Korea premium'
Foreign Affairs

USFK presence, energy route dependence give Washington leverage over Seoul

South Korea may be more vulnerable than most U.S. allies to pressure to join a proposed coalition to police the Strait of Hormuz, with U.S. security for the Korean Peninsula and the country’s reliance on the strait for energy shipments serving as instruments of U.S. influence. U.S. President Donald Trump has been campaigning for countries to join efforts to reopen the strait, Monday (local time), highlighted U.S. Forces Korea (USFK) and the share of South Korea’s crude oil imports that pass through the strait, analysts said, Tuesday. “You have to remember. We have 45,000 troops in Japan. We have 45,000 troops in South Korea. We have 45,000 ... 50,000 troops in Germany,” Trump said. “We defend all these countries.” However, these figures differ from actual troop levels. The U.S. currently stations about 50,000 troops in Japan, 28,500 in Korea and roughly 35,000 in Germany. With regard to countries’ percentage of crude oil imports transiting the Gulf shipping route, Trump said, “Japan gets 95 percent. China gets 90 percent. Many of the Europeans get quite a bit. South Korea

Mar 17, 2026By Yi Whan-woo
USFK presence, energy route dependence give Washington leverage over Seoul
Foreign Affairs

Trump's request tests Lee on alliance commitment, Middle East ties

President Lee Jae Myung faces a challenge posed by U.S. President Donald Trump’s request to deploy warships to the Strait of Hormuz, as he seeks to balance South Korea’s commitment to the U.S. alliance while maintaining stable relations with countries in the Middle East. Analysts said Monday that rejecting the request could strain the alliance, a central tenet of Lee’s foreign policy, by aggravating Trump’s dissatisfaction with Seoul. Trump included South Korea among five countries — alongside China, France, Japan and the United Kingdom — in a social media post, Saturday (local time), asking them to send warships in support of a U.S.-led effort to secure the strait. He intensified pressure, saying Sunday (local time) in a separate message to allies, “Whether we get support or not, I can say this — and I said it to them: we will remember.” Iran has effectively blockaded the vital Gulf shipping route amid a widening conflict with the U.S. and Israel since Feb. 28. Analysts warned that Trump could use the request as leverage to accelerate the repositioning of U.S. assets

Mar 16, 2026By Yi Whan-woo
Trump's request tests Lee on alliance commitment, Middle East ties
Policy

Top tax officials of Korea, Cambodia agree on swift exchange of data to tackle cross-border tax crimes

The top tax officials of Korea and Cambodia have agreed to cooperate in the “swift and accurate” exchange of data on assets linked to suspected cross-border tax crimes, the National Tax Service (NTS) said Sunday. The NTS said a memorandum of understanding was signed by Commissioner Lim Kwang-hyun and Kong Vibol, director general of Cambodia’s General Department of Taxation, during Lim’s visit to Phnom Penh for the fifth round of a bilateral meeting of top tax administrators last week. The agreement is aimed at “further materializing and documenting” the two countries’ previous deal, reached verbally in January in Seoul, on cross-border tax offenses and the exchange of related information, the NTS said. In particular, last week’s deal came after Cambodia-based online scams targeting Korean nationals, many of them students and job seekers, with illicit gains from the victims laundered out of the Southeast Asian country. “The two sides agreed that sharing transaction data on the suspects in a swift and accurate manner is essential to combat increasingly sophisticated offsh

Mar 15, 2026By Yi Whan-woo
Top tax officials of Korea, Cambodia agree on swift exchange of data to tackle cross-border tax crimes
Policy

Align Partners commits to responsible activism for minority shareholders

Align Partners founder and CEO Lee Changhwan underscores the firm’s long-term commitment to strengthening minority shareholders’ rights as a homegrown activist hedge fund, reflecting the growing wave of shareholder activism in Korea’s stock market. This wave is gaining momentum in line with President Lee Jae Myung’s investor-friendly policies, with investors increasingly seeking to influence corporate decisions and governance, often by pressing management to adopt changes that enhance shareholder value. Yet, it has drawn mixed reactions — welcomed by those who see it as progress, but met with caution by those recalling some foreign activist hedge funds criticized for prioritizing quick, speculative gains over broader shareholder value. “Under the circumstances, I would like to stress that Align Partners naturally pursues long-term, responsible investments, unlike foreign activist hedge funds that tend to view Korea as just one market among many,” Lee said in an interview with The Korea Times at the company’s office in Seoul’s financial district of Yeouido, Wednesday. Ba

Mar 12, 2026By Yi Whan-woo
Align Partners commits to responsible activism for minority shareholders
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