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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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Economy

Private education spending fell after hitting record high in 2024

Korean households spent less on private supplemental education last year, a reversal after spending hit a record-high 29.2 trillion won ($19.7 billion) in 2024, as the school-age population continues to decline, according to government data released Thursday. The data, released by the Ministry of Data and Statistics, showed total spending on private after-school classes for primary, middle and high school students reached 27.5 trillion won in 2025. Spending by academic level fell across the board — down 7.9 percent to 12.2 trillion won for primary schoolers, 3.2 percent to 7.6 trillion won for middle schoolers and 4.3 percent for high schoolers — resulting in an aggregate decline of 5.7 percent from 2024 to 2025. This decline ended a four-year streak of increases, which had heightened concerns over excessive academic competition. The record-high spending in 2024 raised particular concerns, defying expectations that private education expenses would begin to fall as the school-age population declined as part of the larger demographic crisis. “Under these circumstances, the student pop

Mar 12, 2026By Yi Whan-woo
Private education spending fell after hitting record high in 2024
Economy

Tax agency embarks on tracking system for crypto investment gains for more revenue collection

The National Tax Service (NTS) has begun preparations to build a tracking system to levy taxes on cryptocurrency investment gains, in line with the government’s expansionary fiscal policy and the need for additional revenue, the agency said Thursday. The move comes particularly ahead of the government’s plan to begin collecting taxes on profits from virtual assets from January next year. The tax agency said it opened a bid to build an integrated system aimed at analyzing virtual asset transactions for corresponding taxation. The project, worth 3 billion won ($2.02 million), was posted on the electronic bidding platform operated by the Public Procurement Service, which is responsible for procuring goods and services for the government and related organizations. A successful bidder will be selected and contracted within this month. The system design will begin in April and, following various test runs, a pilot operation will begin in November. The system will be ready for launch between November and December. “It is expected to serve our goal of collecting individuals’ virtual asset

Mar 12, 2026By Yi Whan-woo
Tax agency embarks on tracking system for crypto investment gains for more revenue collection
Others

Aspiring TV producer turns Winter Games assignment into breakthrough

Kim Min-seo, an aspiring television producer in her early 20s, says the 2026 Winter Olympics gave her invaluable hands-on experience through a Woori Financial Group-sponsored university media team, letting her develop producing skills that can only be gained in the field. A Yonsei University junior, Kim found that her hard-fought efforts paid off, with the team’s clips and videos exceeding 1 million views on social media and achieving viral success. The achievement was especially celebrated on university campuses, sparking curiosity among students about how their peers were able to cover the world’s largest winter sporting event and capture action-packed moments by Korean athletes. Of the clips and videos produced, Kim noted, her work contributed to more than 650,000 clicks on Instagram and YouTube. During a phone interview with The Korea Times earlier this week, she said, “The process was often painful, but through this experience, I realized that I still love video production and have grown to cherish this world even more.” She added, “It ultimately helped me solidify my caree

Mar 12, 2026By Yi Whan-woo
Aspiring TV producer turns Winter Games assignment into breakthrough
Policy

KEPCO, KOGAS face higher debt service costs as global energy supply tightens

Public energy companies face growing concerns over a liquidity crunch in the bond market, as their bond yields may rise sharply amid disruptions in the global energy supply, industry officials said Tuesday. These energy sources include crude oil, liquefied natural gas (LNG) and coal, which are purchased by Korea Electric Power Corp. (KEPCO), Korea Gas Corp. and other domestic state-run energy firms. Global energy supply is tightening due to the escalating U.S.-Israeli war on Iran, driving energy prices higher. However, state-run energy firms cannot immediately pass these higher costs on to consumers because of government-regulated pricing, meaning they must bear the burden of the resulting losses themselves. The companies are tempted to issue more corporate bonds to make up for these losses. However, this measure can instead push bond yields higher, which in turn leads to falling bond prices, reduced profitability and a worsening liquidity risk. “The current situation, if mismanaged, could revive a crisis previously faced by KEPCO,” an industry official said. The crisis happened in 202

Mar 10, 2026By Yi Whan-woo
KEPCO, KOGAS face higher debt service costs as global energy supply tightens
Economy

Investors dump Seoul stocks as oil prices surge, won weakens

Seoul stocks fell Monday amid prolonged market volatility, as investors dumped blue‑chip shares over surging crude oil prices, which climbed past $100 a barrel amid the U.S. and Israel's escalating conflict with Iran. Unstable oil prices rattled the foreign exchange market, pushing the Korean currency to close at 1,495.5 won per dollar in onshore trading, its lowest in nearly 17 years. The benchmark KOSPI lost 5.96 percent, closing at 5,251.87 points Monday, while the secondary bourse Kosdaq fell 4.54 percent to finish at 1,102.28 points, in another up‑and‑down session after the U.S. and Israel began their military strikes on Iran on Feb. 28. After trading resumed following last week’s three-day weekend, both indexes fell on Tuesday and Wednesday — KOSPI down 7.24 percent and 12.06 percent respectively, and Kosdaq down 4.62 percent and 14 percent — before rebounding on Thursday and Friday, with KOSPI gaining 9.63 percent and 0.02 percent and Kosdaq rising 14.1 percent and 3.42 percent. The KOSPI opened on Monday down 5.72 percent at 5,265.37 points, and at one point during

Mar 9, 2026By Yi Whan-woo
Investors dump Seoul stocks as oil prices surge, won weakens
Policy

Listed companies move to secure management-friendly directors ahead of revised corporate act

Multiple publicly traded companies appear to be leveraging upcoming general meetings to secure management-friendly outside directors before tougher board accountability rules take effect in September, industry officials said Monday. The meetings are scheduled this month, before a revised Commerce Act takes effect in September to expand the fiduciary duties of board members and protect the interests of minority shareholders. The revised act could put pressure on management, as it requires outside directors to be selected independently of management’s influence and also calls for an increase in the number of independent directors on company boards. Under these circumstances, industry officials noted that several publicly listed companies, primarily KOSPI-traded and family-owned conglomerates, see their upcoming general meetings as a last-minute opportunity to adjust rules in favor of corporate chiefs who are also controlling shareholders. First, they aim to extend the terms of existing loyal directors. Second, they seek to reduce the number of board seats that could challenge management

Mar 9, 2026By Yi Whan-woo
Listed companies move to secure management-friendly directors ahead of revised corporate act
Others

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
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