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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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Banking & Finance

Shinhan hit by slew of controversies over celebrity endorsers

Shinhan Bank is facing fresh backlash over its brand campaign with actor Cha Eun-woo, who joins other top Korean celebrities hired as the company’s endorsers but who later became embroiled in high-profile scandals. Also a member of the K-pop boy band Astro, Cha allegedly evaded income taxes worth 20 billion won ($13.86 million) through a suspected shell company managed by his mother, according to the National Tax Service (NTS). The NTS has ordered Cha to pay the 20 billion won, the largest amount imposed on a Korean celebrity to date, tarnishing his image after the news circulated widely last week. The development was also damaging for Shinhan Bank, which has been focusing on brand campaigns to drive growth in the fast-evolving banking industry in the digital era. The country’s second-largest lender signed an endorsement deal with Cha in February 2025, following setbacks in campaigns with actor Kim Soo-kyun and the K-pop girl group NewJeans. The company had previously signed a contract with Kim in June 2024, leveraging his popularity from leading roles in major hit dramas such as “M

Jan 26, 2026By Yi Whan-woo
Shinhan hit by slew of controversies over celebrity endorsers
Economy

1,430 won level appropriate to proceed with US investment, analysts say

The Korean currency needs to recover to the 1,430 won-to-dollar level or stronger, compared with this year’s range of 1,440s to 1,470s, to proceed with the annual $20 billion investment in the United States, analysts said, Friday. Analysts said the 1,430 mark is reasonable, as the currency traded at around this level on and before Oct. 29, 2025, when the two countries finalized the $350 billion investment package as part of the tariff deal first agreed to on July 30. The Oct. 29 agreement included $200 billion in cash with an annual $20 billion cap, announced during the second bilateral summit on the occasion of the Asia-Pacific Economic Cooperation leaders’ meeting in Gyeongju, North Gyeongsang Province. The agreement concluded tariff negotiations that had dragged on for three months, with the first summit on Aug. 25 in Washington, D.C. However, despite the confirmation of the deal, Korea has not yet determined when to begin the $20 billion installment, fueling speculation that the won’s volatility is holding back the decision, as proceeding could add further pressure to the curre

Jan 23, 2026By Yi Whan-woo
1,430 won level appropriate to proceed with US investment, analysts say
Economy

KOSPI surpasses historic 5,000-point mark in intraday trading

The benchmark KOSPI surged past 5,000 points during intraday trading on Thursday, reaching a historic high 46 years after the index’s baseline was set at 100. The main index got off to a strong start, rising 1.57 percent to open at 4,987.06 points and quickly climbing to 5,002.88 points. It reached an intraday high of 5,019.54 points and fluctuated between 4,900 and 5,000 throughout the day, before ultimately closing at 4,952.53 points, up 42.6 points — or 0.87 percent — from Wednesday. The KOSPI hit the 5,000-point milestone largely on the back of semiconductor stocks, namely Samsung Electronics and SK hynix, amid the artificial intelligence (AI) boom, with gains spreading to robotics shares for Hyundai Motor, which is leading the way in physical AI. Foreign and institutional investors were net buyers of more than 298 billion won ($202.7 million) and 102 billion won in stocks, respectively, offsetting the 156 billion won in net selling by retail investors. The buying spree has contributed to a cumulative gain of 14.9 percent since the start of the year, following a 75.6 percent sur

Jan 22, 2026By Yi Whan-woo
KOSPI surpasses historic 5,000-point mark in intraday trading
Others

Key 2026 consumer trends include AI-assisted shopping: Shinhan Card

Artificial intelligence (AI)-assisted spending makes up one of the six key consumer trends for 2026, highlighting consumers’ desire to make rational decisions in the face of overwhelming information, Shinhan Card said Wednesday. The other five trends identified by the country’s leading credit card issuer are price optimization, slow-paced experiential consumption, fandom-driven subculture, data-driven health management and group-based bulk buying. “We summarize these trends under the term 'Wise up,'” the company said, noting that although the phrase is not standard English, it reflects how consumers are becoming smarter and more aware in their spending. “The term represents a new era where consumers leverage technology and data to make smarter choices,” it added. The six keywords were picked based on an analysis conducted by Shinhan Card’s big data research center covering the period from January to October 2025. The company explained that AI assistants are becoming increasingly important, as AI is used to support daily life across work, shopping and other activities. It note

Jan 22, 2026By Yi Whan-woo
Key 2026 consumer trends include AI-assisted shopping: Shinhan Card
Policy

Customs agency launches counter-drug response headquarters to curb smuggling

The Korea Customs Service (KCS) launched a comprehensive counter-drug response headquarters as part of government-wide efforts to combat the growing circulation of narcotics in Korea, the KCS said Wednesday. The customs agency said the headquarters will be overseen by Commissioner Lee Myeong-ku, underscoring its determination to root out drug trafficking at the front line of border control. The headquarters is made up of three teams, each tasked with a specific role in customs surveillance, investigation and intelligence and data support. It will mobilize all required KCS divisions at its headquarters and regional offices nationwide. The launch comes as the KCS steps up its crackdown on drugs, following a record number of seizures in 2025. “The headquarters will serve as the control tower for crackdown at the KCS, coordinating efforts across customs, inspections, investigations and other divisions,” Lee said during the launch ceremony at Seoul Regional Customs. “To ensure these measures are implemented systematically and promptly, I, as chief, will personally oversee the newly estab

Jan 21, 2026By Yi Whan-woo
Customs agency launches counter-drug response headquarters to curb smuggling
Policy

Tax agency launches outreach initiative to help overseas Koreans return home

The National Tax Service (NTS) said Tuesday it has launched an outreach initiative to clarify the country’s tax policies for Korean emigrants and corporations abroad and assist those considering bringing their assets back home. The tax agency said it has formed a special team, K-Tax Angel, of officials with top-level expertise in property, cross-border taxation and other tax policies relevant to interested parties. The team will provide tax consulting services in 10 countries, beginning in February in Thailand and the Philippines, and later expanding to the United States, Japan and other nations. The initiative comes as the Lee Jae Myung administration pursues an expansionary fiscal policy and aims to boost taxable income. Stricter measures on capital gains, inheritance and gift taxes, which are much higher than in other countries, have resulted in a tendency to keep assets abroad. “In that regard, I urge team members to approach their duties as guardian angels for every overseas Korean, acting attentively and responsibly to ensure that they do not experience hardships or disadvantage

Jan 21, 2026By Yi Whan-woo
Tax agency launches outreach initiative to help overseas Koreans return home
Banking & Finance

IMF raises Korea's 2026 growth outlook to 1.9%

The International Monetary Fund (IMF) raised its 2026 economic growth outlook for Korea to 1.9 percent, Monday, up from its previous forecast of 1.8 percent last October. The revised projection for Asia’s fourth-largest economy is higher than the 1.8 percent growth forecast for advanced economies. It also reflects brighter prospects for the country, in line with projections from institutions both locally and abroad, compared with 2025 when growth was estimated at just 1 percent. For 2026, the Ministry of Economy and Finance projects 2 percent growth, the Bank of Korea forecasts 1.8 percent and the OECD expects 2.1 percent. The IMF did not elaborate on the details behind its upward revision for Korea’s outlook. Meanwhile, it noted that downside risks to the global economy stemming from changes in trade policies are balanced by upside factors, including a surge in artificial intelligence (AI) investment, fiscal and monetary support and accommodative financial conditions. It accordingly revised up its world economic growth forecast for 2026 forecast by 0.2 percentage points to 3.3 percent

Jan 19, 2026By Yi Whan-woo
IMF raises Korea's 2026 growth outlook to 1.9%
Economy

PHOTO KOSPI tops 4,900 for milestone closing high

An electronic trading board at Hana Bank headquarters in central Seoul shows the benchmark KOSPI closing at 4,904.66 points, Monday, up 63.92 points or 1.32 percent from the previous session. The main index closed above 4,900 points for the first time in history, extending a winning streak of 12 trading sessions since the start of 2026. Yonhap

Jan 19, 2026By Yi Whan-woo
[PHOTO] KOSPI tops 4,900 for milestone closing high
Others

Banks' dealing rooms become key marketing tool as KOSPI nears historic 5,000

Major commercial banks dealing rooms are becoming a key marketing tool as the benchmark KOSPI nears an unprecedented 5,000 points, according to industry officials, Sunday. The dealing rooms are increasingly in the media spotlight as images capture the closing figures of the benchmark bourse, which has been on a winning streak since the start of 2026. The upward trend has been especially notable as the index climbs step by step through each 100-point mark, hitting record closing highs along the way. Against this backdrop, Korea’s four largest commercial banks — KB Kookmin, Shinhan, Hana and Woori — are investing billions of won to renovate their dealing rooms in their Seoul headquarters. They are also carefully selecting in-house staff to serve as models in front of electronic display boards. “A KOSPI 5,000 era will be a historic moment that will be remembered in history,” a bank PR official said. He went on to explain that promoting the dealing room is a “highly cost-effective marketing strategy,” adding, “When a bank’s logo appears alongside the KOSPI close, it naturally

Jan 18, 2026By Yi Whan-woo
Banks' dealing rooms become key marketing tool as KOSPI nears historic 5,000
Banking & Finance

US makes rare intervention in Korea’s FX market

U.S. Treasury Secretary Scott Bessent’s rare intervention in Korea’s foreign exchange market comes as the two countries recognize the need to jointly address the rapid depreciation of the Korean won, according to the Ministry of Economy and Finance on Thursday. The rare verbal intervention reflects the importance of the Korean won’s stability for bilateral economic cooperation, including Korea’s planned $20 billion annual investment in the U.S. as agreed to in tariff negotiations last year, Deputy Minister for International Economic Affairs Choi Ji-young said. His remark came after Bessent addressed the won’s depreciation in a social media post and a readout posted by the U.S. Department of the Treasury. In a rare intervention by a top U.S. economic policymaker, Bessent noted that the won’s depreciation “was not in line with Korea’s strong economic fundamentals.” According to the readout, the secretary also “emphasized that excess volatility in the foreign exchange market is undesirable, and reaffirmed that Korea’s strong economic performance, especially in key indu

Jan 15, 2026By Yi Whan-woo
US makes rare intervention in Korea’s FX market
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