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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

Brokerage CEOs poised for reappointment as KOSPI hits 4,000

CEOs of multiple top-tier Korean securities firms, whose terms are nearing their end, face hope for extensions amid a bull market, with the KOSPI surpassing 4,000 points. The milestone, reached Monday, is expected to further boost brokerage earnings, following an earnings surprise in the first half of the year. The top 10-ranked securities firms reported a combined net income of 4.48 trillion won ($3.12 billion) in the first six months, a 21.8 percent increase from a year earlier. Seven of these 10 firms have CEOs whose terms are nearing expiration — KB Securities and Hana Securities in December, and the remaining five — Mirae Asset Securities, Korea Investment & Securities, NH Investment & Securities, Meritz Securities and Daishin Securities — in March 2026. “Given the strong stock market and the stellar performance of securities firms, the general consensus is that most CEOs will be reappointed,” an industry official said Tuesday. KB Securities is likely to maintain its co-CEOs, Kim Sung-hyun and Lee Hong-ku, with a year-end reshuffle scheduled for the first week of December. F

Oct 28, 2025By Yi Whan-woo
Brokerage CEOs poised for reappointment as KOSPI hits 4,000
Economy

KOSPI tops 4,000 points for 1st time in history

The benchmark KOSPI topped the 4,000-point mark for the first time on Monday, reaching an unprecedented high since the market’s baseline was established at 100 points in 1980. The KOSPI had previously closed above the 3,000-point mark on June 20, reaching the milestone for the first time in more than three years. The achievement comes just days before a series of 2025 Asia-Pacific Economic Cooperation (APEC) meetings in Gyeongju, North Gyeongsang Province, which market observers say could help ease uncertainties surrounding trade-related risks. The KOSPI closed at 4,042.83 points on Monday, up 2.57 percent from Friday’s close. It started the day at 3,999.79 points, quickly climbing above 4,000 and remaining there for the rest of the session. Foreign and institutional investors were net buyers of 647.2 billion won ($451.32 million) and 234.2 billion won in stocks, respectively, offsetting the net selling of 796.6 billion won by retail investors. The KOSPI has been rising for more than a week, and market observers say that the scheduled summit between U.S. President Donald Trump and Chi

Oct 27, 2025By Yi Whan-woo
KOSPI tops 4,000 points for 1st time in history
Others

Investors bet on rare earth, shipbuilding stocks as Trump-Xi talks near

A much-touted summit scheduled this week between the U.S. and Chinese leaders in Busan is boosting bets on Korean listed companies in sectors of high strategic interest to both countries, such as rare earth materials and shipbuilding. For the first time in six years, U.S. President Donald Trump and Chinese President Xi Jinping will meet to discuss a range of issues amid escalating tensions over trade and regional influence. The sectors drawing attention include rare earth materials and shipbuilding — key arenas in the U.S.-China rivalry for dominance in trade and defense industries. Under the circumstances, several analysts said Sunday that Seong An Materials and Union Materials, both listed on the KOSPI, are expected to gain further ground during the Busan gathering. Seong An Materials, a textile manufacturer, and Union Materials, a ceramic manufacturer, have been aggressively expanding into rare earth materials in recent years. “Both have drawn investors’ attention as domestic rare-earth stocks rose following China’s export restrictions, raising hopes for spillover benefits,”

Oct 26, 2025By Yi Whan-woo
Investors bet on rare earth, shipbuilding stocks as Trump-Xi talks near
Banking & Finance

Young Poong accuses Korea Zinc chairman of 'moral hazard' over friend's embezzlement verdict

Young Poong, the largest shareholder of Korea Zinc, accused Korea Zinc Chairman Choi Yoon-beom, Thursday, of “moral hazard and breakdown of internal controls” in connection with a court ruling earlier this week against the CEO of a private equity firm in which Korea Zinc invested. The accusation is the latest development in the contentious feud between Young Poong, together with its ally MBK Partners, and Korea Zinc, which has spawned a yearlong battle to secure management control of Korea’s largest zinc smelter. “This ruling is not merely about a failed investment — it exposes the moral hazard and breakdown of internal controls under Chairman Choi’s leadership,” Young Poong said in a statement. The statement referred to a guilty verdict handed down on Tuesday by the Seoul Southern District Court against Ji Chang-bae, CEO of private equity firm One Asia Partners. Ji was sentenced to three years in prison with a four-year suspended term for embezzlement, as the court ruled that he misused the company’s fund assets for personal purposes. According to legal sources, the court

Oct 23, 2025By Yi Whan-woo
Young Poong accuses Korea Zinc chairman of 'moral hazard' over friend's embezzlement verdict
Economy

Korea charts new path for APEC cooperation amid AI-driven shifts in global economy

Korea played a leading role in proposing a new path for cooperation within the Asia-Pacific Economic Cooperation (APEC) during this year’s APEC Finance Ministers’ Meeting, in response to artifical intelligence (AI)-driven changes reshaping the international economic order, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said Thursday. Koo noted that this forward-looking approach was reflected in the adoption of the Incheon Plan, as well as in agreements reached during the APEC Structural Reform Ministers’ Meeting. The outcomes precede the APEC Economic Leaders’ Meeting, which will be held next week in Gyeongju, North Gyeongsang Province — a summit expected to build on the discussions and policy directions established in Incheon. The Incheon Plan, a new five-year road map guiding shared financial policies among the 21 APEC member economies, was unanimously adopted at the APEC Finance Ministers’ Meeting held in Incheon from Tuesday to Thursday. The meeting was held jointly with the APEC Structural Reform Ministers’ Meeting, also in Incheon. “These mee

Oct 23, 2025By Yi Whan-woo
Korea charts new path for APEC cooperation amid AI-driven shifts in global economy
Policy

Top gov't officials criticized over real estate investments

The top officials behind the recently introduced strict housing regulations are facing heavy criticism for double standards, as their personal real estate dealings appear to contradict President Lee Jae Myung's push to curb home prices, market watchers said Wednesday. Among them are Financial Services Commission (FSC) Chairman Lee Eog-weon, Financial Supervisory Service (FSS) Gov. Lee Chan-jin and Vice Minister for Land and Infrastructure Lee Sang-kyeong. The FSC has played a key role in tightening mortgage rules, while the Ministry of Land, Infrastructure and Transport (MOLIT) has expanded the designation of property speculation-prone zones. As the country’s financial watchdog, the FSS is tasked with ensuring that housing policies are faithfully observed in the market. Within just six months of taking office, the Lee administration has introduced three major housing regulations — on June 27, Sept. 7, and Oct. 15 — making it more difficult to purchase homes, particularly in Seoul and the surrounding areas. Against this new regulatory backdrop, the FSC chairman has come under fire fo

Oct 22, 2025By Yi Whan-woo
Top gov't officials criticized over real estate investments
Banking & Finance

Korean banks’ inroads in Cambodia raise concerns of criminal exploitation

Korean banks have achieved their most successful overseas localization in Cambodia, a country at the center of controversy over online scams and other crimes targeting Korean nationals, government data showed. The ongoing controversy over crime rings in Cambodia is undermining Korean banks’ yearslong localization efforts and global expansion campaigns there. Rather than being celebrated, the achievement has raised concerns that the Korean lenders may have been unknowingly used by criminal networks accused of kidnapping, defrauding, torturing and even murdering Koreans in the Southeast Asian nation. Included among them is Prince Group, which was designated by the U.S. Treasury as a “transnational criminal organization.” According to a report by the Financial Supervisory Service (FSS), Cambodia ranked first among 41 countries in Korean banks’ overseas localization performance in 2024. In the private sector, KB Kookmin Bank, Shinhan Bank, Woori Bank and iM Bank each operate one corporate entity in Cambodia, while Jeonbuk Bank runs two. Among state-run and government-affiliated banks

Oct 22, 2025By Yi Whan-woo
Korean banks’ inroads in Cambodia raise concerns of criminal exploitation
Economy

APEC members to unveil Incheon Plan as new finance road map

Member economies of the Asia-Pacific Economic Cooperation (APEC) are dedicated to building a road map for innovative financial and fiscal policies that can provide access and opportunity for all, finance ministers from the member economies said Tuesday. To achieve the goal, the participants are planning to introduce the Incheon Plan, outlining innovations in the 21 member economies' financial structures over the next five years. They discussed the plan during the APEC Finance Ministers’ Meeting, which is running in Incheon from Tuesday through Thursday ahead of next week’s APEC Economic Leaders' Meeting in Gyeongju, North Gyeongsang Province, under the theme “Building a Sustainable Tomorrow: Connect, Innovate, and Prosper.” In line with this theme, the Incheon Plan is based on three core pillars — innovation, finance and fiscal policy — which reflect the overarching goals of the Finance Ministers’ Meeting for sustainable growth. A fourth pillar has also been added: access and opportunity for all. “This year, we are poised to take an important step: adopting the Incheon Pl

Oct 21, 2025By Yi Whan-woo
APEC members to unveil Incheon Plan as new finance road map
Banking & Finance

Banks slash hiring despite record earnings amid digital overhaul

Sung Chang-min, an office worker in his 50s, feels anxiety watching his son delay college graduation in pursuit of increasingly scarce banking jobs. “He was supposed to graduate last year, but banks had already cut back on hiring,” Sung said. “Since being unemployed after graduation doesn’t look good on a resume, he decided to put it off for another year, hoping his chances would improve as bank earnings have been rising. But the situation only got worse.” Sung referred to the country’s four largest commercial banks — KB Kookmin, Shinhan, Hana and Woori — which collectively plan to hire just 725 new employees in the second half of 2025. Combined with recruitment from the first half of the year, the four banks plan to recruit only 1,185 people in 2025, down 10 percent from the 1,320 new jobs created in 2024 and 37 percent less than the 1,880 hired in 2023. KB Kookmin Bank has steadily reduced its hiring, from 420 people in 2023 to 290 in 2025. During the same time span, Shinhan Bank recruitment numbers dropped from 500 to 190, Hana Bank from 460 to 320, and Woori Bank from

Oct 21, 2025By Yi Whan-woo
Banks slash hiring despite record earnings amid digital overhaul
Cryptocurrency

Korea in final phase of introducing stablecoin: FSC chairman

Korea is in the final stages of preparing legislation to introduce and regulate stablecoins, with the bill set to be submitted to the National Assembly before the end of 2025, Financial Services Commission (FSC) Chairman Lee Eog-weon said Monday. During the National Assembly’s annual audit, Lee spoke about stablecoins pegged to the Korean won as Asia’s fourth-largest economy lags behind other countries in legalizing such digital assets. “A bill regulating stablecoins is in its final coordination phase with the relevant ministries and is planned to be submitted to the assembly within this year,” Lee said in response to Rep. Yoo Dong-soo of the Democratic Party of Korea (DPK). “We are meticulously reviewing each detail in collaboration with the ministries concerned,” the FSC chief added, noting that the regulatory framework is still in the early stages of institutional design and that robust safeguards are crucial. FSC Vice Chairman Kwon Dae-young, who joined Lee at the session, agreed when Yoo proposed that a consortium involving both banks and tech firms should be authorized

Oct 20, 2025By Yi Whan-woo
Korea in final phase of introducing stablecoin: FSC chairman
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