my timesThe Korea Times
yistory

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.

Go to Email

Read more

Others

Counterfeit Chinese yuan surges in Korea as more Chinese visit

The circulation of forged Chinese yuan banknotes has increased in Korea, with the reported amount in the first half of this year already exceeding the total for all of 2024, data showed Tuesday. This rise coincides with a rebound in Chinese tourist arrivals, which have recovered to over 90 percent of pre-COVID 19 pandemic levels. According to data compiled by the Bank of Korea and submitted to Rep. Park Sung-hoon of the People Power Party, commercial banks reported a total of $800 in counterfeit Chinese yuan to the central bank in the first half of this year. The amount has already surpassed the $700 reported for 2024. The increase suggests this year's total could exceed the annual amounts recorded over the past four years, including $1,000 in 2021, $900 in 2022, and $800 in 2023. The upward trend in counterfeit yuan detected in Korea contrasts with an overall decline in reported counterfeit foreign currencies, totaling $38,300 from January to June this year and representing less than half of last year’s annual total of $87,800. The data also showed a significant increase in the number o

Sep 16, 2025By Yi Whan-woo
Counterfeit Chinese yuan surges in Korea as more Chinese visit
Economy

Currency swap to help minimize impact from $350 bil. US investment: analysts

Seoul is seeking to revive a currency swap deal with Washington to help break through stalled talks over its $350 billion investment into the U.S. as part of tariff negotiations. Analysts say the bilateral deal could play the role of a safety net for Korea’s foreign exchange market in case the country needs to gather the large investment sum in a short period of time. According to the Ministry of Finance and Economy and the presidential office, the government recently made a proposal to the U.S. for an “unlimited” currency swap. The proposal comes amid a U.S. demand to increase the cash portion of the investment, as the allies have been wrangling over details of the controversial plan, which is part of the bilateral agreement reached in July, under which the U.S. agreed to set its blanket tariff imposed on Korean exports at 15 percent, down from 25 percent. The U.S. demand has raised concerns from Seoul over a massive dollar outflow leading to a sharp weakening of the won. Analysts said Monday that the currency swap proposal addresses two key concerns for Korea’s economy: maintain

Sep 15, 2025By Yi Whan-woo
Currency swap to help minimize impact from $350 bil. US investment: analysts
Policy

KRX holds series of meetings to gather insights on formal disclosure campaign

The Korea Exchange (KRX) is hosting a series of meetings with industry experts to encourage listed companies to improve their formal disclosures as a part of the Corporate Value-up Program, the KRX said Monday. Formal disclosures refer to the official release of key company information — typically involving finance, operations and governance — to promote transparency, accountability and investor confidence. The meetings began Sept. 8 and are being held weekly over four sessions. They bring together working-level representatives from accounting and consulting firms, law firms and foreign securities companies. These firms maintain close ties with listed companies and overseas investors, allowing the KRX to gather practical insights to support improved disclosure practices. Disclosures are a central pillar of the Corporate Value-up Program, a government-led initiative launched in 2024 to address the longstanding undervaluation of Korean stocks. “We would like to see more companies take part in the campaign, although a significant number are already participating actively,” the KRX sai

Sep 15, 2025By Yi Whan-woo
KRX holds series of meetings to gather insights on formal disclosure campaign
Economy

Frequent policy shifts leave young Koreans frustrated with savings programs

Park Young-min and his elder brother, Young-lim, both in their 30s, illustrate how frequent changes in savings policies with each new government leave young Koreans frustrated about how to plan for their financial future. In 2018, Young-lim, employed at a small and medium-sized enterprise (SME), signed up for the Youth Tomorrow Savings, a government-backed initiative first introduced during President Park Geun-hye’s 2013-17 term and later expanded under President Moon Jae-in, who led the country from 2017 to 2022. By contributing 6 million won over three years, Young-lim received a total payout of 30 million won ($21,000), thanks to matching support from both the government and his employer. The program was introduced to help young SME workers build financial stability while encouraging long-term employment. Young-min, however, started working at an SME in 2023, shortly after the Youth Tomorrow Savings plan was discontinued. As an alternative, he enrolled in the Youth Leap Account introduced by President Yoon Suk Yeol’s administration, which spanned from 2022 to April this year. This p

Sep 14, 2025By Yi Whan-woo
Frequent policy shifts leave young Koreans frustrated with savings programs
Others

Breach of accounting rules could disrupt SK ecoplant's IPO plan

SK ecoplant has repeatedly been found to have breached accounting rules by overstating earnings, with a new judgment from the Securities and Futures Commission (SFC) adding to concerns over its plan to go public, according to industry officials Thursday. Operating under the Financial Services Commission, the country’s top financial regulator, the SFC said Wednesday that SK ecoplant committed “gross negligence” in reporting the sales and operating profit of its U.S. subsidiary for 2022 and 2023. This follows an earlier finding by the Financial Supervisory Service (FSS), which concluded that the company had “intentionally” exaggerated the same 2022-23 performance figures. Violations of accounting standards are classified by severity into three categories — simple negligence, which refers to minor mistakes without intent; gross negligence, which refers to serious carelessness; and intentional misconduct, which refers to deliberate falsification. Judged as having committed gross negligence, SK ecoplant will face disciplinary action, including a recommendation to dismiss the respo

Sep 11, 2025By Yi Whan-woo
Breach of accounting rules could disrupt SK ecoplant's IPO plan
Banking & Finance

Mirae Asset surpasses $721 bil. AUM, cements position as global investment leader

Mirae Asset Financial Group has surpassed 1,000 trillion won ($721.18 billion) in assets under management (AUM), marking a major milestone in its nearly 30-year journey from a 10-billion-won startup to Korea’s leading global financial company. The Seoul-headquartered firm reported 1,024 trillion won in AUM — the total market value of assets it manages on behalf of clients — based on its latest performance as of July. This achievement reflects the group’s rapid growth since founder and Global Strategy Officer (GSO) Park Hyeon-joo established Mirae Asset Capital in July 1997 with just over 10 billion won, laying the foundation for a broad network of affiliates across securities, asset management, investment banking, insurance, consulting and more. Groupwide AUM has been rising rapidly, reaching 1,000 trillion won in less than a year after standing at 906.6 trillion won in December 2024. The group operates across 19 locations worldwide, including Hong Kong, where Mirae Asset Global Investments became the first Korean asset management company to establish an overseas presence in 2003

Sep 11, 2025By Yi Whan-woo
Mirae Asset surpasses $721 bil. AUM, cements position as global investment leader
Others

Korean CEO in her 20s creates jobs for foreign workers amid high youth unemployment

Kim Jin-young is defying the odds at a time when many of her Gen Z peers in Korea are grappling with surging unemployment rates, not only by securing a job for herself, but also by creating jobs for others — specifically foreigners. At just 26, Kim is the founder and CEO of Kowork, a fast-growing job platform dedicated exclusively to connecting skilled foreign professionals with employment opportunities in Korea. She founded the company five years ago while still a junior in college, and according to her, Kowork is the first platform in Korea focused solely on serving this niche. Today, the company has grown to a team of 12 employees and continues to expand its presence in Korea’s challenging job market. “I’ve had a longstanding interest in creating a society where anyone — regardless of age, origin or background — can have a fair opportunity, and that interest naturally extended to foreign talent as well,” Kim said during a recent telephone interview with The Korea Times. Much of Kowork’s work centers on helping companies in Korea hire people using the E-7 visa, meant for

Sep 11, 2025By Yi Whan-woo
Korean CEO in her 20s creates jobs for foreign workers amid high youth unemployment
Policy

Top OECD stats official finds Korea right on track to elevate Statistics Korea

Korea is right on track to enhance the role of its national statistical office with broadened responsibilities to meet the challenges of an artificial intelligence (AI)-driven future in data management, the OECD’s top statistics official said. Steve MacFeely, chief statistician and director of the Statistics and Data Directorate at the OECD, also said Korea’s substantial investments in AI could help the country consolidate its leading position in global AI indexes. “I think this is tremendous ... Korea is one of the first countries to really embrace the marriage and the core responsibility of statistics and data together,” he said in an exclusive interview with The Korea Times during his visit to Seoul for a global conference hosted jointly by Statistics Korea and the OECD. The two-day conference, which began Tuesday, was themed “AI for Data, Data for AI: Shaping the Future of Official Statistics.” MacFeely’s remarks came after the Lee Jae Myung administration announced Sunday a plan to elevate Statistics Korea to a higher-level agency under the Prime Minister’s Office

Sep 9, 2025By Yi Whan-woo
Top OECD stats official finds Korea right on track to elevate Statistics Korea
Banking & Finance

Non-life insurers ramp up corporate lending as banks pull back

Non-life insurance companies in Korea are increasingly expanding into corporate lending — a market long dominated by banks that are now gradually pulling back due to rising risks in other areas, company officials said Friday. For these insurers, corporate lending offers a new opportunity to offset declining profits caused by wildfires, torrential rains and other challenges they have had to cover so far this year. Data compiled from five major non-life insurers — Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, KB Insurance and Meritz Fire & Marine Insurance — showed their outstanding loan balance in the first half of this year reached 72.93 trillion won ($52.37 billion). This figure represents a 9.4 percent increase from a year earlier and contrasts with a more than 30 percent decline in net profits from the insurance business over the same period. Company officials said corporate lending accounted for most of the 72.93 trillion won as the companies expanded into that market. For example, Samsung Fire & Marine Insurance increased its corporate loans by

Sep 5, 2025By Yi Whan-woo
Non-life insurers ramp up corporate lending as banks pull back
Policy

Innovative service sectors to power industrial shift toward 'KOSPI 5,000': KRX chairman

Korea Exchange (KRX) Chairman and CEO Jeong Eun-bo sees a sweeping industrial shift led by the innovative service sectors as key to propelling the benchmark KOSPI to an unprecedented 5,000 points. These promising sectors leverage knowledge, while supporting and integrating with manufacturing, to move away from decades of reliance on traditional brick-and-mortar businesses, according to Jeong. To this end, the chairman reaffirmed his commitment to crack down on underperforming “zombie companies” and promised to root out persistent unfair trading practices which have significantly contributed to the undervaluation of Korean equities. “We need to boldly pursue industrial structural transformation, as it is becoming increasingly difficult for traditional manufacturing industries to stay competitive,” Jeong said in a recent exclusive interview with The Korea Times, marking the midpoint of his three-year term that began on Feb. 15, 2024. The push for change under Jeong’s leadership is in line with President Lee Jae Myung’s call to elevate the KOSPI to the 5,000-point milestone as p

Sep 5, 2025By Yi Whan-woo
Innovative service sectors to power industrial shift toward 'KOSPI 5,000': KRX chairman
previous page
3031323334
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.