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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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Policy

Stats agency to carry out foreigner-friendly survey for 2025 census

Korea will conduct a more foreigner-friendly survey for the 2025 census to cope with the country’s accelerated transition to a multicultural society, Statistics Korea said Thursday. Taken every five years, the census will be carried out from October to November. The number of foreign residents hit a record 2.65 million as of 2024, accounting for more than 5 percent of Korea’s population of 51.2 million. A total of 20 foreign languages will be available, up from 10 in 2020, in a planned survey on a sample group of 5 million households across the country. “These households will certainly include foreign residents, making it more crucial to have multiple languages ready,” the agency said. “We expect more people with various nationalities could participate in the survey without the language barrier.” The newly added 10 languages are Bengali, Burmese, Kazakh, Kyrgyz, Lao, Malay, Sinhala, Ukrainian, Urdu and Uzbek. The existing 10 are English, Chinese, Japanese, Bahasa Indonesian, Khmer, Mongolian, Nepali, Russian, Thai and Vietnamese. The survey will consist of 55 categories, which

Jul 3, 2025By Yi Whan-woo
Stats agency to carry out foreigner-friendly survey for 2025 census
Policy

Gov't to implement rigorous screening for debt relief program to prevent moral hazard

The government will thoroughly search for any hidden assets belonging to individual borrowers in determining their eligibility for a massive debt relief program that has sparked concerns over moral hazard, officials announced Friday. Officials said the the measures include strengthening the screening process to select the right beneficiaries for the program, aimed at forgiving 16.4 trillion won ($12.08 billion) in debt for 1.13 million individuals. All relevant organizations will be mobilized to track bank deposits, securities, land, cars and other assets that can be kept secretly. The organizations include the Financial Services Commission, Financial Supervisory Service, National Tax Service and Ministry of Land, Infrastructure and Transport. They will pay closer attention to cryptocurrency and other digital assets that are easier to hide than conventional assets, due to the anonymous nature of digital transactions. The organizations will work closely with the Korea Asset Management Corp. (KAMCO), a state-run enterprise that is at the center of materializing the program. “We’re fully

Jun 27, 2025By Yi Whan-woo
Gov't to implement rigorous screening for debt relief program to prevent moral hazard
Banking & Finance

Mirae Asset tops W70 tril. mark in TIGER ETFs

Mirae Asset Global Investments said Thursday that its TIGER exchange-traded funds (ETFs) topped 70 trillion won ($51.54 billion) in net assets both at home and abroad. The asset management arm of Mirae Asset Financial Group said the net assets reached 70.07 trillion won for all 213 ETFs sold under the TIGER brand worldwide. The achievement came as the Seoul-based company grew into the world’s 12th-largest ETF provider, managing 217 trillion won in net assets after it advanced to the international market in 2003. In particular, the yearly growth rate of Mirae Asset Global Investments averaged 35.1 percent over the past 10 years, which was nearly double the growth rate of global peers, averaging 18.3 percent growth. In Korea, TIGER ETFs account for about 43 percent of the 62 trillion won of assets under management of entirely domestically traded ETFs. The 43 percent marks the largest market share among local asset managers. “We will continue to pay back customers' support for TIGER ETFs by developing innovative products and faithfully serving our role as a long-term investment partner a

Jun 26, 2025By Yi Whan-woo
Mirae Asset tops W70 tril. mark in TIGER ETFs
Economy

1 in 3 self-employed business owners earns less than minimum wage: FKI

One in three self-employed individuals earns less than the government-set minimum wage on a monthly basis, a survey showed Thursday, highlighting the financial hardship of those running small businesses amid soaring labor costs and stagnant consumer spending. The survey, carried out by the Federation of Korean Industries (FKI), also showed that nearly 60 percent of self-employed people want next year’s minimum wage frozen or lowered from this year’s 10,030 won ($7.40) per hour. Such findings came as labor unions are demanding the 2026 minimum hourly pay for salaried workers be set at 11,500 won, a 14.7 percent hike from this year, in the ongoing three-way talks with management and the government. The FKI survey was conducted through 500 self-employed business owners nationwide. It compared their income with this year’s minimum wage, which is equivalent to 2.09 million won per month based on a 40-hour workweek. Some 30 percent of the respondents said their average monthly income was lower than 2.09 million won after deducting operational expenses, such as labor costs and rent, from

Jun 26, 2025By Yi Whan-woo
1 in 3 self-employed business owners earns less than minimum wage: FKI
Others

More foreign tourists shop like Koreans at Musinsa, Olive Young, Daiso

Foreign tourists are shopping increasingly at retail chains where goods are not necessarily tax free but offered at affordable prices, hinting at a shift in shopping trends as they used to shop heavily at duty-free stores, data showed Wednesday. These chains include Musinsa, Olive Young and Daiso, which lead the fashion, beauty care and miscellaneous goods markets in Korea. The data, compiled by Hana Card, showed that Musinsa saw a whopping 348 percent increase in the number of foreign customers and also a 343 percent hike in their spending in 2024 from a year earlier. Over the same time period, the number of non-Korean shoppers at Olive Young rose 77 percent and their spending shot up 106 percent. At Daiso, the number of customers from abroad increased 46 percent from 2023 to 2024, while their spending went up 49 percent over the corresponding period. On the other hand, duty-free stores recorded comparatively slower growth. For all duty-free stores nationwide from 2023 to 2024, the number of foreign customers rose by 30 percent and their spending by 40 percent. “The data suggest a changi

Jun 26, 2025By Yi Whan-woo
More foreign tourists shop like Koreans at Musinsa, Olive Young, Daiso
Policy

SK suspends controversial IPO of lubricant unit in line with president's shareholder-friendly policy

SK Group decided to temporarily suspend its plan to spin off SK Enmove, its lubricant-manufacturing unit, from SK Innovation and make it a publicly traded company, Wednesday, as the move is feared to clash with President Lee Jae Myung’s policy to protect retail investors. In a press release, SK Innovation said it will temporarily halt the initial public offering (IPO) process of SK Enmove "in light of recent capital market conditions and various internal circumstances." A key group affiliate in petroleum and other energy resources, SK Innovation holds a 70 percent stake in SK Enmove. The firm said it will acquire the remaining 30 percent stake owned by Ecosolution Holdings, a special company established by IMM Credit Solution for the purpose of investing in SK Enmove shares. The purchase of all corresponding 12 million shares will be made on July 2, at a per share price of 71,605 won ($52.50). “Making SK Enmove into a wholly owned subsidiary is the optimal decision to align with SK Innovation’s strategic direction and to enhance SK Enmove’s managerial efficiency,” the company st

Jun 25, 2025By Yi Whan-woo
SK suspends controversial IPO of lubricant unit in line with president's shareholder-friendly policy
Banking & Finance

Regional banks eye foreign residents to expand sales

Commercial banks that primarily serve customers in provincial areas are promoting unsecured loans exclusively for expats in a desperate bid to boost sales amid regional depopulation, according to industry officials, Tuesday. These regional banks face tough competition from major banks headquartered in Seoul as well as internet-only lenders that capitalize on digital access. In response, some have turned to providing unsecured loans for foreigners, which are not available in the mainstream banking sector due to identity verification and other security-related issues. Jeonbuk Bank is increasing its promotion of unsecured loans that specifically targets foreign residents. JB Bravo KOREA, named after its parent company in Jeonju, North Jeolla Province, first became available in 2016. It allows customers to take out loans following online consultation. Gwangju Bank, Busan Bank and Kyongnam Bank also have released their own unsecured loans targeting non-Korean residents. “The products assume a high risk concerning security, but at the same time, it can bring considerable returns, as mainstre

Jun 24, 2025By Yi Whan-woo
Regional banks eye foreign residents to expand sales
Others

Naver shares soar on president's AI support policy

Naver is expanding its presence on the stock market, climbing to fifth on the list of large caps, as the internet giant is closely linked to President Lee Jae Myung’s initiative for a sovereign artificial intelligence (AI), according to market analysts, Tuesday. The company’s rally was also accelerated by the nomination of Han Seong-sook as the minister of small and medium-sized enterprises (SMEs) and startups, and the appointment of Ha Jung-woo as the senior presidential secretary for AI — both tech experts from Naver. Naver is one of a few domestic companies that have indigenously developed technologies associated with a sovereign AI. The term refers to a nation’s capabilities to create AI using its own infrastructure, data, workforce and business networks. The share price of Naver has jumped more than 50 percent since Lee began his term on June 4. Naver, after remaining out of the top 10 on the list of the large caps earlier this year, has been steadily moving upward and has ranked fifth since Monday. Its market capitalization amounted to 46.02 trillion won ($33.81 billion) Tues

Jun 24, 2025By Yi Whan-woo
Naver shares soar on president's AI support policy
Economy

KOSPI withstands US airstrikes on Iran as retail investors go on buying spree

The benchmark KOSPI shook off a weak start and finished above the 3,000-point threshold for two straight sessions on Monday, despite U.S. airstrikes on Iran’s nuclear facilities raising concerns over investment sentiment. The index ended at 3,014.47 points, losing 7.37 points or 0.24 percent from Friday, when it marked the first close above the 3,000 mark since Dec. 28, 2021. Initial worries were that the U.S. airstrikes, which were carried out on Sunday, would take a heavy toll on investor sentiment. The KOSPI opened at 2,992.20 points, down 29.64 points, or 0.98 percent, from Friday’s close, and dropped to as low as 2,971.36 points before climbing back later in the session. Seoul stocks were able to withstand the bad news from the Middle East as retail investors net purchased 1.37 trillion won ($997.32 million), while non-Korean nationals and institutions sold a net of 367.9 billion won and 951.1 billion won, respectively. The Korean currency lost 18.7 won to close at 1,384.3 won per dollar on the daytime trading market Monday. It was the lowest level since May 21, when it closed a

Jun 23, 2025By Yi Whan-woo
KOSPI withstands US airstrikes on Iran as retail investors go on buying spree
Economy

Investors increasingly buy stocks with borrowed money over bull market

Stock investors are increasingly taking on debt to buy more shares, riding a bull market underpinned by President Lee Jae Myung’s pledge to end a longstanding discount of the market valuations. Nevertheless, investors should be cautious in borrowing money excessively, as the market can get overheated and fall sharply if Lee’s reform plan does not turn out to be effective, according to analysts, Sunday. According to the Korea Financial Investment Association, the outstanding balance of cash that investors borrowed from securities firms for stock purchases amounted to 19.6 trillion won ($14.26 billion), Thursday, a day before the benchmark KOSPI topped the 3,000-point milestone for the first time since Dec. 28, 2021. The index, after extending its upward trend for a fifth day, gained 44.1 points, or 1.48 percent, to close at 3,021.84 points, Friday. The association explained that the outstanding balance of borrowed money for stock investment tends to reflect market sentiment. Thursday’s amount marked a 758.4 billion won increase from June 13, which, according to the association, is

Jun 22, 2025By Yi Whan-woo
Investors increasingly buy stocks with borrowed money over bull market
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