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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

Have market uncertainties eased enough for stocks to rebound?

Uncertainties remain about whether the Korean stock market can rebound this year, even after two major hurdles hindering the market’s recovery have fully materialized, allowing investors to take corresponding countermeasures, according to analysts on Friday. The two hurdles are U.S. President Donald Trump’s tariff policy and the Constitutional Court’s ruling to impeach President Yoon Suk Yeol. The U.S. government announced it would impose a 25 percent reciprocal tariff on imports from Korea, Wednesday (local time), in a specific measure taken in line with Trump’s threat to start a trade war after he was elected in November 2024. In Seoul, the Constitutional Court removed Yoon from office, Friday, four months after his ill-fated martial law decree that threw domestic politics into turmoil and unnerved financial markets. Under the circumstances, the benchmark KOSPI sank 21.28 points, or 0.86 percent, to close at 2465.42 points, Friday, extending its losing streak to a third session. It started at 2,450.49 points, down 36.21 points from Thursday’s close, and went as low as 2,438.02

Apr 4, 2025By Yi Whan-woo
Have market uncertainties eased enough for stocks to rebound?
Economy

US tariff feared to exacerbate Korea's ailing economy

The Korean economy is likely to suffer from a 26 percent reciprocal tariff imposed by the United States on Korean-made goods, with its 2025 GDP growth potentially dropping below 1 percent in a worst-case scenario, according to economists and analysts on Thursday. The U.S. unveiled the tariff rate on imports from Korea on Wednesday (local time), as growth in Korea’s exports, which make up more than one-third of its GDP, may lose further momentum after falling 2.07 percent year-on-year in the first quarter of this year. A Meritz Securities report showed that Korea's annual exports could decline by up to 13 percent with a 26 percent tariff rate. Earlier, the National Assembly Budget Office forecast that Korea's exports to the U.S. and China combined may drop by $21.5 billion if the U.S. tariff rate were imposed at just 10 percent. While the Seoul government has been bracing for the adverse effects caused by the U.S.' hostile trade policy for months, the 26 percent rate far exceeds what Korea’s export-reliant economy can withstand, experts said. In particular, the rate was the highest fo

Apr 3, 2025By Yi Whan-woo
US tariff feared to exacerbate Korea's ailing economy
Economy

Korea faces pressure to abandon austerity amid growing economic downside risks

A host of economic downside risks, including U.S. President Donald Trump's tariffs, are weighing heavily on Korea to abandon its belt-tightening fiscal stance as it rapidly loses growth momentum, according to analysts on Thursday. They said a 26 percent U.S. reciprocal tariff imposed on imports from Korea and the country's worst-ever wildfires in the southeastern region last month are anticipated to exacerbate sluggish consumer spending. The economic loss from the blaze is estimated to be more than 1 trillion won ($680.73 million), affecting numerous farmers and households. The government is expected to continue struggling with a growing shortfall in tax revenue for the third straight year in 2025, given the pace of tax collection in the first two months of the year. As of February, the government collected only 15.9 percent of its planned taxable income for 2025, lower than the 16.8 percent average in the January-February period for the past five years. “The external and internal risks to the Korean economy and the government’s lack of tax revenue to counter such risks suggest that t

Apr 3, 2025By Yi Whan-woo
Korea faces pressure to abandon austerity amid growing economic downside risks
Economy

Gov't under pressure to curb rising inflation

Market analysts reported Wednesday that the government is under increasing pressure to take action against the rising prices of consumer goods, as companies rapidly raise prices amid soaring raw material costs and higher wages. According to Statistics Korea, consumer prices grew by 2.1 percent in March from a year earlier, following a 2.2 percent year-on-year gain in January and a 2 percent increase in February. Previously, consumer price inflation remained below 2 percent for four straight months. Economists are expressing concerns about the government's plan to maintain price growth below 2 percent, given the current inflation trend. Achieving this target is seen as essential to maintaining a balance between price stability and economic growth. They said the rebounding inflation “mostly remains out of the government’s hands,” noting that growing consumer prices are driven mainly by a persistently strong U.S. dollar against major currencies, including the Korean won, and by the Bank of Korea’s rate cut policy. They noted that the government's weakened control over pricing policy

Apr 2, 2025By Yi Whan-woo
Gov't under pressure to curb rising inflation
Banking & Finance

Longer trading hours lauded Nextrade's biggest benefit

A month after its launch as Korea’s first alternative stock exchange, Nextrade's benefits and drawbacks have come to light as it tries to improve securities trading by breaking Korea Exchange's (KRX) long-standing monopoly, market watchers said Tuesday. The longer trading hours appear to be the biggest benefit that Nextrade offers so far, especially for salaried workers who struggled to find time to buy and sell stocks as retail investors during working hours. “We indeed take it as a compliment that most of our customers are individual investors, in our goal of providing investors with diverse trading options,” a Nextrade official said. His comment came after data showed retail investors accounted for 97.8 percent of Nextrade transactions after its March 4 launch. “Such ratio is noteworthy, and we reckon extended trading hours are attracting retail investors successfully,” the official said, noting they made up less than 50 percent of the transaction amount at the benchmark KOSPI by the end of 2024. He also noted that Nextrade operates from 8 a.m. to 8 p.m. on weekdays, longer t

Apr 1, 2025By Yi Whan-woo
Longer trading hours lauded Nextrade's biggest benefit
Banking & Finance

Seoul shares plunge on 1st day of short-selling resumption

Korean stocks lost 3 percent, Monday, while the Korean currency weakened to its lowest level in about 16 years, closing at 1,472.9 won against the U.S. dollar. The fall of the stocks and the Korean won's dipping were driven by short selling that was resumed after a ban of nearly 18 months along with concerns over upcoming reciprocal tariffs by the Donald Trump administration. The benchmark KOSPI retreated 76.86 points, or 3 percent, to close at 2,481.12 points, extending its losing streak to a third session. It kicked off at 2,513.44 points but fell to 2,491.95 points in less than 30 minutes, dipping below 2,500 during intraday trading for the first time since Feb. 10. The downward momentum lasted throughout the remaining session. The secondary bourse Kosdaq sank 20.91 points, or 3.01 percent, to finish at 672.85 points, as it also ended lower for the third consecutive session. In particular, Monday’s closing price marked a yearly low for the junior bourse. The Korean won closed at 1,472.9 won against the dollar on the daytime market. The local currency deprecated by 6.4 won to hit the lo

Mar 31, 2025By Yi Whan-woo
Seoul shares plunge on 1st day of short-selling resumption
Banking & Finance

US car tariffs, wildfires heighten urgency for supplementary budget talks

Supplementary budget discussions can no longer be delayed, as politicians and economic officials must prioritize talks in light of threats posed by U.S. President Donald Trump's car tariffs and the worst-ever wildfires in Korea's history, analysts said Sunday. However, talks for the extra budget have made little progress for months, although politicians and financial bureaucrats are increasingly agreeing to the idea as the country faces tough challenges and a bleaker economic outlook. “Under the circumstances, any further delay will only worsen economic growth,” Hanyang University economics professor Ha Joon-kyung said. The professor noted that the gloomy economic outlook is, in large part, due to Trump’s hostile tariff policy, which was behind the OECD’s drastic cut this month in its 2025 GDP growth projection for Korea, from 2.1 percent to 1.5 percent. The tariff policy will directly affect Korea this week, as a 25 percent duty will be newly imposed on all imported cars. The import duty is expected to impact Korea’s exports — a key pillar of the country’s economy — since

Mar 30, 2025By Yi Whan-woo
US car tariffs, wildfires heighten urgency for supplementary budget talks
Banking & Finance

More salaried workers go into debt to buy homes

A group chat for working moms on KakaoTalk mobile messenger frequently sees comments that they are stressed about making repayments for years as salaried workers. Many of them are in their 40s, who, together with their husbands, took out loans from banks to buy an apartment as it is the most popular form of housing and, therefore, is considered a worthwhile investment. “And surprisingly, the number of comments from these indebted individuals appears to be increasing in recent years,” said Shin Ji-kyung, an office worker whose spouse also sits behind a desk. Shin is not wrong, according to Statistics Korea’s latest data, which showed that the average amount of debt for wage workers increased from 2022 to 2023. The data showed the loans taken out by salaried workers nationwide averaged 51.5 million won ($35,100) in 2023. The amount slightly ticked up from 51.15 million won in 2022 after going down from 52.02 million in 2021. “The finding suggests the costly borrowing rate has not been stopping salaried workers from living in debt,” Ha Joon-kyung, an economics professor at Hanyang

Mar 27, 2025By Yi Whan-woo
More salaried workers go into debt to buy homes
Banking & Finance

Incheon airport customs to end brand ambassador deal with NewJeans

The customs agency operating at Incheon International Airport won't extend a contract with K-pop band NewJeans as its promotional ambassador when the agreement ends on Monday, according to officials, Thursday. The one-year contract was signed in March 2024, before the band became embroiled in a protracted dispute with its record label Ador. While Incheon International Airport Regional Customs said it has yet to decide whether to extend the deal with the five-member band, a Korea Customs Service (KCS) official hinted that the band may be replaced. “We’re consulting all relevant stakeholders, including the KCS, while the final decision lies in our hands,” a regional customs PR official said. But a PR official from the KCS, the governing body that oversees the country's customs, said that the agency “will leave the deal untouched when it expires,” suggesting that it no longer plans to keep NewJeans as the promotional ambassador. As the contract's end nears, customs officials denied speculation that they are in search of other K-pop girl bands to replace NewJeans. Aespa, represented

Mar 27, 2025By Yi Whan-woo
Incheon airport customs to end brand ambassador deal with NewJeans
Banking & Finance

Banks eye military conscripts in search for new customers

Major commercial banks are courting conscripted military personnel as new customers in the middle of a demographic crisis, industry officials said Wednesday. All four banking arms of the country’s financial groups — KB, Shinhan, Hana and Woori — plus the state-run Industrial Bank of Korea (IBK) plan to join a bid in late April that selects debit card issuers for military draftees. The bid is organized by the Military Mutual Aid Association, a military-affiliated agency dedicated to improving the welfare of service members. The association has been assigning a new card issuer every eight or 10 years since 2007 when it adopted it as a new means of financial transactions over cash. Shinhan Bank, KB Kookmin Bank and IBK have served as the issuers so far. Successful new bidders will have the right to run a check card business for eight years beginning in 2026 and secure nearly 20,000 military draftees as customers yearly over the corresponding period. The association plans to pick three bidders this year. “Winning the bid this time will be more crucial than in the past, as the number of

Mar 26, 2025By Yi Whan-woo
Banks eye military conscripts in search for new customers
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