my timesThe Korea Times
EconomyOthers

Others

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.

Kang Sung-jin to lead Korean Economic Association for 2026

The Korean Economic Association said Wednesday that Kang Sung-jin, an economics professor at Korea University, has been elected president for 2026. The association conducted voting for its next president from May 12 to June 4. Kang was confirmed during the board meeting held to count votes on Wednesday. He will serve as senior vice president this year and will officially take office at the association’s general meeting in February 2026. Kang earned his undergraduate degree in economics from Korea University and a Ph.D. in economics from Stanford University in the U.S. He has previously served as president of the Association of Korean Economic Studies and the Korea International Economic Association. In a recent phone interview with The Korea Times, Kang promised to address Korea’s pressing economic problems through an interdisciplinary approach. "Economic issues today can’t be solved by economic variables alone. Take low birthrates and an aging population, for example, or environmental challenges and even infectious diseases. These all go beyond the traditional scope of economics,"

Jun 11, 2025By Lee Yeon-woo
Kang Sung-jin to lead Korean Economic Association for 2026

Shares of holding firms rise as President Lee pledges to retire treasury stocks

The stock prices of holding companies, which had long remained in the doldrums, are now soaring amid expectations that President Lee Jae-myung will enforce the retirement of treasury shares, industry officials said Friday. According to the Korea Exchange, Hanwha Corp's stock price has surged by 80.3 percent over the past two weeks. Other major holding companies also posted significant gains: SK Inc. (35.9 percent), Doosan Corp. (33.6 percent), Lotte Corp. (22.6 percent), CJ Corp. (21.2 percent) and LS Corp. (19.7 percent). Holding companies have long been regarded as typical low price-to-book ratio stocks — key targets of the government's Corporate Value-up Program. Factors such as the dual listing of subsidiaries and owner-centric decision-making have contributed to their undervaluation. Individual investors have also criticized these companies for their passive approach to retiring treasury shares, which they see as a means of defending the management rights of controlling shareholders. Expectations are rising that the new administration may address these issues. During the campaign,

Jun 6, 2025By Lee Yeon-woo
Shares of holding firms rise as President Lee pledges to retire treasury stocks

Entertainment stocks to rally on hopes of improved China ties under Lee Jae-myung administration

Hopes for improved ties between Korea and China following the launch of the Lee Jae-myung administration are fueling expectations for a further boost in entertainment stocks in the second half of the year, securities analysts said Friday. The entertainment sector had already drawn attention in the first half of the year, having been labeled a "tariff-free zone" for its resilience despite tariff risks posed by U.S. President Donald Trump. Hwang Ji-won, a senior analyst at iM Securities, noted that the liberal Democratic Party of Korea's rise to power following Lee's election win is prompting expectations of deeper cooperation with China. "The upcoming Asia-Pacific Economic Cooperation (APEC) Summit, scheduled for late October (in Gyeongju, North Gyeongsang Province), could pave the way for a formal end to the unofficial ban on Korean cultural content that has been in place since 2016," Hwang said. "While Korean content has continued to see strong demand through unofficial channels in China, a policy shift favoring hallyu (the Korean wave) could significantly boost revenues." Hwang added t

Jun 6, 2025By Jun Ji-hye
Entertainment stocks to rally on hopes of improved China ties under Lee Jae-myung administration

Have foreign investors really returned to KOSPI?

Foreign investors, who had previously dumped Korean stocks amid domestic and global uncertainties, have begun returning to the KOSPI following the resolution of political turmoil triggered by former President Yoon Suk Yeol’s short-lived declaration of martial law and subsequent impeachment, according to market analysts on Friday. They also said the easing of tariff shocks from U.S. President Donald Trump helped boost buying sentiment among investors. According to the Korea Exchange, foreign investors purchased a net total of 3.27 trillion won ($2.6 billion) in Korea’s main bourse from May 1 through June 5. The recent turnaround marks a stark contrast, considering that foreign investors offloaded 18.2 trillion won worth of Korean stocks between Dec. 10 of last year — when Yoon’s martial law declaration and the impeachment turmoil first impacted markets — and April of this year, when risks stemming from Trump’s aggressive tariff policies intensified. In particular, foreign investors offloaded more than 8 trillion won in Korean equities between April 1 and 9 amid heightened tari

Jun 6, 2025By Jun Ji-hye
Have foreign investors really returned to KOSPI?

Finance ministry begins discussions on crafting 2nd extra budget bill to support economy

The finance ministry held a meeting Thursday to discuss drafting a second supplementary budget bill with an aim to boost the local economy, officials said, following President Lee Jae-myung's call for economic recovery efforts. The Ministry of Economy and Finance held the meeting earlier in the day as a follow-up measure to the emergency government task force (TF) meeting held the previous day to address economic challenges, according to the officials. In the TF meeting, Lee asked government officials detailed questions regarding the government's fiscal capacity for an extra budget and the immediate economic stimulus effects it would generate, according to presidential spokeswoman Kang Yu-jung. During his election campaign, Lee had vowed to introduce an additional extra budget of at least 30 trillion won ($22.1 billion) to revitalize South Korea's sluggish economy and improve people's livelihoods. Last month, the National Assembly approved a 13.8 trillion-won extra budget bill aimed at boosting the local economy and supporting export companies amid global trade uncertainties.

Jun 5, 2025By Yonhap
Finance ministry begins discussions on crafting 2nd extra budget bill to support economy

Older adults increasingly spend more on companion animals

It's already been three years since Maru joined the family, but Kim Eun-a is still surprised by her mother's unwavering devotion to the Maltese dog that weighs just 3 kilograms. "Her wallet is wide open for the dog. What I remember from my childhood is that she was always frugal. So it's really surprising that she spares no expense for her new 'baby,'" said the 30-year-old, who now lives apart from her 59-year-old mother. As traditional family structures shift and pet culture continues to evolve, more people are forming deep emotional bonds with their companion animals. As of December 2024, the number of registered dogs and cats in Korea reached 3.49 million, up 6 percent from a year ago. The unexpected result? Wide-open wallets. Total expenditures on animal-related services jumped by 30 percent in 2024 compared to 2021, according to a recent analysis of 24.85 million payment transactions by KB Kookmin Card. Over the same period, the number of customers increased by 39 percent. Notably, the most significant growth was observed among those aged 60 and above. From 2021 to 2024, spending by c

Jun 3, 2025By Lee Yeon-woo
Older adults increasingly spend more on companion animals

Aging population to cut Korea's consumption growth by 1% annually: BOK

Korea’s consumption growth is projected to decline by 1.0 percentage point annually over the next five years due to rapid population aging and falling birthrates, the Bank of Korea (BOK) said Sunday. The projected slowdown is attributed to reduced spending among retirees, who tend to have limited income and lower levels of social activity, as well as a growing tendency to save more in anticipation of longer life expectancy. In a report released by the central bank, the trend growth rate of private consumption between 2013 and 2024 was found to be 1.6 percentage points lower than the rate recorded from 2001 to 2012. Of this decline, about 0.8 percentage points per year were attributed to demographic changes. "Given the projected demographic trends, these effects are expected to intensify further," the report said, adding that annual consumption growth could fall by as much as 1.0 percentage point between 2025 and 2030. A key factor is the shrinking share of the working-age population in their 30s to 50s — an age group that typically supports household income and consumption. This demo

Jun 1, 2025By Lee Yeon-woo
Aging population to cut Korea's consumption growth by 1% annually: BOK

US raises issue with Korea's restrictions on beef imports, LMOs, high-precision map data transfer in trade talks

The United States has called for resolution of Korea's restrictions on beef imports, living modified organisms (LMOs), overseas transfer of high-precision map data and other non-tariff measures in their latest trade negotiations, government sources said Sunday. The three items were mentioned in the second round of technical discussions on various trade issues, including trade imbalance and non-tariff barriers, between the two countries in Washington last month, according to the sources familiar with the matter. All the items are listed on the 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers, issued by the office of the U.S. Trade Representative ahead of the Donald Trump administration's announcement of country-specific reciprocal tariffs in early April. The NTE report pointed out Korea has an import ban on American beef from cattle aged 30 months or older, claiming such a "transitional measure" has remained in place for 16 years following the signing of a bilateral free trade agreement in 2008. The report also claimed Seoul's regulatory system for agriculture biotechno

Jun 1, 2025By Yonhap
US raises issue with Korea's restrictions on beef imports, LMOs, high-precision map data transfer in trade talks

Korea's exports down 1.3% year-on-year to $57.3 bil. in May on Trump tariff effect: data

Korea's exports dropped 1.3 percent from a year earlier in May, snapping a three-month winning streak, as outbound shipments to the United States sharply went down amid the U.S. President Donald Trump administration's sweeping tariff policies, government data showed Sunday. Outbound shipments came to $57.3 billion last month, compared with $58.02 billion a year ago, according to data compiled by the Ministry of Trade, Industry and Energy. Imports shrank 5.3 percent on-year to $50.3 billion, resulting in a trade surplus of $6.94 billion. In May, shipments to the U.S. slid 8.1 percent from a year ago to $10 billion mainly due to the weak exports of the automotive sector, hit by the Trump administration's 25 percent tariffs on all imported cars. Exports to China also decreased 8.4 percent on-year to $10.4 billion on low demand for semiconductors and petrochemical products, while exports to the Association of east Asian Nations (ASEAN) lost 1.3 percent to $10 billion. Outbound shipments to Latin America went down 11.6 percent to $2.2 billion as demand for Korean steel and auto parts weakened

Jun 1, 2025By Yonhap
Korea's exports down 1.3% year-on-year to $57.3 bil. in May on Trump tariff effect: data

80% of bankrupt young Koreans use loans to pay debts

More than eight out 10 of young Koreans who filed for bankruptcy after being unable to service debts had taken out new loans to pay off existing debt, a survey showed Thursday. The survey, released by the Seoul Financial Welfare Counseling Center, indicates the serious nature of becoming indebted at a younger age, and the reliance on loans to pay existing debts increases their financial burdens rather than resolving them. The survey looked at 1,374 individuals aged 29 or younger who filed for bankruptcy last year and completed a financial rehabilitation program run by a counseling center. Of the respondents, 84 percent said they borrowed money from another financial institution after they had difficulty in paying off a debt stemming from bank loans, credit card expenses and other forms of financial activities. Borrowing additional cash was only made possible through higher interest rates, making it tougher for the respondents to pay off increasing principal plus interest in a timely manner. “The debts eventually reached the level that they no longer could control, leading to the decisio

May 30, 2025By Yi Whan-woo
80% of bankrupt young Koreans use loans to pay debts
previous page
2728293031
next page

Most Read in Economy