Economy - The Korea Times

InterviewBlue Ocean Technologies leverages Seoul office to make Korea center of Asia-Pacific strategy

Korea is cementing its central role in Blue Ocean Technologies’ Asia-Pacific strategy, with its Seoul office — which just marked its first anniversary — propelling overnight U.S. stock trading in the region, CEO and President Brian Hyndman said Thursday. He said the Seoul office has been instrumental in regaining customers since its launch in February 2025, turning a crisis in August 2024 caused by a system outage into an opportunity to hone technological and sales capabilities. The rebound is especially crucial as Blue Ocean Technologies, once the sole competitor in Korea’s alternative trading system (ATS) for U.S. stocks, now faces competition from other ATS operators in the wake of the 2024 incident, according to the CEO. “Korea is the headquarters and the center of our Asia-Pacific business, and we were very focused on hiring local talent after the outage,” Hyndman said during an interview with The Korea Times in Seoul’s financial district of Yeouido. He explained that Asia represents about half of Blue Ocean Technologies’ more than 140 brokerage houses, with customer

Mar 2, 2026By Yi Whan-woo

Blue Ocean Technologies leverages Seoul office to make Korea center of Asia-Pacific strategy

Chronic clustering of shareholder meetings undermines government-led campaign again this year

More than 70 percent of KOSPI-listed companies schedule this year’s shareholder meetings on just three overlapping days, a chronic and troubling practice that undermines a government-led campaign to spread dates and boost shareholder participation. According to the Korea Listed Companies Association, 436 of the 593 companies on the main index — about 73 percent — cram their shareholder meetings into March 24, 26 or 31, with 272 of them holding theirs on March 26, the busiest day. The companies involved include Hyundai Motor and Doosan Enerbility, all ranked in the top 10 by market capitalization. The heavily concentrated schedule persists despite financial authorities' yearslong efforts to spread out meeting dates and enhance the rights of individual investors. Market observers said shareholder participation is becoming increasingly important as more Koreans invest in the stock market, with the KOSPI accelerating its rally and surpassing key milestones, including the 6,000-point mark. “Under the circumstances, the crammed schedule highlights that the government’s efforts are not

Mar 2, 2026By Yi Whan-woo

Chronic clustering of shareholder meetings undermines government-led campaign again this year

Korea to unveil road map aimed at Korean won internationalization in first half of the year

Korea will announce a detailed plan in the first half of the year aimed at internationalizing the Korean won, the finance ministry said Friday, as authorities seek to bolster the currency's global standing. The plan was discussed at a government task force meeting attended by senior officials from the Ministry of Economy and Finance, the Bank of Korea and other relevant agencies. Officials said the won has yet to gain recognition in global financial markets commensurate with the size of Asia's fourth-largest economy. They described the currency's internationalization as a key policy priority to advance the economy and further develop the country's foreign exchange (FX) and financial markets. Improving foreign investors' access to the won and broadening its use and stability will be central to the effort, the ministry added. The announcement also follows a series of FX stabilization measures introduced in recent months as the won continued to depreciate against the U.S. dollar.

Feb 27, 2026By Yonhap

Korea to unveil road map aimed at Korean won internationalization in first half of the year

Tax revenue rises $4.3 bil. in January on increased value-added tax

Korea's tax revenue increased by 6.2 trillion won ($4.3 billion) from a year earlier in January, driven by increases in value-added tax and income tax collections, government data showed Friday. The government collected 52.9 trillion won in taxes last month, up 13.4 percent from the same period last year, according to the data from the Ministry of Economy and Finance. The increase was largely fueled by higher value-added tax revenue, which jumped by 3.8 trillion won to 26.1 trillion won. Income tax revenue also rose by 1.5 trillion won year-on-year to 15.1 trillion won, the ministry said. The gain was attributed to growth in the number of employed workers, which boosted earned income tax collections, as well as increased real estate transactions that led to higher capital gains tax revenue. Meanwhile, securities transaction tax revenue climbed by 200 billion won to 400 billion won, supported by a surge in trading volume on the benchmark KOSPI market amid a market boom.

Feb 27, 2026By Yonhap

Tax revenue rises $4.3 bil. in January on increased value-added tax

Gov't to prevent importers from exploiting tariff-rate quota system

The government on Thursday announced a set of measures to improve the country's tariff-rate quota system, including steps to prevent unfair practices by importers exploiting it. The measures were unveiled during a ministerial-level task force meeting on stabilizing consumer prices, particularly those affecting people's livelihoods. The meeting was chaired by Finance Minister Koo Yun-cheol. The tariff-rate quota system allows certain volumes of imports to receive lower tariff rates within a specified limit. Under the system, tariffs on designated items, mostly food, can be reduced by as much as 40 percentage points. Authorities found that some importers have abused the system. Some cases revealed that companies imported goods at reduced tariff rates but stored them in warehouses or delayed customs declarations, later selling them at higher prices. Under the new measures, the government will designate items with a high risk of irregularities as "intensive management items" to strengthen monitoring, the finance ministry said. The government will also introduce a requirement for importers to

Feb 26, 2026By Yonhap

Gov't to prevent importers from exploiting tariff-rate quota system

Gov't unveils strategy to boost Korea's exports to $740 bil. in 2026

The government unveiled Wednesday a comprehensive strategy targeted at expanding Korea's exports to a record $740 billion this year through diversification of the country's key export items and markets, and stronger financial support measures. The strategy, announced at the inaugural public-private joint export strategy meeting, incorporates a set of measures to foster overseas sales of eight prominent export items, including consumer goods, biohealth products, arms and nuclear power plants, and expands trade finance amid heightened global trade uncertainties. Through such measures, the government aims to expand Seoul's exports to a fresh high of $740 billion this year from an all-time high of $709.7 billion recorded in 2025 on the back of the strong performance of the semiconductor sector. The government said it will focus on nurturing eight sectors as major export industries as part of efforts to lessen the country's export dependence on semiconductors while working to diversify export destinations to emerging markets, such as the Middle East and Latin America. The eight sectors are co

Feb 25, 2026By Yonhap

Gov't unveils strategy to boost Korea's exports to $740 bil. in 2026

Gov't devises $1.45 bil. support package for petrochemical restructuring

The government announced Wednesday a 2.1 trillion-won (US$1.45 billion) financial package to support the restructuring project of Lotte Chemical Corp. and HD Hyundai Chemical at the Daesan industrial complex, the first authorized project of a broader self-rescue plan of the ailing petrochemical sector. The two companies finalized their restructuring plan last year, under which Lotte Chemical will spin off its naphtha cracking center (NCC) at the Daesan petrochemical complex in Seosan, about 100 kilometers south of Seoul, to create a new entity with HD Hyundai Chemical. Under the plan, the first restructuring program in the petrochemical sector approved by the government, the companies aim to voluntarily reduce their NCC capacity by 1.1 million tons amid a supply glut, and work toward a transition to high-value and eco-friendly products. Fourteen other major petrochemical firms have also submitted their business restructuring plans as the government vowed last year to provide support for companies putting in "voluntary" self-rescue efforts. The 2.1 trillion-won support package for Lotte C

Feb 25, 2026By Yonhap

Gov't devises $1.45 bil. support package for petrochemical restructuring

Cabinet approves decree resuming heavier capital gains tax on owners of multiple homes

SEJONG — The Cabinet on Tuesday approved a revision to the enforcement decree of the Income Tax Act that will end a temporary exemption from heavy capital gains taxes for owners of multiple homes. Under the revision, a maximum tax rate of up to 75 percent will apply to capital gains from the sale of homes owned by multiple-property holders in designated speculative areas, mostly in the wider capital region, starting on May. 9. The heavy taxation, which was temporarily postponed under the previous President Yoon Suk Yeol administration, will resume after nearly four years. President Lee Jae Myung has emphasized the need to stabilize rising housing prices and curb real estate speculation, particularly in the greater Seoul area. The government, however, will provide a grace period of four to six months in certain cases where tenants currently occupy properties. Under the measure, a four-month grace period will be given for properties in Seoul's upscale Gangnam and Yongsan districts and up to six months for newly designated speculative zones in all other Seoul districts and some areas of th

Feb 24, 2026By Yonhap

Cabinet approves decree resuming heavier capital gains tax on owners of multiple homes

Regulator may curb loan extension for owners of multiple homes

Financial authorities are reviewing measures to curb loan extensions for owners of multiple homes in regulated areas of the greater Seoul region in line with the government's push to cool the overheated real estate market, sources said Sunday. According to the sources, the Financial Services Commission plans to hold a meeting Tuesday with the country's five major banks and financial cooperatives to discuss ways to revamp loan extension practices for owners of multiple homes. The move came as the government has clarified that an exemption of heavy capital gains tax for owners of multiple homes will expire in May. While the government currently imposes strict limits on mortgage lending for home purchases in the greater Seoul area, some owners of multiple homes have been able to extend existing loans through refinancing, raising questions over the fairness of the system. "If there are no particular issues, including tenant protection, loan maturity extensions for owners of multiple homes will, in principle, be disallowed," a senior financial official said.

Feb 22, 2026By Yonhap

Regulator may curb loan extension for owners of multiple homes

Can Korea and China tackle aging together?

HONG KONG — Korea and China have had a turbulent relationship in recent years as they compete across a range of high-tech industries. But the two countries now appear to be bonding over a shared challenge: their rapidly aging societies. The issue has featured on the agenda at meetings between Korean President Lee Jae Myung and Chinese President Xi Jinping dating back to last year, with the leaders pledging to work together to deal with the economic changes being brought by their nations’ low birthrates. In November, following a bilateral summit held on the sidelines of the Asia-Pacific Economic Cooperation summit, the two nations signed a cooperation agreement on the “silver economy,” with Xi highlighting the need for mutually beneficial outcomes. During his state visit to China in January, Lee also named the silver economy — existing and emerging sectors catering to the elderly population — as an area with “limitless collaboration opportunities,” despite the two countries’ competitive status in other areas of the global market. Analysts broadly agreed with that assessm

Feb 20, 2026By Lee Yeon-woo

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