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  • Economy

    Seoul stocks, won hammered by massive foreign selling

    Seoul stocks plunged Friday as a prolonged foreign sell-off collided with a sharp downturn in global semiconductor shares, sending the benchmark KOSPI down more than 5 percent to below the 8,200 level. The sustained foreign investor exodus also continued to weigh on the Korean won. In Seoul’s onshore foreign exchange market, the won closed at 1,539.1 per dollar, down 9.4 won from the previous session. During intraday trading, it briefly approached the 1,550 level, its weakest since March 2009, during the global financial crisis. The won has now traded above the 1,500 per dollar threshold for 14 consecutive sessions. KOSPI opened at 8,323.20, down 3.66 percent from the previous session, according to the Korea Exchange. Heavy selling pressure persisted throughout the day, prompting the year’s 10th sidecar shortly after the opening bell — a market safeguard that temporarily suspends program trading during periods of extreme volatility. The index ultimately closed at 8,160.59, down 5.54 percent. Foreign and institutional investors drove the decline, selling a net 3.52 trillion won and

    2 MIN READBy Park Han-sol
    Seoul stocks, won hammered by massive foreign selling
  • Economy

    Korea diversifying LNG imports to ease Middle East dependence: KOGAS chief

    1 MIN READBy Yonhap
    Korea diversifying LNG imports to ease Middle East dependence: KOGAS chief
  • Economy

    Korea's currency tumbles to 17-year low on foreign stock selloff

    1 MIN READBy Yonhap
    Korea's currency tumbles to 17-year low on foreign stock selloff
  • Economy

    Gov't vows to lower barriers for foreign investors with 24-hour FX market

    1 MIN READBy Yonhap
    Gov't vows to lower barriers for foreign investors with 24-hour FX market
  • Economy

    KRX issues sell-side sidecar for KOSPI on sharp fall

    1 MIN READBy Yonhap
    KRX issues sell-side sidecar for KOSPI on sharp fall
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Cryptocurrency

Crypto mogul Do Kwon sentenced to 15 years in prison for $40 bil. stablecoin fraud

NEW YORK — Onetime cryptocurrency mogul Do Kwon was sentenced Thursday to 15 years in prison after a $40 billion crash revealed his crypto ecosystem to be a fraud. Victims said the 34-year-old financial technology whiz weaponized their trust to convince them that the investment — secretly propped up by cash infusions — was safe. Kwon, a Stanford graduate known by some as “the cryptocurrency king,” apologized after listening as victims — one in court and others by telephone — described the scam’s toll: wiping out nest eggs, depleting charities and wrecking lives. One told the judge in a letter that he contemplated suicide after his father lost his retirement money in the scheme. Engelmayer said at a daylong sentencing hearing in Manhattan federal court that the government’s recommendation of 12 years in prison was “unreasonably lenient” and that the defense’s request for five years was “utterly unthinkable and wildly unreasonable.” Kwon faced a maximum sentence of 25 years in prison. “Your offense caused real people to lose $40 billion in real money, not som

Dec 12, 2025By AP
Crypto mogul Do Kwon sentenced to 15 years in prison for $40 bil. stablecoin fraud
Policy

New budget office likely to launch leaderless next month

A new budget management office, which will oversee a 727.9 trillion won ($494.29 billion) budget next year, is likely to launch without a leader on Jan. 2, 2026, according to government officials Thursday. Roughly translated as the Ministry of Planning and Budget, the office is taking over several key functions from the Ministry of Economy and Finance, including drafting and allocating the budget and establishing medium- to long-term national development strategies. It will operate under the Prime Minister’s Secretariat, in line with President Lee Jae Myung’s reform plan, following criticism that the Ministry of Economy and Finance held “excessive power” over other ministries through its budgetary authority. This marks the first time since 2008 that a government body tasked with managing the budget will be formed separately from the finance ministry. However, the decision on who will lead the ministry has not yet been made, raising concerns about whether it can get off to a smooth start while managing heavy responsibilities. “Not a single candidate has been nominated with less t

Dec 12, 2025By Yi Whan-woo
New budget office likely to launch leaderless next month
Policy

Lee vows expansionary fiscal policy for time being to boost economy

President Lee Jae Myung said Thursday the government has no choice but to pursue an expansionary fiscal policy for the time being to boost a sluggish economy, indicating the government could spend more in 2027. "For the time being, we have no choice but to pursue an expansionary fiscal policy," Lee told a policy briefing by the Ministry of Economy and Finance, adding that a 2027 budget plan also needs to be based on an expansionary fiscal policy. Lee assessed that the economy has been on a steady downward trend and said, "It needs the state's efforts (for the economy) to hit the bottom and draw an upward curve." Lee also urged a government task force to speed up its work on reforming how economic crimes are punished, saying the focus should shift from lengthy criminal cases to stronger financial compensation and fines. "Criminal laws often end up punishing working-level officials rather than corporate executives or those who actually profit. Moreover, investigations and trials can drag on for five or six years," Lee said. "Such punishments fail to function as an effective economic sancti

Dec 11, 2025By Yonhap
Lee vows expansionary fiscal policy for time being to boost economy
Economy

Korea to begin issuing new 3-yr treasury for retail investors in 2026: finance chief

Korea will start issuing new three-year treasury bonds for retail investors next year as part of efforts to expand the investor base of the government bond market in line with the country's planned inclusion in a key global government bond index, Finance Minister Koo Yun-cheol said Thursday Koo unveiled the plan during the 12th Korea Treasury Bond Conference, via a video message, saying that the country's government bond market will be able to establish a foundation for growth with the inclusion in the World Government Bond Index (WGBI) managed by FTSE Russell in April. To attract foreign investment to the market, the country will newly introduce three-year treasurys for individual investors and provide regular interest for government bonds, while fostering demand for short-term bonds, such as fiscal notes and won-denominated foreign exchange bonds, he said. The government will also devise measures to stabilize the bond market and manage potential risks by creating a dedicated team on monitoring and responding to market trends. Next year's total government bond issuance ceiling will be a

Dec 11, 2025By Yonhap
Korea to begin issuing new 3-yr treasury for retail investors in 2026: finance chief
Economy

KOMSCO clinches global banknote award for 80th Liberation Day design

A sample banknote produced by the Korea Minting and Security Printing Corp. (KOMSCO) to commemorate the 80th anniversary of Liberation Day has won top honors at this year’s High Security Printing (HSP) Asia Awards, the state-run banknote manufacturer said Thursday. The work, designed by seasoned KOMSCO designer Kim Jae-min, helped the company win the HSP award for the second time, following its previous work commemorating the PyeongChang 2018 Winter Olympics. Courtesy of KOMSCO

Dec 11, 2025By Yi Whan-woo
KOMSCO clinches global banknote award for 80th Liberation Day design
Economy

Seoul to create sovereign wealth fund, special fund for export support: finance chief

The finance ministry will push for the creation of a sovereign wealth fund and a special fund for strategic export support next year as part of efforts to boost the economy, Minister Koo Yun-cheol said Thursday. "To raise the potential growth rate (of the Korean economy) and overcome polarization, we will come up with an economic growth strategy for 2026 by the end of January," Koo said during a work report to President Lee Jae Myung, noting the strategy will be centered around six key areas. Koo said his ministry will push for the establishment of a sovereign wealth fund to effectively manage state-owned assets worth some 1,300 trillion won ($882.3 billion). The strategy will also include a plan to foster artificial intelligence (AI) transition, with a focus on physical AI. "We will work to achieve at least 1.8 percent economic growth through proactive fiscal policies and measures aimed at boosting consumption, investment and exports, while thoroughly managing the foreign exchange and real estate markets with a system to regularly monitor those markets," Koo added.

Dec 11, 2025By Yonhap
Seoul to create sovereign wealth fund, special fund for export support: finance chief
Others

BOK likely to hold in January despite Fed's 3 consecutive rate cuts

The Bank of Korea (BOK) is widely expected to hold steady in January, despite three consecutive rate cuts by the U.S. Federal Reserve, hamstrung by sustained sharp weakness of the Korean currency and persistent rise in household debt, market watchers said Thursday. The Korea-U.S. interest rate differential has narrowed to 1.25 percentage points, limiting concerns about foreign capital outflow. However, a recent sharp demand for the U.S. dollar driven by asset managers including the National Pension Service and retail investors seeking increased holdings in the U.S. equity remains a key deterrent for the central bank against further monetary easing. Many say Korea is in a “monetary policy bind," with external conditions strengthening the case for easing, while domestic concerns make it risky. The central bank is likely to hold steady as the Fed hinted at a slower pace of easing. The Fed lowered the federal funds rate by 25 basis points this week to 3.50-3.75 percent, its third straight cut following September and October. The Fed said in its statement that downside risks to employment ha

Dec 11, 2025By Lee Kyung-min
BOK likely to hold in January despite Fed's 3 consecutive rate cuts
Economy

Job growth hits record low in 2024; employment of young people falls for 2nd year

South Korea's job growth slowed to a record low in 2024 due mainly to a slump in the construction sector and demographic changes, data showed Thursday. The country recorded 26.71 million jobs last year, up 60,000, or 0.2 percent, from a year earlier, according to the Ministry of Data and Statistics. Both the growth rate and the number of new jobs were the lowest since the agency began compiling such data in 2016. Job growth, which had hovered around 800,000 per year from 2020 to 2022, had plunged to 200,000 in 2023. The further slowdown last year was mainly attributable to the sluggish construction industry, which lost 60,000 positions. The finance and insurance sector and the transportation and warehousing field also had fewer positions, while health and social welfare added 130,000 jobs, driven by government-led care service positions. Large companies shed 80,000 jobs, reducing their total employment to 4.43 million, while small and medium-sized enterprises had 10,000 fewer jobs last year, marking the first drop since the record keeping began. By age group, workers in their 50s held the l

Dec 11, 2025By Yonhap
Job growth hits record low in 2024; employment of young people falls for 2nd year
Policy

InterviewCustoms officer stands out in landmark crackdown on fake K-beauty products

Byun Chae-eun, 28, a fourth-year officer at the Korea Customs Service (KCS), has distinguished herself in the fight against counterfeit Korean cosmetics, helping to safeguard the global reputation of K-beauty. She played a key role in a landmark crackdown, uncovering 22,339 fake Korean skin care items sent from China to Korea via express cargo, including imitations of popular brands such as Sulwhasoo, KAHI and d’Alba. The operation was carried out by KCS’ Incheon Airport Regional Customs from June to November at Korea’s main gateway, which handles over 60 percent of imported express cargo. This shipping method has been increasingly exploited to bring knockoffs of popular Korean brands into the country, with counterfeit products slipping into domestic health and beauty stores or being resold overseas. “I feel proud that my work has contributed, even in a small way, to enhancing global trust in K-beauty,” Byun said in a recent interview with The Korea Times. “At the same time, it is rewarding to realize that doing my best in my role helps protect our domestic industries.” The

Dec 11, 2025By Yi Whan-woo
Customs officer stands out in landmark crackdown on fake K-beauty products
Economy

Korea's public sector debt hits record high of $1.18 tril. in 2024

Korea's public sector debt surpassed the 1,700 trillion-won ($1.16 trillion) mark for the first time in 2024 largely due to an increase in treasury bonds and loans among non-financial state-funded firms, the finance ministry said Thursday. The country's public sector debt, referred to as D3, came to 1,738.6 trillion won as of the end of last year, compared with 1,673.3 trillion tallied a year earlier, according to the Ministry of Economy and Finance. It marks the highest level since the government began compiling related data in 2011. D3 covers general government debts and debt holdings of non-financial state-funded firms. The size was equivalent to 68 percent of the country's gross domestic product (GDP) in 2024, according to the ministry. The comparable figure for 2023 was an all-time high of 69.5 percent. The ministry attributed the increase to a rise in central government bonds resulting in increased general government debt, known as D2, and a higher debt level among non-financial state-funded firms stemming from an expansion of policy projects. The amount of D2 also climbed to a recor

Dec 11, 2025By Yonhap
Korea's public sector debt hits record high of $1.18 tril. in 2024
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