my timesThe Korea Times

Economy

PolicyCryptocurrencyOthers
  • Cryptocurrency

    Finance minister nominee backs January crypto tax rollout despite industry, opposition pushback

    The nominee to head the Ministry of Finance and Economy expressed his intention on Sunday to implement the cryptocurrency tax next January as scheduled, despite pushback from both industry players and opposition lawmakers. In written materials submitted to the National Assembly ahead of a confirmation hearing slated for Tuesday, Lee Hyoung-il, who currently serves as first vice finance minister, noted that specific tax rules would be finalized through a National Tax Service public notice by year-end, ensuring taxpayers face no confusion when filing. He also defended classifying crypto asset income as miscellaneous income under the current tax framework, calling it an “appropriate” approach to applying taxpayer-friendly measures, such as a basic deduction and a single tax rate. “Given that stock trades involving major shareholders, foreign equities and unlisted shares, along with transaction taxes, are already subject to taxation, extending tax rules to crypto assets is essential for tax fairness,” he said. The crypto tax regime treats profits from transferring or lending digital

    3 MIN READBy Jun Ji-hye
    Finance minister nominee backs January crypto tax rollout despite industry, opposition pushback
  • Economy

    Korean construction stocks rise on nearing US investment deal

    2 MIN READBy Park Han-sol
    Korean construction stocks rise on nearing US investment deal
  • Economy

    More young Koreans look to stocks, bonds as retirement nest egg

    3 MIN READBy Park Han-sol
    More young Koreans look to stocks, bonds as retirement nest egg
  • Economy

    Foreign investors turn net sellers of Korean bonds in Aug.

    1 MIN READBy Yonhap
    Foreign investors turn net sellers of Korean bonds in Aug.
  • Economy

    KOSPI falls on higher oil prices, global bond yields

    2 MIN READBy Lee Hyo-jin
    KOSPI falls on higher oil prices, global bond yields
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.

Read more

Others

More drivers filling up gas amid deepening Middle East crisis

Lee Soo-jin, an office worker in her 40s, said she didn’t want to wait until the weekend to fill her vehicle up with gas. “I was going to wait until Sunday, but after watching the news, it feels inevitable that prices will jump. My friend filled up at around low 1,600 won ($1.08) per liter. Now it’s well over 1,800 won. I wish I’d come earlier, but at least I made it today.” She initially thought the U.S.-Israel war on Iran would soon come to an end, but realized she was wrong. “Many said on the news Sunday that the benchmark KOSPI would not undergo a sharp correction, but the index fell rapidly for two straight days. Everything is changing so fast, and new things keep happening. At this point, I think not acting will cost me money. I will save what I can instead of waiting around.” Similarly, Han Sung-hwa, a woman in her 50s, said the gas prices are likely to go up in the coming days. “When I first heard the news, I thought gas prices would go up. But it was Sunday, so I stayed home. Now the news says many people are rushing to fill up the gas before the prices go up fur

Mar 5, 2026By Lee Kyung-min
More drivers filling up gas amid deepening Middle East crisis
Economy

Seoul stocks suffer steepest fall in history over widening Iran conflict

The benchmark KOSPI recorded its largest-ever daily loss of 12.06 percent Wednesday, surpassing its previous record of 12.02 percent, which occurred after the Sept. 11 terrorist attacks on the U.S. in 2001. The main index fell for a second consecutive day to close at 5,093.54 points, with losses accelerating amid a widening conflict in the Middle East involving the United States, Israel and Iran, building on Tuesday’s 7.24 percent decline. The secondary bourse Kosdaq also dropped 14 percent Wednesday, compared to a 4.62 percent decline the previous day, closing at 978.44 points. The decline was sharp enough to trigger a sidecar trading curb and next-level circuit breaker on both the KOSPI and Kosdaq during intraday trading. The sidecar was activated at 9:06 a.m. on the KOSPI and 10:31 a.m. on the Kosdaq, as the KOSPI 200 and Kosdaq 150 — baskets of the top 200 and 150 stocks, respectively — dropped past the 5 percent threshold from the previous day’s close. The curb temporarily halted sell orders for five minutes before trading resumed. A circuit breaker was triggered at 11:16 a.

Mar 4, 2026By Yi Whan-woo
Seoul stocks suffer steepest fall in history over widening Iran conflict
Economy

Gov't to mobilize state supply chain fund for firms with difficulties amid Iran crisis

The government will mobilize a state supply chain stabilization fund to support companies experiencing difficulties from global oil price volatility amid an ongoing geopolitical crisis in the Middle East, the finance ministry said Wednesday. The Ministry of Economy and Finance held a meeting with authorities from related ministries to assess the impact of U.S. and Israeli attacks against Iran on Korea's supply chains and discuss a response strategy. In the meeting, authorities pledged to extend financial support to companies importing crude oil through the supply chain stabilization fund, while expanding support for companies importing petroleum from regions other than the Middle East, such as North and Latin Americas. For companies facing difficulties due to volatility in international energy prices, the government plans to offer emergency support, it added. According to the ministry, no disruptions in Korea's energy supplies have yet been reported despite escalating tensions around the Strait of Hormuz, a major oil export route. Korea has oil reserves sufficient to last 208 days and is

Mar 4, 2026By Yonhap
Gov't to mobilize state supply chain fund for firms with difficulties amid Iran crisis
Others

Gov't on alert over won's weakening amid Middle East crisis

Financial authorities are on high alert over a sharp weakening in the Korean currency relative to the U.S. dollar, officials said Wednesday. Bank of Korea (BOK) Gov. Rhee Chang-yong postponed his departure for meetings involving the International Monetary Fund (IMF) and Bank for International Settlements (BIS), turning back at the airport so he could preside over a high-ranking BOK meeting. Minister of Finance and Economy Koo Yun-cheol also said the ministry is closely monitoring movements in the foreign exchange (FX) market. The reactions followed the Korean currency depreciating past the psychologically significant 1,500 won per dollar overnight, the first time since March 2009 during the global financial crisis. The weakening was prompted by fears that the U.S.-Israel military operation against Iran could escalate. According to market data, the won weakened briefly to nearly 1,506 won per dollar at 12:22 a.m. early Wednesday. Hours later at 9 a.m., the currency opened at 1,479 won per dollar, down 12.9 won from the previous session. It then hit an intraday low of 1,484 won per dollar. Th

Mar 4, 2026By Lee Kyung-min
Gov't on alert over won's weakening amid Middle East crisis
Others

Retail investors split as US-Iran war jolts Korean stock market

A recent post on Blind, an anonymous online community used by office workers, captured the mood among retail investors. “Investing is so simple. This month, I should sell all my semiconductor stocks and just buy defense and oil shares,” one user wrote. The writer claimed to have generated stronger-than-expected gains after shifting into defense contractors and refiners in the wake of the joint U.S.-Israeli strikes on Iran on Saturday. Similar comments followed, with some predicting that defense stocks would further surge amid geopolitical tensions sparked by U.S. President Donald Trump’s actions. In contrast, investors exposed to large-cap chipmakers expressed regret as share prices plunged. “As soon as I bought SK hynix, war broke out,” one user wrote. With the confrontation between Washington and Tehran unsettling Korea’s equity market, sector performance has diverged sharply, producing starkly different outcomes for individual investors. Data from the Korea Exchange showed that the KOSPI ended Tuesday at 5,791.91, down 452.22 points, or 7.24 percent, from the previous tradin

Mar 4, 2026By Jun Ji-hye
Retail investors split as US-Iran war jolts Korean stock market
Others

Korea Eximbank partners with KHNP, Meralco on Philippine nuclear energy projects

The Export-Import Bank of Korea (Korea Eximbank) said Wednesday that it has partnered with energy companies from both Korea and the Philippines on the latter's nuclear energy projects. The state-run bank said a three-way memorandum of understanding (MOU) was signed with Korea Hydro & Nuclear Power (KHNP) and Meralco in Manila, Philippines, opening the door for Korea Eximbank to back parties financially. The MOU was signed during President Lee Jae Myung’s state visit to the Philippines from Tuesday to Wednesday. The visit included businesses from both countries, including KHNP and Meralco. KHNP provides more than 30 percent of Korea’s electricity and Meralco supplies more than 50 percent in the Philippines. The signing ceremony was attended by Minister of Trade, Industry and Resources Kim Jung-kwan, Secretary of the Philippines Department of Trade and Industry Cristina Roque, Korea Eximbank Chairman and CEO Hwang Ki-yeon, KHNP acting President and CEO Chun Dae-wook and Meralco Chairman and CEO Manuel Pangilinan. “The three-way partnership is expected to further bolster Korea’s over

Mar 4, 2026By Yi Whan-woo
Korea Eximbank partners with KHNP, Meralco on Philippine nuclear energy projects
Cryptocurrency

Won stablecoin push heightens turf war in payments industry

Players in the payments sector are facing intensifying competition to secure a dominant position in the evolving stablecoin market as the government and the ruling party accelerate efforts to institutionalize a won-denominated stablecoin, industry officials said Wednesday. Card issuers are pursuing a strategy of integrating stablecoins into their existing authorization and settlement networks, while payment gateway firms are seeking a larger role in the value chain by registering related trademarks and internalizing wallet infrastructure. The Financial Services Commission, the country’s top financial regulator, convened its public-private virtual asset committee on Wednesday to finalize discussions on stablecoin provisions under the proposed Digital Asset Basic Act. The ruling Democratic Party of Korea (DPK) aims to finalize a draft within the week. A separate stablecoin task force under the Credit Finance Association has circulated draft guidelines outlining how key compliance requirements, including anti-money laundering, know-your-customer procedures and fraud detection systems, co

Mar 4, 2026By Jun Ji-hye
Won stablecoin push heightens turf war in payments industry
Economy

Short-selling transactions up by over $338 mil. amid Middle East tensions

The value of stock short selling grew by more than 500 billion won ($338 million) on the first trading day following the U.S. and Israel's air strikes against Iran, industry data showed Wednesday. The value of short-selling transactions reached 2.46 trillion won Tuesday, up by 518 billion won from the previous session, according to the data from the Korea Exchange (KRX), Korea's main bourse operator. On Tuesday, the benchmark Korea Composite Stock Price Index (KOSPI) plunged by more than 7 percent as risk-averse sentiment grew amid escalating tensions in the Middle East. The value of short-selling transactions on that day compares with the daily average of 1.9 trillion won in 2025. Short selling is an investment strategy of selling borrowed securities with the intent of repaying them with stocks purchased later at a lower price. Short sellers gain profit from a drop in stock prices. Expectations that volatility will increase in the local stock market, along with a sharp drop in the Korean won, which once plunged to the lowest level since 2009, may have fanned short-selling demand, analyst

Mar 4, 2026By Yonhap
Short-selling transactions up by over $338 mil. amid Middle East tensions
Economy

Gov't monitoring FX market with alertness amid won weakness: finance chief

The government is closely monitoring the foreign exchange (FX) market amid the recent weakness of the Korean won sparked by an external shock, the finance minister said Wednesday, apparently referring to the ongoing U.S. and Israeli strikes against Iran. Finance Minister Koo Yun-cheol made the remarks at a meeting of the special parliamentary committee for a special bill to support Korea's investment in the United States, as the won-dollar exchange rate briefly touched the 1,500-won level overnight. As of 11:28 a.m., the Korean won was trading at 1,479.5 won, sliding 13.4 won from the previous session. Koo told lawmakers the current FX volatility is largely stemming from external factors, apparently referring to the Iran crisis. Asked whether a currency swap deal between Seoul and Washington is needed, Koo said the U.S. views Korea as having sufficient dollar reserves as the country holds a combined $1 trillion in foreign currency assets, including a $400 billion reserve owned by the state.

Mar 4, 2026By Yonhap
Gov't monitoring FX market with alertness amid won weakness: finance chief
Economy

Institutions' foreign securities holdings hit record high in 2025: BOK

Korean institutions' investment in foreign securities reached an all-time high in 2025, driven by increased net investment and rising asset value amid strong global stock markets, central bank data showed Wednesday. The outstanding value of foreign securities held by local institutional investors stood at $507.83 billion as of end-December, up 20.7 percent, or $87.24 billion, from a year earlier, according to the data from the Bank of Korea (BOK). Both the outstanding balance and the annual growth rate marked record highs, it added. Foreign securities include stocks, bonds and "Korean paper," which refers to foreign currency-denominated securities issued by the South Korean government, banks or companies in overseas markets. By asset type, local institutions' foreign stock holdings rose $66.04 billion from a year earlier, while the value of their foreign bond holdings increased $2.22 billion. "Valuation gains expanded amid rising share prices in the United States and other major markets, while net investment, particularly by asset management firms, also grew significantly," a BOK official

Mar 4, 2026By Yonhap
Institutions' foreign securities holdings hit record high in 2025: BOK
previous page
117118119120121
next page

Most Read in Economy