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  • 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
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Labor union blocks new IBK head from entering office over wages

Chang Min-young, the new Industrial Bank of Korea (IBK) head, remains blocked from entering the bank’s headquarters in Seoul amid disputes with the state-run lender’s union over unpaid overtime wages and demands that they be exempt from the government-imposed total wage cap system, market watchers said Tuesday. Authorities reportedly prefer paying the roughly 780 billion won ($580 million) in unpaid wages over time to ease the impact on IBK’s capital. However, the union has rejected this, claiming that installment payments only exacerbate what they consider “ongoing wage theft.” As for the wage cap, the Financial Services Commission is in a bind due to fairness concerns. The cap applies broadly to state-run institutions, so granting the IBK union’s labor demands could trigger opposition from other entities that have long complied with budget limits. According to the financial market, the IBK union has blocked Chang from entering bank headquarters for 19 days. Chang maintains that discussions with the government are underway and progress is being made in forming “a broad con

Feb 10, 2026By Lee Kyung-min
Labor union blocks new IBK head from entering office over wages
Cryptocurrency

Bithumb bitcoin mishap casts doubt on CEO Lee Jae-won's third term

Bithumb CEO Lee Jae-won’s reappointment for a third term, once considered all but certain, has been thrown into doubt following the cryptocurrency exchange’s unprecedented bitcoin misallocation, industry officials said Tuesday. Lee had been widely expected to secure a third consecutive term in March, but the massive mishap, valued at over 60 trillion won ($41 billion), has raised serious concerns about fundamental weaknesses in the exchange’s internal control frameworks and ledger management systems. The incident happened Friday, when the country’s second-largest cryptocurrency exchange sought to credit customers participating in a promotional campaign with 2,000 won worth of bitcoin per person. Instead, an employee mistake resulted in each participant receiving 2,000 bitcoins, rather than 2,000 won, pushing the total misallocated amount to 620,000 bitcoins. At the time, bitcoin was trading near 98 million won, valuing the error at about 62 trillion won. According to Bithumb’s third-quarter report last year, the exchange held only about 42,800 bitcoins, meaning the payout exce

Feb 10, 2026By Jun Ji-hye
Bithumb bitcoin mishap casts doubt on CEO Lee Jae-won's third term
Others

Bad loans at 4 major financial groups surge amid ‘inclusive finance’ drive

Bad loans at the country’s four largest financial groups have increased at record pace over the past year as a government-led push for “inclusive” and “productive” finance collides with an economic slowdown and weakening asset quality, according to industry officials Tuesday. Critics say the seemingly well-intentioned policy is amplifying credit risk in a weakening economy, long under strain due to years of sluggish postpandemic economy. With bad loans on the rise, financial groups’ profits could be undermined by growing credit risk management concerns. According to financial market data, KB Kookmin, Shinhan, Hana and Woori banks posted a combined net profit of nearly 14 trillion won ($10.4 billion) last year. This was the highest on record, with each lender earning more than 3 trillion won. However, as of the fourth quarter, precautionary loans at the four institutions surpassed 7.9 trillion won, up 11 percent from a year earlier and nearly 49 percent compared with 2021. Those loans are between one and three months late. Similarly, non-performing loans that are overdue by more

Feb 10, 2026By Lee Kyung-min
Bad loans at 4 major financial groups surge amid ‘inclusive finance’ drive
Others

Bull market paves smoother path for brokerages to join W1 tril. club

An increasing number of brokerage houses are joining the so-called “1 trillion won club” with greater confidence than before, driven by an accelerated rally in the stock market that has subsequently boosted the companies’ profits, industry officials said Monday. In the brokerage sector, the club typically refers to companies that post more than 1 trillion won ($682.03 million) in yearly operating profit. The term now extends to the more demanding target of annual net income, with five companies — Mirae Asset Securities, Korea Investment Securities, Kiwoom Securities, NH Investment & Securities and Samsung Securities — so far having achieved both benchmarks. Mirae Asset Securities, one of the top-two companies, announced in its 2025 earnings report Monday that its operating profit totaled 1.91 trillion won and its net income 1.59 trillion won. Each figure set a record high, rising 72.2 percent and 61.2 percent, respectively, from the previous year. Korea Investment Securities, the other top-two company, has already secured entry into the club, with full-year earnings set to be an

Feb 10, 2026By Yi Whan-woo
Bull market paves smoother path for brokerages to join W1 tril. club
Economy

Korea to begin preliminary review of US investment projects amid legislative process

Korea will begin preliminary reviews of potential investment projects in the United States as the National Assembly prepares to handle legislation implementing Seoul's investment pledges to the U.S. under a trade deal, the country's top economic policymaker said Tuesday. Finance Minister Koo Yun-cheol made the remarks during an economy-related ministers' meeting, following the National Assembly's bipartisan approval of a resolution to form a committee that will oversee the legislation of a special bill on investments to the U.S. amid heightened tariff threats. "While the legislation is proceeding through the normal domestic law-making process, it is not in the national interest for unnecessary misunderstandings or damage to trust to arise between Korea and the U.S. during the implementation of the MOU," Koo said. Even after the law is passed, additional preparations, such as drafting subordinate regulations, could take around three months before implementation. In accordance, in the meantime, the government plans to establish a framework for conducting preliminary reviews of candidate pr

Feb 10, 2026By Yonhap
Korea to begin preliminary review of US investment projects amid legislative process
Others

Financial groups’ record profits raise prospects for higher shareholder dividends

A retail investor using the moniker “Jingle all the way” wrote on an online forum that he is thrilled about the expected returns from financial holding companies after taking a calculated risk that their profits would grow despite the government’s tighter lending regulations. He also expected that these gains would be shared generously with shareholders in line with the government’s stronger emphasis on investor rights. “And I could not be happier about the record earnings from the financial holding companies last week,” the investor wrote. He was referring to the record cumulative net income of 17.95 trillion won ($12.26 billion) posted by the four major KOSPI-listed financial holding companies — KB, Shinhan, Hana and Woori — in 2025. The amount rose 9.4 percent from a year earlier, despite the financial authorities’ curbs on housing loans and other lending restrictions. Such regulations had raised speculation that loan interest income, a major revenue source for the holding companies’ banking affiliates, would decline. Interest income still increased 2.6 percent year

Feb 10, 2026By Yi Whan-woo
Financial groups’ record profits raise prospects for higher shareholder dividends
Economy

Lotto tickets on sale via mobile for 1st time

A smartphone screen shows a Lotto ticket, Monday, as tickets become available for purchase via mobile device for the first time. Previously, purchases were only possible in person or through websites via PC. The change was led by the Korea Lottery Commission, which operates under the Ministry of Planning and Budget. Yonhap

Feb 9, 2026By Yi Whan-woo
Lotto tickets on sale via mobile for 1st time
Cryptocurrency

Financial watchdog plans massive probes into Bithumb after 'ghost' bitcoin fiasco

The Financial Supervisory Service (FSS) will launch targeted probes into high-risk areas that could significantly disrupt order in the virtual asset market following the recent bitcoin payment mishap at Bithumb, FSS Gov. Lee Chan-jin said Monday. Lee said the incident exposed structural weaknesses in virtual asset information systems, underscoring the need for corrective measures. Financial authorities have already set up an emergency task force to examine not only Bithumb but other virtual asset exchanges as well, focusing on management practices, operational conditions and internal control frameworks. Lee also vowed to support the country’s second phase of virtual asset legislation, under which exchanges could be required to adopt internal control standards comparable to those imposed on traditional financial institutions. “We will carry out planned investigations into major high-risk areas in the virtual asset market where unfair trading practices, such as market manipulation and the dissemination of false information, are a concern,” Lee said during a press briefing on the watc

Feb 9, 2026By Jun Ji-hye
Financial watchdog plans massive probes into Bithumb after 'ghost' bitcoin fiasco
Others

Retirement pension revision draws lukewarm response amid concerns over low returns

Ahn Soo-myung, who is in her 50s, said her retirement savings of more than 20 years should be spent and managed however she wants without any government intervention. “My retirement fund is mine, not public money for the government to manage,” she said. “It is my private property I have earned over many decades, and I don’t agree with the idea of using that in a fund that could be managed according to the government's policy goals rather than my individual choice.” She is among many Koreans expressing skepticism over the recent tripartite agreement between labor groups, management and the government to introduce a fund-type retirement pension where workers’ retirement savings are pooled into a single fund to be professionally managed. Supporters say it can improve returns in an aging society, while critics say it could limit individual control and expose retirement savings to losses. The major difference between the fund-type and the existing defined contribution plan is that the latter allows workers to individually choose investment products such as deposits, insurance and

Feb 9, 2026By Lee Kyung-min
Retirement pension revision draws lukewarm response amid concerns over low returns
Others

Insurers' poor performance poses burden on financial groups

Korea’s major financial groups’ weak insurance subsidiaries dragged down profits last year, no longer functioning as the growth driver they once were, market watchers said Monday. The insurers’ investment income improved last year, but their profitability weakened as loss ratios rose. Regulatory shifts also led to revised projections reflecting lower expected future earnings, which translated to an increase in loss-making contracts and tax-related expenses. Sluggish new sales also played a role, compounded by little success in new products, with a continued bull equity market rally drawing more consumer funds away from insurance. According to financial market data, the insurance arms of the country’s four top financial groups saw profits fall last year, despite the holding firms' overall record profits. KB Financial Group's non-life insurer, KB Insurance, reported net profit of 778.2 billion won ($530 million) in 2025, down 5.3 percent from a year earlier. KB Life posted 244 billion won in net income, down 9.4 percent from the previous year. Shinhan Financial Group's life insurer

Feb 9, 2026By Lee Kyung-min
Insurers' poor performance poses burden on financial groups
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