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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

    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
  • Economy

    Korean retail investors in US stocks suffer as won strengthens

    2 MIN READBy Lee Hyo-jin
    Korean retail investors in US stocks suffer as won strengthens
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Economy

Korea's 2026 growth outlook average among global IBs raised to 2.1%

Major global investment banks (IBs) have upgraded their forecasts for Korea's economic growth this year, citing an upcycle of the global semiconductor industry, a report by a financial organization said Thursday. The average forecast for economic growth of Asia's fourth-largest economy by eight major global investment banks (IBs) stood at 2.1 percent as of end-January, up 0.1 percentage point from their median outlook published a month earlier, according to the report by the Korea Center for International Finance (KCIF). It is more positive than the Bank of Korea (BOK)'s projection of 1.8 percent and the Seoul government's forecast of 2 percent. Of the IBs, Citi raised its forecast to 2.4 percent from 2.2 percent, while UBS increased its projection to 2.2 percent from 2 percent. Citi has expected the growth rate of semiconductor exports to more than double to 54 percent in 2026 from last year's 22 percent. Nomura maintained its forecast at 2.3 percent, while Barclays and Bank of America kept their projections unchanged at 2.1 percent and 1.9 percent, respectively. JP Morgan also left its

Feb 5, 2026By Yonhap
Korea's 2026 growth outlook average among global IBs raised to 2.1%
Economy

Regulator to rev up anti-money laundering fight via law revision, int'l cooperation

The country's financial regulator said Thursday that it will seek to revise related laws to better respond to the growing money laundering activities and closely cooperate with other countries to track and crack down on such moves. The Financial Services Commission (FSC) said it will seek to revise laws to allow the Financial Intelligence Unit (FIU), the anti-money laundering agency, to freeze accounts suspected of being used for crimes such as drug trafficking and gambling. It will also push for revisions that would enable the designation of international criminal rings as entities that face curbs on financial transactions. Seoul will also seek to bolster cooperation with China, Singapore, Cambodia and other Southeast Asian countries to better tackle money laundering activities by sharing information and policies, it added. To respond to money laundering via virtual assets that have been on the rise, the FSC will strengthen related regulations, such as the crypto travel rule that currently requires virtual asset exchanges to report local transactions worth over 1 million won ($690). The

Feb 5, 2026By Yonhap
Regulator to rev up anti-money laundering fight via law revision, int'l cooperation
Economy

Seoul to continue consultations with US to prevent tariff hike: minister

Korea will continue to closely consult with the United States to reach a resolution before the U.S. administration formalizes a tariff hike on Korea as threatened by President Donald Trump, Trade Minister Yeo Han-koo said Thursday, returning from a weeklong trip to the U.S. Yeo's trip came after the U.S. president made a surprise announcement of a plan to raise "reciprocal" tariffs and auto duties on Korea back to 25 percent, citing a delay in Korea's legislative process supporting the implementation of the countries' bilateral trade deal that had lowered most U.S. tariffs on Korea to 15 percent. Earlier reports said the U.S. administration plans to soon publish a Federal Register announcing the envisioned tariff hike. "What is important is whether the U.S. will immediately raise tariffs upon issuing a Federal Register or whether there would be a grace period of about one to two months," Yeo told reporters at Incheon International Airport. Yeo insisted such a publication was "unnecessary" since Seoul is continuing to take "good faith efforts" to implement the tariff agreement. "Since we s

Feb 5, 2026By Yonhap
Seoul to continue consultations with US to prevent tariff hike: minister
Economy

Frozen vegetables gain popularity as fresh produce prices remain high

A housewife in her 70s surnamed Kim says she increasingly weighs whether to buy frozen or fresh vegetables when shopping, as fresh produce prices show no signs of letting up. “I used to doubt the quality of frozen vegetables and never considered buying them, but the high prices of fresh items are reshaping my thinking,” she said, noting that frozen options cost 15 to 20 percent less than fresh. Kim’s dilemma reflects the growing demand for frozen vegetables amid abnormal weather and high prices for fresh vegetables. Among major retail chains, Emart saw sales of frozen vegetables rise 1 percent in 2025, while fresh vegetable sales fell 2.5 percent over the same period. At Lotte Mart, frozen vegetable sales increased 10 percent, while fresh vegetable sales dropped 4 percent. “The frozen items ranged from broccoli to cabbage, cauliflower and green beans, which a consumer can afford at a lower price,” an industry official said. The data came as the Korea Agro-Fisheries & Food Trade Corp. (aT) reported this week on rises in the prices last year of several fresh vegetables, including p

Feb 5, 2026By Yi Whan-woo
Frozen vegetables gain popularity as fresh produce prices remain high
Economy

KOSPI tops 5,300 on AI optimism, market reform hopes

Korean stocks set a record high again Wednesday, topping the 5,300-point landmark for the first time, as investors continued to snatch up artificial intelligence (AI)-related shares. The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) closed up 83.02 points, or 1.57 percent, to 5,371.1. After choppy trading, the index gathered ground on strong buying by institutional investors, who purchased a net 1.8 trillion won ($1.2 billion). Foreigners and retail investors were net sellers, offloading 940 billion won and 1 trillion won of equities, respectively. Trade volume was heavy at 781 million shares worth 30.1 trillion won. Winners outnumbered losers 747 to 156. Overnight, U.S. stocks fell amid renewed concerns over the AI sector, following reports that suggested Nvidia and OpenAI may be at odds over their $100 billion data center deal. AI startup Anthropic's new chatbot plug-in, designed to support core legal tasks, sent tech shares downward amid concerns that AI technology could reshape the software industry. "Neither of the two factors are reas

Feb 4, 2026By Yonhap
KOSPI tops 5,300 on AI optimism, market reform hopes
Economy

Parliamentary committee to hold interpellation session on US tariff talks

A parliamentary committee tasked with reviewing a special bill related to Korea's investment in the United States will hold an interpellation session with government officials later this month to discuss tariff negotiations with Washington, an opposition lawmaker said Wednesday. Rep. Lim Lee-ja of the main opposition People Power Party (PPP), who chairs the National Assembly's Finance, Economy, Planning and Budget Committee, said the PPP and the ruling Democratic Party of Korea (DPK) have agreed to arrange the session ahead of the Lunar New Year holiday, which begins Feb. 14. "The questioning will focus on the special bill on U.S. investment and the ongoing situation of (negotiations)," Lim told reporters at the National Assembly. The rival parties will also discuss whether to table the bill at the committee on the day of the session, Lim added. Earlier in the day, Finance Minister Koo Yun-cheol met with committee members to brief them on the ongoing tariff talks with the U.S. and to seek their cooperation in swiftly passing the investment bill, which remains pending at the committee. The

Feb 4, 2026By Yonhap
Parliamentary committee to hold interpellation session on US tariff talks
Economy

Korea's value-up index sets new record last month: KRX

Korea's main bourse operator said Wednesday its value-up index rose to an all-time high at the end of last month. The Korea Exchange's (KRX) value-up index came to 2,330.7 as of end-January, up 134.9 percent from the index's introduction on Sept. 30, 2024. It outperformed the broader benchmark Korea Composite Stock Price Index (KOSPI), which rose 101.5 percent during the cited period, the bourse operator said in a release. The value-up index comprises 100 companies that demonstrate strong performance in a range of qualitative metrics, such as profitability and shareholder returns. Net assets in 13 ETFs tracking the value-up index reached 1.7 trillion won as of the end of last month, climbing 255.3 percent from when the funds were launched in November 2024, according to the KRX.

Feb 4, 2026By Yonhap
Korea's value-up index sets new record last month: KRX
Economy

Gov't launches task force on upgrading food export strategy amid K-culture boom

The government on Wednesday launched a task force to upgrade the country's food export strategy by capitalizing on the global attention to Korean culture, officials said. The task force held its inaugural meeting to discuss strategic export items by region and government support for K-food exports this year, according to the Ministry of Agriculture, Food and Rural Affairs. Discussions centered on key food items expected to have strong demand in foreign markets, including kimchi in the United States, inner beauty products and persimmons in China, Korean melon in Japan and halal food in the Middle East and the Association of Southeast Asian Nations. The task force also discussed appointing K-food ambassadors to promote different Korean food items in different countries, the ministry said. Korea's exports of food and agriculture-related products hit a record high of $13.62 billion in 2025, driven by the global popularity of Korean food products, such as "ramyeon" instant noodles, sauces and fruits, the ministry said earlier. Seoul is seeking to expand the country's food exports to $16 billio

Feb 4, 2026By Yonhap
Gov't launches task force on upgrading food export strategy amid K-culture boom
Economy

Gov't to buy more AI products, using public procurement as growth platform

The government will purchase more artificial intelligence (AI) products, from software to hardware, through public procurement to support promising private companies and help Korea become a top-three global AI power, the Ministry of Economy and Finance said Wednesday. The ministry also said that AI will be newly applied as an operational tool to streamline and improve the efficiency of public procurement processes, including competitive bidding and single or multiple contracts. These measures, announced at a weekly meeting of economy-related ministers, aim to use the public procurement market as a platform for startups and small and medium-sized enterprises to showcase and develop their AI capabilities, as they often face limited access. With participation from 620,000 private sector suppliers, the market is valued at 225 trillion won ($155.1 billion) and accounts for 9 percent of Korea’s annual gross domestic product. “The government will leverage its purchasing power to become a leading buyer of AI-based goods and services,” Minister of Economy and Finance Koo Yun-cheol said as h

Feb 4, 2026By Yi Whan-woo
Gov't to buy more AI products, using public procurement as growth platform
Economy

Exports to rise 13% in Q1 on robust chip demand: Exim Bank

Korea's exports are expected to increase by nearly 13 percent from a year earlier in the first quarter, driven by strong global demand for semiconductors, the state-run Export-Import Bank of Korea (Exim Bank) said Wednesday. According to a report by the bank's Overseas Economic Research Institute, first-quarter exports are projected to reach around $180 billion, up about 12.85 percent from $159.5 billion a year earlier. "Though the overall trade environment remains subdued, strong performance in the semiconductor sector has limited the negative impact on overall export conditions," a bank official said. In January, exports jumped 33.9 percent on-year to $65.85 billion, the highest level ever recorded for any January, on the back of solid demand for semiconductors amid the global artificial intelligence (AI) boom.

Feb 4, 2026By Yonhap
Exports to rise 13% in Q1 on robust chip demand: Exim Bank
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