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  • Economy

    Lula's surprise win hits Korean investors in Brazil bonds

    Korean investors who piled into high-yield Brazilian bonds ahead of the country's presidential election are nursing losses after Luiz Inacio Lula da Silva's surprise victory sent bond yields soaring and the currency tumbling, analysts said Wednesday. Brazilian government bonds have been popular among wealthy Korean investors, offering annual yields of around 10 percent and tax-free interest income under a bilateral tax treaty between Korea and Brazil. Korean investors purchased a net $5.53 million worth of Brazilian bonds in September, nearly four times the $1.39 million recorded the previous month, according to SEIBro, a data portal operated by the Korea Securities Depository. They continued to buy Brazilian bonds this month, with net purchases totaling $1.78 million through Tuesday. Investor sentiment was buoyed by improving market conditions ahead of the presidential election amid growing expectations of a right-wing victory. However, market sentiment shifted sharply after the election outcome. Growing concerns over increased government spending and a widening fiscal deficit sent gover

    2 MIN READBy Lee Yeon-woo
    Lula's surprise win hits Korean investors in Brazil bonds
  • Economy

    Korea to closely monitor impact of upcoming US midterm elections

    2 MIN READBy Yonhap
    Korea to closely monitor impact of upcoming US midterm elections
  • Policy

    Gov't to designate new housing zones for over 76,000 homes near Seoul

    1 MIN READBy Yonhap
    Gov't to designate new housing zones for over 76,000 homes near Seoul
  • Economy

    Seoul stocks down 3% late Thursday morning after weaker-than-expected Samsung earnings

    1 MIN READBy Yonhap
    Seoul stocks down 3% late Thursday morning after weaker-than-expected Samsung earnings
  • Economy

    ABS issuance falls 5.7% in Q3

    1 MIN READBy Yonhap
    ABS issuance falls 5.7% in Q3
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Economy

Tax agency embarks on tracking system for crypto investment gains for more revenue collection

The National Tax Service (NTS) has begun preparations to build a tracking system to levy taxes on cryptocurrency investment gains, in line with the government’s expansionary fiscal policy and the need for additional revenue, the agency said Thursday. The move comes particularly ahead of the government’s plan to begin collecting taxes on profits from virtual assets from January next year. The tax agency said it opened a bid to build an integrated system aimed at analyzing virtual asset transactions for corresponding taxation. The project, worth 3 billion won ($2.02 million), was posted on the electronic bidding platform operated by the Public Procurement Service, which is responsible for procuring goods and services for the government and related organizations. A successful bidder will be selected and contracted within this month. The system design will begin in April and, following various test runs, a pilot operation will begin in November. The system will be ready for launch between November and December. “It is expected to serve our goal of collecting individuals’ virtual asset

Mar 12, 2026By Yi Whan-woo
Tax agency embarks on tracking system for crypto investment gains for more revenue collection
Economy

Seoul shares close lower on extended Middle East tension; won sharply down

Korean stocks closed lower Thursday amid escalating tensions in the Strait of Hormuz, which triggered extreme volatility in global oil prices. The local currency fell sharply against the greenback. The Korea Composite Stock Price Index (KOSPI) moved down 26.7 points, or 0.48 percent, to close at 5,583.25. Tensions continued to persist around the critical waterway south of Iran despite U.S. President Donald Trump's claim that the war is nearing an end, with attacks on commercial ships reported. The International Energy Agency announced a plan to release oil reserves to address fluctuations in global oil prices, but investors stayed on the sidelines amid concerns the conflict could linger for a longer period. The Korean won was trading at 1,481.2 won against the U.S. dollar, down 14.7 won from the previous session, as of 3:30 p.m.

Mar 12, 2026By Yonhap
Seoul shares close lower on extended Middle East tension; won sharply down
Others

Delivery drivers, couriers squeezed by fuel price surge

Kim Moo-ho, a parcel delivery worker in his 30s, feels like the best way to save money is to not work at all. “Last week’s spike in fuel prices changed everything. Among drivers doing long distance deliveries, people are joking that the only way to make money is to stop driving,” he said. Unlike large logistics companies, many couriers and riders shoulder fuel expenses themselves while delivery fees remain largely unchanged. “Fuel keeps going up but the delivery rates don’t. Every extra won just comes out of my pocket. Some drivers are thinking about taking time off until prices calm down.” Some truck drivers say they will have to spend more than 1.6 million won ($1,080) extra per month due to the Middle East tensions. As operating costs rise, drivers doing long-distance routes are feeling it the most, according to Park Sung-chang, a truck driver in his 50s. “For many subcontracted drivers like me, higher oil prices translate directly into lower income. I have to refuel frequently, so it means I have to cut other costs,” he said. Many truck drivers say diesel is no longer th

Mar 12, 2026By Lee Kyung-min
Delivery drivers, couriers squeezed by fuel price surge
Economy

BOK to maintain cautious monetary stance amid uncertainties over Middle East crisis

The central bank said Thursday it would maintain a cautious stance in conducting monetary policy in light of heightened economic and financial uncertainties due to the Middle East conflict. "The economic outlook has become more uncertain since March due to rapidly changing external conditions stemming from the Middle East conflict, while volatility in the financial and foreign exchange markets has also increased significantly," the Bank of Korea (BOK) said in its biannual monetary policy report released earlier in the day. "It would be desirable to maintain a prudent and neutral policy stance for now, rather than forming expectations toward a specific policy direction, while closely monitoring changes in domestic and external conditions, and key economic indicators," it noted. The BOK kept its benchmark interest rate steady at 2.5 percent in its latest rate-setting meeting held late last month, marking the sixth consecutive on-hold decision, as it sought to ensure financial stability amid a weak local currency and an unstable housing market despite stronger-than-expected growth momentum

Mar 12, 2026By Yonhap
BOK to maintain cautious monetary stance amid uncertainties over Middle East crisis
Others

InterviewAspiring TV producer turns Winter Games assignment into breakthrough

Kim Min-seo, an aspiring television producer in her early 20s, says the 2026 Winter Olympics gave her invaluable hands-on experience through a Woori Financial Group-sponsored university media team, letting her develop producing skills that can only be gained in the field. A Yonsei University junior, Kim found that her hard-fought efforts paid off, with the team’s clips and videos exceeding 1 million views on social media and achieving viral success. The achievement was especially celebrated on university campuses, sparking curiosity among students about how their peers were able to cover the world’s largest winter sporting event and capture action-packed moments by Korean athletes. Of the clips and videos produced, Kim noted, her work contributed to more than 650,000 clicks on Instagram and YouTube. During a phone interview with The Korea Times earlier this week, she said, “The process was often painful, but through this experience, I realized that I still love video production and have grown to cherish this world even more.” She added, “It ultimately helped me solidify my caree

Mar 12, 2026By Yi Whan-woo
Aspiring TV producer turns Winter Games assignment into breakthrough
Economy

Foreign net selling of S. Korean stocks hits record high in February

Foreign investment in the South Korean stock market recorded its largest ever monthly net outflow in February amid growing caution over a potential artificial intelligence (AI) bubble and profit-taking, central bank data showed Thursday. Offshore investors sold a net $13.5 billion worth of local equities last month, following $500 million worth of net selling in January, according to the data from the Bank of Korea (BOK). The February figure marked an all-time monthly high, surpassing the previous record of $11.04 billion set in March 2020. In the bond market, foreign investors bought $5.74 billion worth of bonds in February, compared with purchases of $2.44 billion a month earlier. Taken together, foreigners sold a net $7.76 billion worth of local securities last month, reversing from a net purchase of $2.39 billion in January. The February figure marked the second-largest monthly net outflow since July 2008, when the figure reached a record $8.97 billion. "Equity funds posted the largest monthly net outflow amid growing caution over AI-related investments and profit-taking following rece

Mar 12, 2026By Yonhap
Foreign net selling of S. Korean stocks hits record high in February
Policy

Gov't to provide comprehensive support for SME exporters to Middle East

The government will provide comprehensive support for small and medium-sized enterprises (SMEs) facing difficulties in exports amid continuing turmoil in the Middle East, the industry ministry said Wednesday. The Ministry of Trade, Industry and Resources said it will immediately address export-related difficulties of SMEs shipping to the Middle East and expand liquidity support to minimize disruptions in Korea's exports. Although outbound shipments to the Middle East account for only around 3 percent of Korea's totally exports, the government will help Korean firms facing mounting difficulties in logistics and supply chains due to the de facto closure of the Strait of Hormuz, the ministry added. The Shanghai Containerized Freight Index for Middle Eastern routes surged by 72.3 percent from a week earlier, indicating intensifying cost pressures for exporters, along with soaring international oil prices. Officials will also expand export vouchers through cooperation with the agencies and related authorities, including the SMEs ministry and the Financial Services Commission.

Mar 11, 2026By Yonhap
Gov't to provide comprehensive support for SME exporters to Middle East
Policy

S. Korea involved in oil reserve release discussions with IEA

The South Korean government is "closely involved" in discussions with the International Energy Agency (IEA) over the agency's reported proposal to release strategic oil reserves to help stabilize soaring oil prices, Seoul officials said Wednesday. Officials at the Ministry of Trade, Industry and Resources confirmed Seoul's participation in the reported IEA discussions to Yonhap News Agency, following media reports saying that the IEA has proposed the largest-ever release of oil reserves to its 32 member countries, including South Korea. According to the report by the Wall Street Journal, IEA members are expected to soon decide on the proposal in an extraordinary meeting. "South Korea is closely involved in discussions over a coordinated release of strategic oil reserves by the IEA," a ministry official said. The country currently holds around 1.9 billion barrels of oil reserves, which is enough to last more than 200 days. "We have yet to decide how much oil will be released from our reserves with the IEA's decision," a ministry official said. The Seoul government has released its strategic

Mar 11, 2026By Yonhap
S. Korea involved in oil reserve release discussions with IEA
Policy

Gov't eyes measures for stable electricity rates amid volatile global energy prices

The government will prepare precautionary measures to maintain stable electricity rates amid recent volatility in international energy prices following the Middle East crisis, the climate ministry said Wednesday. Climate Minister Kim Sung-hwan shared such a plan at a meeting with state-run utility firms, including the Korea Electric Power Corp. and the Korea Gas Corp., held to discuss responses to soaring energy prices, according to the ministry. According to Kim, the country has seen a limited impact on electricity rates from the recent rise in international oil and natural gas prices so far, but it will likely face cost pressure in the future if the supply chains are further disrupted. Government measures will include the timely reactivation of nuclear power plants undergoing maintenance, as well as coal-fired power plants that were temporarily shut down for seasonal fine dust management, officials said. The ministry said it will also work to foster the growth of the renewable energy market, which is less affected by global energy prices, noting it is the fundamental solution for lesse

Mar 11, 2026By Yonhap
Gov't eyes measures for stable electricity rates amid volatile global energy prices
Others

Calls grow for extra budget amid Middle East crisis

The government is moving closer to drafting a supplementary budget, as escalating tensions in the Middle East drive up global oil prices amid slowing domestic demand, market analysts said Wednesday. President Lee Jae Myung said the government may need to push ahead with an early supplementary budget to help cushion households and businesses from the economic fallout, particularly if energy prices remain elevated. “If we are to provide fiscal support for small merchants and struggling companies, additional funding will be necessary,” Lee said during a Cabinet meeting Tuesday, adding that “it seems inevitable that an early supplementary budget will be required.” The remarks effectively formalized growing discussion within the government about expanding fiscal support to mitigate the impact of the Middle East crisis on the domestic economy. Minister of Finance and Economy Koo Yun-cheol also signaled readiness to mobilize additional fiscal tools. Speaking at an emergency economic ministers’ meeting Wednesday, Koo said the government would consider all available policy measures, incl

Mar 11, 2026By Lee Kyung-min
Calls grow for extra budget amid Middle East crisis
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