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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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Economy

Lee appoints ex-IMF executive director as vice finance minister

President Lee Jae Myung has appointed a former executive director of the International Monetary Fund (IMF) as new vice finance minister, Cheong Wa Dae said Monday. Huh Chang, who had served in various capacities at the finance ministry and as an executive director of the IMF, was named second vice finance minister, presidential spokesperson Kang Yu-jung told reporters. The second vice finance minister is in charge of managing foreign exchange rates and foreign trade. Oh Tae-seog, president of Korea Institute of Science & Technology Evaluation and Planning, was tapped as the administrator of the Korea AeroSpace Administration. Oh, a career bureaucrat, previously served as first vice minister of science and ICT and oversaw the launch of the homegrown Nuri space launch vehicle.

Feb 2, 2026By Yonhap
Lee appoints ex-IMF executive director as vice finance minister
Economy

Online shopping sales hit record $16.68 bil. in December on Tesla sales surge

SEJONG —Online shopping sales in Korea rose 6.2 percent from a year earlier to a new monthly high in December, driven by strong sales of Tesla vehicles and rising demand for food services, government data showed Monday. The value of online shopping transactions stood at 24.29 trillion won ($16.68 billion) in December, up 1.42 trillion won from a year earlier, according to the data from the Ministry of Data and Statistics. The figure marked the highest level since 2017, when the ministry began compiling the data. Spending on automobiles and auto accessories surged 66.4 percent from a year earlier, supported by strong sales of Tesla models sold through online ordering systems. Sales of food services climbed 9.1 percent from a year earlier, largely due to promotional campaigns by food delivery platforms. Sales of food and beverages jumped 10.2 percent on-year, the data showed. Purchases made through smartphones, tablets and other mobile devices rose 6.2 percent from a year earlier to 18.8 trillion won, also setting a new record. Mobile-based shopping accounted for 77.4 percent of total onlin

Feb 2, 2026By Yonhap
Online shopping sales hit record $16.68 bil. in December on Tesla sales surge
Economy

Gov't earmarks $45 mil. to support R&D of mid-sized firms in 2026

The government has earmarked 65 billion won ($45 million) this year to support research and development (R&D) projects of medium-sized enterprises, especially for those centered on artificial intelligence (AI) in manufacturing, the industry ministry said Monday. The budget marks a 20 percent increase from the 54.8 billion won allocated for similar projects last year, according to the Ministry of Trade, Industry and Resources. The ministry said it will focus on supporting R&D projects related to AI transformation of the manufacturing sector, the government's key policy agenda aimed at boosting the competitiveness of local companies in the AI era. This year's budget will also be used for funding projects conducted by medium-sized companies based in areas outside of the greater Seoul area to promote balanced regional growth, the ministry added.

Feb 2, 2026By Yonhap
Gov't earmarks $45 mil. to support R&D of mid-sized firms in 2026
Economy

Seoul stocks sharply down late Monday morning on risk-averse sentiment

Korean stocks were trading markedly lower late Monday morning, as investors sold off tech heavyweights. The benchmark Korea Composite Stock Price Index (KOSPI) fell 181.36 points, or 3.47 percent, to 5,043 as of 11:20 a.m. Risk averse sentiment triggered institutional and foreign investors to offload shares of major semiconductor makers and other large cap tech companies. On Friday, U.S. stocks closed lower, as investors were cautious over the newly nominated Federal Reserve chair known for his hawkish stance on interest rates. In Seoul, shares lost ground across the board. Market top-cap Samsung Electronics dipped 2.62 percent, while its chip making rival SK hynix retreated 4.73 percent. Top car maker Hyundai Motor shed 2.3 percent, battery maker LG Energy Solution lost 2.39 percent, and defense giant Hanwha Aerospace fell 3.08 percent. The Korean won was quoted at 1,458 won against the U.S. dollar as of 11:20 a.m., down 18.5 won from the previous session.

Feb 2, 2026By Yonhap
Seoul stocks sharply down late Monday morning on risk-averse sentiment
Others

'Fear of missing out' pushes more people into stocks as markets break record highs

Kim Soo-yeon, an office worker in her 30s said she recently took out a margin loan to buy more large-cap stocks. “I started investing with savings, but once I saw how fast prices were moving, I felt like cash alone wasn’t enough,” she said. She said her colleagues talk about stocks every day at lunch. “When Hyundai Motor jumped again, I thought, if I don’t get in now, I’ll never catch up. I know borrowing is dangerous, but watching others make money fast makes me feel like I’m the only one missing out.” A margin loan refers to borrowing money from a brokerage using existing shares as collateral. A margin call occurs when a brokerage demands additional funds or securities after share prices fall. If investors fail to meet those calls, brokerages can liquidate the shares in the account, often selling them at the lowest price in the following session. Similarly, Lee Joon-suh, an office worker in his 30s, said he began investing last year after watching friends share their gains on social media accounts. “I don’t have much seed money,” he said. “So the only way for peopl

Feb 2, 2026By Lee Kyung-min
'Fear of missing out' pushes more people into stocks as markets break record highs
Others

5 securities firms slapped with $2.1 mil. fine over mis-selling of HK-tied derivatives

Five securities firms have been slapped a combined 3 billion won ($2.1 million) in penalties over their mis-selling of equity-linked securities (ELS) products tracking Hong Kong's H Index, the financial watchdog said Sunday. Under the measure, KB Securities was imposed a 1.7 trillion won fine last month over violating a recording procedure and failing to notify investment risk to customers, according to a regulatory filing by the Financial Supervisory Service. NH Investment & Securities, Mirae Asset Securities, Korea Investment & Securities and Samsung Securities were also fined over similar charges. ELS refers to hybrid securities whose returns are linked to the performance of underlying equities, including a stock index. In early 2024, HK-tied ELS buyers suffered massive losses as Hong Kong's H index plunged.

Feb 1, 2026By Yonhap
5 securities firms slapped with $2.1 mil. fine over mis-selling of HK-tied derivatives
Economy

Won's recent weakness may be driven by Korea's potential investment in US: report

The Korean currency's recent weakness may be affected by expectations about strong demand for U.S. dollars linked to an investment pledge under a trade deal between Seoul and Washington, an industry report said Sunday. Song Min-ki, a researcher at the Korea Institute of Finance, said in the report that worries about a slowdown in exports amid U.S. tariff pressures, combined with stronger demand for U.S. dollars related to the investment package, have heightened expectations that the won will weaken further against the dollar in the future. "On the surface, the weakness is closely tied to a supply-demand imbalance caused by heavy overseas securities investment by domestic investors," Song said. Residents' overseas securities investment came to $129.4 billion between January and November last year, exceeding the country's current account surplus of $101.8 billion over the same period, according to the report. Song said the surge in overseas investment likely created a significant supply-demand imbalance in the domestic foreign exchange market, though it does not fully explain the recent sp

Feb 1, 2026By Yonhap
Won's recent weakness may be driven by Korea's potential investment in US: report
Others

Top financial groups accelerate regional expansion in line with government policy

Korea’s major financial holding groups are speeding up regional expansion, as the government pushes ahead with its balanced growth initiative defined as “five growth poles, three special zones,” market watchers said Sunday. The drive seeks to establish key regional hubs, in a shift from decades of Seoul-centric growth to a more sustainable model. Central to the approach is to bring core subsidiaries, capital-market functions and professionals, as a financial foundation to local economies and industries. According to financial market sources, KB Financial Group plans to establish a “KB financial town” in Jeonbuk Innovation City in Jeonju, North Jeolla Province. Its banking, securities, insurance and asset management operations will be housed there, and around 100 employees will be dispatched there in addition to the 150 already working there. The group plans to transform the site into a strategic hub supporting the National Pension Service, the country’s public pension fund headquartered nearby. The plan is expected to boost job creation and local infrastructure advancements. Shi

Feb 1, 2026By Lee Kyung-min
Top financial groups accelerate regional expansion in line with government policy
Economy

Conglomerates ramp up share buybacks to fuel record-breaking market boom

Top conglomerates in Korea are rushing to buy back large quantities of their own shares, a measure that has been gaining ground and has taken on even greater significance amid a bullish stock market, industry officials said Sunday. Financial authorities have been encouraging the buybacks, which reduce the number of shares circulating in the market, increasing earnings per share and boosting investor confidence. Previously, the buybacks were aimed primarily at supporting domestic stocks that had been undervalued compared to global peers. Conglomerates are now pursuing buybacks more aggressively to sustain momentum for the KOSPI, which has risen at the fastest pace among global indexes this year and surpassed the historic 5,000-point mark, as well as the secondary Kosdaq bourse, which breached 1,000 points for the first time in four years. The companies involved include Samsung Electronics, SK hynix and Hyundai Motor, all KOSPI-listed, flagship affiliates of their corresponding conglomerates. As for Samsung Electronics, it announced a plan to buy back more than 6 trillion won ($4.13 billion

Feb 1, 2026By Yi Whan-woo
Conglomerates ramp up share buybacks to fuel record-breaking market boom
Economy

Exports jump 34% in January thanks to robust demand for semiconductors

Exports jumped 33.9 percent from a year earlier in January to over $65 billion, driven by strong demand for semiconductors on artificial intelligence servers, government data showed Sunday. Outbound shipments came to $65.85 billion last month, the highest for any January, according to the data compiled by the Ministry of Trade, Industry and Resources. It marked the first time Korea's January exports surpassed $600 billion. Imports gained 11.7 percent on-year to $57.1 billion, resulting in a trade surplus of $8.74 billion. It was the 12th consecutive month the country saw a trade surplus. The rise in exports was in line with the country's all-time high yearly exports of $709.7 billion in 2025. Last year, Korea's outbound shipments topped $700 billion for the first time on the back of the strong performance of key export items, such as semiconductors, automobiles and ships. In January, semiconductor exports reached $20.54 billion, surging 102.7 percent from a year earlier, on a continued increase in memory chip prices fueled by high demand for artificial intelligence (AI) servers. Car exports

Feb 1, 2026By Yonhap
Exports jump 34% in January thanks to robust demand for semiconductors
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