Korea Times AI content 1 team Reporter
Yoon Ja-young is in charge of articles translated by a generative AI system and edited by The Korea Times. She is interested in improving the newspaper through AI.
A man became financially strapped due to wage garnishment for tax debt and could not pay the hospital bills for his old mother who had dementia. He filed a complaint at the tax office in his jurisdiction.
Hana Bank was selected by Global Finance Magazine as the recipient of the Best Sub-Custodian Bank Award 2023 within Korea, Tuesday, according to the lender.
From left, Financial Supervisory Service Governor Lee Bok-hyun, Incheon Mayor Yoo Jeong-bok and Hana Financial Group Chairman Ham Young-joo pose after signing a memorandum of understanding to support small and medium-sized enterprises with environmental, social and corporate governance efforts at Hana Financial Group Global Campus in Incheon, Thursday. Courtesy of Hana Financial GroupBy Yoon Ja-youngHana Financial Group signed a memorandum of understanding (MOU) with Incheon Metropolitan City and Financial Supervisory Service (FSS) to support small and medium-sized enterprises (SMEs) with environmental, social and corporate governance (ESG) efforts.In the first collaboration between a financial company and a local government to support SMEs' ESG efforts, they agreed to share information, provide advice and hold education sessions and seminars related to ESG.The agreement aims to strengthen the competitiveness of SMEs in exports by supporting them with ESG efforts.Incheon will be in charge of selecting SMEs located in the city that are in need of ESG support. The financial regulator w
KB Financial Group Chairman Yoon Jong-kyoo By Yoon Ja-youngKB Financial Group Chairman Yoon Jong-kyoo chose to wrap up his third three-year term which is ending in November instead of seeking another term as the group's chief.According to the financial group's CEO recommendation committee, the chairman informed the committee of his intent not to run again. His term ends on Nov. 20.He told the committee that it is time to hand over the “baton of KB Financial Group for a new future and change.” He added that he hopes “a capable person is appointed as his successor, to lead the group's sustainable growth so that it can leap forward as a leading financial group representing Asia beyond Korea.”The committee is scheduled to make a shortlist of six candidates for the group's next chairman on Tuesday, and narrow down the list to three on Aug. 29 following interviews. As Yoon has decided not to seek another term, he will not be included in the shortlist. The final candidate
Public Procurement Service (PPS) Administrator Kim Yoon-sang, center, examines products at RexGen, a manufacturing firm in Anyang, Gyeonggi Province, Thursday. Courtesy of PPSBy Yoon Ja-youngThe Public Procurement Service (PPS) is strengthening support for domestic businesses to enter overseas procurement markets and expand exports, the agency announced Thursday. PPS Administrator Kim Yoon-sang visited RexGen, a manufacturing firm located in Anyang, Gyeonggi Province, Thursday, to listen to their difficulties and regulatory issues regarding exports.RexGen is a manufacturer of an AI-based smart traffic control system. Some of its products have received “Innovative Product” as well as “Excellent Government Procurement Product” designations from the government for their technologies and quality. The tech firm is now actively venturing into overseas markets, having secured a contract worth $16 million at the export consultation meeting of the Korea Public Procurement Expo 2023 held in April. Oh Young-joon, the CEO of RexGen, suggested that the PPS further assist e
Hana Bank CEO Lee Seung-lyul, left, poses with Beata Daszynska Muzyczka, chief of Bank Gospodarstwa Krajowego (BGK), after a meeting at the BGK headquarters in Warsaw, Poland, July 13. Courtesy of Hana BankBy Yoon Ja-youngHana Bank announced that it will expand its global investment banking business in cooperation with Bank Gospodarstwa Krajowego (BGK), the national development bank of Poland.Lee Seung-lyul, CEO of Hana Bank, visited the BGK headquarters in Warsaw, July 13, to strengthen cooperation in global financial businesses as well as discuss further plans for diverse global investment banking sectors. They include development projects in greater Eastern Europe, reconstruction projects in Ukraine and expanding local manufacturing plants. BGK was established in 1924 as the only national development bank of Poland, aiming at supporting the country's economic and industrial development. Lee and BGK chief Beata Daszynska Muzyczka agreed to continue cooperation in global investment banking in sectors like infrastructure, aircraft, real estate and M&As, as well as sharing global
By Yoon Ja-youngThe Ministry of Economy and Finance announced recently that it is considering easing the gift tax on newlyweds to encourage marriage and thereby pull up the birthrate. Currently, parents can give up to 50 million won ($40,000) in cash or property gifts to their adult children over a period of 10 years without being subject to the gift tax. For example, if parents give 100 million won to their children, they can exclude a gift tax deduction of 50 million won and apply a 10 percent gift tax rate to the remaining amount. The government is considering pulling up the baseline for tax exemption to 100 million won to 150 million won for money given to newlyweds. Details will be included in the tax revision plan scheduled to be announced at the end of this month. This move has sparked controversy as it is seen as a tax break that primarily benefits those who are relatively better off. Average parents cannot afford to give their children over 100 million won without having financial worries for their own retirement. A survey last year showed that the average net worth of house
KDB Life Insurance's headquarters in Seoul / Courtesy of KDB Life InsuranceBy Yoon Ja-youngHana Financial Group has been picked as the preferred bidder to acquire KDB Life.Korea Development Bank (KDB), which is the largest shareholder of the life insurer, announced on Thursday that it picked Hana Financial Group as the preferred bidder after considering diverse factors, such as eligibility as a bidder, probability of the deal being completed, and the mid- to long-term development of the insurer. “If the deal succeeds, KDB Life will have foundation for stable growth by starting fresh as a member of Hana Financial Group,” KDB noted.The financial group joined the bid, which closed last Friday and is scheduled to make a final decision on the deal following due diligence. KDB acquired the life insurance company by jointly forming a private equity fund with Consus Asset in 2010, when Kumho Group, the previous parent company of the insurer, was suffering from a liquidity crunch. KDB selected JC Partners as the preferred bidder back in 2020, which was followed by the signing of a
gettyimagesbankBy Yoon Ja-youngConsumption tax levied on domestic passenger cars will be lowered from July, which will in turn pull down consumer prices. It follows an overhaul in taxation which has been disincentivizing the purchase of domestic cars in favor of imported cars.Currently, consumption tax is applied to prices including distribution cost and margin in the case of domestic cars, as tax is levied when the cars leave the factory to be purchased by consumers. As imported cars have tax applied at the time of import clearance, distribution cost and margin, which come after the import clearance procedure, are not included when applying tax. It thus triggered a controversy that people who wish to purchase domestic cars are facing “reverse discrimination” in terms of taxation. According to Korea Economic Research Institute, a domestic car sold at 60 million won ($46,000), for instance, is levied 3.67 million won in tax, while an imported car of the same price faces 2.65 million won in tax. To make up for the difference, the National Tax Service (NTS) decided to change
Employees of Hana Bank's subsidiary in Brazil hang the "Customer Satisfaction Charter" in the office. Courtesy of Hana Financial GroupBy Yoon Ja-youngHana Financial Group is spreading its “customer-centered” corporate culture to employees of its overseas operations, the banking group announced Tuesday. According to Hana, its “Customer Satisfaction Charter,” translated into 10 different languages, was distributed to its overseas operations. Based on the group's management philosophy that puts customers first, the charter is intended to be the customer satisfaction standard for not only Hana but also any other global financial company. It includes tasks to be fulfilled for “customer happiness” as well as its pledge that it will “growth together” with customers while protecting them.The group's subsidiaries and branches overseas also had an event called Customer Satisfaction Day, aimed at motivating local employees to make their customers happy. It plans to have a Customer Satisfaction Day each quarter, accompanied by various other special