my timesThe Korea Times
yjy

Yoon Ja-young

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.

Go to Email

Read more

Banking & Finance

13% of Koreans unable to save money: survey

gettyimagesbankBy Yoon Ja-youngSetting a financial target is the first step to prepare for a better future, but three out of 10 Koreans say that is a luxury for them. Thirteen percent of Koreans find it impossible to save anything as their expenses exceed their incomes, a report showed.According to the 2023 financial consumer report released by the Hana Institute of Finance, Thursday, 86 percent of the 4.89 million won ($3,800) average monthly household income is spent each month on fixed expenses, which include insurance and mortgage payments. Based on a survey of 5,000 adults around the country, the report aims at examining the dynamic changes of financial consumers and their opinions of diverse current issues.As they are left with little money after deducting such fixed expenditures, three out of 10 respondents did not have a financial goal: 17.9 percent said that simply sustaining their living is burdensome to them, while 13.4 percent said they just don't have a financial goal. The ratio was especially high among the MZ Generation, which refers to millennials and Generation Z, sh

Dec 29, 2022By Yoon Ja-young
13% of Koreans unable to save money: survey
Economy

Tesla stock plunge causes sense of despair among Korean investors

The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland, in this Oct. 28, 2020 file photo. Reuters-YonhapBy Yoon Ja-youngThe steeply plunging stock prices of Tesla have Korean small investors who bet the majority of their fortunes on the global electric vehicle automaker in tears. Tesla fell 11.4 percent on Tuesday, closing at $109.1, on media reports that it plans to reduce output in Shanghai, China.Tesla has even dropped out of the 10 biggest U.S. companies. It fell to the 16th largest company in the U.S. in terms of market cap, down from the 10th largest. Compared with its peak in November last year, Tesla's shares have fallen 73 percent. This year alone, they fell 69 percent on decreasing demand amid concerns of a recession and the acquisition of Twitter by CEO Elon Musk. Many small investors in Korea are having sleepless nights following the plunge. Investing in U.S. stocks has been booming here, especially since the outbreak of COVID-19. Tesla was definitely their top pick. According to the Korea Securities Depository, Korean investors net-purchased a

Dec 28, 2022By Yoon Ja-young
Tesla stock plunge causes sense of despair among Korean investors
Banking & Finance

2023 calendars issued by banks gain popularity on secondhand market

Shoppers pick out 2023 calendars at a bookstore in downtown Seoul, Dec. 19. YonhapBy Yoon Ja-youngWith the New Year coming, it is time to replace 2022 calendars and diaries with new ones. There used to be plenty of free calendars and diaries around this time of the year, but that isn't the case anymore. Calendars issued by banks, which are especially popular among Koreans, are now hard to obtain and are being traded on the secondhand market.Kwon, a housewife in Busan, visited a bank branch near her home to get a New Year calendar, but instead saw a notice that they had run out of stock. “I went to another bank branch, but they said they only give it to people who have transaction records with their bank. I had to ask one of my friends whose daughter is a bank teller to get me one,” she said.It was customary for companies, diverse organizations and even small businesses here to give out calendars and diaries to customers, business partners or even potential customers. They would put a lot of effort into the production of the calendars. The calendars often feature paintings

Dec 27, 2022By Yoon Ja-young
2023 calendars issued by banks gain popularity on secondhand market
Economy

Tax agency reveals names of tax evaders, delinquents

gettyimagesbankBy Yoon Ja-youngThe National Tax Service (NTS) disclosed the names of 6,940 tax delinquents and 47 tax evaders. On the list of tax delinquents is rapper Dok2, who is known for his extravagant lifestyle. The mother of star actor Jang Keun-suk was also included in the list of tax evaders.According to the tax agency, it sent notifications in March to 7,461 tax delinquents, who have habitually defaulted on at least 200 million won ($153,000) of tax, to encourage them to pay up as well as giving them an opportunity to vindicate themselves. A total of 6,940 cases, comprising 4,423 individuals and 2,517 corporate bodies, however, ignored the notification. Therefore, the agency decided to name them. The total tax defaulted by them amounts to 4.4 trillion won. The individual with the highest amount of defaulted tax is a man residing in Ansan, Gyeonggi Province, who has defaulted on 173.9 billion won in taxes. The man is known to be operating a gambling business. The second-highest tax delinquent also runs a gambling business, defaulting on 70.8 billion won in taxes. Rapper Dok2

Dec 16, 2022By Yoon Ja-young
Tax agency reveals names of tax evaders, delinquents
Economy

Korea to collaborate with Vietnam, Cambodia on tax policy

National Tax Service (NTS) Commissioner Kim Chang-ki, left, poses with Vietnamese Tax Commissioner Cao Ahn Tuan at their meeting in Hanoi, Vietnam, Wednesday. Courtesy of NTSBy Yoon Ja-youngThe National Tax Service (NTS) is planning to collaborate closely with the tax agencies of Vietnam and Cambodia to tackle problems such as international double taxation faced by Korean firms operating overseas. NTS Commissioner Kim Chang-ki had a meeting with Kong Vibol, tax commissioner of Cambodia, at the country's capital, Phnom Penh, on Tuesday, followed by a meeting with the tax commissioner of Vietnam, Cao Ahn Tuan, in Hanoi, Wednesday.The meeting comes as Korea and Vietnam, which are marking the 30th anniversary of diplomatic relations this year, recently agreed to elevate their bilateral relationship to a “Comprehensive Strategic Partnership.” Vietnam is Korea's fourth-largest trading partner, with more than 7,000 Korean companies operating there. Thus, a tax administrative system that relieves companies of tax-related difficulties and helps them focus on businesses activities

Dec 8, 2022By Yoon Ja-young
Korea to collaborate with Vietnam, Cambodia on tax policy
Economy

Procurement market offers launch pad for businesses to leap forward as global players

Public Procurement Service (PPS) Administrator Lee Jong-wook / Courtesy of PPSProcurement agency contributes to expansion of exportsBy Yoon Ja-youngProcurement markets overseas offer huge opportunities for businesses to grow into global players, but many of them have been hesitant due to high entry barriers. The Public Procurement Service (PPS) has been accompanying businesses to successfully enter the blue ocean market, and help their exports rise to record highs in the first quarter.PPS Administrator Lee Jong-wook said his agency is expanding the scope of support for Korean businesses aiming for the global procurement market, as the country's trade deficit is continuing amid a global economic slowdown. “The global procurement market is huge, amounting to $12.8 trillion as of 2020. Any business that has a dream of rising as a global player must tackle this market, but they often face high entry barriers including special treatment for domestic firms and complicated laws and procedures,” Lee said in an interview with The Korea Times. “That's why support by a governm

Nov 23, 2022By Yoon Ja-young
Procurement market offers launch pad for businesses to leap forward as global players
Cryptocurrency

Dunamu holds ESG management committee meeting

Members of the Dunamu ESG management committee pose at their first meeting held at its headquarters in Seoul, Monday. From left in the front row are Seoul National University Business School professor Roh Sang-kyu, Lee & Ko partner Yoon Jong-soo, Korea Green Foundation executive director Lee Mi-kyung, and Dunamu CEO Lee Sirgoo. Second from left in the back row is Dunamu Chairman Song Chi-hyung with other executives. Courtesy of DunamuBy Yoon Ja-youngDunamu, the operator of the country's largest cryptocurrency exchange Upbit, held its first environment, social and corporate governance (ESG) management committee meeting on Monday.According to the blockchain and fintech company, it held the meeting at its headquarters in southern Seoul, where discussions were made on its current implementation of ESG principles in operation and plans for the future.It also appointed three outside committee members ― Korea Green Foundation executive director Lee Mi-kyung, Seoul National University Business School professor Roh Sang-kyu, and Yoon Jong-soo, a partner at the law firm Lee & Ko. The E

Nov 22, 2022By Yoon Ja-young
Dunamu holds ESG management committee meeting
Banking & Finance

KB Kookmin Bank to release sports documentary

A screenshot from “Green Wolves,” a sports documentary released by KB Kookmin Bank, shows Asnawi Mangkualam Baharkb, an Indonesian player for the Ansan Greeners FC in the K League 2, in an interview. Courtesy of KB Kookmin BankBy Yoon Ja-youngKB Kookmin Bank is releasing documentary footage on a football team with which it has signed a promotion partnership. Titled “Green Wolves,” it focuses on the K League 2 team, the Ansan Greeners FC. It is scheduled to tell the history of the Ansan Greeners FC, a football club for local residents, as well as training for the athletes who aim to make it into the higher K League. The bank announced in a press release that it wants to spread a message of hope through realistic depictions of athletes who never stop tackling the challenges they face.The documentary is especially focused on Asnawi Mangkualam Bahar, who is the first Indonesian professional footballer to play professionally for a Korean team. He is also the captain of the Indonesia national team. The documentary tells the behind story of how Asnawi came to join th

Nov 21, 2022By Yoon Ja-young
KB Kookmin Bank to release sports documentary
Economy

NTS addresses double taxation problems

A man passes by the National Tax Service (NTS) building in Sejong City in this undated file photo. NewsisBy Yoon Ja-youngThe National Tax Service (NTS) announced that it has addressed hundreds of double taxation issues that weighed on businesses.The tax agency said it has resolved a total of 430 cases related to double taxation jointly with foreign tax authorities under double taxation avoidance agreements between March 2018 and October this year. March 2018 is when the NTS launched the Mutual Agreement Procedure Division, which is in charge of resolving the issue through Advance Pricing Arrangement (APA) and Mutual Agreement Procedure (MAP) schemes. The division has had a dozen meetings per year with foreign tax authorities. Despite the unprecedented pandemic and subsequent lockdowns in 2020 and 2021 across the globe, it has actively responded to the double taxation burden on taxpayers through video conference, conference calls, and correspondence. Under the MAP scheme, the NTS and its counterparts overseas discuss and resolve taxpayers' double taxation burden caused by overlapping

Nov 20, 2022By Yoon Ja-young
NTS addresses double taxation problems
Economy

Statistics Korea hosts international conference on crime statistics

Statistics Korea Commissioner Han Hoon, eighth from left in front row, poses with participants at the 6th International Conference on Governance, Crime and Justice Statistics held in Seoul, Wednesday. Courtesy of Statistics KoreaBy Yoon Ja-youngStatistics Korea is holding an international conference on crime statistics in Seoul from Wednesday to Friday. The statistics office is jointly hosting the 6th International Conference on Governance, Crime and Justice Statistics with Mexico's National Institute of Statistics and Geography (INEGI), the United Nations Office on Drugs and Crime (UNODC) and the UNODC Centers of Excellence. It is the biggest international conference on crime statistics, held biennially since 2012. Crime statistics experts from statistics agencies, research institutes, the UN agencies and international NGOs from around 40 countries have been participating in the event.At the Seoul conference, the participants will be sharing global trends across various topics such as the role of statistics agencies in crime statistics, policy decision in the establishment of crime

Nov 9, 2022By Yoon Ja-young
Statistics Korea hosts international conference on crime statistics
previous page
1516171819
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.