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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.

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Banking & Finance

RCI Financial Services Korea appoints new CEO

By Yoon Ja-youngRCI Financial Services Korea, a specialized automotive finance affiliate of Renault Group and Renault Korea Motors, announced on Monday that it has appointed Alexander Zhurkin as its new CEO. RCI Financial Services Korea CEO Alexander Zhurkin / Courtesy of RCI Financial Services KoreaRecognized for his achievements as a business development expert and global strategist, Zhurkin has more than 20 years of professional experience in Europe, North America and Russia through Philip Morris Russia and Nissan Finance.After joining Renault-Nissan Alliance in 2007, he worked for Nissan Motor Acceptance Corporation before moving to Renault Group to serve as sales and marketing manager for the United Kingdom. He joined Renault Group Russia as operations director in 2010 and managed the development of markets in Central Asia. In 2014, he moved to the RCI Bank and Services' Headquarters of Renault Group in France, serving as the deputy director of International Projects and Partnership Nissan. Prior to joining the Korea office, he served as the CEO of RCI Bank and Services Ireland.

Aug 22, 2022By Yoon Ja-young
RCI Financial Services Korea appoints new CEO
Economy

INTERVIEW Data essential for 'evidence-based decisions': Statistics Korea commissioner

Statistics Korea Commissioner Han Hoon speaks during an interview with The Korea Times, Aug. 4. Korea Times photo by Shim Hyun-chulStatistics can help to find right spot to start businessBy Yoon Ja-youngLet's say someone wants to open a fried chicken restaurant near his home. Is it a good location to start the business? The person can get some idea by visiting the Statistical Geographic Information Service (SGIS) offered by Statistics Korea, where diverse kinds of information, such as the number of residents, whether they are in their 20s, 30s, or 40s, how each demographic group changes at certain times, and even the number of competitors in a five to 20-minute driving radius, are available.“We will advance the SGIS, which combines statistics with geographic information system (GIS) technology to assist individuals and companies in making evidence-based decisions to initiate or operate their business,” Statistics Korea Commissioner Han Hoon said in an interview with The Korea Times. Having served as deputy minister at the Ministry of Economy and Finance, Han has witnessed

Aug 17, 2022By Yoon Ja-young
[INTERVIEW] Data essential for 'evidence-based decisions': Statistics Korea commissioner
Economy

Coordination between Asia-Pacific central banks

Bank of Korea Governor Rhee Chang-yong, fifth from left, poses with Financial Supervisory Service (FSS) Governor Lee Bok-hyun, fourth from left, and other participants of the Executives' Meeting of East Asia-Pacific Central Banks held at the Korean central bank's headquarters in downtown Seoul, Tuesday. Participating at the meeting ― either online or in-person ― were the central bank governors and top financial regulators of 10 Asia-Pacific countries, discussing issues such as global financial risks following monetary tightening and policy implications. Courtesy of the Bank of Korea

Aug 9, 2022By Yoon Ja-young
Coordination between Asia-Pacific central banks
Banking & Finance

Data shows banks reject most consumer demands to lower loan interest rates

gettyimagesbank By Yoon Ja-youngIf a person gets promoted and receives a higher income or accumulates more assets, they have a legal right to demand banks or other lenders to slash interest rates levied on their borrowings. However, seven out of 10 requests to lower interest rates are rejected, according to the latest data. Data Rep. Yun Chang-hyun of the ruling People Power Party obtained from the Financial Supervisory Service (FSS) showed there were 882,047 requests filed by customers to banks, including regional banks and online-only banks, to have their loan rates lowered. However, only 26.6 percent of such requests were approved by the lenders.Following a revision of related laws in June 2019, customers have the right to demand banks to slash loan rates if their credit conditions have improved, such as increases in assets or income. For example, a customer who did not have a job at the time he or she obtained a loan may have been hired later, promoted to a high

Aug 5, 2022By Yoon Ja-young
Data shows banks reject most consumer demands to lower loan interest rates
Economy

Pelosi's Taiwan visit pushes Korean confectionery shares to soar

gettyimagesbankBy Yoon Ja-youngU.S. House Speaker Nancy Pelosi's visit to Taiwan is having an unexpected positive effect on Korean confectionary companies. Their stock prices rose steeply on Wednesday on reports that China banned importation of Taiwanese food items on the eve of the contentious visit.Crownhaitai Holdings, a major player in the country's confectionery industry, closed at 8,470 won on Wednesday, rising 18 percent from the previous day. Crown Confectionery closed at 11,150 won, soaring as much as the daily limit of 30 percent. Haitai Confectionery and Foods rose 14 percent to 8,000 won. Orion, whose Choco Pie products are popular in the global market, rose 2.7 percent to 102,000 won. The surge comes amid expectations among some investors that Korean confectionery products, especially those of Crownhaitai Group subsidiaries, may replace Taiwanese products in the Chinese market. In the case of Orion, exports to China already account for over 40 percent of its total sales, while they account for less than 10 percent for Crownhaitai.According to Taipei Times, China's custom

Aug 4, 2022By Yoon Ja-young
Pelosi's Taiwan visit pushes Korean confectionery shares to soar
Economy

Social media influencers under suspicion of avoiding taxes

gettyimagesbankBy Yoon Ja-youngDespite the explosive growth of e-commerce by social media influencers and creators, only a handful of them are paying taxes.According to National Tax Service (NTS) data submitted to Rep. Yang Ki-dae of the main opposition Democratic Party of Korea, only 785 influencers making money through social media paid taxes in 2020. They reported a total of 14.1 billion won ($10.8 million) in income. The number is only a fraction of the total number of influencers. According to Nox Influencer, a social media data provider, there are more than 90,000 influencers in Korea, with each having more than 10,000 Instagram followers. Those with more than 1 million followers totaled 463.The influencers have diverse income sources, such as advertising and direct sales through their social media channels. The retail industry estimates the scale of Korea's social media market to be around 20 trillion won as of 2019. According to Hype Auditor, which specializes in analyzing trendsetters, influencers who have between 10,000 and 50,000 followers make 2.68 million won on average

Aug 3, 2022By Yoon Ja-young
Social media influencers under suspicion of avoiding taxes
Economy

Korea expected to overtake Japan in total exports

gettyimagesbankBy Yoon Ja-youngKorea's gap with Japan in total exports narrowed to its smallest amount ever, triggering expectations that it will surpass the neighboring economic powerhouse soon. According to the Ministry of Trade, Industry and Energy, Korea's total exports this year as of May were $16.2 billion less than that of Japan. The gap is narrower than seen in the same period last year, in which Korea fell short of Japan by $55.7 billion.In terms of monthly exports this year, Korea overtook Japan in May, when it logged $61.6 billion in exports, surpassing Japan's $56.3 billion. This rise by Korea is notable when considering Japan's status in the global market as an exporting powerhouse. In 1980, Korea's total exports were only 13.4 percent of Japan's $134 billion. The ratio, however, has been surging steadily, to 35.9 percent in 2000, 60.6 percent in 2010, and 85.2 percent last year. As of May this year, Korea's total exports are at a staggering 94.8 percent of Japan's total exports. While the figure is fueling hopes that Korea may soon surpass Japan in total exports, it sti

Aug 2, 2022By Yoon Ja-young
Korea expected to overtake Japan in total exports
Cryptocurrency

Dunamu to support youths who have to leave foster care centers

gettyimagesbankBy Yoon Ja-youngUnderprivileged children and minors who have been living in foster care facilities, foster homes, or other shelters for teenagers face a harsh reality when they come of age. They have to leave such facilities and stand on their own when they reach 18, according to the Child Welfare Act. But because they do not have homes to reside in or stable jobs, they often suffer economic hardships and sometimes fall prey to criminals.Dunamu, the operator of the country's top cryptocurrency exchange, Upbit, announced that it will support such youths by setting up a 3 billion won fund ($2.3 million) for the next five years as well as operating an internship program. “They should not stand by themselves. They should stand with us. We will not spare any interest and support so that those young people leaving shelters can assimilate as healthy members of society,” Dunamu CEO Lee Sirgoo said.Around 2,500 young people have to leave foster care facilities each year when they reach 18 and they are provided only 300,000 won in monthly subsidies from the governmen

Jul 30, 2022By Yoon Ja-young
Dunamu to support youths who have to leave foster care centers
Economy

Soaring housing prices pull down birth rate: study

gettyimagesbankBy Yoon Ja-youngAs the nation's total population decreased for the first time last year, with the birthrate falling to the world's lowest, a study showed that soaring housing prices are one of the main reasons. According to a study by Kang Dong-ik and Song Kyung-ho, both researchers at the Korea Institute of Public Finance, a 100 percent hike in housing prices slashes the number of kids each household has by 0.1 to 0.3 for the next 8 years.Korea's fertility rate, or the number of babies born per woman, fell to 0.81 last year, which is the lowest among the Organization for Economic Cooperation and Development (OECD) member countries. The research was done by surveying workers at state-run enterprises, which are known to offer stable jobs. For those who don't own houses, the number of children they give birth to for the next eight years decreased by between 0.15 and 0.45. That means the higher the price of housing, the less likely couples are to have a child. The study also shows that the ownership of a house has an even greater impact on childbirth.Housing prices also a

Jul 29, 2022By Yoon Ja-young
Soaring housing prices pull down birth rate: study
Banking & Finance

Mobile driver's licenses launched

Participants in the launching ceremony for mobile driver's licenses around the country, including Financial Supervisory Service Deputy Governor Lee Joon-soo, second from left, Interior and Safety Minister Lee Sang-min, fifth from left, Shinhan Bank CEO Jin Ok-dong, seventh from left, Kakao Bank CEO Yoon Ho-young, eighth from left, and Naver Financial CEO Park Sang-jin, 10th from left, pose at the Gangseo Driver's License Examination Office in Seoul, Thursday. The state-run Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) announced the nationwide launch of mobile driver's licenses, based on blockchain technology. It is expected to enhance user convenience, as it is equivalent to a plastic license, while users only have to carry their smartphones with them. Courtesy of KOMSCO

Jul 28, 2022By Yoon Ja-young
Mobile driver's licenses launched
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