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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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Economy

Tax agency reveals luxurious life of alleged tax evaders

gettyimagesbankBy Yoon Ja-youngPurchasing a number of super cars including Lamborghini and Bentley, enjoying luxurious trips overseas and buying up real estate, these are examples of what suspects of tax evasion have done with the money they hid from the tax agency. The National Tax Service (NTS) said Wednesday that it will investigate 99 people suspected of tax evasion. This time the probes are focused on those hindering fair trade and increasing the burden or encroaching on the livelihoods of the working class, according to the tax agency.One of the cases reported by the NTS involves a pawnbroker who sold luxury goods that customers had provided as collateral, and then failed to buy them back at an online flea market platform. While selling jewelry, luxury watches and bags, some of which were worth as much as hundreds of millions of won, the pawnbroker disguised the sales as private person-to-person trade to avoid tax. The pawnbroker received payments via borrowed bank accounts, and omitted all of those sales when reporting tax. The pawnbroker's family led a luxurious life, purchas

Jul 28, 2022By Yoon Ja-young
Tax agency reveals luxurious life of alleged tax evaders
Banking & Finance

Top financial regulator with industry representatives

Financial Services Commission (FSC) Chairman Kim Joo-hyun, center, talks with heads of financial industry lobby groups at the Korea Federation of Banks (KFB) headquarters in Seoul, Wednesday. At the meeting were KFB Chairman Kim Gwang-soo, Korea Life Insurance Association Chairman Chung Hee-soo, General Insurance Association of Korea Chairman Jung Ji-won, Korea Federation of Savings Banks Chairman Oh Hwa-kyung, and representatives from Korea Financial Investment Association and Credit Finance Association. At the meeting, Kim vowed to pursue deregulation to expand the scope of the financial industry, while asking for support from the financial industry to help those hit by the COVID-19 pandemic. Yonhap

Jul 27, 2022By Yoon Ja-young
Top financial regulator with industry representatives
Economy

Women outnumber men when it comes to large-cap stock investments

gettyimagesbankBy Yoon Ja-youngWomen now outnumber men when it comes to investing in large-cap shares as an increasing number of women turn their eyes to stock investment, according to the latest data. Female investors also tend to reap bigger returns than male investors by sticking to long-term investments.According to Korea Securities Depository data submitted to Rep. Yun Ju-keyng of the governing People Power Party (PPP), female shareholders outnumbered males in nine out of the top 10 stocks in terms of market capitalization. Shinhan Financial Group was the only exception where male investors outnumbered females.The latest data reflects an overall increase in the number of female investors as well as their preference for large-cap stocks. The number of female investors has been increasing after the market crash triggered by the outbreak of the coronavirus pandemic. They joined a group of retail investors who banked on a stock market recovery and ended up accounting for 47 percent of stock investors last year, which contrasts with 42.6 percent in 2020. The number of female stock in

Jul 26, 2022By Yoon Ja-young
Women outnumber men when it comes to large-cap stock investments
Economy

Korea to be overtaken by Taiwan in per capita GDP rankings: report

gettyimagesbank By Yoon Ja-youngKorea's rise in economic status may be an illusion and it is likely to be overtaken by Taiwan in per capita gross domestic product (GDP) rankings this year, a report noted. Lee Tae-yeol, a senior research fellow at the Korea Insurance Research Institute (KIRI), noted in a report that the Korean economy is walking sideways in terms of both per capita GDP and global competitiveness.“The Korean economy surpassing or being on par with some major developed economies such as Spain and Italy is because of those countries' fall in rankings, rather than a rise of Korea,” he said in the report, noting that Korea's rise compared to some European countries is more of an illusion when considering Korea's stagnant economic condition. Lee cited economic outlook by the International Monetary Fund (IMF), according to which Korea is expected to surpass Italy in terms of per capita GDP this year after surpassing Spain in 2015.However, he points out that

Jul 25, 2022By Yoon Ja-young
Korea to be overtaken by Taiwan in per capita GDP rankings: report
Banking & Finance

Top financial regulator with CEOs of foreign financial firms

Financial Supervisory Service (FSS) Governor Lee Bok-hyun, center, poses with the CEOs of foreign financial institutions operating in Korea at a meeting held in Yeouido, Seoul, Friday. At the meeting, Lee stressed that the regulator will work to improve financial regulations to suit global standards and enhance the competitiveness of the financial industry. At a media briefing that followed the meeting, Lee also said that the regulator puts first priority in vitalizing the market and introducing efficient competition, instead of intervening in management affairs. Yonhap

Jul 15, 2022By Yoon Ja-young
Top financial regulator with CEOs of foreign financial firms
Economy

BOK chief, finance minister to meet Yellen in Seoul next week

U.S. Treasury Secretary Janet Yellen / AFP-YonhapBy Yoon Ja-youngBank of Korea (BOK) Governor Rhee Chang-yong will meet U.S. Treasury Secretary Janet Yellen in Seoul next week, amid concerns over the Korean currency weakening against the dollar. According to the central bank, Wednesday, Rhee and Yellen will have a bilateral meeting in Seoul on July 19, accompanied by their staffs. It will be the second bilateral meeting between the Korean central bank governor and the U.S. treasury secretary, following a 2016 June meeting between then-BOK governor Lee Ju-yeol and then-U.S. Treasury Secretary Jacob Lew. They had a closed-door meeting at the BOK headquarters in Seoul at that time.Yellen will be visiting Seoul on July 19 and 20 as part of her trip to Asia, after attending the G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia, scheduled for July 15 and 16.During the meeting, the two chiefs will be discussing key issues concerning the global economy and financial market, including global policy coordination. This meeting is getting the spotlight in particular as

Jul 13, 2022By Yoon Ja-young
BOK chief, finance minister to meet Yellen in Seoul next week
Banking & Finance

'Extraordinary Attorney Woo' pulls up production company shares

Scenes from "Extraordinary Attorney Woo" / Courtesy of ENA By Yoon Ja-youngThe success of the drama "Extraordinary Attorney Woo" has pulled up the stock price of its production company, AStory. The stock price has risen more than 70 percent since the premiere of the drama.The legal drama centering on Woo Young-woo, a genius lawyer who is on the autism spectrum, is gaining huge popularity, topping Netflix's most-watched show list not only in Korea, but also in Taiwan and Vietnam. It ranked in the top two in Hong Kong, Indonesia, Singapore and Thailand, and top three in Japan and Malaysia as of Monday, according to FlixPatrol.AStory traded at 17,200 won when the drama premiered on June 29. But it continued its steep rise with the drama gaining viewership through word-of-mouth recommendations. The stock closed at 30,500 won on Tuesday, down 2.71 percent from the previous day and pausing six consecutive trading days' rise. But it has already risen over 70 percent since

Jul 12, 2022By Yoon Ja-young
'Extraordinary Attorney Woo' pulls up production company shares
Economy

New FSC chief vows efforts to stabilize financial market

Financial Services Commission Chairman Kim Joo-hyun gives a speech after being appointed to the position in a ceremony held at the Government Complex in Seoul, Monday. Yonhap Yoon appoints top financial regulator without assembly hearingBy Yoon Ja-youngNew Financial Services Commission (FSC) Chairman Kim Joo-hyun vowed to work on stabilizing the financial market, pointing out that it is difficult to estimate how current market uncertainties will unfold. “I wondered what the people currently expect of the Financial Services Commission. Stabilization of the financial market would come first,” he said in a speech upon his appointment to the position, Monday. His appointment to the top post was approved by President Yoon Suk-yeol on the same day without a National Assembly confirmation hearing. After nominating Kim to lead the FSC early last month, President Yoon had requested the National Assembly send him a report on the nominee's confirmation hearing, but the Nationa

Jul 11, 2022By Yoon Ja-young
New FSC chief vows efforts to stabilize financial market
Banking & Finance

Standard Chartered Bank Korea advises investors to increase bonds, Asian equities in portfolio

Standard Chartered (SC) Bank Korea's headquarters in Seoul / YonhapBy Yoon Ja-youngAs central banks around the world are walking a tightrope between a soft landing for the economy and inflation control, investors should be focusing on setting up balanced portfolios to guard against inflation risks, Standard Chartered (SC) Bank Korea advised in a report.In the report released on Tuesday for customers of its Wealth Management program, the bank pointed out that central banks are walking a fine line between controlling inflation and avoiding a recession. The bank has been releasing a biannual investment strategy report for customers, in coordination with global investment experts of Standard Chartered Group. It is scheduled to hold Wealth Care seminars for its customers around the country from July 19. “We expect inflation to ease only gradually, causing the Fed to maintain its aggressive stance,” the bank noted in the report. As a result, the financial market is likely to react sensitively to even small variables, it warned, adding that investors will also have to gauge the

Jul 5, 2022By Yoon Ja-young
Standard Chartered Bank Korea advises investors to increase bonds, Asian equities in portfolio
Opinion

Economics of wedding gift money

By Yoon Ja-youngI once saw readers of The Korea Times from other countries commenting on an article about the money given as a gift at weddings here. The article was about the frustration of people who intend to remain single for life. They have to give gift money to their friends for their weddings and other events that come afterwards, such as the first birthdays of their friends' babies, though, as singles, they might never have the chance to get paid back.Some of those readers, which I imagine must have Korean spouses, commented that their family members, like their parents-in-law and their spouses, kept records of how much money each guest gave on special occasions, such as weddings and funerals. When they later also have to attend similar events, the first thing they do is look in their records and check how much those guests gave them. It was interesting to realize that this practice might appear unusual to people from other cultures. Koreans look in their records to determine how much they should pay, of course. If you give more than you have received, that is totally fine if

Jun 29, 2022By Yoon Ja-young
Economics of wedding gift money
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