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.
National Tax Service (NTS) Commissioner Kim Dae-ji, left, shakes hands with his Vietnamese counterpart, Cao Ahn Tuan, after a meeting in Seoul, Monday. The tax agencies of the two countries agreed to cooperate in taxation policies, sharing Korea's know-how in the digitalization of taxation and resolving the problem of dual taxation faced by Korean businesses operating in Vietnam. Courtesy of NTS
Export-Import Bank of Korea (Eximbank) CEO Bang Moon-kyu, left, poses with Maria Lombana, right, Colombia's Minister of Commerce, Industry, and Tourism, after Eximbank and Colombia's Banco de Occidente signed a re-lending deal at the Eximbank's office in Bogota, Colombia, March 22. Courtesy of EximbankEximbank signs re-lending deal with Colombia's Banco de OccidenteBy Yoon Ja-youngExport-Import Bank of Korea (Eximbank) is strengthening its financial network in Latin America to help Korean businesses get a head start winning orders overseas before the post-pandemic era starts.Eximbank CEO Bang Moon-kyu held separate meetings with the presidents of Colombia and the Dominican Republic as well as the chief of the Central American Bank for Economic Integration (CABEI), discussing comprehensive measures for cooperation to induce more Korean businesses to advance into Latin America's infrastructure and energy sectors.Bang had meeting with Colombian President Ivan Duque at his office in Bogota, March 22, where they discussed how Korea's Economic Development Cooperation Fund (EDCF) should sup
National Tax Service (NTS) Commissioner Kim Dae-ji, left, shakes hands with Jim Harra, First Permanent Secretary and Chief Executive of the U.K. HM Revenue & Customs, after their meeting in London, March 22. Courtesy of NTSBy Yoon Ja-youngKorea's tax agency has shared its digitalization strategy in taxation with its counterparts in the U.K. and Bulgaria and also agreed to coordinate closely with them to tackle offshore tax evasion.The National Tax Service (NTS) said its commissioner Kim Dae-ji had a meeting with Jim Harra, First Permanent Secretary and Chief Executive of the U.K. HM Revenue & Customs, in London, March 22.At the meeting, the chiefs of the tax agencies of the two countries agreed that exactly grasping incomes and setting up an income data hub are essential in getting rid of blind spots in social welfare as well as enhancing efficiency in budget spending.National Tax Service (NTS) Commissioner Kim Dae-ji, right, shakes hands with Rumen Spetsov, the head of the National Revenue Agency of Bulgaria, after their meeting in Sofia, Bulgaria, March 24. Courtesy of NTSG
Citibank Korea CEO Yoo Myung-soon gives congratulatory remarks at the “3rd Climate Action Conference,” held online, March 15. Courtesy of Citibank KoreaConference looks into transformation to low-carbon economy amid the climate crisisBy Yoon Ja-youngCitibank Korea and Citi Foundation announced sponsorship of the “3rd Climate Action Conference,” which was held online on March 15. The event was hosted by WWF-Korea with the participation of experts and representatives from a variety of sectors, including the Ministry of Environment, the British Embassy Seoul, corporations, international organizations, academia and civil society groups, to share their knowledge on climate crisis responses.The conference, titled “Transformation to Low Carbon Economy in the Climate Crisis Era: Present and Future,” contemplated Korea's awareness of, and response to, the climate crisis under its recently-unveiled 2050 Net-Zero target as well as economic transformation directions, while discussing the nation's role and opportunities as a new climate leader.With the particip
Citibank Korea headquarters in Seoul / Korea Times file Citibank increases support for Korean companies expanding into green industries overseasBy Yoon Ja-youngCitibank Korea announced that it signed a syndicated loan agreement with Hanwha EU Energy Solutions on Feb. 25, to support Hanwha's business in Europe. Hanwha EU Energy Solutions is the European subsidiary of Hanwha Solutions. As the sole coordinator, Citibank Korea, signed the 430 million euro syndicated loan facility based on the overseas investment insurance of Korea Trade Insurance Corporation (K-SURE). Hanwha Solutions will fund its renewable energy investments in Europe, including France, Spain and Portugal, and gain momentum for additional business expansion through the agreement, according to the bank.The agreement covers large-scale joint financing between K-SURE and global banks for Hanwha Solutions' investment into renewable energy projects in Europe, including solar PV and wind power, and is expec
By Yoon Ja-youngSamjong KPMG has set its sights on helping residents of the country's east coast suffering from wildfires, as well as children in Ukraine threatened by war.Samjong KPMG CEO Kim Kyo-taeAccording to the country's top-tier accounting company, it donated 100 million ($81,400) won to Hope Bridge Korea Disaster Relief Association, a civil group aiming at helping victims of unexpected disasters. Samjong KPMG made the donation for victims of the wildfires on the east coast including in Uljin, North Gyeongsang Province and Samcheok, Gangwon Province. Due to the wildfires in the region that have lasted for a week as of March 10, hundreds of homes have been destroyed. The money will be spent to provide the wildfire victims with daily necessities, as well as operating a shelter for them. The donation will also help fund the reconstruction of their homes. The accounting firm also donated $50,000 to UNICEF, as an emergency relief for children and their families in Ukraine. The donation will provide Ukrainian children with therapeutic food to prevent malnutrition, on top of other re
National Tax Service (NTS) Commissioner Kim Dae-ji, right, poses with Levan Kakav, the head of the Revenue Service of Georgia, after their meeting in Tbilisi, Georgia, Feb. 21. Courtesy of NTS By Yoon Ja-youngKorea's tax agency has shared its know-how in the digitalization of taxation with the tax agencies of India and Georgia, which can decrease the chances of tax evasion and thus enhance taxpayers' trust in the tax system. According to the National Tax Service (NTS), its commissioner, Kim Dae-ji, had a meeting with Levan Kakav, the head of the Revenue Service of Georgia, in the country's capital of Tbilisi, Feb. 21. It was the first official meeting between the tax agency chiefs of the two countries. Kim also had the sixth Korea-India tax commissioners' meeting with his counterpart, Tarun Bajaj, in New Delhi, India, Feb. 24. The meetings come as the NTS has been engaged in “diplomatic efforts” to seek sustainable growth jointly with tax agencies in other countries
gettyimagesbankBy Yoon Ja-youngStarting next month, it'll be harder to get crisp new banknotes even if one goes to the central bank. The Bank of Korea announced that it will give out brand new banknotes only on special occasions such as Chuseok and Lunar New Year holidays or when replacing banknotes unsuitable for use due to severe damage or contamination. Demand for new banknotes soars especially during holidays as it is customary to offer pristine bills as gifts. Even on these occasions, there will be daily limits on how many new banknotes each person can receive. It is expected to set a daily limit of between 500,000 won and 1 million won per person. The daily limit will vary from region to region.The central bank explained that the measure is aimed at cutting the costs of minting. According to the bank, 79.6 percent of the banknotes that were brought in for exchange were only gently used and still suitable for further use. Eighty-nine percent of bills that the bank gave out for exchange, meanwhile, were new ones, which led to criticism that the obsession with new bills is incurri
SillaJen shareholders call for the trading of the biopharmaceutical company's stocks to be resumed at the Korea Exchange in Yeouido, Seoul, Jan. 18. YonhapBy Yoon Ja-youngSillaJen got its chance to avoid being delisted from the stock market, as the bourse operator decided to grant it a six-month grace period to improve its situation.The Korea Exchange (KRX) announced Friday that its Kosdaq market committee decided to give six more months to the biopharmaceutical company, which has been facing the risk of being delisted following alleged embezzlement and other malpractices by the firm's former and incumbent management.SillaJen will have to submit a report within 15 business days from Aug. 18 on how it has executed its plan to improve the situation, which will need to be confirmed by experts. Once it submits the report, the KRX will hold a Kosdaq market committee meeting within 20 business days to decide again whether the company should be delisted. Trading of the SillaJen's stocks will remain frozen. SillaJen has been suspended from stock trading since May 2020, and the corporate eval
Bank of Korea Governor Lee Ju-yeol bangs the gavel to open a Monetary Policy Committee meeting at the central bank in Seoul, Jan. 14. YonhapBy Yoon Ja-youngCheong Wa Dae (presidential office) is reviewing possible candidates to replace Bank of Korea (BOK) Governor Lee Ju-yeol, whose term is over at the end of next month.According to sources, the office has started looking into possible candidates, as Lee's term is set to end on March 31. After making a list of potential candidates, a smaller number of the candidates will then be recommended to the President, after undergoing a screening process by Cheong Wa Dae staff. The President then nominates one of them as the final candidate and requests the consent of, as well as a confirmation hearing by, the National Assembly. Financial industry watchers widely expect Cheong Wa Dae to come up with its nomination of the final candidate only after the March 9 presidential election, so as to reflect the decision of the next president who will be working with the new governor.As a result, economic experts who have joined the camps of the preside