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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

1 in 4 college students investing in cryptocurrency

A man watches prices changes of cryptocurrencies, May 3. YonhapBy Yoon Ja-youngAmid the cryptocurrency craze, many college students in the country bet their hard-earned money from their part-time jobs on cryptocurrency and have experienced losses with some even suffering from a range of related psychological issues.According to a survey on 1,750 college students by Alba Heaven, a part-time job information provider, 23.6 percent were investing in cryptocurrencies. The survey was held from May 17 to 19.The ratio was higher at 34.4 percent among male students while 14.4 percent of female students were investing in digital coins. Asked why they started investing in crypto, 25.2 percent said because they can start investment with a relatively small sum. Regardless of whether they are investing in cryptocurrency or not, 52.9 percent said they feel positively toward cryptocurrency. When asked why, 33 percent cited high investment return, 31 percent picked low barriers to entry and 15.1 percent said it seems to be their last chance to overcome the hierarchy of class. They have invested 1.41

May 25, 2021By Yoon Ja-young
1 in 4 college students investing in cryptocurrency
  • Amid Bitcoin craze, NH, K bank facing quandary over tie-ups with crypto exchanges
Society

Sejong City apartments turn into 'jackpot' for gov't workers

Apartment buildings around the government complex in Sejong City / Korea Times fileBy Yoon Ja-youngA special housing supply program for government workers relocating to Sejong City has turned into a “jackpot,” guaranteeing them hundreds of millions of won in profit. Amid a backlash from other Sejong City residents who are suffering from soaring housing prices, the government is facing pressure to thoroughly overhaul the program. The relocation of the central government to Sejong City started in 2012, aiming at promoting balanced growth between regions in the country where half of the population live in and around the capital. The prime minister's secretariat, and the finance and land ministries were among the first to relocate, and relocation is still ongoing with the small businesses ministry scheduled to move to Sejong in August. To encourage government officials to move there and to offer a stable housing, the government introduced a special program for its employees. It made construction companies allocate a certain portion of their new apartments only for government

May 25, 2021By Yoon Ja-young
Sejong City apartments turn into 'jackpot' for gov't workers
Foreign Affairs

Mask-free summit over Maryland crab cake

President Moon Jae-in, left, talks with U.S. President Joe Biden, both without a facial mask at the White House, May 21. YonhapBy Yoon Ja-young, Joing Press CorpsThe summit between President Moon Jae-in and President Joe Biden made scenes notably different from the previous meeting Biden had with a foreign leader as the U.S. exhibited built up confidence on the containment of COVID-19 there.Mask-free meetingMoon was the second foreign leader to have a face-to-face meeting with Biden since the U.S. leader took office in January, following one with Japanese Prime Minister Yoshihide Suga, April 16. With only one month between the summits, the visuals looked quite different. Moon and Biden had one-on-one, small group and expanded meetings, which lasted for two hours and 51 minutes, running over the scheduled time by an hour. Moon stayed in the White House for around five hours and 40 minutes. The two leaders were mask-less throughout the meetings, following a May 13 guideline from the U.S. Centers for Disease Control and Prevention stating that people fully vaccinated against COVID-19 ca

May 23, 2021By Yoon Ja-young
Mask-free summit over Maryland crab cake
Economy

Commerce group wants to work with North Korea

KCCI chairman Park Yong-maanBy Yoon Ja-young The Korea Chamber of Commerce and Industry (KCCI) will take necessary steps to work with its North Korean counterpart this year to help the reclusive regime adopt market economy principles.“I think we should change our notion about North Korea,” said KCCI Chairman Park Yong-maan in a New Year’s media interview.He said he had changed his view after meeting experts on North Korea.“They told me that it’s been a while since the regime began allowing a market economy through a black market,” he said.“There are organizations doing business like private companies and the regime is collecting some of taxes. There are more than 2.8 million cellphones in North Korea and the demand is far surpassing supply.”He said no people were starving to death in the North.According to the National Intelligence Service, up to 1.8 million North Koreans use a black market called “jangmadang” daily.Park said that because the regime had started moving to a market economy, “it is necessary tha

Jan 3, 2016By Yoon Ja-young
Commerce group wants to work with North Korea
Economy

Korea faces triple whammy

Export goods are loaded on to Flight OZ987 on Friday, for Asiana Airlines’ first cargo flight of 2016. The plane left Incheon International Airport at 1:05 a.m., bound for Shanghai Pudong International Airport. The Korean economy is expected to continue to face a host of problems this year, including falling oil prices, U.S. rate hikes and a China slowdown. / YonhapBy Yoon Ja-young The New Year’s sun has risen, but the outlook is not bright for the economy. Because Korea faces multiple overseas risks such as falling global oil prices, uncertainties following the U.S. key rate hike and China’s possible hard landing, economists are concerned that the nation may get trapped in low growth.According to the Ministry of Trade, Industry, and Energy, the annual average prices of Dubai crude stood at $40.70 last year, a 47.5 percent fall from $96.60 in 2014.The plunge hit not only the oil-producing countries but also Korea’s exports. Because oil products and petrochemical products -- which make up 17 percent of Korea’s exports -- also suffered

Jan 3, 2016By Yoon Ja-young
Korea faces triple whammy
Economy

Consumers complain over rising prices

By Yoon Ja-youngChoi Yun-jeong, a housewife in Yongsan, downtown Seoul, is puzzled by news reports that the government is concerned about deflation. “When I go to the grocery store, I find everything so expensive. With 10,000 won, you can buy only a handful of onions,” she said.Statistics Korea reported that consumer prices rose only 0.7 percent this year, marking the lowest inflation ever, but it seems that consumers ― especially housewives ― don’t agree.According to a survey of 3,312 households by the Korea Rural Economic Institute (KREI), 38.5 percent of respondents said their spending on food increased this year compared with the previous year. Slightly over half of the households said their spending was similar to the previous year while only 7.5 percent said they spent less.When asked by how much they think food prices have risen, the answer was an average 12.2 percent. It is true that consumers tend to perceive inflation as higher than it really is, but it still is too large a gap when compared with the actual consumer prices rise of 0.7 percent ann

Dec 31, 2015By Yoon Ja-young
Economy

Monggo Foods mired in owner scandal

By Yoon Ja-young Kim Man-sikMonggo Foods honorary chairmanMonggo Foods, a major producer of soy sauce, is facing the biggest crisis in its 110-year history after its honorary chairman’s alleged abuse of his driver. A boycott campaign is being pushed by members of social networking services (SNS), with consumers taking the case as a typical example of chaebol bosses acting as if they are above the law.The former driver of Kim Man-sik, the 76-year-old honorary chairman of the food company, said in a media interview that he had been habitually abused both verbally and physically, for no specific reason. He put up with the abuse to feed his family, but the company then fired him saying it was an order from the honorary chairman.As the victim disclosed a recorded file of Kim’s insults, the company’s website was paralyzed for a few days as too many people tried to access it.The company’s CEO, who is Kim’s eldest son, posted an official apology on the website saying Kim offered to resign, but the online boycott campaign by consumers is continuing. The news

Dec 31, 2015By Yoon Ja-young
Monggo Foods mired in owner scandal
Economy

eBay becomes gateway for industrial exporters

Winners of the 2015 eBay Star Seller Competition, hosted by eBay Korea, pose together in this Dec. 9 file photo. eBay Korea has been supporting SMEs and merchants wishing to export their items overseas. / Courtesy of eBay KoreaBy Yoon Ja-youngIn the world of sales, there are no borders. The launch of e-commerce and global delivery service networks enabled merchants to sell their items to anyone around the world.Online merchants started off selling light items such as cosmetics and fashion clothing in the beginning, but the scope of e-commerce is continuing its expansion. Kang Dae-ho, for instance, sells electronic measuring and testing instruments to customers around the world through eBay. He recorded $130,000 sales in seven months.eBay Korea, which operates the country’s two leading online shopping malls ― Gmarket and Auction ― has been supporting cross-border trade (CBT) through its global e-commerce platform, ebay.com.It notes that export items have been diversifying recently, from fashion items and garments to business and industrial goods. The exports of industr

Dec 30, 2015By Yoon Ja-young
Economy

FSC chairman pledges bolder reform

Financial Services Commission (FSC) Chairman Yim Jong-yong speaks during a press conference at the Korea Deposit Insurance Corporation headquarters in Seoul Tuesday. / YonhapBy Yoon Ja-youngFinancial Services Commission (FSC) Chairman Yim Jong-yong says the regulator will be bolder in reform next year. It will also strengthen cooperation with the Financial Supervisory Service (FSS) and the Bank of Korea in handling household and corporate debt.“The financial reform we have seen so far was a kind reform which everyone agreed to and made no objection,” he said at a year-end meeting with reporters Monday.“In the future, however, we won’t hesitate in reforms that are tough. We will listen to voices that are making objections, but sometimes we will have to overcome them. We will make efforts for persuasion when it is needed.” “It is difficult to immediately change decades’ old practice, but we will continue with our efforts.”The FSC has recently been focusing on expanding the performance-based pay system in banks, shifting from the seniority

Dec 29, 2015By Yoon Ja-young
Economy

Schindler relies on diplomacy over Hyundai Elevator

By Yoon Ja-youngThe Swiss Embassy in Korea has requested the local government to intervene in a dispute between Hyundai Elevator and Schindler Holdings, government officials said Monday.According to local media, Swiss Ambassador to Korea Jorg Al. Reding recently met Ahn Jong-beom, the senior presidential secretary for economic affairs. He allegedly requested that Cheong Wa Dae intervene in the dispute, because the Swiss company is being damaged by Hyundai Elevator’s propping up of the ailing Hyundai Merchant Marine (HMM). The embassy also sent a letter to the Financial Services Commission (FSC).The country’s top lift-maker is the biggest shareholder in HMM, with a 19 percent stake. Schindler, a Swiss-based global player, became the second biggest shareholder of Hyundai Elevator in 2006.Relations between the two companies turned sour after Hyundai Elevator started supporting HMM amid falling stock prices. For instance, Hyundai Elevator signed derivative investment contracts with financial companies, guaranteeing profits in return for the financial firms’ purchase of

Dec 28, 2015By Yoon Ja-young
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