The Korea Times

Criminal profiler joins opposition party

Pyo Chang-won speaks during a press conference after announcing he will join the main opposition New Politics Alliance for Democracy (NPAD) in Seoul, Sunday. / YonhapBy Yoon Ja-young Pyo Chang-won, a renowned criminal profiler, made headlines Sunday by joining the main opposition New Politics Alliance for Democracy (NPAD).Born in 1966 in Pohang, North Gyeongsang Province, Pyo recollects in his book “Why do I study criminology?” that he was a fighter as a child. At school, he was more fascinated by stories of Sherlock Holmes than studying. The little boy who aspired to become a detective grew up to attend the Korea National Police University, a state-run college which nurtures elite police officers.He started his career as a police inspector after graduation, but he decided that he wanted continue his studies in scientific investigation. He went to the United Kingdom, the home of Sherlock Holmes, where he earned his master’s and Ph.D. in police studies at the University of Exeter.  He returned to Korea as a professor at his alma mater, the Korea Nation

Dec 28, 2015By Yoon Ja-young

Criminal profiler joins opposition party

Economy

FTC urges Samsung SDI to sell stocks

By Yoon Ja-youngThe Fair Trade Commission (FTC) has ruled that Samsung SDI should sell 5 million shares it holds in Samsung C&T Corporation because the holding infringes on cross-shareholding regulations.The anti-trust regulator has been analyzing whether the cross-shareholding within Samsung Group strengthened or weakened after the merger between its two key affiliates Cheil Industries and Samsung C&T Corporation on Sept. 1.In cross-shareholding, affiliates hold shares in each other in a circular form, such as affiliate “A” holding shares in “B,” “B” holding shares in “C,” and “C” holding shares in “A.”Some chaebol have been using the system because their chairmen can have control over all the affiliates despite holding only a small stake. To stop this distortion, the revised Fair Trade Act has banned conglomerates from strengthening the cross-shareholding system.The FTC determined that the merger between Cheil Industries and Samsung C&T, which gave birth to Samsung C&T, reduced the number of cro

Dec 27, 2015By Yoon Ja-young

Economy

Korea entering low growth era

By Yoon Ja-youngKorea is entering an era of low growth. The finance ministry lowered the economic growth outlook for this year to 2.7 percent, and economic think tanks expect that a 3 percent growth target would be hard to attain next year.  But how does the low growth affect people’s lives? Economists agree that it can’t be good.“When we say economic growth, it refers to the GDP of a country,” explains Kim Chang-bae, a research fellow at the Korea Economic Research Institute (KERI). “For individuals, low growth means less chance for a job and little chance for increasing income.”The effect of low growth is visible in consumption. Households are changing their lifetime consumption schedule to spend less, and this is based on their rational predictions, according to a report by Ko Ga-young, a researcher at LG Economic Research Institute.She cites the life-cycle hypothesis, according to which consumers adjust their consumption considering the total income they are expected to earn in their lifetime.“When they expect a fall in economic grow

Dec 27, 2015By Yoon Ja-young

Economy

Cigarette price hike adds 4 tril. won to tax income

By Yoon Ja-youngThe government collected an additional 4.3 trillion won in taxes after the cigarette price hike in January this year, but not as many people have quit smoking as the government had expected, announced an NGO on Sunday.As the government cut the budget to fund anti-smoking programs, there is criticism that it raised cigarette prices in order to collect more taxes rather than improve people’s health.The Korea Tax Internet, a local NGO for taxpayers’ rights, said that total cigarette sales this year are expected to amount to 3.3 billion packs. This means the government will collect 11 trillion won in taxes in 2015, up 4.3 trillion won from the previous year.The government had raised the tax on cigarettes from 1,550 won to 3,318 won per pack in January, which pulled up consumer prices from 2,500 won to 4,500 won.The government had said that the cigarette price hike was aimed at curbing smoking. However, it turned out that cigarette consumption hasn’t decreased by much. Monthly cigarette sales recorded 170 million packs in January, right after the cigarett

Dec 27, 2015By Yoon Ja-young

Economy

Housing market losing upward momentum

By Yoon Ja-young The housing market seems to be losing its upward momentum after the key rate hike by the United States Fed and concerns of an oversupply of new apartments.According to Real Estate 114, a housing market information provider, the average price of an apartment in Seoul remained unchanged this week from the previous week, stopping its rise. Apartments in Gyeonggi Province and Incheon rose 0.01 percent.“The momentum for the price rise has been slowing down since mid-November. Following the realization of negative factors on the real estate market, investors are increasingly worried about the direction of the market,” said Lee Mi-yun, a researcher at Real Estate 114.“On top of the key rate hike in the United States and the strengthening of mortgage regulations, concern is increasing of the oversupply of housing.”Around 320,000 new apartments are scheduled to be sold in 2016, which is the most since 2008.The government also announced plans to strengthen mortgage regulations. In the provinces, banks currently take into account only the value of t

Dec 25, 2015By Yoon Ja-young

Economy

50,000 won bills disappearing

50,000 won noteBy Yoon Ja-young Only four out of 10 50,000 won notes issued by the Bank of Korea are returning to the central bank, adding to suspicion that they may be entering the underground economy.According to the bank, some 18.5 trillion won of 50,000 won notes were issued this year, as of November. But only 7.5 trillion won of the bills were collected by the bank, a rate of 40.6 percent.It contrasts with the high collection rate of 10,000 won notes -- over 90 percent return to the bank.The BOK has issued a total of 110.5 trillion won of 50,000 won bills since May 2009. Only 47.4 trillion won of the notes have been collected during the period. It means each Korean should have on average 25 50,000 won notes.Market watchers say the disappearing 50,000 won bills may be entering the underground economy.“The low collection rate of bills means cash is remaining somewhere, such as wallets or safes, derailing the cycle of money circulation where money should return to the central bank,” said Cho Young-moo, a researcher at the LG Economic Research Institute.“When

Dec 25, 2015By Yoon Ja-young

Economy

Hanwha E&C opens library for disabled

Hanwha Engineering and Construction CEO Choi Kwang-ho, second from left, makes a bookshelf with other Hanwha employees in the 50th library the company built for the disabled, Wednesday. / Courtesy of Hanwha E&CBy Yoon Ja-youngHanwha Engineering and Construction (E&C) opened a library for the disabled at the Eden Welfare Center for the Disabled in Seoul, Wednesday, as part of its social contribution program.The company held an opening ceremony for “The Dream and Green Library,” in which its employees and executives including CEO Choi Kwang-ho participated.Hanwha has been building the libraries in cooperation with the Seoul Association of Welfare Institutes for the Disabled. Beginning with a library opened in March 2011, it has thus far opened 50 libraries. It plans to open the 60th library by the end of next year.The project is especially meaningful as the employees and executives of Hanwha E&C participate in the construction. They have been building libraries in spaces left idle in welfare centers for the disabled. They also donate books. The company has donat

Dec 24, 2015By Yoon Ja-young

Economy

Public sector debt nears 1000 trillion won

By Yoon Ja-youngKorea’s public sector debt rose to nearly 1,000 trillion won last year. But although the government says the country’s fiscal health is in good shape compared with other major economies, analysts say the government should be concerned because the debt is likely to snowball due to an aging population and slower economic growth.According to the Ministry of Strategy and Finance, public sector debt ― comprising the debt of the central and regional governments as well as those of non-financial state-run enterprises ― totaled 957.3 trillion won, or $815 billion, in 2014, up 58.6 trillion won from the year before.The increase was mostly due to increased government debt. This climbed by 54.9 trillion won, with the government issuing more state bonds to make up for the deficit and stabilize the foreign exchange market.The ratio of public sector debt to gross domestic product (GDP) was 64.5 percent, up 1.6 percentage points.The government stressed that Korea is in good shape compared with other countries in terms of debt ratio or fiscal health.In fact, the

Dec 24, 2015By Yoon Ja-young

Economy

KRX losing chance for structural reform

By Yoon Ja-youngAs bills aiming at structural reform of Korea Exchange (KRX) remain pending at the National Assembly, concern is increasing that it will lose the chance for change and fall behind its global competitors.The country’s capital market had been growing until the late 2000s, thanks to economic growth and an increasing number of stock investors. After 2010, however, it faced structural limitations ― growth has been slowing due to the sluggish economy and aging of the population. The total market cap has been growing a mere 2 percent annually, and the value of monthly transactions fell to 122 trillion won last year from 188 trillion won in 2011.Increasing investment in overseas stocks by institutional and small investors is also a concern for the KRX which gets a commission for trading on the Seoul bourse. Koreans’ investments overseas more than tripled to nearly $8 billion in 2014 from $2.5 billion in 2011, and the value of transactions of overseas index derivatives snowballed to $22.8 billion during the same period.Foreigners’ investment in Korean in

Dec 23, 2015By Yoon Ja-young

Economy

POSCO to build facility for infants

The infant welfare center to be built and donated by POSCO is a steel house designed under a motif of petals./ Courtesy of POSCOBy Yoon Ja-youngPOSCO, the country’s largest steelmaker, is building a steel house in Incheon dedicated to infants as part of its social contribution program.POSCO 1 Percent Sharing Foundation, a charity set up by the company, held the groundbreaking ceremony for Hwasu-dong Steel House Infants Welfare Center in Incheon last Thursday.Around 300 guests, including Incheon Dong District chief Lee Heung-su and council speaker Kim Ki-in, as well as residents of the district, participated in the ceremony to celebrate the beginning of the project that POSCO jointly organized with the district.The 797-square-meter facility will be built using corrugated steel, with the motif of petals. As the district has a high number of low-income households where both parents work, the charity is especially focused on establishing a “kids cafe” within the center where children can have fun and learn.   The facility is getting the spotlight as it will sh

Dec 21, 2015By Yoon Ja-young

Yoon Ja-young

Read more

Criminal profiler joins opposition party

FTC urges Samsung SDI to sell stocks

Korea entering low growth era

Cigarette price hike adds 4 tril. won to tax income

Housing market losing upward momentum

50,000 won bills disappearing

Hanwha E&C opens library for disabled

Public sector debt nears 1000 trillion won

KRX losing chance for structural reform

POSCO to build facility for infants

Top 5 stories