The Korea Times

AIA resonates in social media with mom's song

AIA Korea’s campaign video showing a speech-impaired mom singing for her daughter has gone viral on social media./ Courtesy of AIA KoreaBy Yoon Ja-youngWith the year-end holiday season nearing, a campaign video about family values has gone viral across social media platforms, drawing more than 9 million hits on YouTube and Facebook in one month.The video was the final version of the “Miracle Voice Restoration Project” campaign, run by AIA Korea during the seventh season of Superstar K (SSK7), a hit cable TV music talent search program sponsored by the insurer.Drawing from SSK7’s official slogan of “Real Miracles Never Stop,” AIA Korea launched the campaign to help Kim Eun-ju, who has a speech impediment and is a mother of three, sing a happy birthday song to her daughter for the first time ever via a special voice-generating device. According to the insurer, this is the first reported case in the world for a speech-impaired person to be able to autonomously generate their restored voice in real time.AIA Korea called for the public to participate in

Dec 21, 2015By Yoon Ja-young

Economy

Household debt risks growing

By Yoon Ja-youngConcerns are growing over households’ ability to repay their debt in the wake of the U.S. Federal Reserve’s rate hike, analysts said Friday.The rate hike is expected to eventually build pressure on interest rates here although the central bank is expected to keep its key rate steady for a while due to the sluggish domestic economy, they added.According to the Bank of Korea (BOK), total household debt posted an all-time high of 1,166 trillion won as of September, up 34.5 trillion won from three months ago. Analysts expect it to surpass 1,200 trillion won this year.The debt has been increasing steeply following a series of key rate cuts and the government’s deregulation of mortgages aimed at boosting the real estate market.“Korea fared well during the global financial crisis in 2008 and 2009. However, it is one of the few countries that went without deleveraging,” said Cho Dong-chul, chief economist at the Korea Development Institute.He said the focus should be on enhancing soundness of the financial sector, as it will be harder to control

Dec 18, 2015By Yoon Ja-young

Economy

Gov't seeks to buoy consumer prices

By Yoon Ja-youngFor the past several decades, consumer price management in Korea meant curbing inflation. Now the government is shifting its policy -- it aims at sustaining inflation of consumer prices at over 2 percent to fight deflation next year.  While announcing the 2016 economic directives, Wednesday, Strategy and Finance Minister Choi Kyung-hwan said the government will manage the nominal growth rate, taking into account not only the real growth rate but also inflation.“In this way, we will work to avoid the global trend of low consumer prices and stop long-term low-growth,” Choi said.The Bank of Korea set its target for consumer price growth, or inflation, at 2 percent. That is higher than the government’s expectation of 0.7 percent inflation this year or 1.5 percent inflation next year.   While consumers welcome low prices, these aren’t always good. First of all, low prices decrease total corporate sales, which in turn forces wages to be stagnant. As consumers expect prices to fall in deflation, they would delay buying things. It decrea

Dec 17, 2015By Yoon Ja-young

Economy

14 'regulation-free zones' to boost regional economy

By Yoon Ja-young The government will establish “regulation-free zones” across the country to help boost provincial economies by nurturing region-specific industries.The zones, in 14 cities and provinces, will be free of all red tape for development of key industries identified as future growth engines for the region, as well as the country, such as the Internet of Things (IoT), drones, bio-health and smart devices.More rental homes will be supplied by businesses to stabilize the housing market. These are part of the 2016 economic policy plans announced by the government, Wednesday.South Jeolla Province, for instance, will specialize in the drone industry, as it has Naro Space Center and good infrastructure related to the aerospace industry.Unlike other regions, drone companies will be allowed freely to test their drones in the regulation-free zone in South Jeolla Province, regardless of speed, altitude and time.Each of the 14 cities and provinces had two industries designated. Busan, for instance, will nurture oceanic tourism and IoT services, Ulsan will develop envi

Dec 16, 2015By Yoon Ja-young

Economy

Hanwha's insurance attracting senior citizens

Comprehensive Insurance for senior citizens launched by Hanwha Life Insurance offers diverse special coverage for those suffering from geriatric illnesses. / Courtesy of Hanwha Life InsuranceBy Yoon Ja-young Amid the rapid aging of society, senior citizens are having trouble choosing the right insurance policies tailored for them.The “Comprehensive Insurance for Seniors,” launched by Hanwha Life Insurance, has strengthened protection against diseases senior citizens are vulnerable to, such as dementia, cerebral hemorrhage and acute myocardial infarction. The policy has been expanded to include older citizens -- those aged between 40 and 78 can subscribe, compared with most whole-life insurance policies here that reject subscribers who are over 65.Senior citizens especially find it attractive as it provides diverse special coverage against geriatric illnesses that increasingly occur as one gets older. Those who have subscribed to a special contract for dementia, for instance, will be provided 3 million won a year for five to 10 years once they are diagnosed with

Dec 16, 2015By Yoon Ja-young

Hanwha's insurance attracting senior citizens

Economy

One out of 10 North Koreans using mobile phones

By Yoon Ja-young There are 2.8 million mobile phone users in North Korea, or 11.19 per 100 people, compared to the high penetration rate in South Korea where there are 115.5 per 100 people.Statistics Korea released the report about North Korea, Tuesday, in which it compared the major statistical indices of the dynasty with those of South Korea.It has been publishing statistics about North Korea every year since 1995.As of 2014, the population of North Korea totaled 24.7 million, which is less than half of South Korea’s 50.4 million. The gross national income (GNI) of North Korea stood at 34.2 trillion won, or $28.9 billion, as of 2014, which is one forth-fourth of South Korea’s 1,496.6 trillion won.The per capita GNI of North Korea recorded 1.4 million won, less than one-twentieth of the 29.7 million won of the South.The gap between the two countries is expected to increase as the economic growth in North Korea stands at a mere 1 percent while South Korea achieved 3.3 percent growth.Seoul and Pyongyang revealed greater disparity in gross annual trade. The North had o

Dec 15, 2015By Yoon Ja-young

Economy

Real estate market expected to be stable: minister

By Yoon Ja-youngMinister of Land, Infrastructure and Transport Kang Ho-inHousing prices are expected to remain stable until the first quarter of the next year. While the government is strengthening restrictions on mortgages, it is also important to sustain the housing market, according to the land minister. “It seems that there won’t be sudden ups and downs in the real estate market until the first quarter next year. Some show concern over the oversupply of new homes, but there are others who say it won’t be so. We have more time for monitoring the market,” Minister of Land, Infrastructure and Transport Kang Ho-in said in a meeting with the media, Monday.As around 420,000 new apartments were sold between January and October this year, which is a 47.5 percent increase compared with the same period last year, some analysts have been showing concern that many of them may remain vacant after a couple of years when they will be completely built, pressuring the real estate market. However, Kang said it doesn’t mean there will be an immediate oversupply.“

Dec 14, 2015By Yoon Ja-young

Real estate market expected to be stable: minister

Economy

Shinhan leading mobile banking service

Shinhan Bank CEO Cho Yong-byoung, fourth from left, poses with singer Sunny of girl group Girls’ Generation, fifth from left, who is a promotional ambassador of “Sunny Bank,” at a launch ceremony for Shinhan’s new mobile banking platform held at the bank’s headquarters in downtown Seoul, in this Dec. 2 file photo.By Yoon Ja-youngAmid intensifying competition to go mobile, banks are launching new platforms to meet diverse consumer needs. It seems only a matter of time until all financial transactions can be done mobile.Sunny Bank, a new mobile platform launched by Shinhan Bank on Dec. 2, made another meaningful step forward in this big transition toward mobile finance.  Most notable about Sunny Bank is that it enables users to authenticate themselves without visiting a bank. Users can open an account at Shinhan through mobile authentication, without face-to-face interaction with a bank teller. They can also use diverse services such as foreign currency exchange, credit loans and overseas remittances.For foreign currency exchange, Sunny Bank has a &ld

Dec 14, 2015By Yoon Ja-young

Economy

Starkey appreciated for donation to North Korea

Richard Shim, third from left, CEO of Starkey Group in Korea, poses with former first lady Lee Hee-ho after receiving an appreciation plaque for the company’s contributions to improve relations between South Korea and North Korea, last Thursday. / Courtesy of StarkeyBy Yoon Ja-youngStarkey Group Korea was awarded an appreciation plaque from the Kim Dae-jung Peace Center for its contributions to improving relations between South Korea and North Korea.Starkey Group, which is the top player in the country’s hearing aid market, announced that it was awarded the appreciation plaque at the 15th anniversary ceremony commemorating former President Kim Dae-jung winning the Nobel Peace Prize. The company’s CEO Richard Shim participated in a ceremony held at the 63 Building in Yeouido, downtown Seoul, on Dec. 10, to receive the plaque from Lee Hee-ho, former first lady of the late president.Starkey Group donated around 200 hearing aids, worth 200 million won, to North Korea while the former first lady was visiting the country from Aug. 5 to 8, as a part of a support program fo

Dec 14, 2015By Yoon Ja-young

Economy

Choinomics coming to a close

By Yoon Ja-young Choi Kyung-hwanStrategy and Finance MinisterWith the general elections slated for next April, it is only matter of time before Strategy and Finance Minister Choi Kyung-hwan returns to his parliamentary post.The incumbent third-term lawmaker of the governing Saenuri Party was appointed as finance minister in July 2014 amid much attention.“It’s nearing a year and a half since I was inaugurated, but it’s felt like 10 years,” he said at the year-end meeting with the media, Thursday. “I couldn’t loosen up even a minute due to external and internal uncertainties.”Bestowed with the confidence of President Park Geun-hye, he was one of the country’s most powerful finance ministers. That’s why his economic policies were dubbed “Choinomics,” instead of “Geun-hyenomics” or “Parknomics” after President Park.The minister, who had started his term following the tragic sinking of the Sewol ferry, cited Middle East Respiratory Syndrome (MERS) as one of the biggest hurdles he’s faced.&

Dec 13, 2015By Yoon Ja-young

Yoon Ja-young

Read more

AIA resonates in social media with mom's song

Household debt risks growing

Gov't seeks to buoy consumer prices

14 'regulation-free zones' to boost regional economy

Hanwha's insurance attracting senior citizens

One out of 10 North Koreans using mobile phones

Real estate market expected to be stable: minister

Shinhan leading mobile banking service

Starkey appreciated for donation to North Korea

Choinomics coming to a close

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