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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

Low prices foreboding recession

By Yoon Ja-youngThe economic slump is changing market trends, with more people seeking cheaper products and sellers cutting prices. While some say prices are becoming reasonable from the days of the bubble, others are concerned it may be a foreboding of a Japanese-type long recession.  The changing trends in consumption can be witnessed in the wine market. During the era of the asset bubble, the wine market was led by premium wines from France and Chile, with price tags of over 100,000 won.According to Lotte Department Store, however, wines priced less than 50,000 won took 75 percent of total sales this year, up around 10 percentage points from the previous year. At E Mart, a retail outlet chain, wines costing less than 20,000 won take 58 percent of sales.While coffee franchises are closing due to red ocean competition, the franchises specializing in cheaper coffee are expanding their stake. Total sales of Ediya, a low-priced coffee franchise, grew 48 percent to 116.2 billion won last year from the previous year, marking the steepest rise among local coffee franchises. Paik&rsqu

Nov 29, 2015By Yoon Ja-young
Economy

Export to grow 2.1 pct. in 2016

By Yoon Ja-youngThe country’s economy is expected to grow 3 percent next year on the recovery of exports. Steel and shipbuilding, however, will continue to record minus growth, according to a leading economic think tank.The Korea Institute for Industrial Economics and Trade (KIET) released its economic and industrial outlook for 2016, Wednesday, in which it predicted exports to increase 2.1 percent from this year. With total exports standing at $543.6 billion and imports increasing 3 percent to $457.5 billion, the country is expected to see a trade surplus of $86.1 billion.  It expects the GDP to grow 3 percent.“The economy will mark around 3 percent growth, slightly higher than this year’s, as exports pick up and domestic consumption slowly increases thanks to low oil prices and low interest rates,” the report noted. KIET expects GDP to rise by 2.6 percent this year.Private consumption will increase 2 percent while construction investment will expand 2.9 percent and facility investment 4.2 percent. Housing prices and household debt were cited as obstacle

Nov 26, 2015By Yoon Ja-young
Economy

Korean workers lacking motivation

By Yoon Ja-youngThe country is suffering brain drain and doesn’t seem to be an attractive place for high-skilled foreigners, while its workers lack motivation, according to an analysis by the Institute for Management Development (IMD) based in Switzerland.In its IMD World Talent Report 2015, Korea was 31st out of 61 economies in overall ranking, up nine notches from the previous year. At the top were Switzerland, followed by Denmark, Luxembourg, Norway and the Netherlands.In terms of worker motivation, however, Korea ranked 54th with 4.64 points. Only a few countries, including Slovenia and South African Republic, scored lower than Korea.“In the level of worker motivation in companies criterion, Switzerland, Denmark and Norway lead the way. In the same criterion, Ireland, Luxembourg and China Hong Kong make it to the top 10 with 7.40, 7.38 and 7.29 respectively,” the report noted.The evaluation was based on surveys of around 6,200 company executives worldwide.Experts have been pointing out that Korea’s labor productivity stands at a mere 65 percent of the aver

Nov 26, 2015By Yoon Ja-young
Economy

Dongsuh Food supporting arts

Flutist Jasmine Choi, left, performs with Munui Elementary School Orchestra in Cheongju in a cultural event organized by Dongsuh Food, in this Oct. 29 file photo. The company donated musical instruments for the small orchestra as a part of its social contribution program. / Courtesy of Dongsuh FoodBy Yoon Ja-youngSince its foundation in 1968, Dongsuh Food has contributed to the rise of a new culture in Korea ― drinking coffee. Nowadays, the company’s Maxim Mocha Gold coffee is seen in many homes and offices where many Koreans start their day with a cup of coffee.On top of its efforts to provide better coffee for consumers, the company has been supporting culture and the arts which are as pleasing as the aroma of coffee.Dongsuh Food has been organizing the Dongsuh Coffee Classic Concert for local communities and to contribute to the country’s classical music scene. The free concert has presented top musicians of the country every autumn since 2008.This year’s concert was held in Cheongju, where flutist Jasmine Choi ― who served as the principal flute for th

Nov 26, 2015By Yoon Ja-young
Economy

Market concerned over oversupply of homes

By Yoon Ja-young The increasing supply of new homes could weigh on the housing market, a possibility that has Korea’s Ministry of Land, Infrastructure and Transport (MOLIT) concerned.As Minister Kang Ho-in points out, some predict the housing market will turn sluggish, with over 500,000 new apartments supplied this year. Others, however, say housing prices aren’t likely to fall within two or three years.“With the housing prices marking a stable rise, transactions increased to the record high and the number of unsold new apartments is nearing its lowest level,” said the land minister at a meeting with the heads of housing companies, Wednesday.“While the housing market is showing signs of recovery, there are concerns that the oversupply of homes may shock the market,” he added. “The supply of homes should be controlled at an appropriate level, taking into account the demand for new homes as well as regional circumstances.”The number of new apartments sold between January and October this year was 420,000, which is a 47.5 percent incr

Nov 25, 2015By Yoon Ja-young
Economy

Accounting rules on foreign banks to be relaxed

By Yoon Ja-youngBeginning next year, foreign banks operating in Seoul will not have to get approval from the nation’s financial regulator for their financial statements.“Important strides have been made in relaxing financial regulations for foreign financial companies,” Financial Supervisory Service (FSS) Governor Zhin Woong-seob said in a meeting with heads of foreign financial companies operating in the country, Tuesday.Foreign banks now have to submit their financial statements to the bank watchdog within two months before the settlement date.As it is now, they can send their profits and dividends back to their headquarters only after getting approval from the supervisory body.The governor, however, said the regulation will be scrapped to lessen the burden on foreign banks. “The rules are slated to be eliminated in the near future so that more autonomy will be in place in remitting earnings for foreign banks,” he said.The regulator plans to revise rules for bank supervision in January.It also plans to simplify the investment process for foreign funds,

Nov 24, 2015By Yoon Ja-young
Companies

Gwangyang FEZ attracting petrochemical firms

South Jeolla Province Governor Lee Nak-yon, fourth from left, and Gwangyang Bay Area Free Economic Zone Authority Commissioner Kwon Oh-bong, seventh from left, stand with representatives from businesses that have signed on to invest in Sepoong General Industrial Complex at an investor relations session in Yeosu, South Jeolla Province, Tuesday./ Courtesy of Gwangyang Bay Area Free Economic Zone AuthorityBy Yoon Ja-youngGwangyang Bay Area Free Economic Zone (GFEZ) Authority held a meeting with investors for its Sepoong General Industrial Complex, Tuesday. It also signed memoranda of understanding (MOU) with two foreign businesses which will be investing 50 billion won, and memoranda of agreement (MOA) with four local companies for a 133.5 billion won investment.The complex is expected to be an attractive option for petrochemical firms, with the government planning to invest 521.9 billion won in constructing a three-square-kilometer complex to be completed by 2020. The first stage of construction began in October.The government allocated 60.2 billion won in July to develop a functional

Nov 24, 2015By Yoon Ja-young
Economy

Koreans boost dollar savings

By Yoon Ja-youngWith the U.S. expected to raise its key interest rate next month, Koreans are boosting their dollar savings, expecting to gain when the U.S. currency rises after the hike.Data from local banks show that savings in U.S. dollars increased by about $1 billion during the past month.The balance of dollar savings by individuals at KB Kookmin Bank, Woori Bank, Industrial Bank of Korea and NH totaled $4.2 billion as of October, up 28 percent from the end of last year.Foreign exchange savings by customers at KEB Hana Bank and Shinhan Bank also expanded 23.5 percent to $4.4 billion during the same period.The U.S. dollar accounts for about 80 percent of foreign exchange savings at these two banks.These accounts pay only minimum interest, now below 1 percent. However, the investors are not interested in interest ― they are betting that the dollar will appreciate.Global funds are also betting on dollar. The value of the dollar against the euro has risen to its highest level in seven months. Compared with the currencies of the United States’ major trading partners, the d

Nov 23, 2015By Yoon Ja-young
Economy

Symposium on Hyundai founder held

By Yoon Ja-young Chung Ju-yung, late founder of Hyundai GroupA symposium on Chung Ju-yung, the late founder of Hyundai Group was held in Seoul, Monday, to commemorate the 100th anniversary of the birth of the man who made a great contribution to the industrialization of the country. A photo exhibition on the life of the tycoon is also being held.Born to a poor rural family in 1915, Chung shared his success with the country as it rose from the ashes of the Korean War.The photo exhibition at the Grand Hyatt Hotel, held Monday and Tuesday, shows historic moments such as the launch of Hyundai Motor Industrial in 1946 and Hyundai Construction in 1950. Chung and Hyundai are also responsible for the country’s first expressway linking Seoul and southern port city of Busan; and building the industrial port of Al-Jubayl in Saudi Arabia. The foundation of Hyundai Motors and Hyundai Heavy Industries, which have grown into global businesses, is also shown in the exhibition.The exhibition shows the efforts Chung had made to help the country host the 1988 Olympics; and historic

Nov 23, 2015By Yoon Ja-young
Symposium on Hyundai founder held
Companies

Multicultural marriages decreasing

By Yoon Ja-youngThe number of Koreans marrying foreigners dropped 9.5 percent last year. Babies born from interracial couples also decreased.According to Statistics Korea, marriages between Koreans and foreign spouses totaled 24,387 last year, down 9.5 percent from the previous year. They accounted for 8 percent of all marriages.The statistical office attributed the decline to the tightening of government regulations on interracial marriages, following a number of incidents where brides from developing countries suffered under hastily matched marriages.“The government toughened qualifications for interracial marriages, taking into account Korean language ability of the foreign spouse and the annual income of the Korean spouse for issuing marriage visas. This led to a decrease,” said Lee Ji-youn, an official in charge of demographic data at the agency.  The ratio of interracial marriages was higher in Jeju Island and South and North Jeolla provinces at 8.7 percent or higher, while Daegu and Daejeon had fewer such couples at 5.8 percent.Among the couples married last y

Nov 22, 2015By Yoon Ja-young
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