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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

'US key rate hike may have limited effect on Korea'

By Yoon Ja-youngVice Minister Joo Hyung-hwanThe U.S. Federal Reserve’s move to raise its key rate in the second half of the year is expected to have limited impact on the Korean economy, the vice finance minister said Thursday.He said the government would closely monitor how U.S. rate decisions affect the Korean economy.“With the U.S. key rate hike imminent and the risks from Greece continuing, conditions can change rapidly anytime in the global financial market,” Vice Strategy and Finance Minister Joo Hyung-hwan said at the macro-economy and finance meeting.  The U.S. Federal Open Market Committee (FOMC) froze the key rate at its June meeting, as the market expected.It also lowered the economic growth outlook, but maintained guidance regarding the key rate hike. Hence, the market expects the United States to start raising the key rate in the latter half of the year.Even so, there would not be a huge impact on the Korean economy when considering its external soundness and macroeconomic indices, Joo said, adding that there would be both positive and negative eff

Jun 18, 2015By Yoon Ja-young
'US key rate hike may have limited effect on Korea'
Economy

Stocks stable on 1st day of price band expansion

By Yoon Ja-young Seoul shares traded relatively stable on Monday, the first day stocks were allowed to move up and down within a 30 percent band from their previous closing prices.The Korea Exchange (KRX), which operates the country’s bourses, has doubled the daily stock movement limit from 15 percent.Some stock investors feared that the expansion would damage them with higher volatility risks, but the market appeared more stable than had been feared.The main index KOSPI closed at 2,042.32, Monday, down 9.85 points from the previous trading day last Friday. The tech-loaded KOSDAQ closed at 705.85, losing 6.55 points.Analysts say that the expansion of the daily limit doesn’t necessarily increase the fluctuation in the stock market.“The expansion of the daily price band means that both opportunities for profit and risks for losses will increase as much. As investors face the daily changes they haven’t experienced previously, they will have to make quick decisions,” said Kim Hyo-jin, an analyst at Kyobo Securities.Investors are advised to focus on fund

Jun 15, 2015By Yoon Ja-young
Economy

Supplementary budget looming

By Yoon Ja-young The government is likely to draw up a supplementary budget to contain the fallout from Middle East Respiratory Syndrome (MERS), analysts said Friday.Politicians are calling for the extra budget. Kim Moo-sung, chairman of the ruling Saenuri Party, said Friday that the government must take preemptive steps to keep MERS from hurting the economy further, adding pressure on the government to come up with the additional funding.He praised the Bank of Korea’s rate cut to 1.5 percent the previous day.Finance minister Choi Kyung-hwan appears to have no other choice but to accept the call for the supplementary budget, analysts said.“Even before the outbreak of MERS, there was demand for a supplementary budget. When considering that MERS led to around a 3 trillion won loss in economic growth so far, it seems certain that the government will choose this option,” said Kim Byung-yeon, an analyst at NH Investment and Securities.According to the National Finance Law, the government can use supplementary budgets in cases of war, natural disasters, an economic r

Jun 12, 2015By Yoon Ja-young
Economy

Rate cut deepens household debt woes

By Yoon Ja-youngThe Bank of Korea’s latest rate cut to a record low 1.5 percent is adding to concerns over household debt.With the United States expected to start raising its key rate in September, experts say that the government should prepare measures to handle the snowballing debt.They say the amount is too high compared to repayment capability amid stalled income growth, and risks of defaults will increase if interest rates start to move up.The country’s balance of household debt has been surging over the past few months, standing at 1.0993 quadrillion won at the end of the first quarter.Economists agree that the key rate cut will accelerate household debt.“Everybody is aware that the interest rate is low. Those who need money will of course get a loan,” said Kim Young-do, a research fellow at the Korea Institute of Finance. “Household debt related with real estate has been especially increasing, and will continue to grow for some time.”He said household debt is a worrisome issue, with the market expecting the United States to start raising its

Jun 11, 2015By Yoon Ja-young
Economy

MERS may hurt feeble recovery

By Yoon Ja-youngMiddle East Respiratory Syndrome (MERS) may be hurting Korea’s already feeble economic recovery.Kim Young-hwan, a strategist at LIG Investment and Securities, said, “MERS is spreading faster than expected, and the information was not fully transparent. That led to a bigger fear over infection than it should be. It means the economic loss could also be bigger.”Some even go as far as comparing the economic impact of MERS to that of the Sewol Ferry disaster in April of last year.With more people refraining from economic activities, its negative impact might be bigger and last longer than originally thought.“Even if the MERS is contained early, it seems inevitable that the economic sentiment and consumption will be negatively affected for at least one quarter,” said Bae Min-keun, an economist at LG Economic Research Institute. “Uncertainties will weaken consumer sentiment, slowing down economic activities especially in the service sector.”According to the Korea Center for International Finance, Morgan Stanley estimates Korea&rsquo

Jun 10, 2015By Yoon Ja-young
  • WHO team puzzled by MERS behavior
Economy

Listed companies hiring less than previous years

By Yoon Ja-young Listed firms are hiring fewer people than in previous years, meaning it is harder to get a decent job. According to FnGuide, a business information provider, the country has 1,749 firms listed on the main bourse and the tech-loaded KOSDAQ market as of the end of last year. They had a total of 1.5 million employees.The number of employees at these listed firms has increased by 2 percent from 2013 to 2014, the smallest growth rate since 2008 when the country was hit by the global financial crisis.They created only 30,250 jobs last year, which compares with 114,958 in 2010. Back in 2010, the companies listed on the bourse contributed 35.6 percent of the new jobs created. Last year, they accounted for only 5.7 percent of the new jobs.The country’s largest companies that are usually the most popular for jobseekers hired less than before in particular.The number of employees at the country’s top 20 companies that hire the most workers stood at 550,388 last year, up 1.5 percent from a year ago. This compares with 2013 when the number of their workers i

Jun 9, 2015By Yoon Ja-young
Economy

Women earn W30 mil. less at big firms

By Yoon Ja-young Men working at large companies are earning on average 30 million won more annually than their female colleagues, a report showed Monday.It also showed that Korean Re, a reinsurance company, was the most generous in terms of salaries, with male employees earning on average 115 million won last year.According to the report by Job Korea, a job market information provider, the average annual salary of employees at the country’s 90 major companies stood at 75.6 million won last year.However, there was a significant gap between men and women. While male workers earned 80.7 million won per year, female workers were paid 49.3 million won, on average.According to experts, some of the gender pay gap can be attributed to the fact that men tend to continue working at the same company until they reach managerial level, while women often quit before that due to reasons such as childbirth and childcare.At the 90 firms in the Job Korea survey, male workers have worked for 12.6 years on average, while their female peers have worked for 7.9 years.According to Kim Nan-joo, a

Jun 8, 2015By Yoon Ja-young
Economy

Epidemic poses threat to recovery

The KOSPI plunged to 2,063.16 points, Wednesday, down more than 15.48 points from the previous day, amid rising fears of the spread of Middle East Respiratory Syndrome. Analysts predict the KOSPI may drop more than 6 percent if the spread continues. / Korea Times photo by Shim Hyun-chulBy Yoon Ja-youngThe spread of Middle East Respiratory Syndrome (MERS) is raising concerns over possible economic effects as it may dampen domestic consumption.Analysts in Seoul said the spread of the disease, if not contained effectively, would also hit the bourse hard.The government said it is also monitoring closely how it will affect the overall economy.Vice Finance Minister Joo Hyung-hwan said Wednesday that: “Related ministries are studying the impact of MERS on the economy. We will do our utmost to prevent the disease from spreading further.”Analysts expressed concerns that if MERS is not contained early, it will further reduce domestic consumption that has shown signs of a modest recovery.The disease is already casting a shadow over the stock market.Kim Byung-yeon, an analyst at NH I

Jun 3, 2015By Yoon Ja-young
  • Are we facing mutated MERS?
Economy

Watch out for sugar in yogurt

By Yoon Ja-young Yogurt is supposed to be good for your health, but some products contain too much sugar, a consumer report showed Tuesday.The Korea Consumer Agency released a report on 14 premium yogurts containing at least 10 times more lactic acid and more milk compared with other yogurts.However, some of them contained too much sugar. The amount of sugar ranged from 5.79 grams to 21.95 grams per 150 milliliter bottle.(It didn’t specify the brand names.->삭제)On average, these yogurts had 14.52 grams of sugar, which is equivalent to 29 percent of the daily recommended intake amount by the World Health Organization (WHO). The WHO recommends that the daily intake of sugar should not exceed 50 grams.“Koreans take 40 grams of sugar through processed food according to 2012 statistics, which is 80 percent of the daily recommended portion by the WHO. Though people drink fermented milk for their health, some of the products contain as much sugar as a cup of cola,” said a spokesman for the agency.It explained that while fermented milk contains lactose, which is like a

Jun 2, 2015By Yoon Ja-young
Economy

Korea, China officially sign FTA

Trade Minister Yoon Sang-jick, right, and his Chinese counterpart Gao Hucheng shake hands after officially signing a free trade agreement (FTA) at a hotel in Seoul, Monday. / YonhapBy Yoon Ja-young Korea and China officially signed a free trade agreement (FTA) on Monday, opening a new era of cooperation.  Trade, Industry and Energy Minister Yoon Sang-jick and China’s Minister of Commerce Gao Hucheng signed the Korea-China FTA in Seoul, after three years of negotiations.The deal will be effective after the National Assembly ratifies it.“The Korea-China FTA will make a platform for multidirectional cooperation between the two countries seeking new growth momentum together, on top of expanding trade and investment,” Yoon said.Under the agreement, 91 percent of Korea’s goods exported to China will become exempt of tariffs within 20 years.Studies show the deal is expected to boost real GDP by 0.96 percent and increase consumer benefits by $14.6 billion, on top of creating 53,805 jobs over the next 10 years.The ministry said that the positive effect on the

Jun 1, 2015By Yoon Ja-young
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