my timesThe Korea Times
yjy

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.

Go to Email

Read more

Companies

BMW 5 series to be recalled

BMW Korea is recalling 3,488 BMW 5 series cars due to a defect in rear bumper reflectors, the Ministry of Land, Infrastructure and Transport said Friday.According to the ministry, drivers could fail to see a car ahead if the reflectors do not reflect enough light at night.Subject to the recall are BMW 5 series vehicles made between Jan. 30 and June 29, 2013.The owners should visit a BMW Korea service center to get new rear bumper reflectors, free of charge.Those who have repaired the defect can request the manufacturer pays for it.BMW Korea will notify owners of cars subject to the recall by mail.For more information, call BMW Korea at 080-269-2000.

May 29, 2015By Yoon Ja-young
Economy

Policy mix urged to counter weak yen

By Yoon Ja-youngThe government should take more aggressive measures to counter the weakening yen because the Japanese currency is expected to maintain its weakness over the next couple of years, economists said Friday.They called for a policy mix incorporating foreign exchange, fiscal and interest rate policies, as well as boosting domestic consumption.“The United States is delaying a key rate hike, and the euro zone and Japan are weakening their currencies through continuous quantitative easing,” said Korea Economic Research Institute President Kwon Tae-shin, at a seminar on how to cope with the weak yen, Friday. “China is also pushing to weaken the yuan by cutting the key rate and lowering the cash reserve ratio.”The won, meanwhile, is continuing its appreciation on the steady inflow of foreign funds and the current account surplus. The won has appreciated 67 percent against the yen since June 2012.Korean exporters competing with Japanese firms in the global market are losing price competitiveness, and the country’s exports have fallen four months in a

May 29, 2015By Yoon Ja-young
Economy

POSCO Art Museum holding exhibition on steel

POSCO Art Museum holds an exhibition of artworks made of steel, to commemorate its 20th anniversary.By Yoon Ja-young The POSCO Art Museum is holding an exhibition with the theme of “steel.”The museum opened as a gallery in 1995 when POSCO built the POSCO Center in Seoul. It has been one of the main supporters of young artists in the country since.  Marking its 20th anniversary, the museum has prepared the special exhibition on steel, ranging from the Goryeo Dynasty (918-1392) to modern times.A total of 80 pieces are exhibited, including 20 artifacts from Goryeo such as a Buddha statue made of steel and steel artworks by the country’s leading artists in a variety of forms including statues, handicrafts and furniture.The exhibition will show how steel makes infinite changes and expands its boundaries as a material of art.As visitors enter the exhibition, they will be greeted by “Robot Taekwon V” by Kim Taek-ki, a young artist who has been in the spotlight for his creative ideas. Visitors will see how steel becomes history, art and part of our liv

May 28, 2015By Yoon Ja-young
POSCO Art Museum holding exhibition on steel
Economy

Samsung's holding company scenario draws attention

By Yoon Ja-young  The proposed merger of Cheil Industries and Samsung C&T is reigniting speculation that Samsung Group will be restructured under a holding company system.The two key affiliates of the country’s top conglomerate announced a plan for the merger Tuesday, in which a new entity, Samsung C&T Corp., would be launched on Sept. 1, after a general shareholders’ meeting in July.Analysts said the merged entity would be at the center of the group realignment, functioning as a holding firm of major stakes in Samsung Electronics and other key affiliates.“It will help the owner family maintain managerial control over the group by acquiring a stake in affiliates including Samsung Electronics,” said Park Joong-sun, an analyst at Kiwoom Securities.Since Samsung Electronics Chairman Lee Kun-hee was suddenly hospitalized in May of last year, a smooth leadership transition from the de facto head of Samsung Group to his only son, Lee Jay-yong, vice president of Samsung Electronics, has been the main concern.Several conglomerates in the country have

May 27, 2015By Yoon Ja-young
Economy

Weak yen leaves gov't clueless

By Yoon Ja-young The weak yen is hurting Korean exporters, but the government has few options left. Experts believe the businesses should enhance their competitiveness.According to a Korea Chamber of Commerce and Industry survey of 300 exporters competing with Japanese companies in the global market, 55.7 percent of the companies said the weak yen had damaged their business.These companies said 924 won per 100 yen was the threshold of the rate at which they could survive, but the rate had already fallen to near 900 won per 100 yen. Many exporters said they were selling at a loss to maintain their relationship with foreign buyers.Asked how much decrease in exports they expected when Japanese competitors cut prices by 10 percent, the Korean companies said the exports would fall by an average of 11.7 percent.The won has been strengthening amid massive quantitative easing by major economies, including Japan and the EU ― it has appreciated 36 percent against the yen since 2013, and 14.71 percent against the euro since the latter half of last year.However, the government is left

May 26, 2015By Yoon Ja-young
Economy

Portion of poor Korean elderly highest in OECD

By Yoon Ja-youngThe ratio of poor elderly people is the highest in Korea compared to other developed economies, a report by the Organization for Economic Cooperation and Development (OECD) shows.  Experts say that the labor market policy should change for senior workers as the country’s pension is not capable of providing them with enough income.According to the report, “In It Together: Why Less Inequality Benefits All,” released by the OECD, income inequality has reached record highs in most OECD countries and is even higher in many emerging economies.The richest 10 percent of the population in OECD countries earn 9.6 times the income of the poorest 10 percent, which compares with seven times recorded in the 1980s and nine times recorded in the 2000s.Inequality was even more of a problem in Korea, with the richest 10 percent earning 10.1 times more than the poorest 10 percent. The figure is 19 times in the United States, while among European countries like Denmark, Belgium, Norway, Germany and the Netherlands it is five to six times higher.“We have reach

May 22, 2015By Yoon Ja-young
Economy

BOK chief tells firms to hire young workers

Bank of Korea Governor Lee Ju-yeol, center, poses with heads of banks before holding a financial coordination meeting at the central bank’s main office in Seoul, Friday. From left are Korea Exchange Bank CEO Kim Han-jo, NH Bank CEO Kim Ju-ha, Shinhan Bank CEO Cho Yong-byeong, Lee, KB Financial Group Chairman Yoon Jong-kyoo, Citibank Korea CEO Park Jin-hei and Standard Chartered Bank Korea CEO Park Jong-bok. / YonhapBy Yoon Ja-young Bank of Korea (BOK) Governor Lee Ju-yeol wants financial firms to carry out peak wage programs to provide more job opportunities for young jobseekers.He expressed concern about the high jobless rate among young adults, which is expected to rise further with the extension of the retirement age next year. “Employment is a big issue,” Lee said at a meeting with the heads of commercial banks Friday. “There is concern that the problem of unemployment for young people may worsen for two or three years as the official retirement age will rise to 60 next year.”The government is extending the retirement age to 60 from 58, ami

May 22, 2015By Yoon Ja-young
Economy

Korea, Japan to hold finance ministers' meeting

By Yoon Ja-youngChoi Kyung-hwan, Finance ministerAso Taro, Japan’s finance ministerKorea and Japan will hold a finance ministers’ meeting this Saturday, for the first time in more than two-and-a-half years.Deputy Prime Minister and Strategy and Finance Minister Choi Kyung-hwan left for Tokyo, Thursday, to meet with Aso Taro, Japan’s deputy prime minister and finance minister.It is meaningful because Choi is the first high-level official to visit Japan since the inauguration of President Park Geun-hye. The relationship between two countries has been uneasy due to the Abe administration’s distortion and denial of historical facts.At the meeting, the two ministers will share views on the global economy and pending issues between the two countries, on top of discussing ways to boost economic cooperation.Officials of the two countries will also meet, discussing policies in diverse sectors such as the macro-economy, budget and fiscal policies, taxation, and international finance.The ministry said that the two parties will introduce diverse policies re

May 21, 2015By Yoon Ja-young
Korea, Japan to hold finance ministers' meeting
Economy

Strong won weighs on economy

By Yoon Ja-young The won’s strength against major currencies is adding to the woes of already struggling exporters and dimming the hopes of economic recovery in the second half of the year, analysts said Thursday.The restructuring of the Chinese economy and diminishing world trade are also weighing on exports, the last sustaining pillar of the economy.According to data from the Bank of International Settlement (BIS), the “real effective exchange rate” index for the won was 115.34 points as of April, which is the highest since February 2008.The real effective exchange rate measures the value of a currency against a basket of other currencies, taking into account inflation and trade.A reading above 100 means the currency is highly evaluated compared with 2010, while a figure below 100 implies low evaluation.The relative value of the won strengthened due to the Japanese yen and Chinese yuan. The yen gained only 0.7 percent in value against the dollar last month, which compares with a 2.2 percent gain by the won. The Korean currency also gained 1.5 percent against

May 21, 2015By Yoon Ja-young
Economy

KDI lowers economic growth outlook to 3%

A Korea Exchange Bank dealer gives a thumbs-up as the nation’s benchmark stock index KOSPI rose by 18.69 points, or 0.88 percent, to 2,139.54, Wednesday. The tech-heavy KOSDAQ closed at 713.95, up 7.16 points, or 1.01 percent. / YonhapSluggish exports, weak demand weigh on economyBy Yoon Ja-young The Korea Development Institute (KDI) has lowered its economic growth outlook for this year to 3 percent.The state-run economic think tank’s previous estimate was 3.5 percent.“Domestic consumption is recovering slowly, but exports are diminishing to hinder overall growth of the economy,” it said Wednesday.KDI said the low interest rate, low global oil prices and the housing market recovery would help domestic consumption pick up.But exports fell 8.1 percent in April from a year ago, marking minus growth for four consecutive months.“The low oil prices, slowdown of the global economy and weakening competitive edge of exporters are worsening exports,” it said.Experts agree that exports, which had been the sustaining pillar of the economy, were

May 20, 2015By Yoon Ja-young
previous page
4243444546
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.