Latest news with #Chae
Korea Herald
11-07-2025
- Business
- Korea Herald
K-culture expansion architect: Chae Hwi-young, tech and media veteran, named culture minister
Chae Hwi-young, CEO of Nol Universe and a veteran of journalism, IT and cultural content, was nominated Friday as minister of culture, sports and tourism in the final appointment to complete President Lee Jae Myung's first Cabinet. At a presidential briefing, Kang Hoon-sik, presidential chief of staff, announced the nomination, describing Chae as a private-sector leader whose vision aligns closely with President Lee's goal of expanding the cultural industry. 'Chae brings a diverse background as a former online portal executive and travel platform entrepreneur. He is a private-sector leader whose expertise and innovative thinking align with the president's vision to expand the K-culture market into a 300-trillion-won industry,' Kang said. Born in Seoul in 1964, Chae earned a degree in English language and literature from Sogang University. He began his career as a journalist, working at Yonhap News Agency from 1991 to 1995 and at YTN from 1995 to 2000, covering both culture and politics. Chae entered the tech industry in the early 2000s, working at Yahoo Korea from 2000 to 2002 before joining NHN — now Naver — in December 2002. There, he served as head of planning, executive director of domestic business, and ultimately as CEO from 2007 to 2009. He later served as CEO of NHN Business Platform from 2009 to 2013 and as a management adviser at Naver in 2014. In 2016, Chae co-founded the travel tech startup Triple. He was also appointed CEO of Interpark following its acquisition by Yanolja and has since led the company. In January, he spearheaded a major rebranding initiative, changing the company's name to Nol Universe. Alongside his corporate career, Chae has actively participated in public-private partnerships supporting cultural initiatives. Nol Universe was an official partner for the Ministry of Culture's 'Youth Culture and Arts Pass' program launched last year, aimed at improving cultural accessibility for young people and revitalizing the performing arts sector.
The Star
02-07-2025
- Business
- The Star
‘No hope on my salary': Young South Koreans turn to early investing
SEOUL: Twenty-eight-year-old Kim goes on a five-hour trip to Ulsan, or any other region, as soon as she gets off work on a weekday. Not for sightseeing or to visit friends, but for property viewing. 'I get off work at 6pm then head to Seoul Station to go for imjang - a Korean term for site visit or field research on real estate properties - in different regions,' she told The Korea Herald. But she is not looking for a home to live in - she is looking to invest. Over the past two years, Kim has spent ten million won (US$7,347) on investment courses. What she learned was simple, if sobering: With her current income, saving will never buy her a home. Investing is her only option. Among her preferred strategies is a method known as 'gap investment', which leverages Korea's unique jeonse lease system. Under a jeonse lease, tenants pay a lump-sum deposit, often 60 to 80 per cent of the home's value, instead of monthly rent. Landlords hold the deposit during the lease, usually to earn interest from a bank, and return it in full at the end of the contract. For investors, this opens a door: Buy a property by paying only the difference, or 'gap', between the property's market price and the jeonse deposit. For example, if an apartment is worth 1.7 billion won and a jeonse deposit of 1 billion won already in place, the investor only needs 700 million won to acquire ownership, either in cash or with a loan. Through this approach, Kim now owns two apartments in Ulsan worth 600 million won, having put up only 100 million won of her own money. To acquire what she has now, Kim has spent every weekend walking over 20km each day to study neighbourhoods - their environments, schools, and proximity to public transportation and other facilities - all the elements that factor into buying a house. 'Using all my free time to study and go for imjang is exhausting. I'm sacrificing my youth so I won't suffer in old age,' Kim said. 'And to have that stable life is absolutely impossible with my current salary,' she said. 'I earn four million won a month, and the apartments in Seoul cost over two billion. Even if I didn't spend a penny of my salary and saved it all, it would take over 40 years to buy a house, which by then would be much more expensive.' Kim is not alone. A growing number of young South Koreans are turning to aggressive investment tactics, in the face of an uncertain future. 'This is hard to believe. We used to start property investment in our 40s and 50s. But now I'm taking an investment course with a 25-year-old,' said a 45-year-old surnamed Chae. Informal 'imjang crews' now walk neighbourhoods together, sharing information and strategies. This rise in financial self-discipline extends beyond courses and walking tours. Social media is fuelling the trend. The number of Instagram posts with the Korean hashtag 'investment' is over 2.3 million, along with property-related investment posts amounting to over 1.6 million. The online platform where Kim learned her skills, Weolbu - short for 'salaried and rich' - has ballooned to over 1.5 million users in less than 18 months - ten times its size in 2023. The company's profits more than doubled, from 18.3 billion won in 2022 to 50.8 billion won in 2024. 'Becoming a financially secure salaried worker is my dream,' said 30-year-old Choi Hyun-sik, who is currently enrolled in an investment course. 'I want to use my salary as a baseline and earn more through smart investments so I can afford a house and prepare for retirement.' a popular Instagram influencer who focuses on providing real estate investment strategies, particularly gap investment, has amassed over 70,000 followers - 80 per cent of them in their 20s and 30s. 'I started this Instagram to help those in their 20s and 30s who don't have much money to put toward buying an apartment in Seoul but still want to grab this kind of opportunity,' he told The Korea Herald. attributes the current investment craze to the fear young Koreans experienced as the Covid-19 pandemic roiled the economy. 'In 2021, there was a surge in real estate prices in South Korea. Due to Covid-19, the government released a lot of funds for small businesses and those who lost their jobs. With the added liquidity, the value (of money) dropped and housing prices skyrocketed. 'The government put restrictions in place to contain the sudden rise, but people flocked to apartments that did not have restrictions, which led to demand soaring in those areas, and in turn to higher prices,' he explained. The psychological effect, he noted, was profound. 'Many in my generation felt an urgency: If we don't act now, we'll never catch up.' 'When the price of apartments soared, many people thought they would never be able to buy a house in their lifetimes. The sudden gap between those who own a house and those who don't widened, and many young people began to think they had to prepare for the future fast,' he explained. And it is not just any house people want to own — it's an apartment in Seoul, he added. For many, owning an apartment in Seoul is a symbol of success and security, an ultimate life goal in South Korean society. 'Seoul apartments carry enormous symbolic weight,' said 'They aren't just a place to live. They're a milestone - something that proves you've made it.' Unlike speculative cryptocurrency frenzies or meme stock booms, this investment behaviour is deeply rooted in structural fear - particularly about ageing. Many young Koreans are more scared than ever about their future. 'Thinking about getting old, I get depressed. What would happen if I can't buy a home on my current salary? How can I have children and raise them? How will I take care of myself in the future with the pension crisis we face right now?' said a 28-year-old surnamed Choi, who works at a major conglomerate. South Korea has one of the among advanced economies. According to the OECD, 40.4 per cent of South Koreans aged 66 and over lived in relative poverty as of 2020 - defined as earning less than half the national median income. That is nearly three times the OECD average and significantly higher than comparable countries: Japan (20.2 per cent), the US (22.8 per cent), and Estonia (34.6 per cent). For many young South Koreans, this is a harrowing glimpse of their own future. 'The fear is real,' said Professor Yoon In-jin, a sociologist at Korea University. He attributes the young Koreans' desperation to invest to structural and generational change. 'From a social structural perspective, from the 1960s to the 1990s, Korea was in the era of constant growth. So young people at that time were focused more on bigger causes like community, society and the nation. As they witnessed their lives getting better, they didn't fear what the future would bring,' Professor Yoon explained. Professor Yoon added that the phenomenon is the result of a unique feature of this generation. 'Young people today are more realistic, more individualistic. They know the economy isn't growing like it did in the past. They doubt pensions will still be solvent when they retire. They can't rely on the government or the system. So they turn to property.' Professor Yoon points to a shift in generational values. 'Their parents lived through high-growth decades. They (parents) believed that if you worked hard and saved, you'd be okay. That belief doesn't hold anymore. 'Today's young adults were raised in smaller families, often as only children, and they've grown up with strong parental support - but in a society that's no longer economically expanding.' This inward focus, while understandable, carries risks. 'I worry about where this hyper-individualism could lead,' Professor Yoon said. 'As young people focus on their own success, they sometimes end up with a growing hostility toward social minorities, such as immigrants, people with disabilities, women and lower-income groups,' he added. Though starting one's interest in finance and investment is crucial and is good for the economy, he said, that way of twisting individualism into resentment toward minorities is something to be cautious about. - The Korea Herald/ANN
Korea Herald
01-07-2025
- Politics
- Korea Herald
Special counsel visits Marine's grave
A special counsel team formed to investigate allegations surrounding the 2023 death of a Marine and the subsequent probe by the military paid tribute at the late Marine's grave in Daejeon on Tuesday, a day before the official launch of the special counsel's investigation. Special prosecutor Lee Myeong-hyeon and his team are expected to look into various allegations, including negligence and influence peddling in connection with the death of Cpl. Chae Su-geun, who was swept away in a swollen stream during a search and rescue mission for flood victims in July 2023. On Tuesday, the team led by Lee visited the Daejeon National Cemetery, where Chae is buried. After Chae died during flood recovery operations in Yecheon County, North Gyeongsang Province, allegations emerged that senior commanders had ordered the high-risk search mission without providing life vests, and that the presidential office and the Ministry of National Defense had exerted undue influence to shield the commanders from legal accountability.
The Age
20-06-2025
- Entertainment
- The Age
Sogumm is part of a new wave of venues reimagining home-style Korean cooking
Previous SlideNext Slide Sogumm, owned by Changhoon 'Kimi' Kim and his wife Suhyun 'Su' Kim (Gimlet, Hazel) is part of an emerging subset of Melbourne venues – including Chae and Ondo – that focus on the more understated strands of Korean cooking. Vegetarian bibimbap is Kimi's signature. Rice is seasoned with doenjang and topped with spinach, bean shoots, zucchini, mushrooms and a Korean mountain herb called chwinamul. Wagyu bibimbap is made with yukhoe, a raw beef dish similar to tartare, and seasoned with ganjang. Gomtang, a clear beef broth, is the sort of dish you'd love to eat when you're sick. With thinly sliced brisket, shin shank and beef tendon served over a mound of rice, it's a study in restraint, seasoned only with salt. The spicy cold noodle dish bibim guksu spotlights gochujang as a punchy contrast to abalone and calamari.
Sydney Morning Herald
20-06-2025
- Entertainment
- Sydney Morning Herald
Sogumm is part of a new wave of venues reimagining home-style Korean cooking
Previous SlideNext Slide Sogumm, owned by Changhoon 'Kimi' Kim and his wife Suhyun 'Su' Kim (Gimlet, Hazel) is part of an emerging subset of Melbourne venues – including Chae and Ondo – that focus on the more understated strands of Korean cooking. Vegetarian bibimbap is Kimi's signature. Rice is seasoned with doenjang and topped with spinach, bean shoots, zucchini, mushrooms and a Korean mountain herb called chwinamul. Wagyu bibimbap is made with yukhoe, a raw beef dish similar to tartare, and seasoned with ganjang. Gomtang, a clear beef broth, is the sort of dish you'd love to eat when you're sick. With thinly sliced brisket, shin shank and beef tendon served over a mound of rice, it's a study in restraint, seasoned only with salt. The spicy cold noodle dish bibim guksu spotlights gochujang as a punchy contrast to abalone and calamari.
