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Anna J. Park

Korea Times Politics & City Reporter

Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.

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Banking & Finance

Woori Bank announces shortlist of CEO candidates

Woork Bank CEO candidates Lee Seok-tae, left, and Cho Byung-kyu / Courtesy of Woori Financial Group By Anna J. ParkWoori Financial Group announced its shortlist of candidates for the head position of Woori Bank on Thursday afternoon.According to the financial group, the group's executive recommendation committee named two candidates ― Lee Seok-tae, the bank's executive vice chief heading domestic business, and Cho Byung-kyu, Woori Financial Capital's incumbent CEO. The committee said that over the past two months it thoroughly evaluated four nominees who were in consideration for the post, including the two final candidates.Lee Seok-tae was born in 1964, serving at various posts at Woori Bank over the decades, including as a bank branch head in one of the wealthiest districts in Seoul, head of the strategic planning department, executive director of new business and vice president of business growth. He's now executive vice chief leading domestic business since earl

May 25, 2023By Anna J. Park
Woori Bank announces shortlist of CEO candidates
Economy

Korea's per capita income soared by 400 times during past 60 yrs: Finance Minister

Finance Minister Choo Kyung-ho delivers an opening speech at an international conference commemorating 60th anniversary of economic development held at Fairmont Hotel in Seoul, Thursday. YonhapChoo reiterates need for deregulation and structural reformsBy Anna J. ParkKorea's per capita income has grown over 400 times during the past 60 years, since the Korean government first launched its ambitious five-year development plan in 1962, Finance Minister Choo Kyung-ho said in a conference held to commemorate the country's economic development achievements.“During the past six decades, the per capita income of Korea has increased by about 400 times,” Minister Choo said during his opening speech at the international conference held at Fairmont Hotel on Yeouido, Seoul, Thursday. “Under the situation of abject poverty, the Korean government set a simple and clear goal for prosperity, drawing up a five-year plan, a blueprint for national development, which was implemented over seven times until 1996, aiming to secure global competitiveness in overseas markets,” the min

May 25, 2023By Anna J. Park
Korea's per capita income soared by 400 times during past 60 yrs: Finance Minister
Economy

Financial authorities to extend buying program of asset-backed commercial paper

The Financial Services Commission (FSC) in Seoul / Courtesy of FSCBy Anna J. ParkThe Financial Services Commission (FSC), the top financial regulator, is aiming to lower the risks of securities companies exposed to real estate project financing (PF), one of the biggest risks faced by the local brokerage sector since interest rates were rapidly hiked in the second half of last year globally.According to the FSC on Wednesday, the financial authorities have decided to prolong the operation of a special buying program of asset-backed commercial paper (ABCP), particularly held by small and medium-sized securities firms, to continue providing liquidity to the market. The 1.8 trillion won ($1.3 billion) six-month buying program was first launched in November last year in conjunction with authorities, the state-run Korea Development Bank (KDB) and major financial firms, to target market stability and liquidity amid a sudden crunch in the local short-term bond market late last year. It was originally slated to end by the end of May this year, but the FSC extended it to next February. With the

May 24, 2023By Anna J. Park
Financial authorities to extend buying program of asset-backed commercial paper
Economy

INTERVIEW Korea urged to brace for employment and consumption challenges posed by sluggish exports

Lee Yong-jae, president of the Korea Center for International Finance (KCIF), speaks during a recent one-on-one interview with The Korea Times at the center's headquarters in Seoul. Courtesy of KCIFMonitoring global finance on the front lineBy Anna J. ParkOut of the Korean economy's major macroeconomic risk factors ― notably inflation, high interest rates, high foreign exchange rates and sluggish exports ― Lee Yong-jae, president of the Korea Center for International Finance (KCIF), pointed out that the country's weakened exports could pose the biggest challenge. During a recent one-on-one interview with The Korea Times, the chief of the financial research institute highlighted that Korea is an open economy that is highly dependent on international trade and that poor trade performance negatively impacts the overall economy. “Sluggish exports will have adverse effects on the entire economy, as they affect corporations' employment, investment plans, household income as well as private consumption directly and indirectly,” the KCIF leader told The Korea Times during the int

May 24, 2023By Anna J. Park
[INTERVIEW] Korea urged to brace for employment and consumption challenges posed by sluggish exports
Banking & Finance

INTERVIEW Foreign investors advised to consult eligibility for cash grant

Oh Sang-bum, partner at Samjong KPMG, speaks during an interview with The Korea Times at the accounting firm's Seoul office in Seoul on May 11. Courtesy of Samjong KPMGNon-tax incentive draws renewed interest ahead of global minimum tax implementationBy Anna J. ParkInternational tax expert Oh Sang-bum advises foreign investors planning to make direct investments in Korea to closely review their eligibility for “cash grants” provided by the Korean government. Cash grants are a form of non-tax incentive offered by the government to attract more foreign direct investment (FDI). Since its introduction in Korea in 2003, foreign investments that satisfy certain conditions ― such as job creation, advanced-technology transfer or strategically important impact on the economy ― have been awarded generally 10 to 40 percent of cash reimbursement for their investment activities.“While the cash grant system has been in practice in the country during the past decades, this non-tax incentive for FDI is receiving renewed attention lately, as countries face an implementation of a glo

May 23, 2023By Anna J. Park
[INTERVIEW] Foreign investors advised to consult eligibility for cash grant
Economy

Rising delinquency rates add to concerns over banks' financial soundness

gettyimagesbankExperts view crisis unlikely due to banks' solid capital reserve By Anna J. ParkAs more debtors are falling behind on their bank loan payments, concerns are growing over local banks' financial soundness. It is particularly worrisome that delinquency levels are projected to rise further in the latter half of this year, reflecting the effects of drastically soaring interest rates as well as the hiked amount of loans during the past three years amid pandemic shocks. According to the banking industry, the average delinquency rate of five major banks ― KB Kookmin, Shinhan, Hana, Woori and NH NongHyup ― stood at 0.304 percent, as of the end of April. This is up by more than 11 percent from the end of March, when the average delinquency rate was 0.272 percent. When compared to the average delinquency level of the five banks from the same month last year, it has risen by more than a whopping 63 percent. The average delinquency rate at the end of April last year stood at 0.186 percent. Despite banks' efforts to keep their delinquency rates low by selling bad loans, it's been sa

May 22, 2023By Anna J. Park
Rising delinquency rates add to concerns over banks' financial soundness
Economy

Korean financial systems to take root in Central Asia

From left, Financial Services Commission Vice Chairman Kim So-young, BC Card CEO Choi Won-seok, chairperson of the Interbank Processing Center Kanykei Jamangulova, and presidential aide for economic affairs Almaz Isanov, pose during a business agreement signing ceremony at the presidential office in Kyrgyzstan on May 19. Courtesy of Financial Services CommissionFSC vice chief wraps up visit to Uzbekistan, KyrgyzstanBy Anna J. ParkThe vice chief of Korea's top financial regulator wrapped up a four-day visit to two countries in Central Asia, facilitating overseas business expansions by Korean financial firms and joint investments in the region.According to the Financial Services Commission (FSC) on Sunday, Kim So-young, vice chairman of the financial authority, visited Uzbekistan and Kyrgyzstan during the past week, supporting local financial firms' business deals and partnership initiatives with the countries. In Kyrgyzstan, BC Card, Smartro ― Korea-headquartered electronic payment settlement company ― and the Interbank Processing Center (IPC), a state-run subsidiary of the Kyrgyzstan

May 21, 2023By Anna J. Park
Korean financial systems to take root in Central Asia
Banking & Finance

JPMorgan CEO Jamie Dimon to visit Korea in June

Jamie Dimon, chairman of the board and chief executive officer of JPMorgan Chase & Co., speaks during an interview with Reuters in Miami, Florida on Feb. 8. Reuters-YonhapBy Anna J. ParkJamie Dimon, chairman and CEO of JPMorgan Chase & Co., is slated to visit Korea early next month, drawing market attention as to what the most powerful banker in the world might do during his visit. According to the investment banking industry and media reports, Dimon's itinerary in Korea is expected to start on around June 5 and be short. During the visit, Dimon is expected to meet heads of major financial groups and key institutional investors, to discuss market outlooks of the region and mutual investment projects. JPMorgan has maintained strong networks with the National Pension Service (NPS), one of the world's largest institutional investors, and the Korea Investment Corporation (KIC), the country's sovereign wealth fund. Jamie Dimon, chairman of the board and chief executive officer of JPMorgan Chase & Co., left, shakes hands with President Yoon Suk Yeol at the World Economic Forum

May 21, 2023By Anna J. Park
JPMorgan CEO Jamie Dimon to visit Korea in June
Economy

Gen Z, Millennials choose cost of living, unemployment, climate change as top concerns: report

gettyimagesbankKorea's MZ generation more concerned about cost of living and climate change than global peersBy Anna J. ParkCost of living turns out to be the issue of the highest concern for those of Gen Z and Millennials across the world, followed by unemployment and then climate change. This is according to this year's “Gen Z and Millennials Survey” published by Deloitte. The annual report surveyed 14,483 Gen Zers and 8,373 Millennials across 44 countries during the months from November 2022 to March 2023.The percentage of those who chose cost of living as their main concern rose by six percentage points for both Gen Zers and Millennials, while the percentage of respondents who said they take side jobs also rose by more than three percentage points to 46 percent for Gen Z and 37 percent for Millennials. Half of the responding Gen Zers and Millennials also said that they live paycheck to paycheck. They worry that a potential economic recession has led companies to backtrack on climate action. “The last few years have left significant negative legacies: a cost-of-l

May 18, 2023By Anna J. Park
Gen Z, Millennials choose cost of living, unemployment, climate change as top concerns: report
Banking & Finance

Apple Pay causes upheaval in Korea's payment market

A customer uses their iPhone for an Apple Pay transaction at a restaurant in Seoul, March 21. NewsisNaver Pay app downloads soar following Samsung Pay partnership By Anna J. ParkThe local payment service market is in upheaval, following Apple Pay's official launch in late March in partnership with Hyundai Card. While Apple Pay is permeating into local markets rapidly, other major payment services seek partnership strategies to hold onto their customers. According to the payment industry, the number of newly issued tokens for Apple Pay is expected to have surpassed 3 million as of early this month. Tokens are issued to new users of Apple Pay, as a new subscriber's credit card information is encrypted. It has been less than two months since the mobile payment service's official launch in Korea on March 21.Although Hyundai Card does not offer information on the real-time aggregated number of Apple Pay users, Chung Tae-young, the head of the card company, verified on April 11 on his Instagram posting that the number of Apple Pay tokens exceeded 2 million in the third week of Apple Pay's

May 18, 2023By Anna J. Park
Apple Pay causes upheaval in Korea's payment market
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