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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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Economy

FSC eases regulations to spur M&As

gettyimagesbankBy Anna J. ParkIn a move to foster active corporate M&As to bring about economic innovation, the Financial Services Commission (FSC), the country's top financial regulator, has decided to ease the financial burden on potential buyers to prove their capital qualifications, when it comes to launching tender offers.According to the FSC on Sunday, a potential corporate buyer will face less burdensome conditions, when it makes tender offers. Up until now, a potential tender offer buyer is required to prove their financial capacity by depositing the total amount of money necessary for purchasing targeted stocks at local institutions during the entire tender offer period. As this requirement has often been criticized to be an excessive financing cost for potential buyers, the FSC will now acknowledge financial investors' letters of commitment (LOC), capital contribution agreements or investment agreements, as proof of a buyer's capacity to finance a tender offer, thereby, easing the previous requirement. The move is one of many measures that the top financial regulator an

May 7, 2023By Anna J. Park
FSC eases regulations to spur M&As
Banking & Finance

K bank maintains top position in brand reputation among local internet banks

The headquarters of K bank in central Seoul / Courtesy of K bankBy Anna J. ParkK bank has topped April's monthly chart rankings among the country's internet-only banks in terms of brand reputation. The mobile bank has maintained the top spot in the monthly Brand Reputation index (BRI) ranking ― for seven consecutive months since last October. The rankings announcement was made by the Korea Corporate Reputation Research Institute.According to April's brand reputation ranking, KakaoBank took second place, and Toss Bank came in third place. The Korea Corporate Reputation Research Institute announces the Brand Reputation Index every month in various industry sectors, analyzing a great deal of big data information to determine the ranking of the reputation of various domestic brands. The institute put together 4.59 million pieces big data information regarding Korea's internet banks from March 28 to April 28 to come up with April's index result. The monthly index for mobile banks is largely comprised of two categories of indices; one for the comprehensive brand reputation index and the si

May 4, 2023By Anna J. Park
K bank maintains top position in brand reputation among local internet banks
Economy

Korea's GDP forecast to grow 1.1 percent in 2023: S&P

Analysts from S&P Global Ratings attend a press conference held at the Seoul Finance Center (SFC) in central Seoul, Wednesday. YonhapAPAC banks retain stable outlook amid increased risks for U.S. banksBy Anna J. ParkKorea's GDP is expected to grow by 1.1 percent this year amid weaker demand and fading re-opening benefits, according to forecasts by S&P Global Ratings. However, in the longer term, the growth trend will ease to around 2 percent for the period from 2026 to 2030.Louis Kuijs, chief Asia economist at S&P Global Ratings, forecasts that Korea's GDP will grow 1.1 percent in 2023 and 2.4 percent in 2024. “Korea has gone through a very impressive economic performance in recent decades. The coming decade will become a little more challenging if you look at demographics, but also the additional possibility of weak productivity growth. That is why we expect the longer-term growth trend to move to around two percent for South Korea,” Kuijs said during a press conference held in central Seoul, Wednesday. The chief economist also expects Korea's central bank to

May 3, 2023By Anna J. Park
Korea's GDP forecast to grow 1.1 percent in 2023: S&P
Banking & Finance

KB Financial to hold cocktail reception during ADB meeting

KB Financial Group Chairman Yoon Jong-kyoo / Courtesy of KB Financial Group By Anna J. ParkKB Financial Group plans to host a cocktail reception during the 56th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB), aiming to promote Korea's global competitiveness in the financial sector as well as the expansion of the financial group's worldwide business.The financial group announced on Tuesday that it will hold the “KB Financial Group Cocktail Reception” at the Sheraton Grand Incheon Hotel on Thursday, inviting key officials from international organizations, global financial institutes as well as governments of many countries. Some 200 distinguished guests are expected to attend the event, including Dinesh Kumar Khara, the chairman of the State Bank of India, and Morris Li, the chairman of Chinatrust Commercial Bank (CTBC Bank). KB Financial Group Chairman Yoon Jong-kyoo, KB Kookmin Bank CEO Lee Jae-keun and other CEOs of subsidiary companies

May 3, 2023By Anna J. Park
KB Financial to hold cocktail reception during ADB meeting
Economy

Korea, China, Japan cooperation to serve as growth engine of global economy: Korean finance minister

Finance ministers and central bank chiefs from Korea, Japan and China gather together for the 23rd Trilateral Finance Ministers and Central Bank Governors' Meeting held in Incheon, Tuesday. Korea's Finance Minister Choo Kyung-ho, third from left, and Bank of Korea (BOK) Governor Rhee Chang-yong, fourth from left, hold hands with their Chinese and Japanese counterparts during the meeting. YonhapThree countries to strengthen joint financial safety mechanismBy Anna J. ParkKorea's Finance Minister Choo Kyung-ho emphasized that the cooperative ties between three Northeast Asian countries ― Korea, China and Japan ― will serve as a crucial engine for speedy and sustainable recovery as well as the further growth of the global economy. The finance minister also vowed that Korea will play an active role in cooperative economic relations among the three countries in areas ranging from trade, tourism and culture to policy coordination. “The three countries account for over 20 percent of the global economy, while they take up nearly 80 percent of the ASEAN+3 regions,” Choo said during

May 2, 2023By Anna J. Park
Korea, China, Japan cooperation to serve as growth engine of global economy: Korean finance minister
Banking & Finance

Korea's sovereign wealth fund discusses life science real estate investment in London

Korea Investment Corporation (KIC) headquarters in central Seoul / Courtesy of KIC By Anna J. ParkKorea Investment Corporation (KIC), the country's sovereign wealth fund, hosted a meeting of the London International Financial Cooperation Council on Thursday, local time in London, delving into the topic of life science real estate investment with experts from the U.K. Life science real estate refers to offices and research facilities leased by biopharmaceutical companies or research institutes, representing one of the most popular types of real estate investments globally, since the start of the COVID-19 pandemic. The 21st meeting of the London-based council was attended by dozens of investment experts, ranging from Korean institutional investors from both public and private sectors as well as real estate experts in London. Emma Goodford, who heads the Life Science & Innovation department at Knight Frank's London operation, also participated the council meeting, offe

Apr 28, 2023By Anna J. Park
Korea's sovereign wealth fund discusses life science real estate investment in London
Economy

Local brokerage firms halt CFD trading amid increased market volatility

A view over Seoul's financial district Yeouido / YonhapFSS vows thorough probe into stock price scams involving unfair trading By Anna J. Park Local brokerage companies have begun to prohibit customers from opening new accounts for trading contracts for difference (CFD) ― a financial derivative product tied to the difference in price of a contract's opening and closing prices ― following a recently-revealed stock price manipulation scam involving eight local stocks, including Samchully, Daesung Holdings and Daou Data.As the Ponzi-style stock scheme turned out to have used high-leveraged CFD trading to manipulate the prices, local securities companies are limiting customers' further access to CFD transactions, aiming to minimize both clients as well as the brokerage firms' potential losses from the highly risky bets. Samsung Securities halted new subscriptions to CFD accounts from Thursday evening and also stopped receiving new selling or buying orders from CFD trade accounts. Korea Investment plans to suspend receiving any new orders from CFD accounts from May 1. Only liquidation set

Apr 28, 2023By Anna J. Park
Local brokerage firms halt CFD trading amid increased market volatility
Economy

Gov't to enact special law to support housing scam victims

Minister of Land, Infrastructure and Transport Won Hee-ryong, second from left, speaks during a press conference held at the government complex in central Seoul, Thursday. Yonhap Aggravated punishment to be applied for jeonse scammers By Anna J. ParkAmid increasing calls for strengthened protection of housing rental tenants from malicious scams, the government has decided to redress financial damages borne by “jeonse” fraud victims through the enactment of a special law. Jeonse is Korea's unique lump sum housing rental system that requires tenants to pay some 50 to 90 percent of a rental house's market value at the start of a lease contract. While the jeonse deposit should be returned to tenants at the end of the lease, there has recently been a spike in cases of massive collective jeonse fraud, affecting thousands of tenants, driving some of the victims to suicide out of desperation. Against the backdrop, relevant government bodies, including land, finance, adminis

Apr 27, 2023By Anna J. Park
Gov't to enact special law to support housing scam victims
Economy

FSS chief to visit Singapore, Indonesia in May to support Korean financial firms' overseas operations

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during a meeting at the headquarters of Daegu Bank in Daegu, April 3. NewsisFinancial authority to buttress local firms' overseas expansion By Anna J. ParkFinancial Supervisory Service (FSS) Governor Lee Bok-hyun is slated to visit Singapore and Indonesia in the second week of May, aiming to support Korean financial companies' overseas business operations. According to FSS officials, Lee plans to depart for Singapore on May 8 and stay there until May 10, then make a two-day visit to Indonesia from May 11 to 12. Nearly 10 heads of major financial firms will accompany him, including KB Financial Group Chairman Yoon Jong-kyoo, Hana Financial Group Chairman Ham Young-joo, Mirae Asset Securities CEO and Chairman Choi Hyun-man, Korea Investment & Securities CEO Jung Il-mun and KB Kookmin Bank CEO Lee Jae-keun. Leaders of major insurance firms also joining the FSS chief will include Samsung Fire & Marine Insurance CEO Hong Won-hak, Hanwha Life CEO Yeo Seung-joo, KB Insurance CEO Kim Ki-hwan and Korean Re CEO Won Jong-k

Apr 27, 2023By Anna J. Park
FSS chief to visit Singapore, Indonesia in May to support Korean financial firms' overseas operations
Economy

Korea to promote deregulation and structural reforms for private-sector-led economy: PM

Prime Minister Han Duck-soo delivers a congratulatory address during the Institute for Global Economics (IGE) 30th Anniversary Special International Conference held at Grand InterContinental Seoul Parnas, Wednesday. YonhapSenior officials, global scholars discuss changing world order in IGE's 30th Anniversary conference By Anna J. ParkAmid the ever-increasing importance of the economy in current geopolitical landscapes, the Yoon Suk Yeol administration will continue pushing for reforms that aim to promote an economy led by the private sector, Prime Minister Han Duk-soo said.In his congratulatory address at a special international conference marking the 30th anniversary of the Institute for Global Economics (IGE) held in southern Seoul on Wednesday, the prime minister emphasized that the Yoon Suk Yeol administration is conducting structural reforms in various areas of the Korean economy to boost the country's efficiency and economic vitality. “The Yoon administration has embarked on a private-led economy that's driven by technological innovation and dynamic investment to achieve

Apr 26, 2023By Anna J. Park
Korea to promote deregulation and structural reforms for private-sector-led economy: PM
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