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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

KT&G triumphs over activist funds

KT&G CEO Baek Bok-in speaks at the 36th annual shareholders meeting held at the Human Resources Development Institute in Daejeon, Tuesday. Courtesy of KT&GShareholders opt for tobacco firm's future growth over higher dividendsBy Anna J. ParkKorea Tobacco & Ginseng Corporation (KT&G) management has succeeded in defending itself from activist fund investors' demands at its annual shareholders' meeting earlier this week. The tobacco company's shareholders voted down all proposals suggested by activist funds, except their agenda item calling for quarterly dividends. Instead, shareholders of KT&G approved all agenda points raised by the firm's board at the annual shareholders meeting held in Daejeon on Tuesday. As activist fund investors' suggestions for board members were also all voted down, the leadership of incumbent CEO Baek Bok-in is expected to be strengthened. For the dividend payout, 68.1 percent of shareholders voted for the board's suggested 5,000 won ($3.85) per share, confirming management's original plan. Flashlight Capital Partners' (FCP's) proposal of a

Mar 29, 2023By Anna J. Park
KT&G triumphs over activist funds
Banking & Finance

Kakao Pay officially launches ESG committee

The headquarters of Kakao Pay located in Seongnam, Gyeonggi Province / Courtesy of Kakao PayBy Anna J. Park Kakao Pay has officially set up its ESG committee under its board, laying a solid foundation for the sustainable growth of the mobile payment firm. The mobile payment subsidiary of big tech firm Kakao announced Wednesday that the launch of the ESG committee came 10 months after the company kicked off a preparatory move to initiate the committee under its board.The incumbent CEO of Kakao Pay, Shin Won-geun, is to lead the ESG committee as chair, aiming to develop unique, sustainable management strategies for the firm.The new committee plans to draw up sustainable growth strategies and risk management policies and will publish annual reports on sustainability and corporate governance. The committee also plans to strengthen communication with shareholders, investors and customers as well as regional communities. “With the ESG committee, the company will strive to lead ESG management in the fintech industry by putting continuous efforts into it,” CEO Shin said. Kakao Pa

Mar 29, 2023By Anna J. Park
Kakao Pay officially launches ESG committee
Economy

Gold price nears all-time high amid financial jitters

gettyimagesbankPrice of precious metal rises by 10 percent this year aloneBy Anna J. ParkThe price of gold has been rising amid increased uncertainty hovering over the global financial banking sector. While the global price of the precious metal nears its record high reached during the summer of 2020, its trading price at the Korea Exchange (KRX) gold market hit an all-time high recently. According to NYMEX, the price of gold stood at $1,958.8 per ounce, a 0.26 percent increase from a day earlier, as of 1:12 a.m. U.S. Eastern Time (EDT) on Tuesday. The price has risen about 10 percent this month, following the unexpected bank run at Silicon Valley Bank (SVB) in mid-March. This year's price has yet to reach the all-time high of $2,063 recorded on Aug. 6, 2020. But, market watchers see gold prices moving upward, potentially breaking the record, amid murky financial prospects surrounding global banks. Investor preference for gold has also been strong in Korea. The trading price for one gram of gold at the KRX's gold market topped its all-time high early last week. The price of gold clos

Mar 28, 2023By Anna J. Park
Gold price nears all-time high amid financial jitters
Banking & Finance

Samsung Pay partners with Hana Financial to issue student IDs

An image of a high school student's ID issued by Hana Financial Group is shown in the Samsung Pay application. / Courtesy of Samsung ElectronicsBy Anna J. Park Samsung Pay can now feature a student ID in its mobile application, as it partners with Hana Financial Group to strengthen its digital wallet functions. The move is part of a series of steps that Samsung Pay is taking to expand its versatility, following Apple Pay's recent launch in Korea. Samsung Electronics, the operator of Samsung Pay, and Hana Financial Group announced Tuesday that they formed a strategic partnership earlier this week to cooperate on the digital wallet project. The two companies will work jointly on activating mobile ID functions, such as student IDs and employee IDs, with further plans to launch a futuristic model of financial services. With the strategic agreement, students of 108 high schools across the country partnered with Hana Financial as their main financial company will be able to use their student IDs through Samsung Pay, if the schools decide to do so. Students can use the mobile ID to access t

Mar 28, 2023By Anna J. Park
Samsung Pay partners with Hana Financial to issue student IDs
Economy

Gov't to lower threshold for corporate M&As

Financial Services Commission (FSC) Vice Chairman Kim So-young speaks during a seminar on corporate M&A held at the Korea Exchange (KRX) in Seoul, Monday. Courtesy of FSCFSC to ease capital qualifications for launching tender offer from April By Anna J. ParkFinancial authorities will ease prerequisite legal requirements for business acquisitions by companies in an attempt to foster corporate mergers and acquisitions (M&As). The Financial Services Commission (FSC), the top financial regulator of the country, will lower the capital qualifications required of companies who attempt tender offers for the purchase of company stocks from the public stock market with the goal of acquisition. As it stands, tender offers require companies to deposit the total amount of money necessary for purchasing targeted stocks at a local financial institution or short-term money market fund (MMF) during the entire tender offer period. Since this has been seen as inducing unnecessary and excessive corporate financing costs, the top financial regulator will ease the requirement.From April, banks' le

Mar 27, 2023By Anna J. Park
Gov't to lower threshold for corporate M&As
Economy

Kakao seeks to bolster SM's global presence as new owner

The headquarters of Kakao Entertainment in Pangyo District in Gyeonggi Province / YonhapBy Anna J. ParkKakao has successfully acquired its target of a 35 percent stake in SM Entertainment through its tender offer, which was launched on March 7, becoming the largest shareholder of the global K-pop powerhouse. By acquiring nearly 40 percent of SM's stocks, when including the IT-tech giant's purchase of SM shares outside of the tender offer, Kakao is expected to push forward the listing of its entertainment subsidiary, Kakao Entertainment, possibly on global stock market exchanges.While the exact competition rate for the tender offer that wrapped up on Friday afternoon is slated to be officially disclosed through Tuesday's filing, media reports and industry sources confirm that Kakao has easily succeeded in acquiring the targeted 35 percent stake, or 8.33 million shares in SM Entertainment, through the tender offer. Given that the stock price of SM at Friday's closing was 107,200 won, far lower than Kakao's tender offer price of 150,000 won, most SM shares held by investors would've bee

Mar 26, 2023By Anna J. Park
Kakao seeks to bolster SM's global presence as new owner
Banking & Finance

JB Financial, KT&G brace for proxy fights at shareholders' meetings

JB Financial Group holds an annual shareholders' meeting at the headquarters of Jeonbuk Bank in March 29, 2019. NewsisMinor shareholders' voices getting louder through proxy votingBy Anna J. ParkMore than seven out of 10 listed Korean companies are set to hold annual shareholders' meetings throughout this week and market watchers are paying particular attention to JB Financial and KT&G, whose annual meetings are expected to become the settings of proxy fights initiated by activist funds. JB Financial Group is facing a showdown in a proxy battle with Align Partners, a local activist fund, at its annual shareholders' meeting on Thursday. Align Partners is the financial giant's second-largest shareholder with a 14.04 percent stake.As a key shareholder, the activist fund has been urging the group to increase dividends since early this year. Yet the group's shareholder return policy announced in early February, deciding to pay 715 won ($0.55) of dividend per share, failed to satisfy the activist fund's demand, prompting it to submit a shareholder proposal urging the group to pay 900 w

Mar 26, 2023By Anna J. Park
JB Financial, KT&G brace for proxy fights at shareholders' meetings
Economy

M&A continues to thrive as companies pressured to sell assets: Samil PwC report

gettyimagesbankBy Anna J. Park The global M&A market is forecast to boom, despite economic recessions and soaring inflation, as companies come under pressure to sell parts of their businesses and cut debt, according to a recent Samil PwC's global M&A trend report. The report went on to say that while M&As in fast-growth sectors such as IT, bio and healthcare have so far been dominant, companies are facing the need to sell their non-essentials to improve efficiency in their capital allocation strategies. Corporations are reducing debts to further manage their liquidity and risk management. While forced to sell non-core business units for optimization of their business portfolios, capital-abundant corporations with aggressive growth goals will have many opportunities to acquire companies at a reasonable valuation, the report added. The report also pointed out that the amount of “dry powder” ― investor cash held by private equity (PE) yet to be allocated ― has rapidly increased to $2.4 trillion, and this will lead PEs to increase investments, in turn facilitating

Mar 23, 2023By Anna J. Park
M&A continues to thrive as companies pressured to sell assets: Samil PwC report
Banking & Finance

Will Credit Suisse cut back investment banking operation in Seoul?

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland on March 20. Reuters-YonhapSwiss bank absent in bidding for advisory role in HMM deal By Anna J. Park As talks continue over UBS' acquisition of Credit Suisse, questions are being raised about the Korean operations of the collapsed Swiss bank, which has long been known for its unique forte in investment banking (IB), particularly in the M&A market in Korea.Market watchers view that the acquisition will result in a major cut in Credit Suisse's Seoul office personnel, who mostly have strengths in the IB business. This is expected to subsequently create a massive shift in experienced IB professionals in Seoul, once the specifics of the deal take shape by the end of this year. According to media reports and industry sources, the IB section of Credit Suisse's Seoul office is facing major personnel cuts, as UBS has decided to reduce the size of the newly-acquired branch. Sources say that appears to be the reason why Credit Suisse did not participate in a recent bid to select the financial advisor for an estimate

Mar 23, 2023By Anna J. Park
Will Credit Suisse cut back investment banking operation in Seoul?
Banking & Finance

Meritz Securities sanctioned for capital market act violations

The headquarters of Meritz Securities in Yeouido, Seoul / Courtesy of Meritz SecuritiesBy Anna J. ParkThe Financial Supervisory Service (FSS) imposed a penalty of 2 billion won ($1.52 million) as well as an organizational warning to Meritz Securities for various violations of the Capital Markets Act. The financial authority also advised the firm to reprimand 64 staff members, including suspension of work, cutting wages and issuing warnings, for their diverse violations. According to the FSS, Meritz Securities was given the set of sanctions earlier this week, as a result of the financial regulator's regular on-spot inspection conducted in 2021. The securities company was found to have violated numerous obligations stipulated by the country's Capital Markets Act.For instance, the brokerage company didn't follow procedural rules for selling fund products, such as giving a full explanation on the nature of the risk accompanied when a retail investor purchases a private equity fund product. The company also instructed an employee who was not qualified to sell an investment product to advi

Mar 22, 2023By Anna J. Park
Meritz Securities sanctioned for capital market act violations
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