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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

Investment banks compete for HMM sale advisory roles

An HMM container ship / Courtesy of HMMKDB and KOBC to select advisory firms shortlyBy Anna J. Park Major investment banks, accounting firms and law firms are competing to win advisory roles for an upcoming sale deal of HMM, a global shipping logistics company of which the controlling stake is currently held by Korea Development Bank (KDB) and Korea Ocean Business Corporation (KOBC).Aiming to sell the lucrative logistics company that the state-run companies acquired during a liquidity crisis in 2016, KDB and KOBC initiated the process early this month to select three advisory firms to handle financial, legal and accounting roles.According to industry sources Wednesday, a few global investment banks, including JPMorgan, Merrill Lynch, UBS, Morgan Stanley and Citigroup Global Markets, as well as various local banks including Mirae Asset, KB Securities, Samsung Securities and NH Investment & Securities, participated in the bidding to be appointed as the financial advisory for the major deal. The deadline for submitting bidding proposals was Tuesday. KDB requires its financial adviso

Mar 22, 2023By Anna J. Park
Investment banks compete for HMM sale advisory roles
Economy

INTERVIEW Retired FSC chief finds inspiration exploring Koreans' ancestral roots

Kim Seok-dong, former chairman of the Financial Services Commission (FSC), speaks during an interview with The Korea Times at his office in Jipyong LLC in central Seoul on March 2. Kim leads Jipyong Humanities and Social Science Research Institute. Korea Times photo by Choi Won-sukAdventurous, fearless spirit is key to Korea's miraculous developmentBy Anna J. Park A veteran financial bureaucrat for over 30 years, Kim Seok-dong was a key architect of Korea's economic growth from 1980 to 2013. Known for his intelligence, focus and natural charisma, he succeeded at climbing to the top echelon of the financial authorities, serving as a chairman of the Financial Services Commission (FSC) ― Korea's top financial regulator ― for three years until 2013.The ease with which he solves intricate financial problems via policy has not only earned him the nickname “relief pitcher” during his time in the government but also gave him such a reputation that his name is even now still often bandied as a potential candidate for important financial appointments either in the private or public

Mar 22, 2023By Anna J. Park
[INTERVIEW] Retired FSC chief finds inspiration exploring Koreans' ancestral roots
Economy

LVMH allegedly joins takeover bid to acquire Missha

A Sephora store in Gangnam, Seoul / Courtesy of SephoraBy Anna J. Park LVMH Group, the world's largest luxury group, which operates the global beauty store Sephora, has joined a preliminary takeover bid to acquire a controlling stake of Able C&C, the operator of cosmetics brand Missha, according to media reports and sources. While the global luxury conglomerate's participation is not officially confirmed as of yet, investment banking (IB) sources say that Asian strategic investors (SI) from Japan, Korea and China joined the bidding war to acquire the Korean cosmetics company. According to sources, more than five overseas strategic investors, mostly Asian distribution and biopharma corporations from China and Japan, along with local fashion businesses, participated in the preliminary bid earlier this week to acquire a 59.2 percent stake as well as the management rights of Able C&C. It is expected that the sale price will be set at around 100 to 150 billion won ($76 to 114 million). Given that the main bid is slated to be held sometime in May, the short list of potential buyers

Mar 21, 2023By Anna J. Park
LVMH allegedly joins takeover bid to acquire Missha
Banking & Finance

Apple Pay service starts in Korea

Hyundai Card Vice Chairman and CEO Chung Tae-young speaks during a press conference held at Hyundai Card UNDERSTAGE in Hannam-dong in Seoul, Tuesday. Courtesy of AppleHyundai Card to focus on expanding affiliated stores for wider use of Apple PayBy Anna J. ParkApple began its near-field communication (NFC) based mobile payment service, Apple Pay, in Korea, Tuesday, under a partnership with Hyundai Card, the country's third-largest credit card company.After registering their cards on Apple Pay, Hyundai Card users can make payments at stores with their iPhones, iPads, as well as Apple Watch. Mac users can also pay through Apple Pay through the Safari web browser. “I met my first iPhone 16 years ago, and it has changed and affected millions of lives, including mine. And I am gladly announcing that Apple Pay, an integral function of iPhone, is finally available for users in Korea. I'd like to thank all of those who put efforts into the launch,” Hyundai Card Vice Chairman and CEO Chung Tae-young said during a press conference held at Hyundai Card UNDESTAGE located in Hannam-do

Mar 21, 2023By Anna J. Park
Apple Pay service starts in Korea
Economy

EcoPro Materials faces setback in IPO plan

Seoul Southern District Prosecutors' Office in Seocho District in Seoul / YonhapBy Anna J. ParkBattery materials business group EcoPro is facing a major setback to its plan to list its key subsidiary EcoPro Materials within this year, as prosecutors investigate the company over allegations of insider trading by some of its former and incumbent executives and staff employees. According to the financial authorities, a joint investigation team on financial crimes established at the Seoul Southern District Prosecutors' Office as well as special judicial police officers from the Financial Services Commission (FSC) are currently investigating the company. They also searched the headquarters of EcoPro, located in Cheongju, North Gyeongsang Province, last Thursday and Friday as part of the investigation. The Korea Exchange (KRX), the state-led market bourse operator, has apparently noticed abnormalities in EcoPro's stock trading, and reported the case to the FSC's special judicial police. It is the second time that the prosecution and financial authorities launched an investigation on allega

Mar 20, 2023By Anna J. Park
EcoPro Materials faces setback in IPO plan
Economy

MBK Partners acquires FCCL maker NexFlex

Flexible Copper Clad Laminate (FCCL) produced by NexFlex / Courtesy of NEXFLEXBy Anna J. ParkMBK Partners is adding Korea's top flexible copper clad laminate (FCCL) maker NexFlex to its investment portfolio, as Asia's largest private equity firm signed a stock purchase agreement (SPA) with SkyLake Equity Partners, the owner of the FCCL manufacturer, late last week. According to investment banking industry sources, MBK has agreed to pay 530 billion won ($403 million) to acquire a 100 percent stake in the manufacturer. The payment is expected to be completed by June. With the signing of the SPA, NexFlex has finally found a new owner, after two previous failed sale attempts last year. Last May, JC Growth Investment, a subsidiary of JC Partners, was first tapped as a preferred bidder to acquire the FCCL manufacturer for about 600 billion won. But, the deal was called off. Last September, a consortium of Well to Sea Investment and Woori Private Equity was newly selected as the preferred bidder for the acquisition. The consortium suggested 630 billion won for the price, but also failed to

Mar 20, 2023By Anna J. Park
MBK Partners acquires FCCL maker NexFlex
Economy

Robotics stocks soar over positive outlooks on future growth

Rainbow Robotics' humanoid robot Hubo / Courtesy of Rainbow RoboticsRainbow Robotics' stock price quadruples this yearBy Anna J. ParkLocal robotics stocks are enjoying a rapid bull market, reflecting investors' expectation over further mergers and acquisitions of robotics companies by conglomerates as well as the government's deregulation moves to foster the state-of-the-art industry. The share price of Rainbow Robotics reached its all-time high of 136,900 won ($104.90) in the early trading hours during Friday's session. It ended at 120,700 won, a 7.48 percent jump from the previous session. The company's share price posted three consecutive winning streaks from Wednesday, logging daily increases of 12.06 percent, 29.98 percent and 7.48 percent, respectively, until Friday's closing. This week's surge has to do with Samsung Electronics' additional purchase of 913,936 common shares of the company through over-the-counter trading. With the skyrocketing upward trend, the robotics company's stock price rose by 56 percent in just three trading sessions from Wednesday to Friday.The stock pr

Mar 17, 2023By Anna J. Park
Robotics stocks soar over positive outlooks on future growth
Banking & Finance

SC, Citibank to send hefty dividends to head offices despite regulator's recommendations

Standard Chartered (SC) Bank Korea CEO Park Jong-bok, left, and Citibank Korea CEO Yoo Myung-soon / Courtesy of SC Bank Korea and Citibank KoreaBy Anna J. ParkMajor foreign banks stationed in Korea plan to send over 230 billion won ($175 million) to their overseas headquarters as dividend payments from last year's business performance. According to the financial industry, Standard Chartered (SC) Bank Korea decided to pay dividends amounting to 160 billion won at their regular board meeting on Thursday. The amount of dividends will be confirmed at its shareholders' meeting slated for March 31. The British bank posted a net profit of 390 billion won in 2022, tripling its annual net profit for the previous year. Given that SC Bank Korea paid dividends of 49 billion won in 2020 and 80 billion won in 2021, the bank's dividend payment for 2022 has doubled from the previous year.Citibank Korea also decided to pay cash dividends of 73.2 billion won at its regular board meeting held on Wednesday. The U.S. bank will confirm the amount at its shareholders' meeting on March 30, and the money wil

Mar 17, 2023By Anna J. Park
SC, Citibank to send hefty dividends to head offices despite regulator's recommendations
Banking & Finance

FSS to inspect Yuanta, Hyundai Motor Securities, Hanwha Asset and NH-Amundi Asset

The headquarters of the Financial Supervisory Service (FSS) in Yeouido, Seoul / YonhapBy Anna J. Park The Financial Supervisory Service (FSS) has selected Yuanta Securities and Hyundai Motor Securities as brokerages for regular inspection this year. The FSS conducts inspections of financial firms once every several years, looking into overall business operations, structures and internal systemic issues.It is expected that this year's inspections of the two medium-sized brokerage firms will assess their capital soundness, particularly their real estate project financing (PF). With many local securities companies holding varied exposures to the real estate PF market, the financial authority aims to closely examine the risk factors and liquidity reserves of the firms. The average delinquency rate in real estate PF loans by securities companies rose to 8.2 percent, at the end of last September, which is more than double from the end of 2021. It will be the first regular inspection for Yuanta since 2014 and the first for Hyundai Motor Securities since 2011. Local asset managers, Hanwha As

Mar 16, 2023By Anna J. Park
FSS to inspect Yuanta, Hyundai Motor Securities, Hanwha Asset and NH-Amundi Asset
Economy

FSC to strengthen capital buffer requirement on banks from Q2 or Q3 this year

Financial Services Commission (FSC) Vice Chairman Kim So-young speaks during a task force meeting on ameliorating banking practices held at the Government Complex Seoul, Thursday. Courtesy of FSCBy Anna J. Park Financial authorities aim to require banks to set aside an additional capital reserve called a “countercyclical capital buffer” (CCyB), on top of lenders' mandatory capital reserve buffers required for their banking business. This is to make the banking sector more accountable and adaptable to potential external liquidity threats. According to the Financial Services Commission (FSC), the country's top financial regulator, on Thursday, the government plans to impose local banks to prepare a certain percentage of liquidity assets as a CCyB during either the second or third quarter of this year. This is to ensure the banking sector's responsibility against growing uncertainties of the macro-financial environment. A CCyB is designed to counteract excessive credit growth and to preserve credit supply in times of crisis. Normally, a CCyB varies between 0 and 2.5 percent

Mar 16, 2023By Anna J. Park
FSC to strengthen capital buffer requirement on banks from Q2 or Q3 this year
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