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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

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
Economy

Stock market posts biggest daily fall this year amid SVB fallout

Employees watch monitors at the dealing room of Hana Bank's headquarters in Seoul, Tuesday afternoon. The KOSPI finished at 2,348.97 at Tuesday's closing amid fallout from the collapse of SVB Silicon Valley Bank (SVB). YonhapBy Anna J. Park The main index KOSPI slid to below 2,400 points in Tuesday's session, as foreign investors dumped local stocks on pessimistic outlooks amid concern over the collapse of Silicon Valley Bank (SVB) late last week. According to the Korea Exchange (KRX), the country's bourse operator KOSPI finished at 2,348.97 points, a 2.56 percent decline from the previous session. It is the biggest daily fall this year so far. Foreign investors led the plunge during the trading session, net-selling 638 billion won ($486 million) worth of local stocks, while retail investors net-purchased 567 billion won worth of stocks and institutional investors net-bought 22.9 billion won worth of local stocks. The top 30 market cap companies listed on the main benchmark all logged daily falls during Tuesday's session. Out of the top 30 largest companies, Doosan Enerbility posted

Mar 14, 2023By Anna J. Park
Stock market posts biggest daily fall this year amid SVB fallout
Economy

Calls rise for bolstered deposit insurance coverage following SVB disaster

Korea Deposit Insurance Corporation (KDIC) headquarters in central Seoul / Courtesy of KDICBy Anna J. Park The sudden collapse of U.S.-based Silicon Valley Bank (SVB) earlier this month has sent jitters across the Korean banking industry, resulting in increased calls to bolster the country's state-led deposit insurance coverage policy.The Korea Deposit Insurance Corporation (KDIC), the state-run deposit insurance agency, protects deposits worth up to 50 million won ($38,000) at each bank or financial institution.However, given that the standard deposit insurance amount has remained at the same level since 2001, questions are being raised as to whether the current cap on the coverage is enough or whether it should be increased.Proponents calling for an increase in the deposit insurance coverage cap say the state-led insurance agency should factor in the amount of growth posted by the Korean economy during the past two decades. Actually, other major countries' deposit insurance agencies cover larger amounts of savings per bank.In the U.S., the Federal Deposit Insurance Corporation (FDI

Mar 14, 2023By Anna J. Park
Calls rise for bolstered deposit insurance coverage following SVB disaster
Economy

G20 Sherpa ambassador highlights importance of understanding statistics

Ambassador for International Cooperation on G20 Affairs Song In-chang By Anna J. ParkAmbassador for International Cooperation on G20 Affairs Song In-chang, who is also an elite public official with expertise in economics and international finance, strongly advises the public to become savvy with statistics.His interest in statistics grew after realizing that a solid understanding of statistics is a precursor to drawing up beneficial policies, which in turn contribute to the betterment of society. Witnessing various cases where the public does not fully understand the complexities and implications of statistics, including public poll results during elections, health statistics regarding COVID-19 outbreaks as well as sometimes manipulated economic statistics, also prompted him to dig further into statistics. As a result of his passionate research on these matters, Song recently published a book, which he co-authored with Choi Sung-ho, an economics professor at Kyonggi

Mar 13, 2023By Anna J. Park
G20 Sherpa ambassador highlights importance of understanding statistics
Banking & Finance

UBS, ESK sanctioned for violating short-selling rules

The Financial Services Commission in central Seoul / YonhapBy Anna J. ParkKorea's financial regulators recently imposed a total of 6 billion won ($4.5 million) worth of penalties on two foreign financial companies ― UBS and ESK Asset Management ― for violating local short-selling rules.It is the first time that the financial authorities actually imposed penalties on financial firms for violating short-selling regulations, since the country's capital market act was revised in April 2021 to strengthen short-selling rules. Financial regulators are also currently investigating 10 other local and foreign financial companies for similar violations.According to industry sources, the Securities and Futures Commission (SFC), a decision-making body under the top financial regulator, the Financial Services Commission (FSC), decided last Wednesday to impose fines of 2.18 billion won for UBS and 3.87 billion won for ESK due to illegal short-selling practices. UBS AG was caught by the financial authorities for naked short-selling. The company placed orders in 2021 to sell 7.3 billion won worth of

Mar 12, 2023By Anna J. Park
UBS, ESK sanctioned for violating short-selling rules
Economy

Kakao to take over SM as HYBE bows out

Pedestrians walk by the headquarters of SM Entertainment located in eastern Seoul, Sunday. NewsisBy Anna J. ParkThe fierce battle between Kakao and HYBE over the management rights of SM Entertainment ended Sunday with HYBE giving up on its quest for its acquisition of SM. The mutual decision was reached three days after the two competing companies entered talks on Friday to solve the heated issue of who would take over SM's management rights.With Sunday's decision, Kakao will work toward a controlling stake in SM and its management rights, while continuing to seek cooperation with HYBE on its platform business. “Kakao and Kakao Entertainment respect HYBE's decision to stop the move to acquire SM Entertainment,” Kakao said Sunday. “As a partner sharing mutually positive impacts, Kakao and Kakao Entertainment will continue various strategic cooperative relations with HYBE and SM Entertainment to help stoke the global status of K-pop and K-culture,” the big tech giant's statement read. Kakao also vowed to guarantee the independent business operations of SM, aimin

Mar 12, 2023By Anna J. Park
Kakao to take over SM as HYBE bows out
Banking & Finance

Securities firms find opportunities in tender offer market

gettyimagesbank By Anna J. ParkWith a series of tender offers grabbing recent headlines, local securities firms' investment banking departments seem to be perking up, after months of recessional declines due to plunged asset prices. A tender offer is a type of public takeover bid to purchase some or all of shareholders' stocks in a corporation, inviting shareholders to sell their shares at a specified price within a particular window of time. This year alone, the so-called big four brokerages in Korea ― Mirae Asset Securities, Korea Investment, NH Investment and Samsung Securities ― have already conducted a total of four tender offers so far. This is similar to the number of their tender offers throughout all of last year. In particular, three out of the four tender offer cases were initially brought up amid management rights disputes, triggered by activist funds' shareholder proposals. For instance, the Korea Corporate Governance Improvement (KCGI), a local activi

Mar 10, 2023By Anna J. Park
Securities firms find opportunities in tender offer market
Banking & Finance

KDIC aims to expand scope of deposit insurance

Yoo Jae-hoon, president of the Korea Deposit Insurance Corporation (KDIC), speaks during a press conference held at the Korea Press Center in central Seoul, Wednesday. Courtesy of KDIC State firm unveils plans to better protect consumersBy Anna J. ParkThe Korea Deposit Insurance Corporation (KDIC), a state-led company that insures deposits across the local financial industry, has unveiled its new strategic vision, aiming to expand the scope of deposits that it insures.“The traditional deposit insurance system, which focuses on responding to situations with ex-post measures, cannot properly address future financial risks,” Yoo Jae-hoon, president of the KDIC, said during a press conference held in central Seoul, Wednesday. “Foremost of all, the scope of financial consumer protection should be expanded, breaking the current protection regime centering on savings deposits.”He highlighted that the deposit insurance agency should come out of the current system to offer b

Mar 8, 2023By Anna J. Park
KDIC aims to expand scope of deposit insurance
Economy

HYBE considers new tender offer on SM to block Kakao

The headquarters of HYBE in Seoul / Courtesy of HYBEKakao's 150,000 won tender offer faces obstaclesBy Anna J. ParkKakao's plan to counterattack HYBE by launching its own tender offer to purchase a 35 percent stake in SM Entertainment has met a major challenge. The stock price of SM on Wednesday soared well above 150,000 won ($113) per share, which Kakao promised to pay during its tender offer ending March 26. The stock price started at 156,700 won at the start of the Kosdaq market at 9 a.m. on Wednesday, a 7,000 won jump from Tuesday's closing price of 149,700 won. It then rose to an all-time high of 161,200 won at around 2:39 p.m., finishing at 158,500 won, a 5.88 percent increase from the previous day. Wednesday's hike in SM stocks is attributed to markets' anticipation that HYBE might launch yet another tender offer at 180,000 won per SM share, which is 20 percent higher than Kakao's current tender offer. Industry sources say that HYBE is currently considering launching the new tender offer, aiming to secure its originally targeted 25 percent stake in SM in addition to the 15 per

Mar 8, 2023By Anna J. Park
HYBE considers new tender offer on SM to block Kakao
  • Foreign investors turn to JYP amid intensifying battle over SM
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