my timesThe Korea Times
annajpark

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.

Go to Email

Read more

Economy

Gov't admits economy slowing down amid falling exports, inflation

A port in the southern city of Busan. Poor export performance is partly to blame for the slowing economy, Jan. 11. Newsis Export, production, labor and domestic demand show sluggish performance By Anna J. ParkThe Korean government officially identified the country's economy as having slowed in its monthly economic analysis report on Friday. It is the first time that the finance ministry's monthly report acknowledged that the economy has slowed.Back in June last year, the monthly report published by the Ministry of Economy and Finance first stated that there exists “concerns about economic slowdown” in the Korean economy. The ministry report used the same expression for seven months until December last year. In January this year, the report warned that “the concerns about economic slowdown have been increased.” The February report finally admitted that the economic slowdown was due mainly to a high inflation rate, poor exports and diminishing corporate sentiment. “Wh

Feb 17, 2023By Anna J. Park
Gov't admits economy slowing down amid falling exports, inflation
  • BOK feels increasing pressure to raise rate amid undying inflation
Banking & Finance

FTC and FSS cooperate to stem unfair financial contract terms, conditions on consumers

The Fair Trade Commission located in Sejong administrative city / YonhapFinancial regulators team up to pressure firms to improve internal control effortsBy Anna J. ParkThe Fair Trade Commission (FTC) and the Financial Supervisory Service (FSS) have decided to expand their partnership in supervising the internal control initiatives and contractual terms and conditions financial firms apply to their consumers through their products.The deepened cooperation between the two supervisory agencies is expected to lead to a higher level of evaluation expertise, further pressuring financial firms to come up with reasonable and fair contractual policies on products.The two authorities jointly hosted a meeting on Thursday afternoon, with 12 financial companies. They included the six major commercial banks ― KB Kookmin, Hana, Shinhan, Woori, NongHyup and IBK ― four credit card firms and two savings banks. Four key financial industry associations, including the Korea Federation of Banks, the Korea Financial Investment Association, the Credit Finance Association and the Korea Federation of Savings

Feb 16, 2023By Anna J. Park
FTC and FSS cooperate to stem unfair financial contract terms, conditions on consumers
Economy

Local biz leaders to make proactive investment despite negative outlook for this year: EY Korea survey

The headquarters of EY Korea in Yeouido, Seoul / Courtesy of EY KoreaBy Anna J. ParkLocal business leaders remain spirited as they plan to expand into new business areas in preparation for the future that will come after the current recession era, despite their overwhelming negative outlooks on the economic prospect for this year. According to a survey by EY Korea conducted on 407 high-ranking business leaders of local companies, six out of 10 respondents said they will either focus on exploring new business opportunities or strengthening current business portfolios during the next two years to achieve a higher level of corporate innovation. Specifically, they said they will make investments into state-of-the-art technologies, including AI and data-driven digitalization, to prepare their businesses for the new future. These generally proactive attitudes shown by business leaders are in contrast to their dismal outlook for this year's economic forecasts. In the same survey, the respondents were asked about this year's economic prospects. A whopping 85 percent of them viewed the foreca

Feb 16, 2023By Anna J. Park
Local biz leaders to make proactive investment despite negative outlook for this year: EY Korea survey
Economy

Financial regulator to focus on preemptive inspections

Financial Supervisory Service (FSS) headquarters on Yeouido, Seoul / Courtesy of FSS By Anna J. ParkThe Financial Supervisory Service (FSS) is planning to shift its investigative focus from a punitive nature to a preemptive and preventive one so that financial companies as well as financial markets can maintain their integrity efficiently amid growing uncertainty. According to its annual plan announced on Wednesday afternoon, the watchdog agency plans to conduct a total of 602 inspection sessions this year, a 5.2 percent increase from the 572 last year. The number of people involved in the inspections will also increase to 23,202, from last year's 20,425.The FSS also said it will notify financial companies early in the year if they are slated to receive a regular inspection that year. All financial companies in Korea face regular inspections every two to five years. The notification system is expected to raise financial companies' predictability regarding the inspec

Feb 15, 2023By Anna J. Park
Financial regulator to focus on preemptive inspections
Banking & Finance

Regulator seeks to break up oligopoly in banking industry

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during a press conference held at the watchdog's headquarters in Seoul on Feb. 6. YonhapPresident urges banks to share burden amid inflationBy Anna J. ParkThe Financial Supervisory Service (FSS) has begun to look into ways to induce further competition in the local banking industry, aiming to break up the current oligopolistic system dominated by five major commercial lenders ― Shinhan, KB Kookmin, Hana, Woori and NH NongHyup.The move follows President Yoon Suk Yeol's criticism earlier this week of local banks paying hefty bonuses to their employees as the public suffers from soaring loan interest rates. “We need to seriously examine various measures that promote further market competition in key banking businesses, including deposits and loans, so that financial consumers could use banking services at more efficient prices,” FSS Governor Lee Bok-hyun said during the watchdog agency's executive director meeting Tuesday, a day after Yoon made the comments at a meeting of senior presidential secretaries on Mon

Feb 15, 2023By Anna J. Park
Regulator seeks to break up oligopoly in banking industry
  • Banking industry ponders ways to share profits with society
Banking & Finance

INTERVIEW Activist fund Align aims to dispel Korean stocks' undervaluation

Align Partners CEO Lee Chang-hwan poses at his firm located in Seoul's financial district in Yeouido during a one-on-one interview with The Korea Times on Feb. 2. Courtesy of Align PartnersMission-driven CEO advocates strengthening minority shareholders' rightsBy Anna J. Park Lee Chang-hwan, the CEO of activist fund Align Partners, has recently been a vocal figure in various media outlets, calling on businesses to improve corporate governance and enhance their shareholder return policies.One of the key activist campaigns that he is focusing on aims to get Korea's major financial groups to improve shareholder returns. As a minor shareholder of Shinhan, KB, Hana, Woori and BNK financial groups and the second largest shareholder of JB Financial Group, Lee sent letters to seven banks listed on the Korean stock market, urging them to announce capital allocation frameworks and mid-term shareholder return policies, especially requesting improvements in target shareholder return ratios to over 50 percent.A low propensity for shareholder returns has long been regarded as one of the main reaso

Feb 15, 2023By Anna J. Park
[INTERVIEW] Activist fund Align aims to dispel Korean stocks' undervaluation
Banking & Finance

Will IPO market recover?

A promotional image of Oasis / Courtesy of OasisLucrative e-commerce platform Oasis drops IPO planBy Anna J. ParkGrocery e-commerce platform Oasis has become the latest Korean company that decided to cancel its initial public offering plans amid unfavorable market conditions since last year.Kurly, a premium grocery e-commerce, ended up dropping its IPO plan in early January, due mainly to a plunging corporate valuation. But, the firm had to give up its plan to list itself on the tech-heavy Kosdaq market, as it announced early this week that it will not seek to go public.“With uncertainties and slowdowns in both internal and external market conditions negatively influencing investment sentiments, Oasis' corporate valuation cannot be appropriately assessed,” an official from Oasis said. “As the sole e-commerce that makes annual profits, we do not find it necessary to push forward the IPO plan,” the official added.During its book-building process conducted in early February, institutional investors thought the company's market-cap of some one trillion won ($780 m

Feb 14, 2023By Anna J. Park
Will IPO market recover?
Economy

Battle for SM management heats up between Lee-HYBE and SM-Kakao blocs

SM Entertainment founder Lee Soo-man, left, and HYBE Chairman Bang Si-hyuk / Courtesy of SM Entertainment and HYBEEach bloc criticizes the other for attempting 'hostile M&A' By Anna J. ParkWith the war being waged surrounding SM Entertainment's controlling stake between SM Entertainment's founder Lee Soo-man, in alliance with HYBE, and the current management of SM, who has teamed up with Kakao and activist fund Align Partners, market attention is now on how the situation might unfold.So far, the Lee-HYBE bloc seems to have won an easy battle. The global entertainment company that created K-pop titan BTS has already become the largest shareholder of SM Entertainment with its surprise acquisition of 14.8 percent stake from SM founder Lee, as officially announced last Friday. HYBE now holds the 14.8 percent stake in SM, followed by National Pension Service (NPS)'s 8.96 percent, KB Asset Management's 5.12 percent, and SM founder Lee's 3.66 percent and numerous other minor shareholders. On top of the 14.8 percent stake, HYBE has kicked off a tender offer last Friday, offering 120 thou

Feb 14, 2023By Anna J. Park
Battle for SM management heats up between Lee-HYBE and SM-Kakao blocs
  • Most SM employees unhappy about HYBE's takeover
  • SM shares feared to have reached overvaluation point
Economy

Korea awaits decision on FTSE gov't bond index inclusion next month

gettyimagesbankStronger demand for Korean bonds and foreign capital influx expectedBy Anna J. ParkThe domestic bond market is anticipating the potential influx of a massive amount of foreign capital, as the global index provider FTSE Russell is slated to announce whether Korea will be included in the FTSE World Government Bond Index (WGBI) in a semi-annual report due in March.According to the Ministry of Economy and Finance, Korea made it onto the watch list of the global market benchmarks provider late last September. In its Fixed Income Country Classification Announcement issued on Sept. 29, FTSE Russell added Korea to the watch list for potential inclusion in the FTSE WGBI the following year. Back then, the global market index firm favorably assessed Korean financial authorities for proposing several new initiatives to improve the accessibility of the domestic capital market for investors and enhance capital market structures.If Korea succeeds in being included in the WGBI in March, market experts expect Korean bonds will constitute about 2 percent of the index, according to a stu

Feb 14, 2023By Anna J. Park
Korea awaits decision on FTSE gov't bond index inclusion next month
Economy

Consumer price index expected to hover at 5% range in Q1

The Seoul Metropolitan Government plans to raise basic bus fares in April by up to 400 won ($0.32) from the current 1,200 won. NewsisBy Anna J. ParkAs rising public transportation fees add upward pressure on the general public, consumer prices in Korea are expected to remain at the current range. Some expect inflation in the upper five-percent rate to continue until the start of the second quarter of this year.The finance ministry and Statistics Korea both expect February's Consumer Price Index (CPI) to post a year-on-year increase rate in the low five percent range, continuing a 5.2-percent increase in January.Since peaking at 6.3 percent in July last year, CPI fell to as low as five percent both in November and December. That raised hopes that the country's inflation is being successfully controlled and is slowing down.But the mounting pressure from rising energy prices and utility fees, as well as public transportation fees, seem to be preventing the rate from falling further in the coming months. While electricity, water and gas fees all rose during the past few months, various p

Feb 12, 2023By Anna J. Park
Consumer price index expected to hover at 5% range in Q1
previous page
109110111112113
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.