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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

Private equity firms expect high returns from low-cost airlines

gettyimagesbank By Anna J. ParkPrivate equity firms (PEFs) opted to invest huge sums of money into low-cost carrier (LCC) businesses amid the worst hardships stemming from the pandemic. Now that international travel numbers are again soaring, the PEFs are eyeing a successful exit from their LCC stakes in the coming years.VIG Partners injected 110 billion won ($89 million) into Eastar Jet, a Korea-headquartered LCC, aiming to improve its s financial structures and set up a new management system. The local PEF signed the deal early this year to acquire a 100 percent stake in the airline for 40 billion won. It has since decided to contribute further capital to increase air routes and expand its fleet. Founded in 2007, Eastar Jet had been logging solid growth until 2017, operating international flights with a cumulative number of passengers exceeding 10 million in 2014. Yet during the pandemic, the firm went into a corporate rehabilitation procedure, and it desperately

Feb 1, 2023By Anna J. Park
Private equity firms expect high returns from low-cost airlines
Banking & Finance

Toss Bank offers new group account product

Toss Bank CEO Hong Min-taek, second from left, speaks during an online press conference held at the headquarters in southern Seoul, Wednesday. Courtesy of Toss BankBy Anna J. ParkToss Bank, one of Korea's major internet-only banks, announced Wednesday that it has newly launched a joint deposit account product called the “gathering passbook,” through which a group of people can jointly manage a shared account. According to the bank during its online press conference in Seoul, the new account product allows every registered member of a joint account the same access and rights to a deposit account ― including cash withdrawals, deposits and payment settlement. Every member can also get their own debit card for the shared account. Previously the bank granted only one person from a group the right to control the account's withdrawals, payment settlements and card issuance.“Toss Bank's philosophy is to provide a solution to problems where customers commonly feel and experience inconveniences,” Toss Bank CEO Hong Min-taek said during the press conference. “The b

Feb 1, 2023By Anna J. Park
Toss Bank offers new group account product
Economy

Korean corporations' dividend payout system to follow global standards

gettyimagesbankBy Anna J. Park Investors will be able to decide next year whether to buy the stocks of Korean companies based on the exact size of their dividend payouts, just like in major financial markets' dividend payout systems such as in the U.S. and France.The Financial Services Commission (FSC) announced Tuesday that it will take steps to overhaul the local dividend payout system to make it compatible with global standards. The FSC, in conjunction with other related entities such as the Ministry of Justice and the Korea Exchange (KRX), plans to propose revisions to the country's capital market law in the second quarter of this year, so that the dividend payout system can be changed as early as next year.“When the country's dividend payout system is improved so that investors can make investment decisions based on dividend amounts ― as is the global standard ― it is expected to contribute to attracting further investments from global investors,” the FSC explained. “The changed system will also make investors more conscious of dividends, which will result in c

Jan 31, 2023By Anna J. Park
Korean corporations' dividend payout system to follow global standards
  • Financial authorities to ease rule on separation of industrial and financial capital in H1
Economy

Financial authorities to ease rule on separation of industrial and financial capital in H1

Financial Services Commission (FSC) Chairman Kim Joo-hyun speaks during a press briefing held at the government complex in central Seoul, Friday. Courtesy of FSCFSC to upgrade Korea's capital market regulations to global standardsBy Anna J. ParkThe Financial Services Commission (FSC), Korea's top financial regulator, has vowed to push forward to ease the country's long-held separation of industrial and financial capital during the first half of this year. It aims to open the gate for both local and global financial firms to extend further to non-financial businesses.It is part of the FSC's 2023 policy direction goals reported to President Yoon Suk Yeol earlier this week. The FSC has set a total of 12 goals for this year; three of them aim at stabilizing and prepping local financial markets against risk factors; four of the goals focus on supporting both small business owners and the financially vulnerable from burdens of soaring interest rates. The last four goals center on improving and innovating the country's capital market systems and regulations to better suit global standards,

Jan 31, 2023By Anna J. Park
Financial authorities to ease rule on separation of industrial and financial capital in H1
  • Korean corporations' dividend payout system to follow global standards
Banking & Finance

Bank operating hours return to normal amid union opposition

A notice at the entrance of a major commercial bank branch in Seoul on Jan. 27 informs customers of operating hours returning to normal from Jan. 30. YonhapBy Anna J. Park From Monday, five major commercial banks in Korea will return to their normal operating hours, opening at 9 a. m. and closing at 4 p.m. The lenders decided to shorten their operating time by an hour 18 months ago, opening at 9:30 a.m. and finishing at 3:30 p.m., due to coronavirus-led social distancing policies in July 2021.As the country's indoor mask mandate is lifted from Monday, except on public transportation and some other cases, the five major banks ― KB, Shinhan, Hana, Woori, NH NongHyup ― notified their branches last Friday about the changed operating hours. Korea Development Bank (KDB), Industrial Bank of Korea (IBK), Standard Chartered Bank Korea, as well as other foreign bank branches and regional banks, also followed suit. Major savings banks, including SBI and DB, also return to their original operating hours from 9 a.m. to 4 p.m. However, this decision was unilaterally made by the banks' management,

Jan 29, 2023By Anna J. Park
Bank operating hours return to normal amid union opposition
Economy

Inflation weighs on households

Gas meters attached to a building in Seoul / NewsisInflation expectations rise on utilities rate increases, public transportation fare hikesBy Anna J. ParkMany Koreans were surprised by their heating bills this month, as their energy costs went up by some 30 percent compared to last winter, even though people's home-heating patterns haven't changed. The problem feels even more pronounced in households with young children, as they cannot choose to drastically reduce the heating of their homes, given the unusual cold spells that have been affecting the Korean Peninsula this winter.In addition, fares for the subway, buses and taxis are slated to rise as early as April, adding an additional financial burden to households. With these rather unwelcome developments being propagated by news outlets explaining the expected price hikes in public services and higher energy bills, Koreans' inflation expectations ― the rate at which consumers expect prices to rise during the next year ― have risen again this month.According to the latest consumer survey released by the Bank of Korea (BOK) on Thur

Jan 26, 2023By Anna J. Park
Inflation weighs on households
Economy

FSS chief urges insurers to focus on stability

Financial Supervisory Service (FSS) Governor Lee Bok-hyun, front row center, stands with CEOs of insurance companies at Center Point Gwanghwamun in central Seoul, Thursday. Courtesy of FSSBy Anna J. ParkFinancial Supervisory Service (FSS) Governor Lee Bok-hyun urged CEOs of local insurance companies to pay extra attention to risk management and market stability, while refraining from overexpansion.During the meeting with CEOs of 14 insurance companies on Thursday morning in central Seoul, Lee stressed insurance companies' role in stabilizing financial markets. “The insurance sector has played a key role in stabilizing the capital market by supplying long-term liquidity, whenever financial markets experience unstable phases,” he said. “I hope insurers will continue to fully assume their role of supplying liquidity through purchasing diverse investment products ― like bonds ― as institutional investors so that an insolvency in one company would not spark a systemic risk within the financial industry.”Attendees of the meeting are 14 chiefs from major life insurer

Jan 26, 2023By Anna J. Park
FSS chief urges insurers to focus on stability
  • FSS chief warns of stern action against opposition to normalizing banks' biz hours
Banking & Finance

Major Korean banks' overseas branches sanctioned by foreign authorities

Financial Supervisory Service (FSS) headquarters on Yeouido, Seoul / Courtesy of FSSWoori fined for largest no. of cases, Hana fined the largest amount by foreign authoritiesBy Anna J. ParkMajor local banks' overseas legal entities were sanctioned or fined by foreign financial authorities for various reasons last year, raising concerns about whether the banks are successfully maintaining internal controls in their overseas operations.According to the electronic disclosure system of the Financial Supervisory Service (FSS), Wednesday, among local banks, Woori Bank turned out to have been fined by foreign authorities the most times last year. The bank was fined a total of six times: twice each in China and Indonesia, and once each in Russia and India. Indonesia's financial authorities imposed a penalty of 60 million rupiah ($4,017) on Bank Woori Saudara, Woori Bank's Indonesian unit, for errors found in its regular reports in January last year. The Indonesian bank unit was also fined 4 million rupiah for delaying a disclosure about a capital increase in March last year. Woori Bank's Chi

Jan 25, 2023By Anna J. Park
Major Korean banks' overseas branches sanctioned by foreign authorities
Banking & Finance

Unison Capital, MBK consortium to take over Osstem Implant

The headquarters of Osstem Implant located in western Seoul / NewsisOsstem Implant stock price soars Wednesday over tender offer By Anna J. ParkNews of private equity firms planning to acquire the management rights of Osstem Implant caused shares of the dental implant material manufacturer to soar Wednesday. Osstem Implant is one of the world's largest dental implant makers. The latest stock price surge followed the announcement earlier in the day by a consortium of Unison Capital Korea (UCK) and MBK Partners of their intention to acquire Osstem Implant's management rights through a tender offer. A tender offer is a bid that is typically made to purchase a publicly traded corporation from shareholders, asking them to sell their stock holdings at a specified price, usually at a premium.Stock market investors favorably responded to the news by flocking to purchase the shares. The stock price finished at 186,300 won ($151), up 14.65 percent from the previous session. The stock price once reached 188,000 won, the highest ever since the company went public on the main benchmark KOSPI mark

Jan 25, 2023By Anna J. Park
Unison Capital, MBK consortium to take over Osstem Implant
Economy

Korea makes it easier for foreigners to invest in local stock market

The Financial Services Commission (FSC) located in central Seoul / Yonhap Gov't to require more listed firms to publish disclosure information in English, abolish foreign investor registration systemBy Anna J. ParkListed corporations with a market cap size of over 10 trillion won ($8.8 billion) will be required to start publishing their important disclosure information in English next year. Foreign investors can also use their globally standardized Legal Entity Identifier (LEI) or passport numbers to trade Korean stocks, instead of submitting identity registration, as has been required for the past 30 years. These are part of new measures jointly announced this week by the financial authorities, including the Financial Services Commission (FSC), the Financial Supervisory Service (FSS) and the Korea Exchange (KRX), aiming to make Korean stock markets more accessible to foreign investors.The measures came as a result of a series of deregulatory meetings held by the fi

Jan 24, 2023By Anna J. Park
Korea makes it easier for foreigners to invest in local stock market
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