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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

FSS cooperates with savings banks to improve internal control

The headquarters of the Financial Supervisory Service (FSS) in Yeouido, Seoul / Courtesy of FSSBy Anna J. ParkRegulatory authorities have come up with measures to prevent financial accidents and improve internal controls at savings banks, particularly in the areas of project financing (PF) loans, private business loans and capital management. The Financial Supervisory Service (FSS) announced the measures on Sunday, explaining that it recently formed a task force with the Korea Federation of Savings Banks as well as local savings banks to analyze past financial accident patterns and inspection results to draw up the measures. Specifically in terms of prevention of PF loan accidents, the measures enjoin a separation of bank employees, according to each step of such PF loan procedures. For instance, PF loan salespeople can neither take up the task of approving such loans nor of transferring money. Sunday's announced measures also require a set of additional restrictions when it comes to the process of wiring PF loan money. The FSS also reinforced qualifications for private business loan

Jan 15, 2023By Anna J. Park
FSS cooperates with savings banks to improve internal control
Companies

Coca-Cola Korea appoints new chief

Coca-Cola Korea Company CEO Jung Ki-sung / Courtesy of Coca-Cola Korea CompanyBy Anna J. Park Coca-Cola Korea Company announced Thursday that it has appointed Jung Ki-sung as its new chief. His promotion to the head position was attributed to his vast experience within the company, as he is evaluated to have contributed to the firm's business growth.Since joining Coca-Cola Korea back in 2000, Jung served in various roles at the company over two decades. Jung started his Coca-Cola career as a senior budget manager from 2000 to 2008, and he went on to work as a CFO at Coca-Cola Thailand until 2010. From 2010, Jung has been the CFO of Coca-Cola Korea Company.“It is very honorable to be appointed as the CEO of Coca-Cola Korea Company. I plan to strengthen the firm's status as a comprehensive beverage company by expanding its business portfolios according to fast-changing consumption trends and sustainable growth strategy,” Jung said.This is the second time that Coca-Cola Korea Company named a CEO from within its ranks since appointing Choi Su-chong as its chief in September 2

Jan 12, 2023By Anna J. Park
Coca-Cola Korea appoints new chief
Banking & Finance

UAE-based investment firm Enspire expands into Korean market

Enspire Founder and Executive Chairman Soud Ba'alawy delivers a congratulatory speech during a appointment ceremony for the group's Korea branch CEO Shin Yung-sook at the Air Force Hotel in Seoul, Thursday. Courtesy of Enspire KSB KoreaBy Anna J. ParkDubai-headquartered global investment group Enspire has officially launched its Korean operation, aiming to strengthen investments in the country's various sectors. The firm has also appointed Shin Yung-sook, a veteran entrepreneur in the fields of computer security and outbound trade consulting, as CEO of the Korean branch, named Enspire KSB Korea. During a CEO appointment ceremony for Shin held at the Air Force Hotel in Seoul on Thursday, Enspire Founder and Executive Chairman Soud Ba'alawy delivered a congratulatory speech. He said he hopes the UAE and Korea could jointly build a future together through active investments, as their partnership strengthens each other's economies. “I hope UAE and Korea could foster further collaboration in human development, as we strengthen our economies to build a nice future together,” Ba

Jan 12, 2023By Anna J. Park
UAE-based investment firm Enspire expands into Korean market
Companies

Samsung most searched company during CES 2023: KPMG report

Attendees wait in line beneath a large LED display of smart connected home products to enter the Samsung Electronics booth, during the Consumer Electronics Show (CES) in Las Vegas, Nevada, on Jan. 6. AFP-YonhapBy Anna J. ParkSamsung is the most searched company in relation to the Consumer Electronics Show (CES) 2023, according to the latest Samjong KPMG report on this year's CES. The report utilized Google Trends to analyze keyword search patterns globally for six days from Jan. 3 to 9. The analysis also showed that Sony, AMD, ASUS and LG were among the top five keywords, following Samsung, during the period. OLED, Nvidia and BMW also made the top 10 list of most searched keywords related to this year's CES event.When it comes to interest by country, Asia stuck out with China ranked atop as the country having the most interest in the CES 2023, while Korea took the third spot and Hong Kong took eighth place. This demonstrates the region's particularly high interest in the world's largest electronics technology show. The report also pointed out that the key features of the CES 2023 inc

Jan 11, 2023By Anna J. Park
Samsung most searched company during CES 2023: KPMG report
Banking & Finance

Align Partners opposes Woori Financial's acquisition attempt

Align Partners CEO Lee Chang-hwan / Courtesy of Align PartnersMinority shareholder urges Woori to focus on increasing shareholder value prior to M&AsBy Anna J. Park With regard to Woori Financial Group's plan to acquire Daol Investment, the country's top-notch venture capital firm, Align Partners, which holds about 1 percent of the financial group's shares, has voiced its opposition to the deal. After the venture capital firm was put up on the M&A market late last year, Woori Financial declared its intent to acquire the company to the firm managing the sale. Market watchers expect the venture capital firm would be priced at around 300 billion won ($241 million) at most.However, Align Partners CEO Lee Chang-hwan has been arguing that the acquisition would impair shareholder value, if inked at the expected market price. He urged Woori Financial management to take measures to normalize their own stocks' valuation, such as retiring shares through buying back and canceling them, before implementing any M&A deals. “Considering that local bank shares' average price-to-earn

Jan 11, 2023By Anna J. Park
Align Partners opposes Woori Financial's acquisition attempt
Banking & Finance

FSC, FSS, banking association aim to restore pre-pandemic bank operation hours

Financial Services Commission (FSC) Chairman Kim Joo-hyun, left, speaks with employees of KB Kookmin Bank at one of the bank's branches in Seoul, Jan. 5. YonhapConsumers increase complaints over shortened bank operation hoursBy Anna J. ParkAiming to minimize customer inconvenience, the heads of financial authorities and the local bank association plan to normalize the country's bank operation hours to pre-pandemic standards.Since July 2021, banks nationwide have been operating from 9:30 a.m. to 3:30 p.m., which is an hour shorter than their previous operating hours of 9 a.m. to 4 p.m. before the pandemic. According to the banking industry this week, the Korean Financial Industry Union (KFIU) and the Korea Federation of Banks (KFB) will launch a taskforce to discuss the normalization of local bank operation hours. Originally, banks and the financial workers' union agreed to start discussing whether to restore the pre-pandemic operating hours once the country's mandatory indoor mask rule is completely ended. Yet, the discussion has to begin before mask rule is lifted, as it is still un

Jan 11, 2023By Anna J. Park
FSC, FSS, banking association aim to restore pre-pandemic bank operation hours
Economy

Invest Seoul joins Hong Kong's Asian Financial Forum to promote local fintech industry

A promotional image for Invest Seoul / Courtesy of Invest SeoulBy Anna J. ParkInvest Seoul, the city government's investment arm, will be hosting a series of events in Hong Kong later this week to promote the city as Asia's financial hub and to facilitate networking for local fintech firms.First off, the investment center will hold a two-day promotion of Seoul from Jan. 11 to 12 on the sidelines of the 16th Asian Financial Forum (AFF) at the Hong Kong Convention and Exhibition Centre (HKCEC). The AFF is an annual networking platform hosted jointly by the Hong Kong government and the Hong Kong Trade Development Council (HKTDC), attracting tens of thousands of visitors annually from some 80 countries and regions.Since this year's AFF is the first offline event in three years due to COVID-19, many global financial firms, including HSBC, UBS and Bank of China, along with over 130 fintench startups and companies from all around the world, are expected to show up to build up their connections. Invest Seoul will operate a booth at the HKCEC, arranging one-on-one meetings with global financi

Jan 10, 2023By Anna J. Park
Invest Seoul joins Hong Kong's Asian Financial Forum to promote local fintech industry
Economy

Digital medicine market to grow by 27% annually: KPMG report

gettyimagesbankBy Anna J. ParkMore medical services will be available in the digital realm, meaning that diverse digital technologies ranging from software applications and games will be applied to practices for treatment and the prevention of diseases. Samjong KPMG's latest report, which analyzes investment and strategies concerning digital medicine, forecasts that the digital medicine market in Korea will log a 27.2 percent annual level of growth by 2025.The paper said that the market's growth was spurred by COVID-19, which increased the need for real-time patient monitoring and online prescriptions. Digital medicines are based on clinical trial evidence, using digital-based software, instead of traditional pills or injections, to prevent, treat and recover from diseases. The most widely used technologies include virtual or augmented reality, games, artificial intelligence, big data and brain-computer interfaces (BCI). The report went on to say that the first digital medicines are expected to be officially launched in Korea during the first half of this year. More than two products

Jan 10, 2023By Anna J. Park
Digital medicine market to grow by 27% annually: KPMG report
Economy

Polarized corporate bond market to continue this year

gettyimagesbankBy Anna J. ParkThe local corporate bond market is expected to continue showing signs of polarization this year, amid sluggish economic growth and high-interest rates, data showed Monday. According to data compiled by financial information portal Yonhap Infomax, the total amount of AAA-grade corporate bonds issued last year stood at 12.3 trillion won ($9.88 billion), which is an increase of about four percent from the previous year's 11.9 trillion won.However, the aggregated amount of the issuance of corporate bonds with credit ratings lower than the AAA grade in 2022 was about 40 percent lower than the previous year. Analysts say last year's faster-than-expected rise of interest rates and the ensuing shortage of market liquidity are behind the drastically reduced amount of corporate bonds issued from most companies with ratings lower than the top echelon. “Despite deteriorated market conditions, AAA-rated companies could afford to issue issuing corporate bonds with higher interest rates, while lower-rated companies missed the optimal timing to issue bonds,”

Jan 9, 2023By Anna J. Park
Polarized corporate bond market to continue this year
Banking & Finance

Daol Financial Group focuses on securing liquidity

Daol Financial Group headquarters on Yeouido, Seoul / Courtesy of Daol Financial GroupMarket responds positively to Daol's nimble moves with stock price riseBy Anna J. ParkContinuing its aggressive restructuring, Daol Financial Group decided to sell its credit rating agency affiliate earlier this week. The move is in line with its latest efforts to secure liquidity by selling its key affiliates. The group said it signed an agreement with Mason Capital Management and Lead Capital Management on Wednesday to sell its 100 percent stake in the credit rating subsidiary at a price of 13 billion won ($10.2 million). Both sides plan to complete the necessary steps for the sale, such as the financial authority's approval of the change in the largest shareholder of the company, within the first half of this year. The group explained that the decision to sell the subsidiary is to restructure its business strategies, as it focuses on finding new growth engines. It also aims to secure liquidity from a medium- and long-term perspective, promoting stable growth by preemptively responding to the unce

Jan 6, 2023By Anna J. Park
Daol Financial Group focuses on securing liquidity
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