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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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Politics

YTN shares held by state firms to be sold

The headquarters of YTN in Seoul / Courtesy of YTN YTN expresses concerns over privatization By Anna J. ParkYTN, Korea's first 24-hour news channel, is expected to find a new owner as early as September, as the government launched the procedures to sell its stake in the broadcaster earlier this week. According to the investment banking industry, state-run IT service management company KEPCO KDN, which holds a 21.43 percent stake in YTN, sent a request for proposals (RFP) to major financial firms to select a manager firm for the stake sale. Companies that have previous records of managing M&As or block sales of stocks in the past three years are qualified to apply for the job. KEPCO KDN plans to select the sales managing company in March to begin a series of procedures for the stake sale. The state-run company aims to complete the stake sale by the end of September. “After selecting the sales managing firm in about March, the stake sales process will begin, according

Jan 6, 2023By Anna J. Park
YTN shares held by state firms to be sold
Economy

REITs face refinancing challenge as interest rates soar

gettyimagesbankMore REITs rely on mezzanine financing to secure capital By Anna J. ParkVarious Real Estate Investment Trusts (REITs) listed on the Korean stock market are expected to have a harder time this year to refinance their debts amid the high interest rates. While major REITs may succeed in refinancing their debt, increased costs from soaring interest rates will lower investors' dividend profits. According to the REIT industry, NH All-one REIT has successfully refinanced its senior secured debt of 118 billion won ($92.7 million) for Bundang Square Building, the maturity date of which was January this year. NH NongHyup Bank is said to have participated in the refinancing deal as one of its key lenders, giving assurance to other lenders joining the deal. The interest rate for the senior secured debt was 3 percent back in 2020, yet the interest rate for the refinancing this time is expected to rise to around seven percent. This rate will significantly lower the REIT's dividend payments by about nine percent, compared to last year.LOTTE REIT has loans approaching maturation total

Jan 4, 2023By Anna J. Park
REITs face refinancing challenge as interest rates soar
Banking & Finance

Life insurers strengthen digitalization

KB Financial Group Chairman Yoon Jong-kyoo, second from left, stands next to KB Life Insurance CEO Lee Hwan-joo, third from left, during an inaugural ceremony held at the KB Life Tower in southern Seoul, Monday. Courtesy of KB Life InsuranceBy Anna J. ParkInsurance companies have set as this year's priority expanding their in-house digital-related units or seeking partnerships with fintech firms to increase their tech capabilities. This move is more salient among life insurance companies than their non-life peers, so as not to lag behind the more tech-savvy financial sector. KB Life, which started anew from January this year after consolidating its systems with Prudential Life, which the company acquired in 2020, said it has launched a new Digital Transformation (DT) headquarters. The new unit is in charge of developing data-based digital business models and a data governance system, which will strengthen the company's financial platform usage. The insurer said it aims to transform the company's structure into a more agile and dynamic one to provide differentiated and innovative prod

Jan 4, 2023By Anna J. Park
Life insurers strengthen digitalization
Economy

INTERVIEW Korea to focus on transparency, infrastructure to become Asia's financial hub

Lee Jun-kyo, director general of the International Financial Market Department at the Financial Supervisory Service (FSS), speaks during an interview with The Korea Times at his office in Yeouido, Seoul, Dec. 28, 2022. Korea Times photo by Shim Hyun-chulSeoul's global ranking as favored financial hub continues to rise By Anna J. ParkSeoul's ranking as a favored global financial hub city has been on the rise since 2019, coming in at the 11th spot in this year's Global Financial Centers Index (GFCI). It is an impressive climb of 25 places in the past three years, since the city was ranked the 36th most favored in 2019. The ranking of the southeastern port city Busan, the second-largest city of Korea, also rose to the 29th spot, up 14 places in three years. “Korea is evaluated to have posted a significant development in its capital market system and financial infrastructure during the past few years. The country's world-class digital environment and information technology infrastructure are also part of the favorable assessments attributed to the increase of the financial hub rank

Jan 4, 2023By Anna J. Park
[INTERVIEW] Korea to focus on transparency, infrastructure to become Asia's financial hub
Economy

Fear index shows stock markets haven't hit bottom yet

gettyimagesbankBy Anna J. ParkThe current movement of the VIX index, which is often referred to as a fear gauge of stock markets, is hinting that markets haven't yet hit bottom. The VIX, standing for the Chicago Board Options Exchange's CBOE Volatility Index, has been popularly used to measure market sentiment on volatility, as it is derived from S&P 500 options for the 30 days following the measurement date, reflecting the market's expectation of 30-day forward-looking volatility.The index has been hovering within a range of 20 to 25 during the past month: the highest level logged in that period was 25 on Dec. 12 and the lowest was 20.07 on Dec. 21. Since then, the index has been hovering rather stably between around 21 and 22, with the last figure standing at 21.67 on Dec. 30, which was the last trading session of 2022.Market analysts view the VIX's rather subdued moves suggest that the current bear market could last for a while, as the index tends to skyrocket ahead of market crashes.Records showed that the fear gauge spiked up to 72.67 during late November 2008, heralding the

Jan 3, 2023By Anna J. Park
Fear index shows stock markets haven't hit bottom yet
Banking & Finance

Card firms seek new growth drivers amid crisis

gettyimagesbankBy Anna J. ParkMajor local card companies are seeking new growth momentum as they vow to weather looming economic threats. Both incumbent and newly appointed CEOs of these companies urged their employees to differentiate themselves from other companies' services to seek growth. Shinhan Card CEO Moon Dong-kwon speaks during an appointment ceremony held at the company's headquarters in Seoul, Tuesday. Courtesy of Shinhan CardShinhan Card's new CEO Moon Dong-kwon, who took office on Tuesday, said the company aims to achieve customer-centered innovation as its first priority amid unfavorable market conditions of high interest rates, high inflation and high foreign exchange rates.“Based on synergy created through Shinhan's own networks, Shinhan Card needs to evolve into a unique platform company that provides greater value to customers and society,” Moon said. KB Kookmin Card CEO Lee Chang-kwon delivers his New Year message during a ceremony held at the firm's headquarters in Seoul, Monday.The urgency expressed by the CEO is shared by other major card company ch

Jan 3, 2023By Anna J. Park
Card firms seek new growth drivers amid crisis
Banking & Finance

Kakao Entertainment to receive pre-IPO investment from PIF, GIC

Kakao Entertainment headquarters in southern Seoul / YonhapBy Anna J. Park Kakao Entertainment is facing an imminent investment worth 1 trillion won ($785 million) from major global investors in its pre-IPO round.According to the investment banking industry Monday, the entertainment company is soon expected to sign a stock purchase agreement (SPA) with Singapore's sovereign wealth fund GIC and Saudi Arabia's Public Investment Fund (PIF) this month. The PIF is led by Saudi Crown Prince Mohammed bin Salman, and has shown interest in Korean content and game businesses, as it acquired stakes in Nexon and NCSOFT last year. The entertainment company's corporate value for this round of investment is valuated at around 10 trillion won. With the new capital, the company plans to accelerate its further growth. The company had pursued aggressive M&As in a wide range of areas during the past few years, enlarging its size. Its businesses range from K-pop management, intellectual property with webtoon and webnovel platforms and music streaming service. The firm acquired U.S.-based Tapas Media

Jan 2, 2023By Anna J. Park
Kakao Entertainment to receive pre-IPO investment from PIF, GIC
Banking & Finance

Financial groups to focus on risk management

From left, KB Financial Group Chairman Yoon Jong-kyoo, Shinhan Financial Group Chairman Cho Yong-byoung, Hana Financial Group Chairman Ham Young-joo, Woori Financial Group Chairman Son Tae-seung and NongHyup Financial Group Chairman Lee Suk-joonHana, Woori chiefs vows to strengthen non-banking businesses By Anna J. Park The heads of Korea's five major financial groups have a common focus in their New Year's messages: the importance of risk management and a sustainable growth strategy amid heightened economic risks.KB Financial Group Chairman Yoon Jong-kyoo stressed stable growth in his New Year's message, as he forecast the economy will witness a decline in real purchasing power and weakened consumer sentiment this year, with continuing uncertainties on both the global and domestic economic fronts.“Sustainable and stable growth summarizes KB Financial Group's key strategy for this year. What matters in the current phase, when a view for a step ahead is not visible, is to build fundamental strengths in preparation for a possible crisis,” Yoon said. On a similar note, Cho Y

Jan 2, 2023By Anna J. Park
Financial groups to focus on risk management
Companies

Business lobby groups welcome President Yoon's New Year's message

From left, Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, Federation of Korean Industries (FKI) President Huh Chang-soo, Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik, and Korea International Trade Association (KITA) Chairman Koo Ja-yeolBy Anna J. ParkKorea's business associations all welcomed President Yoon's New Year's speech in unison, as they evaluated the message's focus on strengthening exports and reforming pensions, labor and education as appropriate and correct.The Korea Chamber of Commerce and Industry (KCCI) released an official comment regarding President Yoon's speech, saying that it fully agrees with the administration's policy directions.“The KCCI is fully in accord with President Yoon's policy direction that prioritizes the economy amid the economic slowdown through proper interest rates and export strategies and that shows willingness towards reforming labor, education and pension issues,” the association's statement read.The association went on to add that it will also actively join efforts to resolve social problems a

Jan 1, 2023By Anna J. Park
Business lobby groups welcome President Yoon's New Year's message
Economy

Financial regulators vow to stabilize market, support vulnerable

From left, Financial Supervisory Service (FSS) Governor Lee Bok-hyun and Financial Services Commission (FSC) Chairman Kim Joo-hyun / Courtesy of FSS and FSCFSC, FSS chiefs stress cooperation among authorities By Anna J. ParkThe heads of the country's top financial regulator, the Financial Services Commission (FSC), and watchdog agency, the Financial Supervisory Service (FSS), both stress that their priorities for 2023 will be on ensuring market stabilization amid heightened external uncertainties, while also supporting vulnerable groups.FSC Chairman Kim Joo-hyun said in his New Year's message that despite the forecast for prolonged market uncertainties and declining economic growth, the government will do its best to prioritize support for the weakest groups in the economy.“Maintaining financial market stabilization, in preparation for unstable macroeconomic conditions, will be the FSC's top priority for this year's policies, while supporting vulnerable groups, who will be facing the pain of high inflation and interest rates the most,” the FSC chief said in his message. K

Jan 1, 2023By Anna J. Park
Financial regulators vow to stabilize market, support vulnerable
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