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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

KOSPI fell most among G-20 countries except Russia

Employees look at computers, as monitors on the wall show the KOSPI index started Thursday's trading at 2,338.14 points, in a dealing room at Hana Bank's headquarters in central Seoul, Thursday. YonhapGlobal semiconductor sector downcycle attributed to KOSPI's drop By Anna J. Park Korea's benchmark KOSPI displayed the lowest rate of return this year out of G-20 countries' benchmark indexes, except for only Russia.According to data from the Korea Exchange (KRX), the KOSPI's annual rate of return this year ― a comparison between the closing price of the first trading day in January and the closing price of Dec. 20 ― stood at minus 21.93 percent. The figure is the lowest among G-20 peers, except Russia that's been at war with Ukraine since early this year. The Russian Trading System (RTS) index posted an annual return of minus 40.4 percent. Most G-20 countries' main benchmark indexes performed better than Korea and Russia's. Actually, the main benchmark indexes of six countries ― Turkey, Argentina, India, Brazil, Indonesia and South Africa ― logged positive returns this year, with Turke

Dec 22, 2022By Anna J. Park
KOSPI fell most among G-20 countries except Russia
Banking & Finance

Goldman Sachs becomes more pessimistic over Samsung's Q4 operating profit

gettyimagesbankBy Anna J. Park Goldman Sachs has significantly lowered Samsung Electronics' operating profit estimate for the fourth quarter to 5.8 trillion won ($4.5 billion), which is about 25.6 percent down from its previous Q4 estimate of 7.8 trillion won. The projected number is also a 58.3 percent cut from Samsung's operating profit posted in the same quarter last year. The decrease in the estimate mostly stemmed from the forecast of a slashed operating profit in the conglomerate's semiconductor business unit. The global investment bank estimates that Samsung will reap 1.5 trillion won in operating profit in Q4 from its chip-making business, which is a whopping 83 percent drop from the electronics giant's operating profit from the semiconductor unit in the fourth quarter of last year. Goldman Sachs' earnings estimates for Samsung show a clear difference from local brokerage companies, which have projected more optimistic numbers. According to financial data provider FnGuide, local analysts' consensus estimates for Samsung's Q4 operating profit stand at around 7.3 trillion won,

Dec 21, 2022By Anna J. Park
Goldman Sachs becomes more pessimistic over Samsung's Q4 operating profit
Banking & Finance

Securities firms resume issuing bonds

gettyimagesbankBy Anna J. Park Local brokerage companies have begun issuing corporate bonds, as the country's credit market shows signs of stabilization this month, following a volatile credit crunch crisis over the past few months. With improved investor sentiment and market stabilization, corporate bonds' interest rates also fell back slightly to the five percent range from last month's six percent range. According to the investment banking industry, Meritz Securities issued corporate bonds worth 160 billion won ($124 million) last Friday, with an interest rate of 5.95 percent for 17 months' maturity. The brokerage company's corporate bonds' interest rate fell by 62 basis points in less than a month, since it issued one-year maturity bonds worth 230 billion won at an interest rate of 6.57 percent. The fall of the bonds' interest rates in December, despite a prolonged maturity period of five more months, demonstrates that country's corporate bond market has been stabilized during the past month. Mirae Asset Securities also issued 20 billion won worth of senior bonds last Wednesday w

Dec 21, 2022By Anna J. Park
Securities firms resume issuing bonds
Economy

Brokerages criticized for reaping massive profits from credit loans

gettyimagesbankBy Anna J. ParkLocal brokerages are found to be making huge profits of hundreds of billions of won by offering credit loans to customers.According to Financial Supervisory Service (FSS) data submitted to independent lawmaker Yang Jung-suk, 29 securities companies obtained loans from the Korea Securities Finance Corp. (KSFC) at 3.02 percent interest, as of the end of September. The KSFC is the country's only capital company that offers loans to brokerages by holding stocks as collateral, and the securities companies finance some of their loans to customers using that money.Brokerages, in turn, provide credit loans to customers at much higher interest rates, ranging from 5.55 percent to 8.92 percent, which is nearly six percentage points higher than the interest securities companies have to pay.Given that the spread between deposits and loans at five major local banks is about 0.97 percent to 1.83 percent as of September, brokerages are enjoying loan-to-deposit margins that are some six times higher than banks by offering loans to customers.Brokerages in particular impos

Dec 20, 2022By Anna J. Park
Brokerages criticized for reaping massive profits from credit loans
Economy

FSC-FSS heads' cozy relationship breaks from past distrust

Financial Services Commission (FSC) Chairman Kim Joo-hyun, left, talks with Financial Supervisory Service (FSS) Governor Lee Bok-hyun during a parliamentary meeting held at the National Assembly in Seoul, Dec. 6. YonhapFriendly cooperation assessed to raise policy coordination effect By Anna J. ParkFor those who remember the uncomfortable relationship between the heads of the country's top financial regulator Financial Services Commission (FSC) and financial watchdog agency, the Financial Supervisory Service (FSS) over the past decade, the current harmonious relationship between the two leaders of the separate financial authorities is a pretty rare scene to witness.According to the financial industry, Monday, FSS Governor Lee Bok-hyun made a surprise visit to an FSC employees' year-end gathering at a dinner held last Wednesday, as Lee heard that FSC chief Kim would also be attending the event. Lee was accompanied by three other high-ranking FSS officials. It's been said that the two leaders were cozying up at the recent gathering. This newfound close cooperation was also a key factor

Dec 20, 2022By Anna J. Park
FSC-FSS heads' cozy relationship breaks from past distrust
Banking & Finance

FSS warns Shinhan and Woori over lack of internal controls

Financial Supervisory Service (FSS) headquarters on Yeouido, Seoul / YonhapBy Anna J. Park The country's top financial regulator has ordered Shinhan Bank and Woori Bank to make up for their weaknesses regarding their internal controls. The notifications by the Financial Supervisory Service (FSS) to the two major banks are aimed at preventing various kinds of financial accidents.In particular, the FSS told Shinhan Bank to strengthen its fraud detection system (FDS) and overhaul its internal report system for financial accidents. The regulator warned that Shinhan Bank's exposure to risks has increased with the bank's deepened digitalization and loan expansion to lower-credit customers, yet its FDS failed to take appropriate action in preventing financial accidents. Instead of focusing actively on analyzing transactional monitoring, the bank's detection system is operated passively to prevent the recurrence of previous financial accidents, the FSS added. The financial authority also urged the bank to strengthen its internal report structures so as to improve the effectiveness of its com

Dec 19, 2022By Anna J. Park
FSS warns Shinhan and Woori over lack of internal controls
Banking & Finance

Woori Bank-Musinsa collaborative branch extends operations

Woori Bank's special collaboration branch located at Musinsa Terrace in Hongdae district, Seoul. Courtesy of Woori BankBy Anna J. ParkWoori Bank has decided to extend for three more months the operations of a special branch that collaborated with online fashion platform Musinsa. The branch is located at one of the fashion brand's off-line shops called “Musinsa Terrace” in the trendy Hongdae district of Seoul, where customers can listen to various vinyl records and take photos.The store is called “Won Record,” as the place offers music listening zones that play various Christmas carols. Visitors can listen to vinyl records of famous singers, including Mariah Carey and Michael Buble. Won Record was supposed to run until Dec. 18. But following the bank's decision, it will remain open to the public until March 19 next year. The store is decorated in blue, which is also the color of Woori Bank's logo. During the past three months, over 15,000 customers visited the place, generating over 2,000 Instagram posts about their visits. Mostly, millennials and Gen Z custome

Dec 18, 2022By Anna J. Park
Woori Bank-Musinsa collaborative branch extends operations
Economy

Household debt expected to drop for 1st time in 18 years

A passerby looks at an advertisement that shows loan interest rates outside a local bank branch in Seoul on Nov. 9. Newsis By Anna J. ParkWith rising interest rates and frozen asset markets globally, the country's household debt is expected to fall this year for the first time in 18 years, since records began back in 2003. According to data by five major local banks ― KB Kookmin, Shinhan, Hana, Woori and NH NongHyup ― the remaining amount of household debt, as of Dec. 15, stood at 693.6 trillion won ($529.4 billion), which is less than about 15 trillion won from the 709.5 trillion won logged at the end of last year.Provided that the figure from Dec. 15 is maintained until the end of the year, it will be a 2 percent drop from the figure of last year, the first time the amount of remaining household debt at the five major banks has shown a reversed growth pattern. The remaining household debt

Dec 18, 2022By Anna J. Park
Household debt expected to drop for 1st time in 18 years
Banking & Finance

Supreme Court sides with Woori Chairman in DLF case

Woori Financial Group Chairman Son Tae-seung / Courtesy of Woori Financial GroupFSC, FSS say they respect court's decision By Anna J. ParkWoori Financial Group Chairman Son Tae-seung won a final victory in his legal battle to repeal a punitive measure imposed on him by local financial authorities, after the Supreme Court ruled in his favor.The Supreme Court ruled Thursday that it found no problems in the legal reasoning of the first and the appeals trials which sided with Son's request to annul punitive measures financial authorities imposed on him over Woori Financial's improper selling of high-risk derivative linked funds (DLFs).In early 2020, the Financial Supervisory Service (FSS) reprimanded Son, which is categorized as a severe punishment that puts legal restraints on his employment at financial institutions for the next three years. The FSS' rationale for the censure was that Woori Bank's aggressive sales and poor internal control led to the mis-selling of DLFs, holding Son responsible for failing to set up internal control standards to prevent such financial accidents. Back t

Dec 15, 2022By Anna J. Park
Supreme Court sides with Woori Chairman in DLF case
Banking & Finance

KIRI president to serve another term

Korea Insurance Research Institute (KIRI) President Ahn Chul-kyung / Courtesy of KIRIBy Anna J. Park Ahn Chul-kyung, the incumbent president of the Korea Insurance Research Institute (KIRI), has been selected as the research institute's next president this week, after a nine-month delay in appointing the head of the institute.The KIRI president recommendation committee announced earlier this week that current president Ahn will be serving another three-year term. It is the research institute's first time ever to reappoint a president. The appointment will be confirmed at the general assembly meeting of the institute, scheduled for Dec 23. The recommendation committee first started its task back in March this year, selecting three nominees, including incumbent president Ahn for the president of the institute position. The appointment was supposed to be completed by the end of March, as Ahn's term was slated to end in early April. However, the selection process was delayed by nine months. Industry insiders say there has been a request to pause the process by the financial authorities,

Dec 15, 2022By Anna J. Park
KIRI president to serve another term
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