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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

Financial unions protest gov't meddling in chairman appointments

Unionists of the Korean Financial Industry Union (KFIU) stage a protest against the government exerting its influence in the appointments of the heads of financial firms, in front of the presidential office in Yongsan District in Seoul, Monday. Yonhap Woori Financial, BNK, IBK unions criticize gov't exerting influence in chairman appointments By Anna J. ParkThe Korean Financial Industry Union (KFIU), together with the unions of financial companies, are raising voices of criticism and protest against the Yoon administration meddling in the appointments of the heads of the major financial groups.Criticism began to flare up when NongHyup Financial Group selected Lee Suk-joon, a former high-ranking official and ex-chief of Yoon Suk-yeol's presidential campaign, as the sole nominee for the post of the group's next chairman earlier this week. The nomination was a surprise to the market, which expected incumbent Chairman Son Byung-hwan to maintain his post for another term

Dec 14, 2022By Anna J. Park
Financial unions protest gov't meddling in chairman appointments
Banking & Finance

KCGI tapped as preferred bidder to acquire Meritz Asset Management

Kang Sung-boo, CEO of KCGI, speaks during a press conference held at GLAD Hotel on Yeouido, Seoul, Feb. 20, 2020. Newsis By Anna J. Park Korea Corporate Governance Improvement Fund (KCGI) plans to acquire Meritz Asset Management, as it was selected recently as a preferred bidder by Meritz Financial Group and NH Investment & Securities, the manager for the sale. The KCGI, an independent private equity firm based in Korea, is currently conducting due diligence prior to signing an official stock purchase agreement (SPA) with Meritz Financial Group, according to the investment banking sector this week. Since the rumor first emerged in November that Meritz Asset would be put on the M&A market, the KCGI had been considered a potential buyer, as it has actively voiced its willingness to acquire the asset manager. Considering Meritz Asset's net asset value is estimated at around 32 billion won ($24.7 million), it is expected to sell for around 50 billion won. Traditionally,

Dec 14, 2022By Anna J. Park
KCGI tapped as preferred bidder to acquire Meritz Asset Management
Economy

Corporate bond market shows signs of revival

gettyimagesbankTrading volume resurges due to improved investor sentimentBy Anna J. ParkThe country's corporate credit market is showing signs of a revival, as the trading of corporate bonds with longer term maturities is increasing, after bottoming out just a few weeks ago.According to data by NICE Investors Service, a local corporate credit ratings agency, the trade volume of corporate bonds with maturities of over five years rose during the past week to 201 billion won ($154 million). That marks a sharp rise from the third week of November, when weekly trading stood at a mere 40 million won, when the Korean corporate credit market faced increased uncertainties.The local credit markets had been hit hard since late October, due to the repercussions of Gangwon Province's refusal to redeem asset-backed commercial paper (ABCP) issued to finance the development of Legoland Korea. Even though financial authorities provided around 50 trillion won in liquidity in late October to calm market jitters, the local corporate credit markets ― let alone the ABCP market ― continued to reel until mi

Dec 13, 2022By Anna J. Park
Corporate bond market shows signs of revival
Banking & Finance

Shinhan may undergo generational shift under incoming chairman

Jin Ok-dong, Shinhan Bank CEO and chairman candidate for Shinhan Financial Group / Courtesy of Shinhan BankBy Anna J. ParkAs incumbent Shinhan Bank CEO Jin Ok-dong was tapped early this month to take office as its next chairman in March, markets are focusing now on what changes he will bring to the group's management strategies. If Jin, who is currently the only nominee for the position, is officially approved as the next chairman at the group's shareholders meeting slated for March, he will begin his three-year chairmanship term.Considering that he could be re-elected for consecutive terms following the completion of his first term in March 2026, Jin's chairmanship could be a watershed for Shinhan Financial Group's long-term future growth, leaving huge repercussions for the next decade. Jin's management decisions will immediately impact the group at the end of this year, as a total of 10 heads of Shinhan's diverse subsidiaries, including brokerage, card, capital, venture investment and asset management units, are set to see their terms end this month. Ostensibly, incumbent Chairman

Dec 12, 2022By Anna J. Park
Shinhan may undergo generational shift under incoming chairman
Economy

KEPCO blocked from issuing more corporate bonds

Korea Electronic Power Corporation (KEPCO) headquarters in Naju, South Jeolla Province / Newsis Utility's shares soar on expected electricity rate hikes By Anna J. ParkThe stock price of Korea Electric Power Corporation (KEPCO) soared during Friday's trading session, as investors expected an increase in domestic electricity fees after the National Assembly voted down a bill a day earlier aimed at expanding KEPCO's upper limit in corporate bond issuance.KEPCO shares ended at 21,000 won ($16.13) on Friday, up 8.53 percent from the previous trading session. It marked the highest daily increase since early last month, and was also the highest closing price since mid-August.On Thursday afternoon, lawmakers voted down a revision bill of the Korea Electric Power Corporation Act during a plenary session of the National Assembly. Most lawmakers from the main opposition Democratic Party of Korea (DPK) opposed or abstained from voting on the bill designed to allow the public ut

Dec 9, 2022By Anna J. Park
KEPCO blocked from issuing more corporate bonds
Banking & Finance

KIC acquires minority stake in Golub Capital

Korea Investment Corporation (KIC) headquarters in central Seoul / Courtesy of KIC By Anna J. ParkThe Korea Investment Corporation (KIC) has strengthened a strategic partnership with U.S.-headquartered Golub Capital, in a move to bolster its alternative investment portfolio. The Korean sovereign wealth fund announced on Friday morning that it had acquired a passive and non-voting minority stake in Golub Capital's management companies. KIC said its stake represents an economic interest in Golub Capital's management companies of less than 5 percent. The additional terms of the investment were not disclosed to the public.Golub Capital, which has over $55 billion of capital under management as of October this year, plans to use the proceeds from KIC's investment to further enhance its ability to deliver reliable financing solutions, as all proceeds from the transaction will be reinvested in the U.S. credit company. “We are pleased to expand our relationship with Golub Ca

Dec 9, 2022By Anna J. Park
KIC acquires minority stake in Golub Capital
Cryptocurrency

Cryptocurrency market hit by delisting of Wemix

A person walks by the headquarters of Wemade located in Seongnam, Gyeonggi Province, Wednesday. YonhapSome point out DAXA's arbitrariness in delisting decision By Anna J. ParkWemix, the cryptocurrency developed by game company Wemade, ended up getting delisted from four major local coin exchanges as of 3 p.m. Thursday, as a local court rejected an injunction request filed by Wemade on Wednesday evening. Wemade filed the court injunction late last month, asking the court to stop the coin exchange association's decision to delist the game company's key cryptocurrency on the grounds of false disclosure. As the four major coin exchanges ― Upbit, Bithumb, Coinone and Korbit ― take up more than 95 percent of the cryptocurrency trading volume in Korea, the delisting from the exchanges means that Wemix can no longer be traded normally. Holders of the coin should transfer their Wemix to overseas exchanges, which still support the trading of Wemix, or the game company's cyber wallet. The exchanges say that Wemix holders must withdraw their coins from them by Jan. 5 next year. Right before its

Dec 8, 2022By Anna J. Park
Cryptocurrency market hit by delisting of Wemix
Banking & Finance

MBK Partners founder makes Forbes top philanthropists list for 2nd time

MBK Partners co-founder and CEO Michael Byungju Kim / Courtesy of MBK PartnersBy Anna J. ParkMBK Partners co-founder and CEO Michael Byungju Kim has made the list of Forbes top philanthropists in Asia for two consecutive years.Forbes announced earlier this week that a total of 15 business people have made the list of “Asia's 2022 Heroes of Philanthropy”, with nine being chosen for the first time. Kim was one of six honorees who was listed again, and one of three who were selected for two consecutive years. Kim is also the only Korean who made the list this year. The U.S.-headquartered financial magazine evaluated the 59-year-old private equity billionaire's contributions in the arts as well as his long-held vision for education. Kim pledged a $10-million donation in September to the Metropolitan Museum of Art in New York. The donation will be used to renovate the museum's modern and contemporary art exhibition halls, where a gallery will be named after Kim and his wife: the Michael B. Kim and Kyung Ah Park Gallery.Kim referred to his charitable act as “impact giving

Dec 8, 2022By Anna J. Park
MBK Partners founder makes Forbes top philanthropists list for 2nd time
Banking & Finance

Macquarie joins bid to acquire LOCA Mobility

Why is Lotte Card selling LOCA Mobility?Lotte Card headquarters in central Seoul / Courtesy of Lotte CardBy Anna J. ParkMacquarie Asset Management was revealed to have been among the few potential buyers that participated in the main bid to acquire LOCA Mobility, a subsidiary of Lotte Card. LOCA Mobility operates various traffic solution services, including pre-paid cards, city bus management systems (BMS) and bus information systems (BIS).According to investment banking industry sources Wednesday, MBK Partners and JPMorgan, the sales manager of the deal, held the main bid earlier this week to sell LOCA Mobility. A few bidders participated, suggesting a price as high as 400 billion won ($302 million) to acquire a 100 percent stake in LOCA Mobility.Macquarie is said to have joined the bid, considering LOCA Mobility's stable profitability and further growth potential. The mobility system company accounts for a 37 percent share of the local pre-paid traffic card market, second only to Tmoney, which controls a 60 percent share. The company's cumulative revenues during the first three qua

Dec 7, 2022By Anna J. Park
Macquarie joins bid to acquire LOCA Mobility
Banking & Finance

Daol Investment put up for sale

Daol Investment & Securities headquarters on Yeouido, Seoul / Courtesy of Daol Financial GroupBy Anna J. ParkKorea's first-generation venture capital firm Daol Investment, formerly known as KTB Network, has been put up in the M&A market, as its parent company aims to secure liquidity amid market uncertainties. Daol Investment & Securities, a brokerage affiliate of Daol Financial Group which holds a 52 percent stake in the venture capital subsidiary, made it official Wednesday that it is up for sale. The brokerage company is aiming to sell the venture capital firm at a price of over 200 billion won ($151 million).“The sale of Daol Investment aims at preemptively securing liquidity and operating more stable businesses,” an official from the brokerage company said.The parent company of Daol Investment has been taking a series of aggressive restructuring measures to increase its liquidity level, as it is known to have one of the highest risk exposures to real estate project financing and alternative investments among local securities companies. The brokerage compa

Dec 7, 2022By Anna J. Park
Daol Investment put up for sale
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