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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

Korea's sovereign rating remains resilient: FitchRatings

FitchRatings Director of Sovereign Ratings Jeremy Zook, far left, speaks during a press conference held at Conrad Seoul on Yeouido, Seoul, Friday. Korea Times photo by Anna J. Park FitchRatings assess Korean economy maintains solid fundamentals By Anna J. ParkDespite increasing challenges to Korea's economic outlook, such as high inflation and weak external demand, a renowned global ratings agency views that the country's sovereign rating still remains at a resilient and solid level. During a press conference held at Conrad Seoul on Yeouido, Seoul, Friday afternoon, Jeremy Zook, Director of Sovereign Ratings at FitchRatings, said that the ratings agency sees that Korea's external finance position provides a sufficient buffer to manage increased external volatility. The press conference was hosted on the sidelines of FitchRatings' seminar titled, “Fitch on Korea Conference,” held earlier in the day at the same venue. “At this point, we expect the rating to remain res

Nov 11, 2022By Anna J. Park
Korea's sovereign rating remains resilient: FitchRatings
Banking & Finance

Analysts paint rosy picture for Coupang shares

Coupang founder and CEO Kim Bom-suk stands in front of the New York Stock Exchange on March 11 last year, when the firm made its debut at the stock exchange. AP-Yonhap By Anna J. Park Korea's e-commerce giant, Coupang, recorded its first-ever quarterly operating profit in the third quarter of this year, as the firm finally began see benefits from its past investments focusing on efficiently improving the firm's automated fulfillment infrastructure, logistics and machine-learning supply-chain optimization. According to the earnings report submitted to the U.S. Securities and Exchange Commission (U.S. SEC), the company not only posted its first quarterly operating profit of 103.7 billion won ($77.4 million) in the third quarter of this year, but it also logged its record-high quarterly revenue of 6.8 trillion won, which is a 27-percent year-on-year increase. “Revenues increased to $5.1 billion, growing 27 percent year-on-year on an FX-neutral basis and over 10 perce

Nov 11, 2022By Anna J. Park
Banking & Finance

Woori Financial Group launches data intelligence unit

The headquarters of Woori Financial Group in central Seoul / YonhapBy Anna J. ParkWoori Financial Group has launched a new department dedicated to strengthening capabilities in data and artificial intelligence, hoping the new department will contribute to the group's future growth and taking the lead in the data technology sector. According to the financial giant on Thursday, a new department named Data Intelligence (DI) has been set up, aiming to pursue strategic development in areas of data and artificial intelligence (AI). The new department will focus on integrating, analyzing and utilizing AI and big data information, as it attempts to draw up the group's strategic responses as well as business strategies in the state-of-the-art tech areas. Employees familiar with businesses using data governance, big data integration business or AI-based marketing will be working in the department. Woori Bank, the financial group's key affiliate, has also launched its own Data Intelligence Agile Core Team (DI ACT). The bank's DI ACT members also assume roles at the financial group's DI departme

Nov 10, 2022By Anna J. Park
Woori Financial Group launches data intelligence unit
Economy

More mid-cap Kosdaq companies issue new stocks to secure capital

gettyimagesbankCash-strapped companies embrace unfavorable conditions to attract money By Anna J. ParkMore mid-cap companies listed on the tech-heavy Kosdaq market have been opting to raise capital by issuing new stocks, as offering news shares is considered a way to secure cash with the least interest burden amid tightened global liquidity and soaring interest rates.According to the electronic disclosure system operated by the Financial Supervisory Service (FSS), the number of Kosdaq-listed companies that announced plans last month to issue new shares has more than doubled to 13, from the 6 companies that did so during the same month last year. Most of the companies stated that they decided to issue new stocks to secure money for operating costs and debt payments.This month alone, medical equipment company Sejong Medical, cable channel Aniplus and content company StudioDragon announced plans to issue new shares to raise capital worth 20 billion won ($14.5 million), 10 billion won and 3 billion won, respectively.These companies know that raising capital by issuing new shares is a dou

Nov 10, 2022By Anna J. Park
More mid-cap Kosdaq companies issue new stocks to secure capital
Economy

Bank CEOs vow to cooperate to stabilize local credit market

Financial Services Commission (FSC) Chairman Kim Joo-hyun, far left, speaks during a meeting with 20 local bank CEOs at the Korea Federation of Banks (KFB) in central Seoul, Wednesday. YonhapBy Anna J. Park In a move to provide necessary liquidity to local credit markets, the CEOs of 20 Korean banks pledged Wednesday to minimize the issuance of bank notes, while continuing to purchase various commercial papers (CP), asset-backed commercial papers (ABCP) and repurchase agreements (RP or repos), a short-term agreement to sell securities in order to buy them back at a higher price.During a meeting with Financial Services Commission (FSC) Chairman Kim Joo-hyun in Seoul on Wednesday morning, the bank chiefs as well as Kim Gwang-soo, the chairman of the Korea Federation of Banks (KFB), said the banking sector will assume a key role in stabilizing the local credit markets.The country's short-term funding markets, in particular, have recently been jolted, following the default crisis of a Legoland theme park developer's ABCP last month and Heungkuk Life's decision to delay the redemption of

Nov 9, 2022By Anna J. Park
Bank CEOs vow to cooperate to stabilize local credit market
Banking & Finance

KakaoBank draws over 20 mil. users after opening in 2017

The headquarters of KakaoBank in Pangyo, Gyeonggi Province / Newsis By Anna J. Park KakaoBank has drawn over 20 million users since its launch in July 2017, which is nearly 40 percent of the entire 51 million population of Korea.According to the internet-only bank Wednesday, the number of the digital bank's users has grown exponentially every year during the past five years. The bank's user number in December 2017, the first year when it was officially launched, stood at 4.9 million. The number grew to 7.94 million in 2018, 12.4 million in 2019, 15.4 million in 2020 and 17.9 million in 2021. The number finally reached the milestone of 20 million on Nov. 8, which is 1,931 days after the bank began operations.The bank explained that most of the users in the early phase were in their 20s, 30s and 40s. Customers between 20 to 49 years of age constituted nearly 90 percent of total users during the first couple of years following the bank's opening.But the bank continue

Nov 9, 2022By Anna J. Park
KakaoBank draws over 20 mil. users after opening in 2017
Economy

Why did Heungkuk Life reverse position on call option?

The headquarters of Heungkuk Life Insurance in central Seoul / YonhapAnalysts unsure about effect on already deteriorated market sentimentBy Anna J. Park In less than a week since Heungkuk Life Insurance decided to delay the exercise of a $500 million call option on its dollar-denominated perpetual bonds, sending a shockwave to Korean companies' dollar bonds market, the life insurer reversed its position in a move to calm and rectify souring investment sentiment in Korean companies' bonds markets.The company released an official statement Monday evening ― two days before the originally set date for the exercise of the call option ― that it decided to redeem the $500 million call option on the firm's perpetual bonds as scheduled in order to stabilize market turmoil. Taekwang Group, the parent company of Heungkuk Life, also vowed to financially support its affiliate due to its social responsibility. In the statement, the life insurer apologized for the confusion it created in the financial markets. The firm's perpetual bonds were issued back in November 2017. “Heungkuk Life Insur

Nov 8, 2022By Anna J. Park
Why did Heungkuk Life reverse position on call option?
Economy

Asian countries predicted to suffer from aging population and slower growth: report

A man enters the Credit Suisse offices in the Manhattan borough of New York City, in this file photo. Reuters-YonhapBy Anna J. Park Major Asian countries will experience key demographic changes consisting of a shrinking and fast-aging population, while the proportion of their workforces and capital provision, as well as productivity in the global market, are likely to decline further in the near future. This is according to the latest report by the Credit Suisse Research Institute (CSRI), titled “The global effects of Asia's aging population,” which surveyed 6,000 people from the six most populous Asian countries out of 10 major regional economies.The report stated that the 10 Asian countries made up 50 percent of aggregated global GDP during the past 10 years from 2009 to 2019. They also took up 60 percent of incremental goods exports during the period, while providing $5 trillion to the rest of the world, functioning as a key part of the global economy. However, Asian countries are seeing these major demographic shifts coming faster than their economic transitions. The

Nov 8, 2022By Anna J. Park
Asian countries predicted to suffer from aging population and slower growth: report
Economy

FSS chief downplays concerns over liquidity crisis

Financial Supervisory Service (FSS) Governor Lee Bok-hyun, right, speaks at a parliamentary meeting at the National Assembly in Seoul, Sunday. Newsis'Recent short-term funding market's difficulties have not spilled into overall financial sector'By Anna J. ParkFinancial Supervisory Service (FSS) Governor Lee Bok-hyun assuaged market anxieties and concerns over an increased possibility of Korea's corporate credit crunch, stressing that the temporary shortage of liquidity experienced in some sectors of the economy is not threatening the entire financial system's liquidity.The financial watchdog head added that he has been very closely cooperating with other economic chiefs, including the finance ministry, the Financial Services Commission (FSC) and the Bank of Korea (BOK), to bring out effective policy measures to stabilize the local market. “The economic and financial volatility facing the Korean economy has recently increased due to risks stemming from major countries' intense monetary tightening policies and energy price hikes. Despite temporary difficulties in the recent local

Nov 7, 2022By Anna J. Park
FSS chief downplays concerns over liquidity crisis
Banking & Finance

Shinhan cooperates with Visa on data and global business

Shinhan Financial Group Chairman Cho Yong-byoung, left, shake hands with Visa Chairman and CEO Alfred Kelly Jr. on Oct. 17 at the headquarters of Visa in San Francisco, U.S., after signing a strategic partnership on data and global business. Courtesy of Shinhan Financial GroupBy Anna J. ParkShinhan Financial Group and Visa have decided to join hands to cooperate in the area of data utilization and global business.According to the financial giant Sunday, Shihan Financial and Visa agreed to form strategic partnership on data and global business, as the two groups' leaders ― Shinhan Financial Group Cho Yong-byoung and Visa Chairman and CEO Alfred Kelly Jr. ― met in mid-October at the headquarters of Visa in San Francisco, U.S., to sign the partnership deal. With the partnership, Shinhan Financial plans to utilize Visa's global data in developing its new products and services. “Shinhan Financial Group is conducting product and service development and various marketing activities based on data information. We aim to achieve the two companies' mutual growth, as we cooperate on accumu

Nov 6, 2022By Anna J. Park
Shinhan cooperates with Visa on data and global business
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