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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

Woori Financial Group has least exposure to real-estate project financing

gettyimagesbankBy Anna J. ParkMajor financial groups maintain a relatively stable risk exposure to real estate project financing, while regional financial groups tend to have a larger exposure compared to their loan provision sizes, data showed.According to local financial groups' data compiled by Meritz Securities, four major financial groups ― Shinhan, KB, Hana and Woori ― hold an average exposure to real estate project financing of 1.7 percent compared to their aggregated amount of loans, as of the end of the third quarter this year. Shinhan Financial Group turned out to have the largest percentage of exposure, as it holds 8.9 trillion won ($6.25 billion), or 2.3 percent of exposure to real estate project financing out of its total amount of loans. Shinhan Bank has 3 trillion won worth, followed by Shinhan Securities with 1.2 trillion won and Shinhan Capital with 3 trillion won. KB Financial Group holds 2.2 percent of exposure to real estate project financing out of its entire amount of loans, 0.1 of a percentage point lower compared to Shinhan Financial Group. Yet, the total amou

Oct 31, 2022By Anna J. Park
Woori Financial Group has least exposure to real-estate project financing
Banking & Finance

Credit Suisse's Korea operation aims to maintain key status amid restructuring plan

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland, March 24, 2021. Reuters-Yonhap By Anna J. ParkCredit Suisse announced a series of radical restructuring measures to revamp its global banking business on Thursday, after taking three months of thoroughly reviewing and reassessing its strategic future directions. The measures came as the Switzerland-headquartered bank posted its fourth straight quarterly loss for the third quarter of this year. According to its earnings announcement released earlier this week, the global lender lost $346 million in the third quarter alone, a drastic contrast from its $1 billion profit recorded a year ago.Countering months of market rumors of its possible crash, the bank's series of new strategic goals expressed its fresh determination to navigate through the current crisis by taking the drastic restructuring initiatives. According to the 166-year-old financial company, its new strategic goals wil

Oct 28, 2022By Anna J. Park
Credit Suisse's Korea operation aims to maintain key status amid restructuring plan
Economy

FSC chief to meet financial group leaders Tuesday to discuss market stabilization

Financial Services Commission (FSC) Chairman Kim Joo-hyun, third from right, stands next to the chairmen of the five major financial groups in Korea at the Government Complex in central Seoul on July 21. From left, NongHyup Financial Group Deputy President Bae Bu-yeol, Hana Financial Group Chairman Ham Young-joo, Woori Financial Group Chairman Son Tae-seung, Kim, KB Financial Group Chairman Yoon Jong-kyu and Shinhan Financial Group Chairman Cho Yong-byoung. Newsis Major financial groups vow to provide necessary liquidity to stabilize short-term funding market By Anna J. ParkFinancial Services Commission (FSC) Chairman Kim Joo-hyun is scheduled to meet the leaders of the country's five major financial groups next week, aiming to discuss effective stabilization measures amidst increased uncertainties surrounding the local corporate and commercial paper markets. It will be their first joint meeting together in three months, since their last joint gathering on July 21.

Oct 28, 2022By Anna J. Park
FSC chief to meet financial group leaders Tuesday to discuss market stabilization
Economy

KEPCO bonds aggravate fears of corporate credit crunch

The headquarters of Korea Electric Power Corporation (KEPCO) located in Naju city, South Jeolla Province / NewsisHeavy issuance of state-run electric power company shakes bond marketBy Anna J. ParkA massive volume of bonds issued by the Korea Electric Power Corporation (KEPCO) throughout this year has been jolting local corporate bonds market, becoming a source of stress on already strained corporate bonds and commercial paper (CP) markets in the country. According to data by the Korea Securities Depository (KSD) Thursday, KEPCO has so far issued bonds worth 23.49 trillion won ($16.57 billion) this year. The amount is already more than double of the entire size of KEPCO bonds issued last year. On average, it means the state-run electric power company has been providing two to three trillion won worth of top-notched credit bonds every month this year; this month alone, the power company has issued over 1.73 trillion won worth of bonds. The excess supply of top-rated KEPCO bonds every month into the local corporate bonds market, amidst globally soaring interest rates and tightening mon

Oct 27, 2022By Anna J. Park
KEPCO bonds aggravate fears of corporate credit crunch
Economy

Banks to supply liquidity while minimizing bond issuance

Financial Services Commission (FSC) Chairman Kim Joo-hyun speaks during an annual Financial Day commemoration event held in Seoul's financial district of Yeouido, Tuesday. Yonhap3 trillion won to be injected to improve liquidity at securities firmsBy Anna J. ParkFinancial authorities and local banks have agreed to provide liquidity to the country's short-term funding market, aiming to help stabilize the local corporate bond and commercial paper (CP) markets. The short-term funding markets recently witnessed a mounting credit crunch following the default of 205 billion won ($143 million) in asset-backed commercial paper (ABCP) issued by the Gangwon Province-led developer of Legoland Korea earlier this month.According to the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) Wednesday, key officials from both financial regulatory agencies met with the vice heads of five major commercial banks, KB Kookmin, Shinhan, Hana, Woori and NH NongHyup, on Wednesday to discuss measures to bring stability to the short-term funding markets.During the meeting, the financ

Oct 26, 2022By Anna J. Park
Banks to supply liquidity while minimizing bond issuance
Economy

Corporations fall behind in ESG communication: EY Korea

gettyimagesbankBy Anna J. ParkWhile environmental, social and governmental (ESG) principles are expected to continue to wield increased influence in consumer decisions, corporations surveyed recently, showed that they were lacking when it came to their communication efforts about ESG activities. This finding was discovered by EY Korea's survey of 115 participants of the “ESG Best Practice” forum, which was recently jointly hosted by the company and the Korean Society of Consumer and Advertising Psychology (KSCAP). The participants are current ESG-related officials at various corporations. Seventy-nine percent of those surveyed said that a company's ESG-principled investments and achievements affect consumer decision-making. In particular, 93 percent of them forecast that ESG-conscious consumption for sustainable growth will further grow within the next five years. The remaining six percent said that it will be at a similar level as at present, while only one percent of respondents had a negative outlook, saying that ESG principles are just a temporary fad. In addition, ne

Oct 26, 2022By Anna J. Park
Corporations fall behind in ESG communication: EY Korea
Economy

Korea's export growth rate to fall to zero-percent range in 2023: IMF

Krishna Srinivasan, right, director of the Asia and Pacific Department at the International Monetary Fund (IMF), speaks during a press conference held at the Bank of Korea in central Seoul, Tuesday. YonhapBy Anna J. ParkA senior official at the International Monetary Fund (IMF) said despite Korea's solid economic fundamentals, the country's export growth rate is expected to fall to the zero-percent range in 2023, from around the three-percent level this year, due to economic slowdowns in major countries and a decrease in global demand. The forecast was made by Krishna Srinivasan, director of the Asia and Pacific Department at the IMF, during his visit to Seoul on Tuesday. At a press conference held at the Bank of Korea (BOK) in Seoul, Srinivasan said that the Korean economy is estimated to have solid fundamentals, and that the country has been taking proper measures that guarantee smooth market operations at its stock, bond and foreign exchange markets in case of external shocks. He also said the Korean economy's external indices show sound and stable conditions, as seen in its volum

Oct 25, 2022By Anna J. Park
Korea's export growth rate to fall to zero-percent range in 2023: IMF
Banking & Finance

Mirae Asset joins Musk's Twitter acquisition deal

Mirae Asset Financial Group headquarters in central Seoul / Courtesy of Mirae Asset Financial GroupBy Anna J. ParkMirae Asset Global Investments will invest 300 billion won ($209 million) in Elon Musk's $44 billion Twitter acquisition deal. According to local investment banking industry sources, Tuesday, the asset management arm of Mirae Asset Financial Group has set up a fund worth 300 billion won as part of its plans to participate in Musk's Twitter buyout. Mirae Asset Securities is investing 210 billion won, while the remaining 90 billion won will be provided by Mirae Asset Capital and Global Investments. As Elon Musk has been ordered by the Delaware Chancery Court to close the acquisition deal by Friday 5 p.m. U.S. time, Mirae Asset is scheduled to send the money that day. Various U.S.-headquartered investment banks and major multinational financial institutions, including Canada-based Brookfield Asset Management, are joining the takeover deal as financial investors.Mirae Asset is known to have been planning to join the acquisition deal as a financial investor since April. But th

Oct 25, 2022By Anna J. Park
Mirae Asset joins Musk's Twitter acquisition deal
Banking & Finance

JB Financial Group posts 24.7 percent YOY growth in Q3 net profit

JB Financial Group headquarters in Jeonju, North Jeolla Province / Courtesy of JB Financial GroupBy Anna J. ParkJB Financial Group posted a quarterly net profit of 167 billion won ($116 million) during the third quarter of this year, up 24.7 percent compared to the same period last year.According to the financial group's official announcement on Monday, JB Financial's cumulative net profit during the first three quarters of this year stood at 487.1 billion won, which is an all-time-high for the first three quarters. It is also an 18.1 percent year-on-year growth. Specifically, the group's return on equity (ROE) reached 15.2 percent, while its return on assets (ROA) stood at 1.14 percent. Both figures indicated top-rated profitability in the industry. The group explains that its preventive risk management over growing uncertainties helped it maintain soundness in its financial statements. The financial group's various affiliates all contributed to the solid profits; Jeonbuk Bank posted a net quarterly profit of 159.5 billion won, an 18.1 percent year-on-year growth, while Kwangju Bank

Oct 24, 2022By Anna J. Park
JB Financial Group posts 24.7 percent YOY growth in Q3 net profit
Economy

Gov't faces mounting criticism for inaction in early phase of credit crunch crisis

Financial Services Commission Chairman Kim Joo-hyun, left, talks with Financial Supervisory Service Governor Lee Bok-hyun at the National Assembly in Seoul, Monday. Yonhap Financial markets respond with relief but criticism rises over government's belated moveBy Anna J. ParkAlthough the local financial industry greeted the government's decision on Sunday to provide over 50 trillion won ($35 billion) in liquidity to address a mounting credit crunch in the corporate bond and commercial paper (CP) markets, the country's financial authorities could face mounting criticism for failing to take measures sooner to address the problem.Local financial companies, particularly securities firms and capital companies that had invested large sums of money in various types of real estate project financing (PF), responded with relief on Monday over the government's liquidity provision measure announced on the previous day. Reflecting the market's relief, local bond interest rates al

Oct 24, 2022By Anna J. Park
Gov't faces mounting criticism for inaction in early phase of credit crunch crisis
  • Legoland crisis pushes BOK into dilemma
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