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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 authorities attend int'l anti-money laundering meeting

A flag with the logo of the Financial Action Task Force (FATF) waves in the wind in this file photo taken during a meeting of the task force at the Congress Center in Berlin, Germany on June 17, 2022. AP-YonhapBy Anna J. ParkThe Financial Services Commission (FSC), along with the Financial Supervisory Service (FSS) and other government agencies, attended the fifth Plenary of the Financial Action Task Force (FATF) held in Paris, France, from last Thursday to Friday, joining the international anti-money laundering organization's efforts to fight cross-border crime and terrorism. According to the FSC Sunday, Park Jung-hoon, the Commissioner of Korea Financial Intelligence Unit (KoFIU), held a meeting with Raja Kumar, the president of the FATF, on the sidelines of the plenary meeting schedule. Park also held bilateral talks with Executive Secretary of the FATF Violaine Clerc, as well as Kevin Vandergrift and Joel Godard, who lead the FATF's Training Institute (TRAIN). The Korean government has voluntarily been paying contributions to the program operations of the FATF TRAIN. During the m

Oct 23, 2022By Anna J. Park
Financial authorities attend int'l anti-money laundering meeting
Economy

Gov't to inject over $35 bil. into markets to avert liquidity crisis

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, center, walks into a conference room with Financial Services Commission (FSC) Chairman Kim Joo-hyun, left, Senior Presidential Secretary for Economic Affairs Choi Sang-mok, second from left, Bank of Korea (BOK) Governor Rhee Chang-yong, second from right, and Financial Supervisory Service (FSS) Lee Bok-hyun, right, to hold an emergency macroeconomic meeting held at the Korea Federation of Banks in central Seoul, Sunday. YonhapEconomic chiefs vow to stabilize short-term money marketsBy Anna J. ParkThe government said Sunday that it will expand the provision of liquidity to over 50 trillion won ($34.7 billion) hoping to ease jitters in the country's corporate bond and commercial paper (CP) markets and prevent a possible liquidity crisis.It also said that every local government in Korea will fulfill payment guarantee obligations linked to issuances of any asset-backed commercial paper (ABCP), aiming to remove growing market concerns about short-term corporate debt.The country's corporate bond and CP markets have re

Oct 23, 2022By Anna J. Park
Gov't to inject over $35 bil. into markets to avert liquidity crisis
Economy

FSS to crack down on malicious market rumors

gettyimagesbankBy Anna J. ParkThe Financial Supervisory Service (FSS) plans to tighten up inspections and punishments related to the spreading of groundless or malicious market rumors. The watchdog agency will jointly cooperate with the Korea Exchange (KRX) in the crackdown. The move comes as an attempt to stabilize local financial markets, as numerous rumors have been spreading fast online, amid growing concerns over increased market volatility.“The FSS is strengthening its crackdowns on the dissemination of false information. It also plans to intensify inspections of unfair market transactions, while it will sternly punish those who intentionally spread malicious rumors to make personal profit by building up crisis sentiment,” an FSS official said.The financial authority is also strengthening the investigation and punishment of those who attempt stock price manipulation. For instance, those who recommend buying certain stock items on particular dates, pretending to be an expert in the financial industry, while personally profiting by selling those previously purchased s

Oct 20, 2022By Anna J. Park
FSS to crack down on malicious market rumors
Economy

Default of Legoland project financing feared to jolt financial markets

Crowds of visitors watch an event at Legoland Korea in Chuncheon, Gangwon Province, in this May 5 file photo. NewsisFinancial regulator to tap into bond market stabilization fund By Anna J. ParkAs uncertainties stemming from a default in project financing (PF) for the construction of a Legoland amusement park in Gangwon Province add to woes in the domestic bond market, Korea's top financial regulator said it will inject 1.6 trillion won ($1.1 billion) into the debt market, while ensuring additional liquidity to cover short-term loans. The Financial Services Commission (FSC) announced Thursday that it will tap into the bond market stabilization fund to provide liquidity, as it inspects the cash levels of financial companies. The FSC said it also plans to temporarily ease banks' required liquidity coverage ratios (LCR).“The FSC is closely monitoring the short-term fund market's increased volatility. In particular, it is thoroughly keeping track of risk factors related to Gangwon Province's PF asset-backed commercial paper (ABCP) issuance to take necessary measures so that it won'

Oct 20, 2022By Anna J. Park
Default of Legoland project financing feared to jolt financial markets
Banking & Finance

Local financial firms' overseas assets quadrupled over last 10 years

gettyimagesbankBy Anna J. ParkLocal financial companies' overseas assets have more than quadrupled over the past decade, as the expansion of local firms into foreign markets increased, mostly in the U.S. and Southeast Asia.This is according to the latest research conducted by CEOSCORE, a local corporate data research firm, on 39 local financial companies that published their half-year financial reports for this year on their affiliated businesses overseas. The aggregate number of overseas subsidiaries owned by the 39 local financial firms stood at 268, with their entire asset size reaching 159.3 trillion won ($112 billion). The total size of overseas assets held by local financial firms surged 4.6 times compared to the first half of 2012. Over the past decade, the entire asset size of the 39 financial companies, combining both overseas and local ones, doubled from 1,910 trillion won in the first half of 2012 to 4,060 trillion won in the first half of 2022. The numbers show that the aggregate overseas assets of the firms displayed a much faster rate of increase compared to their local

Oct 19, 2022By Anna J. Park
Local financial firms' overseas assets quadrupled over last 10 years
Economy

Financial authorities check contingency plans after Kakao fiasco

The headquarters of the Financial Services Commission (FSC) in central Seoul / Yonhap FSC, FSS prepare next week's annual parliamentary audit sessions on Kakao crash By Anna J. ParkFinancial authorities have ordered emergency inspections on financial firms' contingency plans, aiming to prevent similar incidents following the recent KakaoTalk service outage. According to the Financial Services Commission (FSC) Wednesday, Chairman Kim Joo-hyun urged the top financial regulator to identify any advance measures the local financial sector needs to address.“The FSC looks into potential risks of any financial system failures in case of sudden accidents, as it plans to fully grasp what specific measures the FSC can take in such contingency cases,” an official from the FSC explained. Financial Supervisory Service (FSS) Governor Lee Bok-hyun also ordered the watchdog agency to conduct similar emergency check-ups on financial companies' contingency plans. During Tuesday's meet

Oct 19, 2022By Anna J. Park
Financial authorities check contingency plans after Kakao fiasco
Economy

CONTRIBUTION How can tax policy help Korea become hub for foreign businesses?

Robert Browell, tax partner at Samil PwC / Courtesy of Samil PwC By Robert Browell Tax policy is an important tool for any government to help achieve its economic objectives. Successive Korean governments have announced that one of their key economic policy aims is to attract foreign investment and make Korea a more attractive location for companies to use as a regional business hub for East Asia. So just how can tax policy help attract foreign investment and promote Korea as a hub location?Tax reform packagePresident Yoon Suk-yeol's first tax reform package since taking office earlier in the year proposes some important measures highlighting the government's intention to make Korea more attractive for businesses. Although some of the details of how the new tax laws will work are still to be released, the key headlines that will benefit companies include the reduction in the top rate of corporate income tax from 25 percent to 22 percent, the introduction of a partial

Oct 18, 2022By Anna J. Park
[CONTRIBUTION] How can tax policy help Korea become hub for foreign businesses?
Banking & Finance

KDB Life put up in M&A market for fifth time

KDB Life Insurance headquarters in Seoul / Courtesy of KDB Life InsuranceBy Anna J. ParkKorea Development Bank (KDB) has officially kicked off the process to sell KDB Life Insurance, appointing Samil PwC to be the lead adviser for the sale. According to the investment banking industry Friday, KDB and Consus Asset Management ―the two major shareholders of the life insurance firm ― are set to send a prospectus on the sale to potential buyers as early as the end of the this month. KDB is also planning to officially announce the sale of KDB Life, after gaining the board's approval scheduled later this month. Late last month, KDB Chairman Kang Seog-hoon said the state lender aims to sell off KDB Life as soon as possible. KDB acquired the life insurance company in 2010, following an insolvency issue of Kumho Group, the previous parent company of the insurance firm. KDB jointly formed a private equity fund with Consus Asset to acquire the insurer, and has injected about 850 billion won ($593 million) so far. The joint private equity fund owns a 92.73 percent stake in KDB Life, and that majo

Oct 14, 2022By Anna J. Park
KDB Life put up in M&A market for fifth time
Banking & Finance

Lionheart Studio, Golfzon Commerce withdraw IPO plans

gettyimagesbank By Anna J. Park Lionheart Studio, which had been regarded as one of most anticipated IPOs for the tech-heavy Kosdaq market slated for this year, ended up canceling its listing plan, amid the market's negative sentiments towards its estimated corporate valuation as well as the public's fatigue over Kakao affiliates' series of IPOs. Originally, the subsidiary of Kakao Games was supposed to conduct a stock allotment process for retail investors early next month. But the game company officially announced the withdrawal of its IPO plan on Thursday, just two weeks after the firm submitted its IPO registration statements to the financial authority. The company stated that it decided to withdraw its listing plan after thoroughly considering both local and global market factors that make it hard to acknowledge its proper valuation. The game company had hoped its market cap would be valued at a minimum of 3 trillion won ($2.1 billion) with its initial subscrip

Oct 14, 2022By Anna J. Park
Lionheart Studio, Golfzon Commerce withdraw IPO plans
Banking & Finance

KakaoBank, Kakao Pay employees agonize over stock price plunge

The headquarters of KakaoBank in Pangyo, Gyeonggi Province / NewsisBy Anna J. ParkAs the stock prices of key Kakao affiliates continue to plunge, employees at KakaoBank and Kakao Pay, who spent hundreds of millions of won to purchase their company's stocks when they went public last year, are suffering from snowballing losses.The stock prices of KakaoBank and Kakao Pay have been falling to new lows for consecutive sessions lately. KakaoBank's stock price ended at an all-time low of 16,550 won ($11.56) on Thursday, down 6.76 percent. Kakao Pay's stock price also logged a record-low of 34,400 won, displaying a losing streak for seven consecutive sessions. Both companies' stock prices nosedived to less than one sixth of their value logged during the early months of their listing on the benchmark KOSPI last year. The lackluster performances contrast starkly with what employees had expected at the time of their much-anticipated IPOs last year. At the peak of a liquidity-driven boom in the local stock market, employees were certain of the stocks' upward movements in the coming years, which

Oct 13, 2022By Anna J. Park
KakaoBank, Kakao Pay employees agonize over stock price plunge
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