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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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Banking & Finance

Viva Republica raises half of intended capital

Viva Republica founder and CEO Lee Seung-gun speaks to reporters during a press conference held in December 2019. NewsisBy Anna J. ParkViva Republica has wrapped up its Series G investment round raising a total of 530 billion won ($371 million), about half of what it had aimed to attract during the round. According to the investment banking industry Tuesday, the comprehensive fintech company, which covers banking, brokerage and payment, completed the Series G investment round at the end of last month, with its corporate value estimated at around 9.1 trillion won.Originally, the company aimed to attract one trillion won during the Series G round, when the firm first planned this latest investment round at the start of the year. But it had to be curtailed down to raising about half of the planned amount of capital due to drastically deteriorated external macroeconomic conditions, such as soaring interest rates. The company plans to monitor the market for the time being, before deciding whether to attract additional capital, if necessary. Several investors who participated in the firm's

Sep 27, 2022By Anna J. Park
Viva Republica raises half of intended capital
Banking & Finance

Mirae Asset's IFC purchase deal falls apart

IFC Seoul on Yeouido / Courtesy of Mirae Asset Global InvestmentsAsset management firm files arbitration case for return of depositsBy Anna J. Park Mirae Asset's plan to purchase International Finance Center (IFC) Seoul from Toronto-based Brookfield Asset Management has fallen apart, some four months after the two sides signed a memorandum of understanding (MOU) in May this year agreeing to a 4 trillion won ($2.79 billion) deal. According to investment banking sources, Monday, Mirae Asset has filed a case with Singapore International Arbitration Centers (SIAC) to retrieve a 200 billion won deposit paid to Brookfield Asset under the MOU.Originally, Mirae Asset was to raise about half of the 4 trillion won by establishing a real estate investment trust (REIT) but the plan had to be scrapped, as the Korean government brought a halt to its plans in August, owing to an excessive proportion of debt in the trust's structure. Mirae Asset had been certain that it could recover the deposit money, as the terms and conditions of the memorandum stated that the deposit could be refunded in the eve

Sep 26, 2022By Anna J. Park
Mirae Asset's IFC purchase deal falls apart
Economy

Korea urged to diversify supply chains amid escalating US-China tensions

gettyimagesbankBy Anna J. ParkKorea is being advised to strengthen the diversification of its key supply chains, as the intensified rivalry between the U.S. and China is expected to negatively impact the country's core industry sectors of semiconductors and automobiles.According to the latest policy analysis report published by the Bank of Korea (BOK) on Sunday, the geopolitical and economic feuds between the U.S. and China have deepened in more varied forms of late. This is best illustrated by their intensified confrontations on the status of Taiwan as well as the U.S.' recent passages of the CHIPS and Science Act and the Inflation Reduction Act so as to counter threats from China. “The possibility of mitigation of the two countries' political standoff is considered to be low, given the increase of unfavorable public opinions among U.S. citizens regarding China. In addition, most pro-market and reform-minded Chinese leaders are expected to be replaced with hardline conservatives,” the report stated. The report cited a poll result by the U.S.-based Pew Research Center, wh

Sep 26, 2022By Anna J. Park
Korea urged to diversify supply chains amid escalating US-China tensions
Economy

Bank loan interest rates could reach 14-year high, raising household debt burden

A man in Seoul looks at a bank's street banner advertisement that shows the currently soaring loan interest rates. NewsisBy Anna J. Park With the U.S. Federal Reserve taking giant rate hike steps three consecutive times in a row, local banks' housing loan interest rates are fast approaching a 14-year high ― by the end of the year ― overshadowing the Korean economy's growth potential and looming large in regard to the household debt crisis.According to the local banking industry, the interest rates of the four major banks' housing mortgage loans range from 4.38 percent to 6.829 percent a year as of mid-September. It's an increase of 0.706 percentage points in two months in the upper band of the interest rate range, as the interest rates from 4.21 percent to 6.123 percent back mid-July this year. Given that the U.S. Fed is highly likely to take another giant step of raising its rate by 75 basis points in early November, and the Bank of Korea (BOK) is also expected to take a big step of raising its rate by 50 basis points in the next month, the country's interest rates for housing mortg

Sep 25, 2022By Anna J. Park
Bank loan interest rates could reach 14-year high, raising household debt burden
Economy

Won-dollar rate soars to 1,409.7 on Fed rate hike

Bank of Korea Governor Rhee Chang-yong, second from left, sits next to Financial Supervisory Service (FSS) Governor Lee Bok-hyun, first from left, finance minister Choo Kyung-ho, third from left, and Financial Services Commission (FSC) Chairman Kim Joo-kyun, first from right, during a press conference after an emergency macroeconomic meeting in central Seoul, Thursday. YonhapBOK chief hints at more aggressive tighteningBy Anna J. Park The Korean won to U.S. dollar exchange rate soared above the 1,400 level for the first time in more than 13 years on Thursday in the wake of the U.S. Federal Reserve's overnight hike of its key interest rate by 75 basis points for the third straight time.With the U.S. Fed's hawkish attempt to curb inflation, the won-dollar exchange rate soared, ending at 1,409.7 won at the Seoul foreign currency exchange on Thursday. It marked a 15.5 won increase from Wednesday.The rate started off at 1,398 won, a 3.8 won increase from the previous close, and quickly surpassed the 1,400 won mark in the early trading hours of Thursday. It reached 1,413 at one point durin

Sep 22, 2022By Anna J. Park
Won-dollar rate soars to 1,409.7 on Fed rate hike
Banking & Finance

Kyobo Lifeplanet Life Insurance appoints new CEO

Kyobo Lifeplanet Life Insurance CEO Kang Tae-yoon / Courtesy of Kyobo Lifeplanet InsuranceBy Anna J. ParkKyobo Lifeplanet Life Insurance has appointed Kang Tae-yoon as the new CEO to lead the company for the next two years. His term is slated to end in September 2024. Kang's appointment ended the era of the firm's long-serving former CEO, Lee Hak-sang, who led the company during the past decade, since the firm's official launch in 2013.After graduating from Soongsil University and earning an MBA from the University of Washington, Kang started his career at Kyobo Life Insurance in 1997, assuming various roles ranging from being on an e-business taskforce to strategic business planning. He has been working at Kyobo Lifeplanet since 2013 and is known for his achievements in digital management innovation during that period.“As the CEO of the company, I will focus on strengthening solid ground for the firm as a digital life insurer, while securing new growth engines to lead the market,” Kang said. “The company aims to continuously innovate itself to be a leader acknowled

Sep 22, 2022By Anna J. Park
Kyobo Lifeplanet Life Insurance appoints new CEO
Economy

Korea seeks to attract investment from Saudi oil money

Minister of Land, Infrastructure and Transport Won Hee-ryong, right, holds hands with Princess Haifa Bint Mohammed Al Saud, who's also Deputy Tourism Minister of Saudi Arabia, at Shilla Hotel in central Seoul, Tuesday. Courtesy of Ministry of Land, Infrastructure and Transport Seoul invites Saudi sovereign wealth funds this weekBy Anna J. Park Saudi Arabia's sovereign wealth funds seek investment opportunities in Korea, particularly in the area of gaming and cultural sectors, as they paid a visit to Korea this week. According to the Seoul Metropolitan Government, the city and “Invest Seoul ― the metropolitan government's investment arm ― invited key officials of two Saudi sovereign wealth funds to stay in Seoul from Monday to Thursday this week. The invitation aims to show the appeal of local competitive startup businesses to the Saudi wealth fund officials, hoping to attract investments from them. This is the first time that the Seoul city government invited the

Sep 21, 2022By Anna J. Park
Korea seeks to attract investment from Saudi oil money
Economy

Financial regulator to investigate solar energy loans

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during a joint meeting with leaders of listed companies as well as the Korea Exchange (KRX) in Seoul, Wednesday. Yonhap5.39 tril. won solar energy loans approved during Moon administration to be examinedBy Anna J. Park The Financial Supervisory Service (FSS) has started looking into allegations of bad loans related to solar energy development during the former President Moon Jae-in administration. The FSS said Wednesday it is planning to look into banks' detailed records regarding their approved loans related to solar energy development since 2017.The FSS' move comes as the anti-corruption bureau of the Office of Government Policy Coordination announced earlier this month that it identified numerous cases of illegal or problematic government-funded solar energy projects during the Moon administration in 12 local governments nationwide.Currently, the FSS is compiling information about solar energy loans made during the past administration. “First of all, the FSS is receiving reports from financial companies on info

Sep 21, 2022By Anna J. Park
Financial regulator to investigate solar energy loans
Banking & Finance

KIC posts worst investment loss during H1

Korea Investment Corporation (KIC) headquarters in downtown Seoul / Courtesy of KICBy Anna J. Park The Korea Investment Corporation (KIC), a sovereign wealth fund in the country, posted its worst investment loss in its asset evaluation for the first half of this year. According to data submitted by the KIC to main opposition Democratic Party lawmaker Yang Kyung-sook, the KIC logged a 13.83 percent investment loss during the first six months of this year. Given that the KIC's assets stood at around $205 billion at the end of last year, it means that the sovereign fund's evaluated asset has been reduced by around 39 trillion won ($28 billion) during the first half of the year. The sovereign wealth fund's investment loss in overseas stocks stood at 21.17 percent, and in bonds at 14.04 percent. Stocks account for about 40 percent of KIC assets, while bonds take up some 35 percent. The KIC is also estimated to witness losses in alternative investments, including real estate and infrastructure investments, for the first quarter. Market insiders explain that the losses by the KIC are just a

Sep 20, 2022By Anna J. Park
KIC posts worst investment loss during H1
Banking & Finance

Board thwarts Woori Financial's attempt to acquire BNP Paribas Cardif Life

The headquarters of Woori Financial Group located in central Seoul / YonhapWoori board opposes Cardif Life acquisition, while prioritizing acquisition of securities firmBy Anna J. Park Woori Financial Group aims to push ahead with the expansion of its non-banking business portfolio, but the financial group's recent attempt to acquire BNP Paribas Cardif Life could not overcome the board's opposition.According to the investment banking industry, Woori Financial has been positively reviewing the option of acquiring the life insurance company in recent months. However, the financial group's board is opposed to the acquisition plan on the grounds that the timing isn't right, saying more life insurance firms are expected to be up in the M&A market with the slated adoption of new IFRS17 accounting standards from the next year.BNP Paribas Cardif has been attempting to sell its life insurance affiliate in Korea since July. BNP Paribas Cardif holds an 85-percent stake in its life insurance affiliate, whose assets total 3 trillion won ($2.15 billion). The life insurer is ranked 21st out of

Sep 20, 2022By Anna J. Park
Board thwarts Woori Financial's attempt to acquire BNP Paribas Cardif Life
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