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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

HYBE's stock price on rollercoaster ride due to BTS' military exemption issue

K-pop group BTS performs during the “BTS Permission to Dance ― Seoul” concert at Jamsil Olympic Stadium on March 10, 2022. Courtesy of Big Hit MusicBy Anna J. Park The stock price of HYBE ― the management company of K-pop behemoth BTS ― rose by 2.27 percent on Monday, ending a losing streak lasting three consecutive sessions, following the release of a public survey that approved the group members' exemption from mandatory military service.The stock price went up as high as 164,000 won ($117) at 9:10 a.m. Monday, just 10 minutes after trading began. The price went gradually down from its daily peak, ending at 157,500 won, a 2.27 percent increase from the previous session. Monday's rise is mainly attributed to the public opinion survey result that showed a majority of respondents support alternative military service for the idol group members.Realmeter surveyed 1,018 adults over the age of 18 from Sept. 14 to 15 and found that 60.9 percent of the respondents favored the revision of the country's Military Service Act that would allow pop artists who are acknowledged to elev

Sep 19, 2022By Anna J. Park
HYBE's stock price on rollercoaster ride due to BTS' military exemption issue
Economy

Watchdog's move to strengthen bank reserves feared to hurt dividend payouts

Financial Services Commission (FSC) headquarters in central Seoul / YonhapBy Anna J. Park Financial authorities plan to act on their new right to request banks to strengthen cash reserves, but market watchers are concerned that the move might hurt year-end dividend payouts by listed lenders.According to the Financial Services Commission's (FSC) latest taskforce meeting, aimed at better responding to financial risks, the top financial regulator plans to adopt a new control measure against local banks, which will allow the FSC to ask banks to prepare “special” cash provisioning measures, in addition to their usual cash reserves.Under financial authorities' tentative ideas on the adoption of such measures, the regulators are expected to hold the right to demand banks to strengthen reserves, after reviewing each bank's annual reports on cash reserves. When financial authorities deem banks' reserves are not at a sufficient level compared to the lenders' expected losses, regulators could invoke the right to urge banks to increase reserves, on top of their usual cash reserves. T

Sep 19, 2022By Anna J. Park
Watchdog's move to strengthen bank reserves feared to hurt dividend payouts
Economy

IMM decides to unload Missha despite losses

A branch of Missha in Seoul / Courtesy of Able C&C Private equity firm fails to reap profitsBy Anna J. ParkAble C&C, which owns Korea's representative road-shop cosmetics brand Missha, is finally up for sale in the M&A market, five years after IMM Private Equity (IMM PE) purchased a controlling stake in the firm for about 400 billion won ($287 million). While Credit Suisse has been tapped to manage the sales process, the selling price is estimated to be less than half of what IMM PE paid to acquire it, given that the market cap of Able C&C stands at around 171.3 billion won, as of Friday. After acquiring the stake in 2017, IMM PE has been struggling to increase the company's corporate value and profitability. Yet it couldn't overcome the shock from COVID-19 as well as changing market trends such as a growing preference for shopping for cosmetics online and the popularity of multi-brand cosmetics shops. The private equity firm injected nearly 400 billion won into the

Sep 16, 2022By Anna J. Park
IMM decides to unload Missha despite losses
Banking & Finance

Hyundai Card CEO's sudden resignation draws attention

Hyundai Card headquarters / Courtesy of Hyundai Card Vice Chairman Chung Tae-young's leadership put to test By Anna J. ParkAs the CEOs of both Hyundai Card and Hyundai Commercial stepped down from their posts recently without completing their terms, market attention is now focused on Chung Tae-young, vice chairman at Hyundai Card and Hyundai Commercial, as to the reasons for the CEOs' sudden resignations and the vice chairman's future moves with the firms.The two departed CEOs were both appointed in April last year. Back then, Chung Tae-young stepped down from his long-held CEO role at Hyundai Commercial. But he decided to co-lead Hyundai Card with its newly appointed CEO, while maintaining his CEO position at the card firm, focusing on the company's new ventures and future strategic plans. However, in just a year and a half after the appointment, the two CEOs decided to leave their positions without stating clear reasons behind their sudden resignations. Lee Byung-

Sep 16, 2022By Anna J. Park
Hyundai Card CEO's sudden resignation draws attention
Economy

FSS chief stresses preemptive risk management for market stability

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks to reporters during a press conference held at the FSS' headquarters in Seoul, Thursday. Courtesy of the FSSBy Anna J. Park Financial Supervisory Service (FSS) Governor Lee Bok-hyun reiterated his vows to respond preemptively to the economy's internal and external uncertainties, aiming to maintain financial stability amid the increasingly complex situation. During a press conference on Thursday, which was held to mark the 100th day since his taking the chief position in early June, Governor Lee said the FSS will focus on assessing and managing the potential risk factors of each financial sector. “The FSS will strengthen its checkups by closely cooperating with related agencies and companies, so that risks of short-term liquidity and real estate finances won't translate into threats to the financial system,” Governor Lee said during the press conference. “The FSS is currently working with the Bank of Korea to conduct stress tests on financial companies, based on contingency plans jointly drawn up with t

Sep 15, 2022By Anna J. Park
FSS chief stresses preemptive risk management for market stability
Economy

Financial industry's strike plan fails to win support from colleagues

Members of the Korean Financial Industry Union (KFIU) hold banners in front of the headquarters of the Korea Federation of Banks in central Seoul, Wednesday. Newsis By Anna J. Park The Korean Financial Industry Union (KFIU) confirmed its plan to go ahead with an all-out strike from Friday, yet the strike is unlikely to present major setbacks to financial customers, as only a minimal percentage of union members are expected to join the move. According to the KFIU, the industry union, which includes members from both commercial banks and state-run banks, decided last month to go on strike. If the strike takes place as planned, it will be the first financial sector strike in six years, following one in September 2016. The key reason for the strike is the failure to reach an agreement between financial industry employees and management over wage increase rates, along with other issues. The union demanded a 5.2 percent wage increase, while management suggested a signif

Sep 15, 2022By Anna J. Park
Financial industry's strike plan fails to win support from colleagues
Banking & Finance

Shinhan Life to expand operation in Vietnam

A Shinhan Life branch in Vietnam / Courtesy of Shinhan LifeBy Anna J. ParkShinhan Life is expected to open up its new Vietnam business center in Hanoi later this year, aiming to strengthen its presence and competitiveness in the Southeast Asian country. The life insurer began its Vietnamese operation in January this year in Ho Chi Minh City, and its success in the southern city has encouraged the expansion into Hanoi later this year. According to the insurance industry Wednesday, Shinhan Life is planning to sell low-priced insurance plans in Hanoi during the second half of this year. The life insurer's Hanoi branch is slated to begin operation as early as October. Upon starting business in Ho Chi Minh City early this year, Shinhan Life has closely cooperated with other Shinhan affiliates including Shinhan Bank and Shinhan Card to gain quick access to the Vietnamese market. Vietnam is regarded as a blue ocean for Korean insurance companies, as only 5 percent of the Southeast Asian country's population holds insurance plans as of the end of last year. The total revenue of Vietnamese in

Sep 14, 2022By Anna J. Park
Shinhan Life to expand operation in Vietnam
Economy

PEFs face challenges raising capital

gettyimagesbank Capital commitment decreases, while number of PEFs reaches all-time highBy Anna J. ParkThe amount of capital committed for fundraising by local private equity firms (PEFs) has plunged this year, amid soaring global interest rates and increasing economic uncertainty.According to data by the Financial Supervisory Service (FSS), the amount of newly committed capital for local PEFs during the first quarter of this year stood at 2.7 trillion won ($1.94 billion), which is only about a third of the 8.19 trillion won committed during the fourth quarter of 2021. While major PEFs are said to be struggling to solicit capital commitments from institutional investors for their private equity funds due to deteriorating external economic conditions, the number of local PEFs reached an all-time high of 1,080 as of the first quarter this year. This means the private equity sector might face a painful restructuring phase in the years to come.Market insiders say the de

Sep 14, 2022By Anna J. Park
PEFs face challenges raising capital
Economy

McDonald's Korea initiates sale procedure for M&A market

A McDonald's branch in Seoul / NewsisBy Anna J. Park While major burger franchises in Korea, including Mom's Touch and Burger King Korea, are expected to be put up for sale soon, McDonald's Korea has become the first to officially initiate the selling process.According to the investment industry Tuesday, Mirae Asset Securities ― the organizer of the sale of McDonald's Korea ― has recently sent an investment teaser letter to potential buyers. The 100 percent stake in McDonald's Korea held by McDonald's APMEA Singapore Investments will be up for sale. The 13-page letter stressed the dominant market position of McDonald's Korea in the domestic burger market, as well as its further growth potential. The document stated that McDonald's Korea maintains the top market share in the local franchise burger industry, despite the fact that McDonald's operates only about 400 branches nationwide. The number of branches across the country is way smaller than those of its competitors like Mom's Touch and Lotteria, which each operate over 1,300 branches in the country. Burger King also operates about

Sep 14, 2022By Anna J. Park
McDonald's Korea initiates sale procedure for M&A market
Economy

Hana Financial joins preliminary bidding for acquiring Lotte Card

Lotte Card's headquarters in central Seoul / Courtesy of Lotte CardMBK Partners seeks to sell 59.83% stake in Lotte CardBy Anna J. ParkHana Financial Group turns out to be the only major financial group that has joined a preliminary round of bidding for acquiring Lotte Card that ended last week. Other major candidates that the market had previously anticipated to see joining in the acquisition race, such as Shinhan Financial, KT, Toss Bank and Woori Bank, are said to have not participated in the preliminary bidding. According to local credit card industry sources, Hana Financial Group along with some strategic investors joined last week's preliminary bidding to acquire a 59.83 percent stake in Lotte Card owned by private equity firm MBK Partners. JPMorgan organized the process of the preliminary bidding round. Hana Financial as well as MBK Partners both declined to confirm any facts about the bidding process, only saying there's nothing that they can publicly offer. But sources familiar with the issue said Hana's participation is aimed at strengthening its non-banking businesses. In

Sep 13, 2022By Anna J. Park
Hana Financial joins preliminary bidding for acquiring Lotte Card
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