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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

Gov't to collect data to curb housing speculation by foreigners

Apartment complexes and buildings in southern Seoul / NewsisBy Anna J. ParkThe government plans to release statistics of the real estate properties in Korea held by foreigners starting from the first quarter of next year, with the goal of curbing housing speculation by foreigners. According to the land ministry's key budget plans for next year submitted to Democratic Party of Korea lawmaker Rep. Park Sang-hyuk, 300 million won ($217,000) has been allocated to drawing up statistics on housing owned by foreign nationals over the next year. Out of the total of 17.8 billion won allocated to surveys and statistics of housing in Korea in next year's budget, 300 million won will be spent exclusively to collect data on the real estate holdings of foreign nationals. It is the first time ever that the Korean government has allocated money solely for the purpose of surveying and compiling statistics on foreigners' housing ownership in Korea. “The reason for allocating the money in the budget plan is to respond properly to foreigners' housing speculation by establishing a specified databas

Sep 12, 2022By Anna J. Park
Gov't to collect data to curb housing speculation by foreigners
Economy

Hyundai Motor, LGES stocks shine brighter amid bearish stock market

Employees look into monitors as they work at a dealing room in Hana Bank's headquarters in central Seoul on Sept. 8. The KOSPI closed at 2,384.28 on Thursday, up 0.33 percent from the previous trading session. YonhapCompanies show strength despite weakened won and US IRABy Anna J. ParkAs the won-dollar exchange rate soared to a 13-year high recently, local stocks have generally become less attractive to foreign investors due to the weakened Korean currency. But some local stocks still remain popular among foreign investors. They have been focusing lately on buying LG Energy Solution (LGES) and Hyundai Motor. A weak won makes Korean automobiles cheaper to buy overseas, while LGES is expected to benefit from the implementation of the U.S. Inflation Reduction Act (IRA) by building a joint venture battery plant in America.According to the Korea Exchange (KRX), foreign investors were net sellers of local stocks this month, dumping 1.1 trillion won ($790 billion) worth of Korean shares since the start of the month. During their selling spree of local stocks this month, however, foreig

Sep 12, 2022By Anna J. Park
Hyundai Motor, LGES stocks shine brighter amid bearish stock market
Banking & Finance

INTERVIEW 'Tech, AI, logistics, automation sectors to be key areas of Korea-SEA investment deals'

PwC Singapore Mergers & Acquisitions and Private Equity Leader Ling Tok Hong / Courtesy of PwC PwC's Korea-Singapore deal center facilitates M&A opportunities between Korea, Southeast Asian countriesBy Anna J. ParkIn the wake of COVID-19, the global mergers and acquisitions (M&A) market has grown exponentially to meet a greatly transformed business environment, such as deepened digitalization and efficient logistics. Southeast Asian countries have also witnessed significant growth in M&A transactions in the years following the pandemic outbreak. Businesses' increased tendency to relocate manufacturing operations from China to Southeast Asia as well as further migration of funds to Singapore have helped the rise of M&A and private equity (PE) investments in the region. During a recent one-on-one talk with The Korea Times, PwC Singapore's M&A and PE Leader Ling Tok Hong explained such unique features of the M&A and PE markets in Southeast Asia as well as the opening o

Sep 10, 2022By Anna J. Park
[INTERVIEW] 'Tech, AI, logistics, automation sectors to be key areas of Korea-SEA investment deals'
Banking & Finance

Mirae Asset, Korea Investment top in errors of HTS, MTS

gettyimagesbankBy Anna J. ParkA total of 1,136 cases of errors in local securities companies' home trading services (HTS) and mobile trading services (MTS) have been reported over the past five years. Mirae Asset and Korea Investment topped the list for resultant financial harm inflicted on consumers.This is according to data submitted by the Financial Services Commission (FSC) to independent lawmaker Yang Jung-suk. The data tracks 29 local securities firms' errors reported since 2017, amounting to aggregated financial damages of 26.8 billion won ($19.3 million). Mirae Asset, the biggest player in the industry, is estimated to have inflicted the highest amount of harm ― 7.6 billion won ―, due to the error cases of their HTS and MTS services during the five-year period, followed by Korea Investment's four billion won, Samsung Securities' 1.5 billion won, Kiwoom Securities' 1.1 billion and NH Investment's 100 million won. Out of all the cases reported, only 81 percent of them were found to have compensated impacted investors. “It is a shocking truth to know that hundreds of error

Sep 7, 2022By Anna J. Park
Mirae Asset, Korea Investment top in errors of HTS, MTS
Banking & Finance

Hyundai Card in talks with Apple to introduce Apple Pay in Korea

The headquarters of Hyundai Card on Yeouido, Seoul / NewsisBy Anna J. ParkHyundai Card is currently known to be in talks with Apple to introduce Apply Pay exclusively to Korea as early as by the end of this year. According to local credit market sources, Hyundai Card's talks with Apple are in its final phase to seal the deal of exclusively introducing the mobile payment services to Korean consumers. Hyundai Card is expected to sign a one-year exclusive contract to provide the U.S. tech-giant's mobile payment service, while some say the contract could be extended for up to three years. Since early August, there have been numerous local media reports speculating about Hyundai Card's exclusive deal with Apple Pay. Yet, the credit card company has kept its lips sealed on the matter. “There's nothing the company can confirm on the matter. That's all we can say,” an official from Hyundai Card told The Korea Times, WednesdayHowever, the local credit card industry now regards the deal as a fait accompli, as the sources of the news came from the local payment network business indu

Sep 7, 2022By Anna J. Park
Hyundai Card in talks with Apple to introduce Apple Pay in Korea
Economy

FSS to establish hotlines with banks to monitor foreign liquidity

The headquarters of the Financial Supervisory Service located on Yeouido, Seoul / YonhapBy Anna J. ParkAs the won-dollar foreign exchange rate continues to skyrocket, the Financial Supervisory Service (FSS) has decided to monitor local banks as well as the local operations of foreign banks for their preparations in foreign reserves.The FSS held a meeting, Tuesday, with local major commercial banks and foreign banks' Seoul operations, including JPMorgan, Deutsche and BNP Paribas, to discuss their contingency plans amid the increased volatility in the market. In their discussion about the current market situation, the participants said that current foreign reserves and foreign currency swap markets in the country are estimated to remain stable, unlike the situation witnessed back in 2008 during the global financial crisis. Yet, they expressed concerns that the dollar's strength is likely to continue, given that the current foreign exchange rate reflects externally unfavorable economic factors, such as the global recessional cycle and the reduction of global trade. The won-dollar exchan

Sep 6, 2022By Anna J. Park
FSS to establish hotlines with banks to monitor foreign liquidity
Banking & Finance

Kyobo Life mulls over listing on US stock market

The headquarters of Kyobo Life in central Seoul / Courtesy of Kyobo LifeLife insurer seeks alternative following rejection by KRXBy Anna J. ParkKyobo Life is examining the option of pursuing an overseas listing on the U.S. stock market, as its attempt to go public on the Korean stock market was denied two months ago. According to financial industry sources on Tuesday, the life insurer has begun internal discussions on the topic of going public on the U.S. stock market with a preference for the New York Stock Exchange (NYSE).It's not the first time that the life insurer has examined the option of an overseas listing. Kyobo Life had also studied and considered going public on other major stock markets, including those of the U.S., Hong Kong, Shanghai and London. Back then, the option was more considered long-term strategic planning for the company's various possible listing scenarios, given that major local financial groups like KB and Shinhan are successfully dual-listed on the Korean and U.S. stock markets. However, market watchers say Kyobo Life's discussions on the overseas listing

Sep 6, 2022By Anna J. Park
Kyobo Life mulls over listing on US stock market
Banking & Finance

Securities firms tighten belts amid bearish stock market

EBest Investment & Securities headquarters on Yeouido, Seoul / Courtesy of eBest Investment & SecuritiesBy Anna J. ParkLocal securities companies have announced that they kick-started emergency management systems, aiming to weather through the current challenges of both global and local stock markets. Such moves are deemed necessary, as various geopolitical factors increase market uncertainty. Soaring interest and exchange rates as well as tightening global monetary policies have also significantly weakened local brokerage firms' recent earnings. Early in September, eBest Investment & Securities has launched its emergency management. According to the firm, the emergency management plan includes deferring 20 percent of executives' salaries and reducing business promotional expenses by 20 percent to 30 percent. The emergency management system is to continue until the end of the year.“The move is a preemptive gesture to raise employees' level of alertness against the deterioration of the market,” an eBest Investment official explained. DAOL Investment & Secur

Sep 3, 2022By Anna J. Park
Securities firms tighten belts amid bearish stock market
Economy

Korea on alert over 6 more investor-state suits following Lone Star ruling

gettyimagesbank By Anna J. Park While government's high-profile battle with Lone Star Funds has finally reached an outcome after 10 years, Wednesday, six more similar investor-state dispute settlement (ISDS) cases filed against the government are still pending at the international arbitration tribunal. The total amount of claims asked by claimants against the Korean government exceeds 1.6 trillion won ($1.2 billion). According to ISDS Navigator operated by the United Nations Conference on Trade and Development (UNCTAD), there are a total of 10 ISDS cases filed against the Korean government, four of which have been concluded or discontinued, and the remaining six are ongoing. The case with the largest amount of claim is the one filed by U.S. activist fund Elliott Management against Korea in 2018, on the grounds that the Korean government allegedly interfered in the merger process of Samsung C&T and Cheil Industries. Elliott, a 7.12 percent stake holder in Samsung C&T

Sep 2, 2022By Anna J. Park
Korea on alert over 6 more investor-state suits following Lone Star ruling
Economy

Lone Star ruling regarded as '50% defeat' for Korean gov't: experts

The lobby of Star Tower in Seoul's Gangnam District, where Lone Star's Seoul office had been located / Korea Times fileLegal, economic experts critical of justice ministry's self-praiseBy Anna J. ParkDebates continue over the ruling by the International Centre for Settlement of Investment Disputes (ICSID) that came after a decade-long legal battle between the Korean government and U.S.-based Lone Star Funds over the private equity firm's sale of Korea Exchange Bank (KEB). The Korean justice ministry described the ICSID's ruling ― ordering the Korean government to pay $216.5 million plus interest ― as an “overall victory” on the grounds that only 4.6 percent of the $4.68 billion that Lone Star had been claiming was acknowledged in the international arbitration court. The ministry also said it is worth pursuing the last available measure of seeking an annulment of the award to the ICSID, given that one minority view of the ruling fully accepted the Korean government's stance that it shouldn't have to pay Lone Star at all. However, some legal and economic experts criticized

Sep 1, 2022By Anna J. Park
Lone Star ruling regarded as '50% defeat' for Korean gov't: experts
  • Law firms are real winners in Korea-Lone Star battle
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