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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

Law firms are real winners in Korea-Lone Star battle

gettyimagesbankBig law firms receive over 100 billion won in legal fees for Lone Star case By Anna J. Park As the Korean government has announced its plan to seek an annulment of the $216.5-million award that it was ordered to pay Lone Star Funds in a recent international arbitration case, law firms' revenues are expected to increase further. It has been estimated that both the Korean government and Lone Star spent over 100 billion won ($75 million) over the last decade on legal fees alone, and their billings will continue to accrue with additional legal action.“It's regrettable that we couldn't win on every argument point, but we did our best in representing the Korean government for the past 10 years. The firm will fully support the government's annulment registration move,” stated the official press release by Bae, Kim & Lee, the Seoul-based law firm representing the Korean government in its legal battle against Lone Star at the ICSID. Bae, Kim & Lee has cooperated with Arnold & Porter, a U.S.-based law firm, to represent the Korean government in the legal

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

Korea to challenge Int'l tribunal decision on Lone Star suit

Justice Minister Han Dong-hoon addresses a ruling by the International Centre for Settlement of Investment Disputes (ICSID), during a press briefing held at the government complex in Gwacheon, Wednesday afternoon. YonhapInt'l tribunal orders Korean gov't to pay US private equity firm $216.5 mil.By Anna J. ParkKorea will request the cancellation of an international tribunal's decision ordering it to pay U.S. private equity Lone Star Funds $216.5 million plus interest over a dispute that began more than a decade ago, the Korean government said Wednesday. "Although the award at the court acknowledged only a partial amount of what Lone Star claimed, the Korean government finds it hard to fully accept the ruling," Justice Minister Han Dong-hoon said during a press briefing, Wednesday.“The government will seek to file for its cancellation or suspension of implementation. We cannot waste a single penny of taxpayer money.”The briefing came a few hours after the Washington-based International Centre for Settlement of Investment Disputes (ICSID) delivered a long-awaited verdict on

Aug 31, 2022By Anna J. Park
Korea to challenge Int'l tribunal decision on Lone Star suit
  • Ill-fated relationship between key officials and Lone Star draws focus
Economy

FSS chief vows support for fintech businesses with deregulation

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during a meeting with fintech leaders in Seoul, Tuesday. Courtesy of FSSBy Anna J. ParkThe Financial Supervisory Service (FSS) chief vowed to support local fintech businesses by loosening up regulations. During a meeting with fintech company leaders on Tuesday, FSS Governor Lee Bok-hyun pledged not to impose governmental guidelines when it comes to the fintech businesses' easy payment commission fees.“Commission fees should be decided voluntarily by market participants, and the financial authority does not intend to intervene in the matter,” Lee said during the meeting.Among those present were Naver Financial CEO Park Sang-jin, Kakao Pay CEO Shin Won-keun, Viva Republica (Toss) CEO Lee Seung-gun, Music Cow CEO Jung Hyun-kyung, Small Ticket CEO Kim Jung-eun and Korea Fintech Industry Association (KORFIN) Chairman Lee Keun-ju.Financial Supervisory Service (FSS) Governor Lee Bok-hyun, front row fourth from left, poses for a photo with fintech business CEOs during a meeting held in Seoul, Tuesday. Courtesy of FS

Aug 30, 2022By Anna J. Park
FSS chief vows support for fintech businesses with deregulation
Cryptocurrency

Customs inspection turns up illegal cryptocurrency transactions worth $2 bil.

An official from Seoul Regional Customs speaks during a press briefing in Seoul, Tuesday. NewsisBy Anna J. ParkSeoul Regional Customs uncovered a total 2.7 trillion won ($2 billion) worth of illegal foreign exchange transactions related to cryptocurrency trading during its special inspections, the agency announced Wednesday. The special inspections focusing on cryptocurrency-related illegal foreign exchange transactions began in February. Most of the foreign exchange violations caught during the inspections were related to purchases of digital assets through overseas cryptocurrency exchanges.For instance, nearly half of the money ― or 1.3 trillion won ―- was found to be illegal remittances to overseas accounts, aiming for arbitrage opportunities on cryptocurrency exchanges. The funds were sent via commercial banks disguised as payment for trade businesses.Altogether 16 people were apprehended during the inspections. Two of them were referred to the prosecution, while seven were penalized. A further seven are still under investigation. “Foreign exchange transactions aiming to ta

Aug 30, 2022By Anna J. Park
Customs inspection turns up illegal cryptocurrency transactions worth $2 bil.
Economy

NPS posts 8 percent loss in H1

National Pension Service headquarters in Jeonju, North Jeolla Province / YonhapBy Anna J. ParkThe National Pension Service (NPS) posted a loss of 8 percent during the first half of this year, due mainly to market deterioration stemming from tightening global monetary policies and the ongoing Russia-Ukraine conflict. According to the NPS, Monday, its assets reduced to 882.7 trillion won ($654 billion) as the end of the first half of this year, a drop of 8 percent from the end of last year. By category, local stocks posted the worst rate of returns of minus 19.58 percent, followed by overseas stocks at minus 12.59 percent and overseas bonds at minus 1.55 percent. The NPS garnered a 5.8 percent gain from the local bonds market, and a 7.25 percent profit from alternative investments.It is the first time that the national pension agency posted a loss in both stocks and bonds markets since the stagflation period during the 1970s. The NPS explained that its rate of return during the first half was relatively favorable compared to other major pension operators, such as the Norwegian Governme

Aug 29, 2022By Anna J. Park
NPS posts 8 percent loss in H1
Economy

FSS inspects Morgan Stanley's short-selling records

Financial Supervisory Service headquarters on Yeouido, Seoul / YonhapFinancial watchdog launches short-selling inspection team this weekBy Anna J. ParkThe Financial Supervisory Service (FSS) has begun an inspection into Morgan Stanley's Seoul office, which generates the highest amount of short-selling trading in the country's stock markets. The FSS also plans to inspect Merrill Lynch early next month, as the U.S.-based investment bank takes up the second-highest portion of short-selling transactions in the local stock markets. The financial watchdog agency is also planning to look into short-selling practices and records of Korea Investment & Securities during its regular inspection period slated to begin next month. It will be the first mandatory inspection of the company in four years. Although the inspection of the Seoul-headquartered securities company is not solely aimed at investigating the firm's short-selling records, short-selling trading is expected to become one of the inspection's focal points, given that it fined the company 1 billion won ($741,000) in February for s

Aug 29, 2022By Anna J. Park
FSS inspects Morgan Stanley's short-selling records
Economy

Carbon emission-related ETFs log double-digit returns

gettyimagesbank By Anna J. Park As the price of carbon emission permits soared recently, related exchange-traded funds (ETF) logged double-digit growth this month. The price of carbon emission permits hah plunged earlier this year, following an energy shortage triggered by Russia's invasion of Ukraine in February. Yet, the carbon price has recovered over the course of the year so far.In particular, the EU's carbon price hit its all-time high Friday, as Emission Trading System (ETS) credits neared 100 euros, even surpassing the previous high of 98.49 euros recorded before the Russia-Ukraine war. UK Allowance, a carbon emissions tradable within the UK Emissions Trading System (UK ETS) also rose to its all-time high earlier this month.Part of the carbon price surge has been attributed to the U.S. government's passage of its Inflation Reduction Act (IRA) earlier this month. The bill states a 40 percent carbon reduction goal by 2030, boosting carbon emission permit pric

Aug 28, 2022By Anna J. Park
Carbon emission-related ETFs log double-digit returns
Economy

Woori, Shinhan banks likely to be reprimanded over escalating remittance scandal

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during a conference held at the National Assembly in Seoul on Aug.11. NewsisFSS ends probe and case is now in hands of prosecution and customs officeBy Anna J. Park The Financial Supervisory Service (FSS) wrapped up its month-long inspection of local commercial banks over dubious international remittances earlier this month. Now, a more in-depth investigation into specific details is in the hands of other investigative government agencies, including the prosecutors' office and the customs service.“We've already sent the details of the cases to many governmental agencies, including the prosecutors' office and customs service, to share information discovered during the investigation,” FSS Governor Lee Bok-hyun said during a recent press interview. Based on further revelations of the transactions discovered by the agencies, the related banks are not expected to escape being reprimanded.What the FSS' month-long official investigation discovered so far was that a whopping $6.54 billion was sent in dubious interna

Aug 28, 2022By Anna J. Park
Woori, Shinhan banks likely to be reprimanded over escalating remittance scandal
Banking & Finance

Will KB Kookmin Bank continue successful equity investments?

KB Kookmin Bank headquarters on Yeouido, Seoul / Courtesy of KB Kookmin BankKB's stake acquisition of TMap Mobility coincides with block deal sale of KakaoBankBy Anna J. Park As KB Kookmin Bank continues to form successful strategic partnerships with aspiring tech-based venture companies, market watchers are paying close attention to whether the bank's latest equity investment in T Map Mobility would also yield considerable financial gains.The bank sold over 14 million shares of KakaoBank in a block deal last Friday, which lowered the traditional lender's stake in the digital bank to 5 percent from 8 percent. On the same day, KB Kookmin Bank signed an acquisition contract with TMap Mobility, vowing to acquire an 8.3 percent stake in the mobility platform business. With a total of 200 billion won ($150 million) injected for the share purchase, KB Kookmin Bank has become the fourth-largest shareholder of TMap Mobility. As the two events coincided to take place on the same day, market watchers have started to compare the bank's TMap investment to its previous successful investment in Ka

Aug 25, 2022By Anna J. Park
Will KB Kookmin Bank continue successful equity investments?
Economy

Goldman Sachs report forecasts Korea's WGBI inclusion as early as 2023

gettyimagesbankBy Anna J. Park A recent Goldman Sachs report positively evaluates the possibility of Korea's inclusion in the FTSE World Government Bond Index (WGBI) next year. The WGBI is a recognized leading benchmark that measures the performance of fixed-rate, local currency, investment-grade sovereign bonds from over 20 countries. The global treasury index is followed by major fund managers and large asset owners around the world. According to the report published earlier this week, Korea's actual inclusion into the index could happen as early as June 2023.“In the best-case scenario, actual inclusion could happen in June 2023, or more likely September 2023. In terms of process, the FTSE WGBI conducts two reviews per year in March and September. Korea would first need to be put on the watch list for at least six months before it could be included at the next biannual meeting,” the Goldman Sachs report explained. The report pointed out that the level of commitment and policy support by the Korean government is fundamentally different from its previous failed attempt to

Aug 25, 2022By Anna J. Park
Goldman Sachs report forecasts Korea's WGBI inclusion as early as 2023
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