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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

SoftBank Ventures Asia up for sale on M&A market

Korean-Japanese billionaire SoftBank Group Chairman and CEO Son Masayoshi (also known by the Korean name Son Jeong-ui) / NewsisBy Anna J. ParkSoftBank Ventures Asia, the venture capital arm of SoftBank Group, is reportedly seeking a new owner, a move that coincides with SoftBank Group's largest ever quarterly loss of 30.5 trillion won ($23.3 billion) posted in the second quarter, this year. Although the venture capital firm hasn't yet officially acknowledged market rumors about its potential sale in the M&A market, financial industry sources say that the company has been contacting local major financial groups lately as well as various conglomerates to gauge their interest in buying the entire stake of the firm owned by SoftBank Group.According to sources, conglomerates like Shinsegae, Hanwha and Hyundai Motor were some of the firms contacted by the firm over the potential sale earlier this year. Major financial groups including Mirae Asset Group and KB Financial Group have also been reportedly talking with SoftBank Ventures Asia over the matter. Market watchers expect conglomera

Aug 16, 2022By Anna J. Park
SoftBank Ventures Asia up for sale on M&A market
Economy

NPS reduces Samsung shares, while increasing TSMC stocks

The headquarters of the National Pension Service (NPS) in Jeonju, North Jeolla Province / Courtesy of the NPS NPS' long-term strategy is to diversify portfolio and increase rate of returnBy Anna J. ParkThe National Pension Service (NPS), the largest institutional investor in Korea with a net asset size of 948 trillion won ($725 billion) as of the end of last year, has lowered the number of shares it holds of Samsung Electronics, while increasing its stake in Taiwanese semiconductor company TSMC. According to the public disclosure information released by the pension service provider, the NPS holds an 8.52-percent stake in Samsung Electronics, as of the end of last year. It is the lowest stake since 2018, when the Korea-headquartered global chipmaker conducted a stock split of 50:1. The NPS had maintained over a 10-percent stake in Samsung Electronics during the past years until the end of 2020, when the national pension agency held a 10.69-percent stake in the blue-c

Aug 16, 2022By Anna J. Park
NPS reduces Samsung shares, while increasing TSMC stocks
Banking & Finance

Suspicious international wire transfers at local banks grow

The headquarters of the Financial Supervisory Service (FSS) located on Yeouido, Seoul / Yonhap Total of abnormal remittances reaches $6.54 billionBy Anna J. ParkAs a follow-up to the ongoing investigation into suspicious international money transfer transactions of over 4.1 trillion won ($3.37 billion) over the last year at Woori Bank and Shinhan Bank, other major local banks have also spotted records of abnormal international remittances during the past year, amounting to some $3.15 billion. In total, a whopping $6.54 billion in suspicious international money transfers took place over the past year at various local banks. According to the Financial Supervisory Service (FSS) on Sunday, 26 companies are being investigated for involvement in suspicious international remittances of $3.39 billion at Woori and Shinhan banks.The amount is $200 million more than the previous number of abnormal remittance transactions calculated at the two banks by the financial authority a

Aug 14, 2022By Anna J. Park
Suspicious international wire transfers at local banks grow
Economy

Financial authority seeks to promote pet insurance

gettyimagesbankBy Anna J. ParkA pan-government task force team to promote the local pet insurance market will be launched next month, as the Yoon administration aims to fulfill its pledge of invigorating the pet insurance market, which was one of the Yoon government's 110 national task agenda items. While the Financial Services Commission (FSC) will be easing up on its insurance licensing regulation, the Ministry of Agriculture, Food and Rural Affairs will be conducting a nationwide survey on medical expenses at veterinary clinics. The result of the survey is slated to be announced early next year and based on the findings, the government aims to standardize vet clinic services' treatment procedures from 2024. Both the insurance industry and veterinary clinics welcome the move, as they see the pet-related treatment market growing further due to the government's moves. Once the insurance licensing regulation is eased, it is expected that insurance companies could set up a subsidiary that only focuses on providing pet insurance products. “Currently, the regulation allows only one

Aug 14, 2022By Anna J. Park
Financial authority seeks to promote pet insurance
Economy

FSS brings legal battle with Woori Financial chief to Supreme Court

The headquarters of the Financial Supervisory Service (FSS) on Yeouido, Seoul / Courtesy of FSSBy Anna J. ParkThe Financial Supervisory Service (FSS) has decided to appeal to the Supreme Court over a legal battle with Woori Financial Chairman Son Tae-seung, as the two sides have been fighting over the validity of the FSS' sanctions on the financial group's chief. The decision to appeal came several weeks after the FSS lost its appellate trial on the issue in late July.According to the FSS on Thursday, the financial watchdog decided to appeal the case at the country's highest court following thorough considerations and examinations. “The decision to appeal to the Supreme Court has been made, as the FSS views it necessary for the country to set straight of legal and institutional foundation about financial sectors' internal control issues,” the FSS' press release stated. “The decision to bring the case to the Supreme Court is beyond a response to a single case, but rather it is necessary to resolve legal uncertainties surrounding internal control matters stipulated in

Aug 11, 2022By Anna J. Park
FSS brings legal battle with Woori Financial chief to Supreme Court
Banking & Finance

FSS to examine Korea Investment & Securities' trading system failure

The headquarters of Korea Investment & Securities in Seoul / Courtesy of Korea Investment & SecuritiesDespite CEO's apology, brokerage criticized for lack of investments in computerized operations By Anna J. ParkFollowing a recent 15-hour system failure at Korea Investment & Securities earlier this week, the Financial Supervisory Service (FSS) has begun to look into the case, as the financial watchdog agency has been receiving reports of related facts from the brokerage company.The financial authority will decide whether to impose sanctions on the firm over the system failure, after thoroughly looking into the reports, if any wrongdoing on the part of the securities firm is confirmed, according to the country's Electronic Financial Transactions Act. For now, the FSS does not have a specific timeline about on-site inspections or sanctions. “Currently, the FSS is examining reports to figure out facts about the issue with facility experts,” an official from the FSS said. Both the home trading service (HTS) and mobile trading service (MTS) of Korea Investment &amp

Aug 11, 2022By Anna J. Park
FSS to examine Korea Investment & Securities' trading system failure
Banking & Finance

Internet banks perform poorly in board gender diversity

gettyimagesbankBy Anna J. Park Internet-only banks that have been vocal about their demand for innovation have turned out to be actually lagging behind their traditional peers in their environmental, social and corporate governance (ESG)-related efforts. They've been especially weak in fulfilling the governance factor. K bank and Toss Bank haven't even appointed any female independent board members yet, while KakaoBank has appointed only one female board executive out of its six independent board members. She is Lee Eun-kyung, a former judge and legal expert with ample advisory experience in gender and human rights issues. The reason that KakaoBank appointed a female board member is to abide by the revision of the country's Capital Markets Act. The revision obligates companies with over two trillion won ($1.5 billion) worth in capital assets to avoid board members being of a single gender, requiring the firms to appoint at least more than one female board member into their executive group. KakaoBank has also set up an ESG committee within its board, which is the first attempt to do s

Aug 11, 2022By Anna J. Park
Internet banks perform poorly in board gender diversity
Economy

Flood damage to vehicles during torrential rain to hit insurers

Flooded vehicles have been left abandoned on roads near Daechi station in Gangnam district of southern Seoul, Tuesday. YonhapBy Anna J. Park Over a thousand luxury cars have been flood damaged during the record torrential rainfall that mostly struck wealthy districts of southern Seoul earlier this week, wreaking havoc on non-life insurers' profitability. According to insurance industries, over 1,500 cases of flood damaged high-end cars due to Monday's deluge have been submitted to major non-life insurance companies, including Samsung Fire & Marine Insurance, KB Insurance, DB Insurance, Hyundai Marine and Meritz Fire. Many super-luxury cars, such as Ferraris, Porsche Panameras, Mercedes-Benz S-Class and Bentley vehicles, which cost in the hundreds of thousands of dollars range here, have been reported to indemnity insurers for flood damage. Hundreds of cases of other high-end imported cars like BMWs, Audis and Volvos, are also included on the list.As of 8 a.m. on Wednesday, a total of 2,371 cases of flood damaged vehicles have been reported to Samsung Fire & Marine Insurance.

Aug 10, 2022By Anna J. Park
Flood damage to vehicles during torrential rain to hit insurers
Banking & Finance

Korea Investment & Securities' trading system crippled by torrential rain

The headquarters of Korea Investment & Securities on Yeouido suffered rain damage amid torrential downpours on Monday. Image captured from a SNS online communityBrokerage firm pledges to compensate customers after trading system shutdownBy Anna J. ParkFollowing a half-day system failure due to heavy rainfall, Korea Investment & Securities' transaction system resumed operating on Tuesday. The brokerage vowed to compensate those whose stock trading had been hampered by the system failure.According to the firm, the system has been normalized as of 7 a.m. on Tuesday morning, some 15 hours after the company's home trading system (HTS) and mobile trading system (MTS) suffered a failure. “We're very sorry for the havoc wreaked on customers' overseas stock trading. The company plans to swiftly compensate customers for damages stemming from the system failure, according to procedure,” an official from the brokerage firm said. “The company pledges to improve the transaction system, and will make our best efforts to stabilize the system,” he explained, adding tha

Aug 9, 2022By Anna J. Park
Korea Investment & Securities' trading system crippled by torrential rain
Banking & Finance

Carlyle CEO Kewsong Lee's sudden resignation draws attention

Former Carlyle Group CEO Kewsong Lee / Courtesy of the Carlyle GroupBy Anna J. ParkCarlyle Group Chief Executive Kewsong Lee, 56, stepped down from his post earlier this week, drawing market attention to his sudden resignation. The renowned Korean-American CEO's departure from his post came several months prior to the official termination of his five-year term, which is slated for the end of this year. Lee had also stepped down from the firm's board as well.The Carlyle Group ― one of the top global private equity firms, along with KKR and Blackstone ― said in its statement that the firm's co-founder, Bill Conway, will serve as interim CEO during their search for a new candidate for the position. Although no official explanation is offered by the Washington, D.C.-based private equity firm over Lee's departure, U.S.-based media outlets reported that Lee's exit was mainly due to the failure of his negotiations with the company's board over a new contract. Due to the news of Lee's abrupt resignation, the private equity firm's stock price fell by 6.23 percent, ending at $35.29 at Monday's

Aug 9, 2022By Anna J. Park
Carlyle CEO Kewsong Lee's sudden resignation draws attention
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