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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

Seoul High Court sides with Woori Financial chief over FSS reprimand

Woori Financial Group Chairman Son Tae-seung / Courtesy of Woori Financial Group By Anna J. Park As Woori Financial Group Chairman Son Tae-seung won the appeal case in his legal battle against financial authorities' punitive measures on Friday, he has now cleared a major obstacle standing in the way of him possibly assuming another term as chairman. According to the Seoul High Court on Friday, the appellate trial maintained the first court ruling of the administrative case against the Financial Supervisory Service (FSS). The first trial of the battle between Son and the FSS was ruled in favor of Son at the end of last August, canceling the punitive measures the FSS had imposed on him over the mis-selling of high-risk derivative-linked funds (DLFs) by Woori Bank. The FSS decided to appeal the case last September, only to be defeated once more. Chairman Son first filed an administrative lawsuit against the financial watchdog agency, following the FSS' imposition of a

Jul 22, 2022By Anna J. Park
Seoul High Court sides with Woori Financial chief over FSS reprimand
Economy

Why does sale of Mom's Touch attract more attention than peers?

A promotional image from Mom's Touch / Courtesy of Mom's Touch Local chicken burger franchise's profitability exceeds those of rivals By Anna J. Park While most of the major burger franchises in Korea are also currently up for sale in the M&A market, local chicken burger franchise Mom's Touch is drawing the most attention from potential buyers for its superior profitability. The local burger franchise business has been posting better operating profit rates than its main competitors ― the Korean operation units of McDonald's, Burger King and KFC ― which are all up for sale as well. According to financial industry officials, Friday, KL & Partners, the local private equity firm that acquired Mom's Touch in 2019, selected Bank of America Merrill Lynch on Thursday as its main M&A advisory firm for managing the sale of the franchise operation. The global investment bank's track record for successful M&A deals as well as its networking capacity to attract worldwide investo

Jul 22, 2022By Anna J. Park
Why does sale of Mom's Touch attract more attention than peers?
Banking & Finance

KB Financial publishes ESG management practices report

A promotional image of the report / Courtesy of KB Financial GroupBy Anna J. ParkKB Financial Group has published its annual report on its ESG management practices, covering the topics of: inclusiveness, responses to climate change and sustainable finance. The report in particular states the financial group's detailed principles for ESG-based management with a vision for coexistence. According to the report, KB Financial Group has set out its long-term strategy, “KB Diversity 2027,” under which the group plans to expand the diversity of its employees.The long-term goal also involves the implementation of various sub-goals to foster a more inclusive corporate culture.The annual report also serves as a required disclosure for the Task Force on Climate-related Financial Disclosures (TCFD), which KB Financial joined back in 2018. The report detailed the financial group's efforts to bring about decarbonization in the four major areas of corporate governance, strategies, risk management and indices. It analyzes deeply and in detail the financial impacts of various carbon-neutra

Jul 21, 2022By Anna J. Park
KB Financial publishes ESG management practices report
Banking & Finance

Toss acquires mobile phone network operator

Lee Seung-gun, founder and CEO of Viva Republica, the operator of Toss app, speaks during a press conference held in March 2019. NewsisBy Anna J. ParkToss acquired Merchant Korea, a mobile virtual network operator (MVNO) that provides wireless communication services to consumers at reduced retail prices.The fintech app operator announced on Thursday that it signed a share purchase agreement with Merchant Korea to acquire a 100 percent stake in the firm. Founded in 1998, Merchant Korea has been offering MVNO services, leasing wireless capacity from the country's three major telecommunication network operators at wholesale prices and reselling it to consumers at a marked-down price under its own “MyWorld” brand.Following the acquisition, Toss aims to introduce a new search and subscription function into its fintech app to offer customers the best MVNO service plans. The firm says the new function should innovate and streamline the MVNO subscription process for consumers, while enabling them to cut down their telecommunications fees.Around 70 MVNO businesses have been regist

Jul 21, 2022By Anna J. Park
Toss acquires mobile phone network operator
Banking & Finance

Local car insurance companies strengthen 'Insurtech'

gettyimagesbankBy Anna J. ParkSeeking to maintain profitability during the pandemic era, auto insurers are now paying more attention to the concept of “Insurtech,” which can yield precise analyses of insurance holders' driving patterns. Insurtech refers to technological innovations that are created and implemented to improve the efficiency of the insurance industry.Behavior-based insurance (BBI) is the latest such innovation, which analyzes numerous variables and factors that determine appropriate premiums for each insurance holder. BBI is an improved version of usage-based insurance (UBI), which is focused more on gathering rather traditional information, such as mileage and the age of a driver. BBI allows for a more complex set of information surrounding driving behavior patterns, creating more predictable scenarios. The tech-based model that monitors driver behavior with objective driving patterns and records is being hailed in advanced global insurance markets, as both insurance companies and insurance holders could jointly benefit from the innovation. Relying on a ra

Jul 21, 2022By Anna J. Park
Local car insurance companies strengthen 'Insurtech'
Economy

Consumer complaints over indemnity insurers soar

gettyimagesbankInsurers apply stricter evaluations to overcome chronic deficits from indemnity plans By Anna J. ParkThe number of consumer complaints against insurance companies has been soaring lately, as local insurers have been strengthening evaluation processes to minimize paying out on claims. The rising conflicts between insurers and insurees don't look to have any end in sight, as the former aim to eradicate their chronic deficits from indemnity insurance products.According to the local non-life insurance industry, the number of complaints filed during the first quarter of this year stood at 10,727, up 15.6 percent from the same period last year. The number of complaints on claim settlements rose by 34.5 percent year-on-year. Among the various types of consumer complaints, the leading category turned out to be complaints about insurers' handling of medical indemnity insurance plans, under which insurance companies usually compensate an insured party for their medical costs. Recent data by the Financial Supervisory Service (FSS) showed the number of complaints filed during the

Jul 20, 2022By Anna J. Park
Consumer complaints over indemnity insurers soar
Economy

Korean consumers show stronger preference for online shopping: Samil PwC

Image of Samil PwC's annual survey report / Courtesy of Samil PwCBy Anna J. Park Korean consumers have a much higher receptivity when it comes to online shopping, compared to their global peers. This finding is according to Samil PwC's latest Global Consumer Insights Pulse Survey on 9,069 consumers across 25 countries. The biannual survey report showed that Korean consumers are much more optimistic about the future growth of online shopping, as they forecast increased online shopping expenditures over 20 percent more than average global consumers. Korean respondents were also shown to have a strong preference for fast and efficient delivery services compared to their global peers. As a result, delivery delays and inventory shortages were picked as the main factors that impede online shopping experiences. Though the Korean consumers surveyed were more sensitive and nimble regarding online shopping, they were not the only people who were. Sixty-three percent of global respondents said that they have increased their reliance on online shopping during the pandemic, and more than half of

Jul 20, 2022By Anna J. Park
Korean consumers show stronger preference for online shopping: Samil PwC
Economy

FSC chair aims to foster 'BTS of the financial industry'

Financial Services Commission (FSC) Chairman Kim Joo-hyun, left, speaks next to Financial Supervisory Service (FSS) Governor Lee Bok-hyun during a regulatory reform meeting held at the Korea Federation of Banks in central Seoul, Tuesday. YonhapFSC chief hints at revising long-held act mandating separation of industrial and financial capital By Anna J. Park The country's top regulator once again stressed the need for innovative deregulation of the local financial industry, in order to respond nimbly to the global financial transformation towards full-blown digitalization. Such deregulation would create a new field where leading players like BTS can be born in the financial industry, he added. Speaking at a regulatory reform meeting held at the Korea Federation of Banks in central Seoul Tuesday morning, Financial Services Commission (FSC) Chairman Kim Joo-hyun said that the local financial industry faces an important juncture where existing financial rules do not apply anymore.“With the acceleration of the Fourth Industrial Revolution and digital transformation, the boundaries am

Jul 19, 2022By Anna J. Park
FSC chair aims to foster 'BTS of the financial industry'
Banking & Finance

Duty free shopping stocks soar as gov't considers raising duty free limit

gettyimagesbankBy Anna J. ParkFollowing Finance Minister Choo Kyung-ho's remark on Sunday that the government is considering raising the duty free limit for travelers when shopping, local duty free businesses' stocks soared on Monday's trading session.The share price of Global Tax Free finished at 2,590 won ($1.97), a 9.05 percent increase, at Monday's closing. The firm's stock trade volume stood at over 2.69 million shares, which is 56 times more than the previous trading session, showing investors' optimistic anticipation over the stock's future performance. Hotel Shilla, which owns duty free branches, also saw its stock price increase 2.81 percent at Monday's closing. The stock price of Shinsegae International, which has its own duty free business, closed at 29,550 won, a 3.32 percent increase. Hyundai Department Store's stock price also rose by 2.38 percent for the same reason. JTC, which operates a duty free business for foreign tourists, also finished at 2,625 won, a 2.74 percent jump from the previous trading session. Finance Minister Choo said while attending the G20 Finance

Jul 18, 2022By Anna J. Park
Duty free shopping stocks soar as gov't considers raising duty free limit
Economy

Will IPO market heat up again this year?

gettyimagesbankIPO-planning companies lower corporate value to appeal to investors By Anna J. ParkWhile a number of big-named companies are awaiting their IPOs during the second half of this year, questions remain whether their listing plans will succeed amid the unstable global market conditions. The first half of the year was a period of disappointment for major IPOs. Despite their initial plans to go public earlier this year, most big-name companies' IPO plans had to be canceled, as seen in the cases of Hyundai Engineering, SK Shieldus and One Store, as they failed to convince investors of their desired corporate value. Putting such setbacks behind, many major companies, such as Hyundai Oilbank, Kurly, SOCAR, CJ Olive Young, K bank and more, are planning to go public during the second half of this year. So far, nearly 50 corporations have submitted their requests for preliminary IPO evaluations to the Korea Exchange (KRX), while a total of 17 companies are currently conducting their book building processes, during which institutional investors' bids are collected. Market experts s

Jul 18, 2022By Anna J. Park
Will IPO market heat up again this year?
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