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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

FSS retirees opt to work at big law firms

The headquarters of Financial Supervisory Service (FSS) in Yeouido, Seoul / YonhapBy Anna J. ParkMany recent retirees of the Financial Supervisory Service (FSS), the country's financial watchdog agency, have found their next position at big law firms, data showed. According to the FSS data submitted to Rep. Yun Chang-hyun of the ruling People Power Party, 207 people out of a total 793 FSS retirees during the past 10 years underwent evaluation by the government's ethics committee for public officials' reemployment, and 190 of those cases were approved. The Public Service Ethics Act states that FSS employees at senior levels cannot be reemployed in financial companies for three years from the date of retirement. Exceptions can be allowed when there is no relevant connection between the duties performed at the FSS during the last five years before retirement and the duties at a prospective employer. Among the FSS retirees' next destinations, Kim & Chang, Korea's largest law firm, turned out to be the most popular place for reemployment, with 11 people being rehired from 2020 to 2022

Aug 23, 2023By Anna J. Park
FSS retirees opt to work at big law firms
Banking & Finance

SGI passes preliminary requirements for IPO

The headquarters of Seoul Guarantee Insurance (SGI) in central Seoul / Courtesy of SGIBy Anna J. ParkAs Seoul Guarantee Insurance (SGI) has passed the preliminary evaluation for being listed on the KOSPI stock market, Korea's main benchmark index, their IPO is expected to be completed within the second half of this year. The Korea Exchange (KRX), announced Wednesday morning that SGI has been confirmed to meet the listing requirements and has qualified to proceed with the IPO steps. It is estimated that the firm could make its stock market debut by the end of October. Mirae Asset Securities and Samsung Securities will manage the process as lead underwriters for the IPO.SGI is Korea's only guarantee insurance company, maintaining a monopoly in the country. From a global perspective, it is a rare phenomenon for a guarantee insurance company to maintain a monopoly. The firm's value is estimated at between 3 trillion won ($2.24 billion) and 5 trillion won. The company's equity capital stood at 5.25 trillion won as of the end of 2022, with an annual operating profit of 727.6 billion won, a

Aug 23, 2023By Anna J. Park
SGI passes preliminary requirements for IPO
Economy

Wealthiest 1% inherit $175 mil. each on average

gettyimagesbankInheritances more than double from 5 years agoBy Anna J. ParkRecent data showed that last year's aggregated amount of inheritance and gifted properties has increased by more than double from five years ago. The wealthiest one percent inherited an average of 233.3 billion won ($175 million) per person.According to the National Tax Service (NTS) data submitted to Rep. Yang Kyung-sook of the main opposition, the Democratic Party of Korea, the total value of properties either inherited or gifted stood at 188.4 trillion won in 2022. It is 2.1 times higher than the 90.4 trillion won recorded in 2017. Specifically, the total value of inherited properties stood at 96.05 trillion won, an increase of 60 trillion won from five years ago when it recorded 35.7 trillion won. The rise is largely attributed to the increase in the number of people choosing to bequeath assets to their heirs. The number of grantors stood at 15,760 last year, 2.26 times higher than 6,986 in 2017. While the top 1 percent in terms of the size of inheritance, comprised of 158 individuals, were found to have

Aug 21, 2023By Anna J. Park
Wealthiest 1% inherit $175 mil. each on average
Economy

Can Korean economy withstand impact of China's economic risks?

The logo of China Evergrande Group is seen at its headquarters building in Shenzhen, Guangdong province, China September 26, 2021. REUTERS-Yonhap Gov't, analysts downplay concerns over spillover effects of China's property crisisBy Anna J. ParkChina's deepening property crisis, coupled with growing fears of its economy heading toward deflation, is triggering concerns over spillover effects that could rattle the global economy and eventually affect the Korean economy. Such jitters have only grown worse, as Evergrande, a giant Chinese property developer, filed for U.S. bankruptcy protection on Thursday, U.S. time.Korean authorities and market experts have been keeping a close eye on the potential damage, but they expect the impact on the Korean economy to be limited, citing fundamental differences in China's banking and financial systems from those of other advanced capitalist markets. The experts point out that China's banks have maintained stability during the first

Aug 19, 2023By Anna J. Park
Can Korean economy withstand impact of China's economic risks?
  • CONTRIBUTION China risk and Korea's de-risking
Economy

FSC to enhance measures to protect ordinary shareholders

Financial Services Commission (FSC) Vice Chairman Kim So-young speaks during a press conference held at the government complex in Seoul, Thursday. Courtesy of FSCVice chief announces policy goals for H2By Anna J. ParkThe Financial Services Commission (FSC) plans to come up with measures to improve the share buyback systems of listed companies by the end of this year.The measures are aimed at preventing corporate stock repurchases from being abused by some major shareholders to strengthen their management control, instead of their original purpose of returning value to all shareholders. Convertible bond issuance rules for businesses will also be revised with more focus on protecting investors.These are part of the top financial regulator's policy direction for the second half of this year, as announced by FSC Vice Chairman Kim So-young during a press conference on Thursday. Kim spearheads the financial authorities' moves in the realm of the capital market system.“The FSC will continue to take on necessary steps to protect the rights of ordinary shareholders by strictly punishing

Aug 17, 2023By Anna J. Park
FSC to enhance measures to protect ordinary shareholders
Economy

FSS strengthens partnership with top police investigation agency

Financial Supervisory Service (FSS) Governor Lee Bok-hyun, fourth from left, and National Office of Investigation (NOI) chief Woo Jong-soo, fourth from right, stand next to each other, holding MOU documents signed by them at the headquarters of the FSS in Seoul, Wednesday.By Anna J. ParkThe Financial Supervisory Service (FSS) and the National Office of Investigation (NOI) announced, Wednesday, that they have signed a memorandum of understanding (MOU) to strengthen cooperation in combating illegal activities in the capital market. Under the National Police Agency, the NOI is focusing on independent crime investigations.While the two agencies have so far maintained a cooperative relationship in matters of consumer finance, such as voice phishing and illegal financial fraud investigations, they have been separately addressing illegal activities in the capital market. With the signing of the MOU, the FSS and the NOI have agreed to enhance cooperation through the entire investigation process, from information sharing to crackdowns on crime, relating to financial crimes. “It hol

Aug 16, 2023By Anna J. Park
FSS strengthens partnership with top police investigation agency
Economy

Korean exporters eligible for W23 tril. in benefits offered by private sector and gov't

Financial Services Commission (FSC) Chairman Kim Joo-hyun, center, speaks during a meeting attended by executives of eight banks and policy financial institutions in central Seoul, Wednesday. Courtesy of FSCSupport aimed at boosting competitiveness of export companiesBy Anna J. ParkKorean exporters will be able to save money spent on transaction fees, while enjoying substantial financial benefits as they venture into new markets overseas. Such benefits, which are part of W23 trillion ($17 billion) in support offered by the government as well as state-owned and private banks, include lowered bank interest rates available for overseas joint venture businesses by both large companies and their partners.These are some of the benefits to be available to exporters, as the government and major commercial banks have come up with a set of joint measures to support the local export industry. The Financial Services Commission (FSC), the country's top financial regulator, announced the series of measures, Wednesday. The move is a follow-up measure to an export strategy council meeting, presided

Aug 16, 2023By Anna J. Park
Korean exporters eligible for W23 tril. in benefits offered by private sector and gov't
Economy

Oil refiners, shipbuilders, machinery draw investor attention amid rising oil prices

gettyimagesbankBy Anna J. ParkWith global oil prices heading towards the $90 per barrel range, a nine-month high, local oil shares are showing bullish moves as well. According to the Korea Exchange (KRX) on Sunday, the price of S-Oil, one of Korea's top oil refinery businesses, has been on a continual rise since early July. Its stock price has increased by over 25 percent during the past several weeks, after hitting a 52-week low of 62,200 won ($46) on July 7. SK innovation, another major energy company engaged in petroleum production and refining, has also watched its stock price rise by some 16 percent, despite some fluctuations, since early July. On a similar note, the stock price of GS Holdings Corp., which holds GS Caltex, one of the top oil companies in Korea, as its major subsidiary, has also risen by about 10 percent during the past month and a half. The oil-related energy firms' performances at the local stock market stand in contrast to the average performance of the main benchmark KOSPI, which increased by only 0.3 percent during the same period. Market experts say oil ref

Aug 15, 2023By Anna J. Park
Oil refiners, shipbuilders, machinery draw investor attention amid rising oil prices
Banking & Finance

Toss Bank's AI system spots fake IDs, prevents fraud

Toss Bank logo / NewsisBy Anna J. ParkToss Bank announced that its real-time artificial intelligence (AI) system has contributed to preventing financial fraud. Since launching earlier this year, the digital bank said its AI-based detection system has spotted over 600 fake IDs during the past six months, undermining attempts to open up fraudulent accounts. The bank explained that its ID detection system can determine in real time whether an ID photo submitted by a new customer opening an account is an authentic image or not. If the system detects that the information in a submitted ID photo does not match the customer's information or if it is a re-photographed image from a smartphone screen or a printed ID, all financial transactions, including the opening of the account, are restricted until re-verification is completed. The system's accuracy rate is reported to exceed 94 percent, the internet-only bank said. Toss Bank began developing the AI detection system in May last year and underwent field tests in October the same year. The system was officially launched in February this year

Aug 15, 2023By Anna J. Park
Toss Bank's AI system spots fake IDs, prevents fraud
Economy

Insurance firms' coverage for natural disasters triples in 5 years

gettyimagesbankBy Anna J. ParkLocal insurance companies are feeling the force of the climate crisis, with the industry increasingly paying out claims for coverage due to natural disasters.According to data submitted to Rep. Jang Hye-yeong of the Justice Party, who is also serving on a special parliamentary committee on climate change, the aggregated coverage paid by local insurers for claims on natural disaster insurance policies has more than tripled over the past five years.Local insurance companies paid out a total amounting to 1.25 trillion won ($975 million) last year for claims related to natural disasters, such as typhoons, floods, strong winds, heavy snowfall and cold weather. In 2017, the aggregated amount of coverage payments stood at 394.7 billion won, showing a 3.2-fold increase over the past five years. The number of claims rose 4.3-fold over the same five-year period. Sum coverage payments increased sharply during the period, reaching a peak of 1.3 trillion won in 2020. They then decreased briefly in 2021, followed by a significant increase in 2022. The pattern illustra

Aug 14, 2023By Anna J. Park
Insurance firms' coverage for natural disasters triples in 5 years
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