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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

Korea-US interest gap widens to record high after Fed rate hike

Top financial officials, from left, Bank of Korea (BOK) Governor Rhee Chang-yong, Finance Minister Choo Kyung-ho, Financial Services Commission (FSC) Chairman Kim Joo-hyun and Financial Supervisory Service (FSS) Governor Lee Bok-hyun, attend an emergency economic and financial policy meeting in central Seoul, Thursday. YonhapExperts say solid fundamentals prevent major capital outflowBy Anna J. ParkThe interest rate gap between Korea and the U.S. has widened to an all-time high of two percentage points, following the U.S. Federal Reserve's interest rate hike of a quarter of a percentage point overnight, triggering concerns of a possible capital exodus from Korea in pursuit of higher returns.The U.S. Federal Open Market Committee (FOMC) approved the interest rate hike to a target range of 5.25 to 5.5 percent, Wednesday, U.S. time. The U.S.' benchmark borrowing cost has not only reached the highest level in 22 years, but the interest rate gap between the two countries has also widened to an all-time high, as the Bank of Korea (BOK) has kept the base rate frozen at 3.5 percent since Jan

Jul 27, 2023By Anna J. Park
Korea-US interest gap widens to record high after Fed rate hike
Banking & Finance

Lotte heir Shin Yoo-yeol leads Japan-based Lotte Financial Corp.

Lotte Chemical Vice President Shin Yoo-yeol / Courtesy of Lotte GroupBy Anna J. ParkShin Yoo-yeol, vice president at Lotte Chemical and the eldest son of Lotte Group Chairman Shin Dong-bin, is extending his status as a third-generation successor of the conglomerate, as he was recently tapped to concurrently lead Japan-based Lotte Financial Corp., in addition to his current role at Lotte Chemical. According to the group earlier this month, the junior Shin was appointed to lead Lotte Financial Corp. during this year's second quarter, just a year after he became the firm's executive member. Lotte officials explained that Shin was promoted to the top position, as former CEO Kobayashi Masamoto retired from management due to advanced age. It is also the second CEO position that he has been appointed to. Last August, Shin took the helm of Lotte Strategic Investment (LSI) as co-CEO of the firm along with his father and Lotte Group Chairman Shin Dong-bin.Industry watchers see the younger Shin's rise to the top of the group's key affiliates as his gaining confidence from his father while solid

Jul 27, 2023By Anna J. Park
Lotte heir Shin Yoo-yeol leads Japan-based Lotte Financial Corp.
Economy

Korea's PEFs need to expand investment to overseas, tech sectors

gettyimagesbankPEFs urged to strengthen ESG, operating capabilities to match global peersBy Anna J. ParkAs the private equity fund (PEF) market has shown slowed growth since late last year, market experts are advising PEFs to diversify their investment portfolios by discovering new growth engines in overseas markets as well as in high-tech sectors.According to the latest report by Samil PwC's research institute, about 31 percent of local PEFs invest in the overseas market ― 19 percent in Asia, 8 percent in America and 4 percent in Europe ― as of the end of last year. This means that 69 percent of local PEFs invest only within the country. Considering the general slowed growth rate of local companies, it is paramount for PEFs to make inroads into overseas markets. Yet, private equity investment requires a sophisticated understanding of a country's industries and unique features of the markets, and a close-knit network is necessary to find and build investment opportunities overseas. By sector, nearly half ― 43 percent ― of investments are focused on the manufacturing sector, while onl

Jul 24, 2023By Anna J. Park
Korea's PEFs need to expand investment to overseas, tech sectors
Banking & Finance

KakaoBank to sell funds by end of year

KakaoBank logo / Courtesy of KakaoBank By Anna J. ParkKakaobank plans to start selling mutual funds through its mobile platforms before the end of the year, as it has become the country's first internet-only bank to obtain a financial investment license.According to the bank, Friday, the Financial Services Commission (FSC) approved KakaoBank's financial investment business license during its 14th regular meeting held earlier this week. The banking subsidiary of the Kakao conglomerate had applied for investment trading and investment brokerage licenses in May. With the FSC's decision, KakaoBank has become the only digital bank licensed to offer investment brokerage services, ahead of its competitors K bank and Toss Bank. The bank forecasts that it could begin selling mutual fund products on its mobile platform later this year at the earliest, or by early next year.The internet-only bank expects the new business expansion will contribute to its non-interest profits, d

Jul 21, 2023By Anna J. Park
KakaoBank to sell funds by end of year
Economy

Local insurers to enjoy more leeway in overseas acquisitions

Financial Services Commission (FSC) Chairman Kim Joo-hyun speaks during a financial deregulation meeting at the Government Complex in central Seoul, Monday. Courtesy of FSCBy Anna J. ParkInsurance companies will be allowed to acquire non-insurance subsidiaries in overseas countries as early as the second half of this year. The move is part of policy directions announced earlier this week by the Financial Services Commission (FSC), the country's top financial regulator, aiming to strengthen local insurers' global competitiveness and foster long-term growth potential. The FSC decided at its eighth deregulation meeting that local financial companies, including insurers, will have more autonomy in their acquisitions of non-insurance firms in foreign countries and more leeway in sending capital to overseas subsidiaries. “By easing regulations on financial companies' acquisition of overseas subsidiaries, the FSC aims to raise local financial firms' competitiveness, allowing them to offer converged services, combing both financial and non-financial sectors,” FSC Chairman Kim Joo

Jul 21, 2023By Anna J. Park
Local insurers to enjoy more leeway in overseas acquisitions
Economy

Real estate project financing risks loom large

gettyimagesbankFinancial authorities urge securities firms to manage project financing risk exposureBy Anna J. ParkWarning signs of growing instability in the local real estate project financing industry are appearing, with the industry's total loan balance surpassing 131 trillion won ($103.5 billion) and a delinquency rate exceeding 2 percent. According to the latest data submitted by the Financial Supervisory Service (FSS) to Rep. Yun Chang-hyun of the ruling People Power Party, the total balance of real estate project financing loans in the financial sector stood at 131.6 trillion won, as of the end of March. This is up by 1.3 trillion won in just three months from 130.3 trillion won at the end of last year. The loan balance of real estate project financing in Korea stayed around 92.5 trillion won by the end of 2020, yet it has been surging since 2021. By the end of 2021, the total loan balance increased to 112.9 trillion won, a 22 percent hike in just a year. The real threat is the rising delinquency rate. Due to the real estate market slowdown and asset price plunges last year,

Jul 20, 2023By Anna J. Park
Real estate project financing risks loom large
Banking & Finance

Standard Chartered Bank Korea launches Jaeil EZ Account with max 3.6% annual interest

A promotional image for the Jaeil EZ Account / Courtesy of Standard Chartered Bank Korea5.4% interest rate available for first-time customers depositing $10,000 in USDBy Anna J. ParkStandard Chartered Bank Korea has announced the launch of the Jaeil EZ Account, a flexible deposit product offering a maximum 3.6 percent interest annually on daily balances. This is one of the highest-level interest rates allowed for free deposit accounts among commercial banks in Korea.While the account provides a basic annual interest rate of 2.6 percent on daily balances to any customers, an additional preferential interest rate of 1 percent is applied for first-time customers of the bank during the first six months from the account opening, or a total 3.6 percent interest rate. Also, there's no limit on the deposit amount for first-time customers. Furthermore, the account offers benefits, including waived fees for internet and mobile banking transfers, for withdrawal from ATMs outside of business hours and for transfers to other banks.Commemorating the launch of the Jaeil EZ Account, the bank is also

Jul 20, 2023By Anna J. Park
Standard Chartered Bank Korea launches Jaeil EZ Account with max 3.6% annual interest
Economy

Elliott expresses disappointment over Korean gov't decision to appeal

Justice Minister Han Dong-hoon speaks about the Korean government's decision to challenge the Permanent Court of Arbitration ruling during a press conference at the Government Complex in central Seoul, Tuesday. YonhapBy Anna J. ParkElliott Investment Management expressed regret over the Korean government's decision to appeal a ruling by the Permanent Court of Arbitration (PCA). The U.S.-based hedge fund company argued in an official statement that the Korean government's decision to seek an appeal sends the wrong message to foreign investors. “The Republic of Korea's (ROK) refusal to honor the Tribunal's unanimous decision ― which, after five years of thorough litigation, found against the ROK on virtually every substantive ground ― sends the wrong message about the Republic's tolerance for corruption and impairs the country's objective to be viewed as a fair and responsible market for foreign investment,” the statement reads. Elliott stressed that the Korean government's challenge to the award payment granted by the international tribunal last month is aimed at distracti

Jul 19, 2023By Anna J. Park
Elliott expresses disappointment over Korean gov't decision to appeal
Banking & Finance

Woori to partially compensate investors for failed investment in Hong Kong building

A view of Hong Kong / gettyimagesbankRisks of overseas real estate investment funds raise alarmBy Anna J. ParkWoori Bank has decided to partially compensate the losses incurred by retail investors who invested in a fund for a Hong Kong office building, according to the bank's recent official notification to clients. Woori Bank's board decided at the end of last month to compensate some of the losses borne by retail investors of the mutual fund, named Simone Alternative Investment Private Equity Trust No. 12. The fund was created in 2019 by Multi Asset Global Investments, an affiliate of Mirae Asset, to lend subordinated debt to the Goldin Financial Global Centre (GFGC) building in Hong Kong. However, due to a slump in the Hong Kong real estate market, a decrease in the demand for office space and rising interest rates, the retrieval of the invested capital became impossible, as the Multi Asset fund held the subordinated bond to the Hong Kong office building, which is an unsecured loan ranked lower than other senior loans. The first-lien lender, Singapore's sovereign wealth fund GIC a

Jul 19, 2023By Anna J. Park
Woori to partially compensate investors for failed investment in Hong Kong building
Banking & Finance

Daol Investment & Securities to issue public bonds for first time

The headquarters of Daol Investment & Securities in Seoul / Courtesy of Daol Financial GroupSuccess of Daol's bond issuance to gauge market sentiments of H2 By Anna J. ParkDaol Investment & Securities is planning to issue public corporate bonds for the first time since its establishment in 2008. The move is seen as solidifying the firm's borrowing structure long term. According to the company on Tuesday, it plans to begin a book-building process at the end of this month to figure out demands for its issuance totaling 80 billion won ($63 million). The bonds will be comprised of one-year and 18-month maturities, with the possibility of increasing the issuance amount up to 100 billion won. The target interest rates for the bonds are to be set higher than those of more stable financial institutions, planned at a maximum of 6.9 percent for one-year maturity and 7.3 percent annual interest for the 18-month maturity. Currently, the firm is assigned a credit rating of A, or Stable, by Korea Ratings. Since the foundation of KTB Investment & Securities, the former entity of the bro

Jul 18, 2023By Anna J. Park
Daol Investment & Securities to issue public bonds for first time
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