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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

ANALYSIS What's behind scarcity of 'sell' recommendations by Korean brokerages?

Authorities plan to strengthen independent stock research firms By Anna J. Park Only a fraction of stock analysis reports published by Korean securities companies advise investors to take a “sell” position, while the overwhelming majority of them offer “buy” recommendations. According to data revealed by Rep. Kang Byung-won of the main opposition Democratic Party of Korea, out of 4,344 stock analysis reports published by 32 local securities firms from July 2021 to June 2022, only three ― or 0.07 percent ― contained sell recommendations. In contrast, 92.2 percent of the reports had buy ratings, while another 7.8 percent of the reports recommended hold.The lopsided proportion of buy positions was in stark contrast to the actual bearish market sentiment during the surveyed period. The benchmark KOSPI index fell by nearly 30 percent and the tech-heavy Kosdaq index declined by about 28 percent as investors took profits after a bull market in 2020.The skewed pattern has not changed at all this year.According to Korea Financial Investment Association (KOFIA) data, th

Jul 10, 2023By Anna J. Park
[ANALYSIS] What's behind scarcity of 'sell' recommendations by Korean brokerages?
Economy

EcoPro share price surpasses 1 million won during Monday's intraday trading

EcoPro headquarters in Cheongju, North Chungcheong Province / Courtesy of EcoProStock price of secondary battery materials group rises by 780 percent this year By Anna J. ParkThe stock price of EcoPro exceeded the 1 million won ($765) mark during Monday's trading session, becoming a so-called “emperor's stock,” a Korean term that refers to stocks reaching that milestone. It is the first time since 2007 that the stock price of a company listed on the tech-heavy Kosdaq has exceeded the watermark. According to the Korea Exchange (KRX), the stock price of the holding company owning the secondary battery materials subsidiary rose as high as 1,015,000 won at 9:20 a.m., hitting its all-time high. The price then declined during the rest of the session, finishing at 965,000 won, a 1.53 percent fall from the previous trading session. Despite the fall in the closing price, the stock price rose by nearly nine times this year. EcoPro's closing price on Jan. 2 stood at 110,000 won. The stock has been skyrocketing throughout the past several months, with its market cap soaring to over 2

Jul 10, 2023By Anna J. Park
EcoPro share price surpasses 1 million won during Monday's intraday trading
Banking & Finance

Toss Pay joins hands with CU to become available at offline shops

Toss application image / Courtesy of TossToss places priority in increasing payment market share By Anna J. ParkToss Pay has formed a partnership with CU, Korea's major convenience store franchise, accelerating its expansion into offline transactions. The mobile payment company has been making aggressive moves recently to step up as a key contender among local payment players. According to the mobile financial application company, Toss Pay became available for payment at some 17,000 CU convenience stores nationwide on Monday. Using a barcode scanning system, customers can use the Toss app to make payments at the convenience stores. The payment will be charged to credit cards or deposit accounts registered on the mobile app. The fintech firm said the partnership will be the beginning of a wider use of Toss Pay at offline stores during the second half of this year. So far, Toss Pay has only been used for various online transactions, ranging from shopping and phone bills to tax payments.“By using Toss Pay, customers can automatically earn CU membership points, while making the pay

Jul 10, 2023By Anna J. Park
Toss Pay joins hands with CU to become available at offline shops
Economy

Top financial regulator vows to prevent panic-driven bank run

Financial Services Commission (FSC) Chairman Kim Joo-hyun speaks during a press conference at the government complex in Seoul, Friday, marking the one-year anniversary of his taking the post in July last year. Yonhap FSC chief deposits 60 million won at Saemaeul Finance to calm marketBy Anna J. ParkFinancial Services Commission (FSC) Chairman Kim Joo-hyun urged the public, Friday, to ignore groundless rumors that distort facts and prompt panic, and have faith in the government. The message was aimed at stabilizing the markets with respect to growing concerns over the financial soundness of the Korean Federation of Community Credit Cooperatives (KFCC), also known as MG Community Credit Cooperatives.“As the top financial regulator responsible for the country's financial system, I'd like to stress once again that the Korean government will guarantee that the public won't experience any loss in their savings by employing every possible policy tool,” Kim said during a pr

Jul 7, 2023By Anna J. Park
Top financial regulator vows to prevent panic-driven bank run
Economy

Financial authorities seek to break banking industry's oligopoly

Financial Services Commission Chairman Kim Joo-hyun, right, speaks during a meeting with financial group leaders at the headquarters of the Korea Federation of Banks in central Seoul, Wednesday. From left are KB Financial Group Chairman Yoon Jong-kyoo, Financial Supervisory Service Governor Lee Bok-hyun and Kim. YonhapMeasures announced to bring more competition into banking sectorBy Anna J. ParkKorea's top financial regulator has vowed to lower entry barriers to the local banking industry by expanding accreditations of banking licenses to competent new players, a measure aimed to foster healthy competition in the local banking sector.Financial Services Commission (FSC) Chairman Kim Joo-hyun announced, Wednesday, the outcome of five months of taskforce meetings on improving banking management practices. The financial authorities have held over 15 taskforce and working-level meetings since February to draw up measures to break the current de facto oligopoly in the domestic banking industry. “The core of the new measures lies at strengthening fair and effective competition,&rdquo

Jul 5, 2023By Anna J. Park
Financial authorities seek to break banking industry's oligopoly
Economy

Korea to overhaul immigration, visa policies to foster future growth

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, right, speaks during a joint press briefing at the Government Complex in central Seoul, Tuesday. YonhapGov't to expand visa issuance to attract workforce By Anna J. ParkFacing the challenge of a slowing economy with an aging and shrinking population, the Korean government will adopt a more open immigration policy as a means to strengthen foundations for future growth, the finance ministry said Tuesday.One of the core axes of the policy directions announced by the Ministry of Economy and Finance is to bolster the country's economically active population through an overhaul of current immigration and visa policies. The government plans to expand the scope and period of employment visas issued to foreigners while increasing the quota for employment visas for the professional workforce. Extended issuance of visas to skilled workers, as well as the activation of region-based visa systems, is also a part of the new policy direction. Specifically, the government plans to increase the quota of E-7-4 employment visas dur

Jul 4, 2023By Anna J. Park
Korea to overhaul immigration, visa policies to foster future growth
Banking & Finance

FSS suspects Kakao Pay of receiving kickbacks

Financial Supervisory Service (FSS) headquarters in Yeouido, Seoul / NewsisBy Anna J. ParkKakao Pay has allegedly received kickbacks from NICE Information & Telecommunication, a Korea-headquartered company providing integrated payment services through credit card value-added network (VAN) services. According to the financial industry on Tuesday, the Financial Supervisory Service (FSS) referred the case to the police in early June, requesting further investigation after the state-run financial watchdog conducted an on-site inspection of Kakao Pay in May. The police began their search-and-seizure and investigation into the headquarters of the payment company earlier this week. In 2021 and 2022, NICE Information paid the fees that Kakao Pay should have been paying to agencies recruiting affiliated merchants for the mobile payment company. The aggregated amount of fees that NICE Information paid to affiliated merchants is estimated at hundreds of millions of won (hundreds of thousands of dollars). The FSS suspects that the VAN provider provided kickbacks to Kakao Pay in hopes of main

Jul 4, 2023By Anna J. Park
FSS suspects Kakao Pay of receiving kickbacks
Economy

ANALYSIS Why foreigners are selling Naver, Kakao stocks

Logos of Kakao and NaverFed's expected rate hikes induce foreigners to sell growth stocksBy Anna J. ParkThe prices of two major Korean Big Tech stocks, Naver and Kakao, have continued to falter over the past few months. This is in stark contrast to the stock prices of Big Tech firms in the U.S. that have increased into the double digits, fueled by the growing artificial intelligence sector.According to the Korea Exchange (KRX), the stock price of Naver closed at 189,300 won ($145) on Monday, while Kakao ended the day at 51,000 won. When compared to two years ago during the pandemic when the two Big Tech firms were peaking with all-time-high stock prices, Naver has since lost over 55 percent of its market cap, and Kakao's market cap plunged by over 68 percent. Consequently, the market cap of Korea's two major IT powerhouses, which used to compete for the third-highest position among companies listed on the main benchmark KOSPI market, have fallen to 11th and 13th, respectively, as of Monday. One of the key causes of their plummeting stock prices is a massive selling spree by foreign i

Jul 3, 2023By Anna J. Park
[ANALYSIS] Why foreigners are selling Naver, Kakao stocks
Economy

KONEX market celebrates 10th anniversary

Korea Exchange (KRX) Chairman and CEO Sohn Byung-doo, fifth from right, stands with leaders of major securities firms and heads of associations of financial industries at the lobby of the KRX in Yeouido, Seoul, Monday. Courtesy of KRXBy Anna J. ParkThe Korea New Exchange (KONEX) market, a local securities exchange exclusive for small and medium-sized enterprises and startup companies, marks its 10th anniversary this summer. Since its establishment on July 2, 2013, the total market cap of the bourse market has grown by over tenfold to 4.2 trillion won ($3.2 billion) from 400 billion won a decade ago. The number of listed companies has also increased by more than six times to 127 this year, from just 21 back in 2013. The Korea Exchange (KRX), the country's bourse operator, held a ceremony on Monday to mark the anniversary, sharing achievements of the KONEX market and its future growth direction. Some 150 people, including CEOs of most securities firms as well as heads of financial associations, attended. “The KONEX market has fully assumed its role as the ladder of growth for sta

Jul 3, 2023By Anna J. Park
KONEX market celebrates 10th anniversary
Economy

Newly listed stocks' fluctuations increase with higher price cap rule

gettyimagesbankNew rule allows up to four-fold offering price increaseBy Anna J. ParkWith the implementation of the new higher price cap rule applying to newly listed stocks starting last week, stocks that went public this past week have shown rollercoaster-like fluctuations. According to the Korea Exchange (KRX), the country's bourse operator, the higher price limit rule that took effect on June 26 allows prices of newly listed stocks to rise within a range of 60 percent to 400 percent from an offering price on the day of listing.Previously, it had a more complicated system of determining prices on a stock's listing day. While the upper daily limit for the newly listed stocks was de facto 260 percent from the offering price of listing stocks, it had to follow a two-step procedure. The starting set price at the opening of a trading session shall be determined at between 90 percent and 200 percent of the offering price, which is then subject to normal price change limits of plus-minus 30 percent. The new rule does not follow the two-step procedure but rather just starts from an offeri

Jul 2, 2023By Anna J. Park
Newly listed stocks' fluctuations increase with higher price cap rule
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