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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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Companies

Concerns rise over Samsung SDS' growing intra-group transactions

Samsung SDS CEO Hwang Sung-woo / Courtesy of Samsung SDSEfforts to diversify businesses required to lower reliance on group affiliatesBy Anna J. ParkSamsung SDS relied on intra-group transactions for more than 80 percent of last year's earnings, raising concerns over the firm's future growth prospects, according to industry officials Sunday. Data released by the Fair Trade Commission show the IT service unit of the Samsung conglomerate earned 4.2 trillion won ($3.2 billion) last year from transactions with other group affiliates, accounting for 81.5 percent of the company's entire annual revenue and up 3.3 percentage points compared to 2021.The IT service affiliate's dependence on Samsung Electronics for profits is particularly evident. Over 2.5 trillion won or 39.8 percent of Samsung SDS' entire annual revenue last year came from providing IT services to the world's largest memory chipmaker. Among Samsung SDS' annual earnings from intra-group transactions, Samsung Electronics takes up nearly half ― 48.8 percent ― of the amount.The heavy dependence on Samsung Electronics for earnings

Jun 4, 2023By Anna J. Park
Concerns rise over Samsung SDS' growing intra-group transactions
Economy

Hamburger franchises having trouble in M&A market

gettyimagesbankBy Anna J. ParkIt has been a while since a major burger franchise business in Korea was listed in the M&A market. Generally, their corporate value is not well received by the market, sometimes failing to find a new owner, despite best attempts to do so.According to the local investment banking (IB) industry, food and lifestyle group Good Food For Good (GFFG) has recently decided to sell burger franchise Downtowner. Downtowner opened up its first branch in 2016, operating seven shops under its direct control in mostly wealthy districts in Seoul. GFFG, which owns 11 brands including popular donut franchise Knotted, explained that it is currently talking with potential buyers, hoping to focus on other businesses amid soaring inflation. With Downtowner newly listed for sale, the list of burger franchises needing new owners has gotten even longer. Currently, McDonald's Korea, Burger King, Mom's Touch and Bas Burger have been up on the M&A market and are having trouble closing sales deals. General inflation and personnel expenses are seen as major obstacles to the fo

Jun 1, 2023By Anna J. Park
Hamburger franchises having trouble in M&A market
Economy

FSS to continue strengthening supervisory cooperation with overseas counterparts

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during a press conference in Seoul, Thursday, commemorating the first anniversary of his taking office in last June. Courtesy of FSSLifting ban on short-selling not yet likely: FSS chiefBy Anna J. ParkThe Financial Supervisory Service (FSS) vowed to continue fully supporting overseas business expansions by Korean financial companies, particularly in Southeast Asia, as the state-run financial watchdog agency will soon begin implementing an employee exchange partnership with its Indonesian counterpart during the second half of this year.Lee Bok-hyun, the governor of the FSS, highlighted that he hopes the employee exchange program with the Indonesian Financial Services Authority (OJK), finalized during his visit to the country in May, will facilitate a favorable ambiance for Korean financial companies' further inroads into the Southeast Asian market.“When Korean financial companies expand businesses into overseas markets, they become largely influenced by local financial authorities' regulative frameworks. That's why

Jun 1, 2023By Anna J. Park
FSS to continue strengthening supervisory cooperation with overseas counterparts
Economy

Chinese account for 54% of foreign-owned homes in Korea

A view over apartment complexes in southern Seoul in May / NewsisBy Anna J. ParkChinese people account for over 54 percent of homes owned by foreigners in Korea, while Americans account for 24 percent of them, according to the land ministry's latest data on foreign ownership of land and housing in Korea. Data revealed by the Ministry of Land, Infrastructure and Transport, Wednesday, show foreign nationals own 83,512 homes in Korea as of the end of last year, accounting for 0.4 percent of all residential property in the country.This is the first time that statistics on homes owned by foreigners have been officially announced by the government. So far, the land ministry had been announcing statistics on a regular basis on foreign land ownership, but not the number of homes in the country owned by foreigners. The disclosure of the data is ascribed to the Yoon administration's pledge to regulate foreigners' speculative housing transactions. By category, 91 percent of the homes owned by foreigners are in multi-complex housing, such as apartments, while the other 9 percent are single-famil

May 31, 2023By Anna J. Park
Chinese account for 54% of foreign-owned homes in Korea
Economy

NPS' total assets exceed W953 tril. as of Q1

The headquarters of the National Pension Service (NPS) in Jeonju, North Jeolla Province / YonhapState-run pension agency recovers 73% of last year's losses By Anna J. ParkThe National Pension Service (NPS), Korea's largest institutional investor, has recovered much of its investment losses incurred during the past year, as it posted a rate of return of 6.53 percent during the first quarter.According to the NPS this week, it grossed over 58.4 trillion won ($44.1 billion) during the first three months of this year. With the first quarter's gains accruing, the total asset of the NPS is estimated at 953.2 trillion won, as of the end of the first quarter, which is an all-time high. With the solid first-quarter performance, the national pension agency has succeeded in compensating about 73 percent of the annual loss of 79.6 trillion won from last year which was the worst annual performance ever. Amid soaring global interest rates and plunging asset prices, the NPS' annual rate of return stood at minus 8.22 percent in 2022.The headquarters of the National Pension Service (NPS) in Jeonju, No

May 31, 2023By Anna J. Park
NPS' total assets exceed W953 tril. as of Q1
Banking & Finance

INTERVIEW Asia expected to be key driver of ESG growth: Deloitte ESG Partner

Nicola Weir, partner in the ESG Center of Deloitte Anjin, speaks during a recent one-on-one interview with The Korea Times in Seoul. Korea Times photo by Choi Won-suk'Climate tech' essential in bringing forth carbon-free economic prosperityBy Anna J. ParkAfter decades of wrangling over climate change in the scientific community, overall consensus seems to have been reached globally that climate change poses a real threat to humanity and its continued prosperity.The latest report by the U.N.'s World Meteorological Organization (WMO) highlights that extreme weather has caused the deaths of 2 two million people across the world from 1970 to 2021, resulting in $4.3 trillion in economic losses over the past-half century. Fast-forward 50 years, and the future damage to the global economy, if the international community fails to take appropriate measures to stop the rising average temperature of the Earth, is estimated to be even greater, according to an environmental, social and corporate governance (ESG) expert at Deloitte.“Inaction is a costly choice. Failure to address climate cha

May 31, 2023By Anna J. Park
[INTERVIEW] Asia expected to be key driver of ESG growth: Deloitte ESG Partner
Economy

CFD rules tightened to boost trading transparency

Financial Services Commission (FSC) Vice Chairman Kim So-young speaks during a joint meeting to tighten regulations on CFD transactions at the Seoul government complex on Friday. Courtesy of FSCNew retail investor CFD accounts prohibited for next 3 monthsBy Anna J. ParkThe government has overhauled regulations on trading of contracts of differences (CFDs), a highly leveraged derivative product tied to the purchase and sale price differences of equities. The move is aimed at strengthening requirements for trading to increase transparency and protect investors in order to prevent major stock price manipulation scams based on derivative trading, as seen in a recent high-profile stock manipulation case involving eight local stocks, which wreaked havoc on hundreds of retail investors.According to the Financial Services Commission (FSC), the top financial regulator, on Monday, the government will raise the transparency of CFD trading in order to help investors grasp information on its transactional nature. The Financial Supervisory Service (FSS) and bourse operator Korea Exchange (KRX) joi

May 29, 2023By Anna J. Park
CFD rules tightened to boost trading transparency
Economy

Korea's household debt-to-GDP ratio highest among 34 major economies

gettyimagesbankBy Anna J. ParkKorea's household debt-to-gross domestic product (GDP) ratio was the highest among the world's 34 major economies in the first three months of this year, data showed Monday. This has raised concerns that banks and other financial firms may face higher default rates amid higher interest rates and deepening economic warning signs. According to the latest Global Debt report by the Institute of International Finance (IIF) on Monday, the country's household debt-to-GDP ratio stood at 102.2 percent, topping the list, followed by Hong Kong at 95.1 percent, Thailand at 85.7 percent, U.K. at 81.6 percent and the U.S. at 73 percent. Malaysia, Japan, China, the EU and Singapore also made the top 10 list of countries with the highest indebted households. Just like last year, Korea is the only country among the 34 surveyed countries of the report that has a level of household debt that exceeded the size of its own GDP. Still, when compared to the previous year, Korea's household debt-to-GDP ratio has fallen by 3.3 percentage points to 102.2 percent, as of the first q

May 29, 2023By Anna J. Park
Korea's household debt-to-GDP ratio highest among 34 major economies
Companies

Hyundai Motor Group, LGES to inject $4.3 bil. to build EV plant in US.

Hyundai Motor President and CEO Chang Jae-hoon, left, shakes hands with LG Energy Solution CEO Kwon Young-soo at the headquarters of LG Energy Solution in Seoul, Friday. Courtesy of Hyundai Motor Group By Anna J. ParkHyundai Motor Group and LG Energy Solution (LGES) have agreed to set up a battery cell manufacturing joint venture in the U.S., strengthening the two companies' partnership in the area of manufacturing batteries for electric vehicles (EVs). Hyundai Motor CEO Chang Jae-hoon and LGES CEO Kwon Young-soo signed a memorandum of understanding at the headquarters of LGES in Yeouido, Seoul, Friday, agreeing to start producing EV batteries in the U.S. by late 2025. Under the agreement, Hyundai Motor Group and LGES will jointly invest a total of 5.7 trillion won ($4.3 billion), each holding a 50 percent stake in the joint venture.“Hyundai Motor Group is focusing on its electrification efforts to secure a leadership position in the global automotive industry. We w

May 26, 2023By Anna J. Park
Hyundai Motor Group, LGES to inject $4.3 bil. to build EV plant in US.
Banking & Finance

Seoul Guarantee Insurance set to go public as first state-run firm in 13 years

The headquarters of Seoul Guarantee Insurance (SGI) in central Seoul / Courtesy of SGI By Anna J. ParkIn a move to officially kick-start its IPO process, Seoul Guarantee Insurance (SGI) aims to submit a preliminary evaluation application to the Korea Exchange (KRX) in June. The company announced earlier this week that its plan to submit the preliminary IPO application next month will not change, unless a major market shift occurs.“The company has been working on matters of the public listing, since the Korean government announced in July last year that it plans to sell the stake of SGI it held in order to retrieve public funds,” SGI said. “The specific timeline for the IPO will be decided later, considering market conditions and discussions at the government's public funds management committee,” it explained.The government announced last July that it plans to accelerate the retrieval of public monies amounting to 10.2 trillion won ($7.7 billion) that it lent to SGI

May 26, 2023By Anna J. Park
Seoul Guarantee Insurance set to go public as first state-run firm in 13 years
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