Shinhan Financial names 4 new CEOs

Shinhan Financial Group is replacing heads at four subsidiaries, while retaining current chiefs at three other units, the group said Tuesday. At Shinhan Life Insurance, Lee Byung-chan, a veteran insurance expert who was previously standing auditor of BNP Paribas Cardif Korea, will replace Lee Sung-rack, whose three-year term expires this month. The incoming CEO will serve three years until March 2019.  Lee Byung-chan, new CEO of Shinhan Life (Shinhan Financial Group)Seol Yeong-o, the CEO of fund

March 15, 2016

Korean shares rise ahead of FOMC meeting

Korean shares opened slightly higher Tuesday, tracking overnight gains on Wall Street, with investors remaining cautious ahead of the Federal Open Market Committee meeting later this week. The benchmark Korea Composite Stock Price Index (KOSPI) gained 2.56 points, or 0.13 percent, to hit 1,974.83 in the first 15 minutes of trading. On Monday, the Dow Jones industrial average inched up 0.09 percent to 17,229.13 and the tech-heavy Nasdaq gained 0.04 percent to 4,750.28.     Technology, chemical an

March 15, 2016

Growing private equity funds to accelerate corporate restructuring in Korea

Fast-growing private equity funds in South Korea will accelerate restructuring of distressed industries and companies as Korea Inc. faces the challenge of persistent low growth amid strong global headwinds, leading PEF managers said. Buyout activities will rise in the coming years, they predicted. 　“Buyout investment will increase in the long term, as social demand is growing that (Korean) conglomerates should ease their concentrated business power,” said I.J. Song, CEO of IMM Private Equity, at

March 15, 2016

Korean shares up for 4th session in row

South Korean share prices rose for a fourth consecutive session Monday, bolstered by gains in techs and financials.Investors, however, remain cautious ahead of a U.S. rate-setting meeting scheduled for later this week, according to analysts. Meanwhile, the local currency rose to the highest level of the year. The won climbed to a nine-week high as rising stocks and recovering oil prices pushed up demand for risky assets. The local currency closed at 1,186.10 won against the U.S. dollar, up 7.00

March 14, 2016

KRX to adopt English disclosure system

The Korea Exchange is seeking to encourage local listed companies to disclose their mandatory financial information in English by the end of this year, officials of the country’s stock market operator said Monday. Korea Exchange's headquarters in Seoul (Yonhap)This plan is in line with efforts for the Korean stock market to be classified as an “advanced market” in the Morgan Stanley Capital Investment’s global stock indices, officials said.The KRX noted that during investor relations roadshows o

March 14, 2016

Daewoo Shipbuilding to issue new shares worth 600b won to improve finances

Daewoo Shipbuilding & Marine Engineering is expected to issue additional new shares worth 600 billion won ($507 million) this year, as part of efforts to improve its capital base, according to the listed shipbuilder’s main creditor Korea Development Bank on Monday.Shipyard of Daewoo Shipbuilding (Yonhap)The new share issuances will most likely be allotted to the state-run creditor bank and the company’s employees, much like the last time the shipbuilder issued new shares worth 460 billion won to

March 14, 2016

[Newsmaker] Korea hopes for ISA-fueled investment boost

The Korean version of tax-efficient savings account, which benchmarked a U.K. scheme, went on sale Monday as the government hopes it will boost household wealth amid a rise in floating money prompted by low interest rates and uncertainties in the investment market.A total of 33 financial companies, including banks, securities firms and insurers, have begun introducing their first tax-exempt Individual Savings Account, or ISA, which allows customers to hold a wide range of retail investment vehic

March 14, 2016

Strong foreign buying fuels KOSPI rally

Emboldened by firmer crude prices and hopes for fresh stimulus by major economies, foreign investors have been snapping up Korean stocks this month, driving a market rally, industry watchers said Monday.In the first eight trading sessions of March, offshore investors bought a net 1.9 trillion won ($1.6 billion) worth of local shares, mostly beaten-down large caps, according to data by the Korea Exchange.On Thursday alone, foreign net buying came to 650.9 billion won, the largest single day purch

March 14, 2016

Korean shares open higher on Wall Street gains

Korean shares opened higher Monday as investors' appetite for risk assets remained strong following last week's gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.24 points, or 0.32 percent, to 1977.65 in the first 15 minutes of trading.  KOSPI (Bloomberg)On Friday, the Dow Jones industrial average advanced 1.28 percent to 17,213.31. The tech-heavy Nasdaq also climbed 1.85 percent to 4,748.47.Large cap stocks, such as techs, chemical and cosmetics companies, wer

March 14, 2016

Hana to turn excess bank offices into rental houses

KEB Hana Bank will turn some of its branch offices into rental houses, its parent Hana Financial Group said Sunday.Eight branches, two in Seoul’s central Jongro and Yongsan districts, will be converted into New Stay rental homes for some 3,000 families this year. Eleven more will be added next year, it said.  Hana Financial chairman Kim Jeong-tae (right) poses with Minister of Land, Infrastructure and Transport after agreeing to provide its unused branches for the ministry‘s New Stay rental prog

March 14, 2016

Lotte Shopping bidding for Vietnam supermarket

Lotte Shopping is exploring the takeover of a discount store chain in Vietnam, seeking a foray into one of the few high-growth markets amid global economic woes. “We’re exploring the acquisition of the Big C retail chain in Vietnam and have participated in a preliminary bid on March 10,” the Seoul-based firm said in a regulatory filing Friday. Owned by French retailer Casino Group, Big C runs 32 outlets across the country. Thailand’s TCC Holding and Central Group are among the suitors who submit

March 14, 2016

Seoul shares forecast to maintain upward march next week

South Korean shares are expected to continue their upward march next week as demand for risky assets remain firm following the European Central Bank's bolder-than-expected easing steps, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 1,971.41 points on Friday, up 0.8 percent from a week ago.Foreign investors scooped up 880 billion won ($737 million) worth of local stocks this week, while institutional investors sold over 1 trillion won.The country's stock market

March 12, 2016

FSC chief vows drastic deregulation on private equity funds

The Korean financial regulator’s chief said Friday he will push for drastic deregulation to ensure the freer and more independent operation of private equity funds in the local capital market.“Every regulation on private equity will be reviewed from scratch. Through deregulation, private equity’s market entry, establishment and fund management will be upgraded to the level of advanced economies,” Financial Services Commission chairman Yim Jong-yong said at a conference on private equity in Seoul

March 11, 2016

Nexon Korea acquires U.S. game developer

Nexon Korea, a subsidiary of Tokyo-based Nexon, a major player in the Asian gaming market, has acquired U.S.-based Big Huge Games for an undisclosed fee in a move to expand its global footprint.“Combining Big Huge Games’ skilled workforce and game development capabilities with Nexon’s global publishing expertise will enable us to consistently provide DomiNations players with fresh content and engaging experiences in the long term,” the company said. Prior to the acquisition, the two companies wo

March 11, 2016

Korean stocks edge up on ECB steps

Korean shares inched up on Friday, led by gains in techs and automakers, as investors reacted positively to the European Central Bank (ECB)'s latest easing steps, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.08 points, or 0.11 percent, to finish at 1,971.41. Trading volume was slim at 299 million shares worth 4.12 trillion won ($3.45 billion), with gainers beating losers 428 to 373.The ECB unveiled measures that bea

March 11, 2016