[THE INVESTOR] Shinhan Card announced on Aug. 24 that CEO Wi Sung-ho will maintain his position for another year. The company said the decision was approved at the shareholders meeting Aug. 23.Wi was appointed CEO in August 2013. “Wi has shown rational leadership based on his strategic thinking and communication skills, and has shown good performance and maintained Shinhan Card’s position in the market,” the company said. By Choi He-suk (cheesuk@heraldcorp.com)

Aug. 24, 2016

[THE INVESTOR] SK Holdings C&C will issue 300 billion won (US$269 million) in bonds in September. According to finance industry sources, the company will issue 2-, 5- and 7-year bonds to raise funds to cover the costs of maturing bonds. About 350 billion won worth of bonds will mature by the end of next month. This will be the company’s third bond issue this year. The company issued 800 billion won in bonds in March and June. By Choi He-suk (cheesuk@heraldcorp.com)

Aug. 23, 2016

[THE INVESTOR] The growth rate of South Korea’s export volume index dropped in July, Bank of Korea said Aug. 23. According to the central bank, Korea’s exports volume index recorded 0.8 percent on-year growth in July, falling from 3.6 percent on-year growth recorded in June. The data showed that exports of transportation equipment, machinery and fabrics fell, but electronics, electric equipment and chemicals increased. The BOK data does not include ships, weapons, works of art or aircrafts. In t

Aug. 23, 2016

[THE INVESTOR] A revised Motor Vehicle Management Act dubbed the Korean version of the US’ “lemon laws” was proposed on Aug. 23. Proposed by Rep. Shim Jae-cheol of the ruling Saenuri Party, the revision stipulates that refunds or replacements must be provided when a new vehicle experiences defects. If approved, the revised act would enable consumers to demand a refund or replacement if a new vehicle experiences severe faults within 30 days of delivery on two or more occasions. In addition, four

Aug. 23, 2016

[THE INVESTOR] Shinhan BNP Paribas Asset Management will launch a stock investment fund in collaboration with Vietnam’s VinaCapital, the company said Aug. 23. The product will invest in stocks traded in markets in Indonesia, the Philippines and Vietnam.Shihan BNP Paribas and VinaCapital will also collaborate in developing additional products investing in Vietnamese securities and real estate. VinaCapital is Vietnam’s second-largest provider of asset management services. By Choi He-suk (cheesuk@h

Aug. 23, 2016

[THE INVESTOR] Korea National Oil Corporation will pull out of Iraq’s Sangaw South oil field project. The state-run company has injected about US$130 million into the project since 2008.At the time, the company acquired 50 percent stake in the project, expecting large oil reserves. However, the company decided the project has little merit to continue.As recently as March 2015, the KNOC had expected to strike oil, and claimed at a National Assembly audit that the Sangaw South project would enable

Aug. 23, 2016

[THE INVESTOR] South Korean insurance companies’ net profits for the first half of the year fell from a year ago, weighed down by life insurance companies’ plunging profits. According to the Financial Supervisory Service, local life insurers saw first half net profits plunged 17.9 percent from the same period last year to come in at 2.29 trillion won (US$2.04 billion). Nonlife insurers, however, saw a year-on-year increase of 21.1 percent.The combined assets of all insurance companies increased

Aug. 23, 2016

[THE INVESTOR] Pizza Hut Korea on Aug. 22 denied reports saying the company was to be sold. Earlier in the day, a local daily had reported that Pizza Hut’s US headquarters was looking to sell its Korean operations. Saying that related reports were groundless, Pizza Hut Korea said Korea remains an important market for the US company.“(Selling Pizza Hut Korea) is not under consideration in any way,” Pizza Hut Korea said in a statement. The company added that it plans to strengthen its Korean opera

Aug. 22, 2016

[THE INVESTOR] The National Pension Service increased its stakes in automotive, chemical and pharmaceutical companies this year, data showed on Aug. 22. According to data provider FnGuide, the NPS increased its stakes to above 5 percent in 86 companies this year, of which 33 were in the three industries. On average, the price of the 86 companies stocks increased 3.55 percent this year. Under local regulations, the NPS is required to disclose the names of companies it holds stakes of 5 percent or

Aug. 22, 2016

[THE INVESTOR] Accounting firms could be prohibited from arranging and representing clients in corporate mergers and acquisitions deals.On Aug. 22, Rep. Park Yong-jin of the main opposition The Minjoo Party of Korea proposed a revision to the Financial Investment Services and Capital Markets Act that would allow such services to be provided only by those licensed as financial investment businesses. At present, arranging and representing clients in M&A deals does not require a financial investmen

Aug. 22, 2016

[THE INVESTOR] South Korea’s exports appear unlikely to recover in August, feeding concerns that figures will drop for the 20th consecutive month.According to the Korea Customs Service, South Korea’s August exports stood at about US$22.45 billion on Aug. 20, down 0.3 percent compared to the same period last year. Although the government has hinted that exports could begin a recovery from August, the won’s climb against the dollar is casting doubt on the projections. In August, the biggest export

Aug. 22, 2016