Major foreign investment banks (IBs) and economic institutes have forecast South Korea's economic growth to be below 2 percent in 2020 due to the fallout of the fast-spreading novel coronavirus. According to a recent survey by Bloomberg, five out of 42 foreign IBs and economic think tanks predicted Asia's fourth-largest economy to expand in the 1 percent range this year, hit by the COVID-19 outbreak. ING Group offered a growth forecast of 1.7 percent for the Korean economy, down from a 2.2 pe

Shinhan Bank said Sunday that it is temporarily shutting down its branch at the Seongnam Industrial Complex Financial Center, Gyeonggi Province, after one of its employees tested positive for COVID-19. The confirmed patient had visited a hospital funeral center in the southern city of Daegu, where the epidemic has been spreading at a fast pace over the past week, officials said. After experiencing fever and other symptoms, the patient visited a designated inspection station in the vicinity.

The labor-management feud at South Korea’s hypermarket chain operator Homeplus escalated Sunday, with union members accusing its majority shareholder MBK Partners of profiteering at the expense of the company. The controlling private equity firm denied having done so, accusing the union of misleading the public. According to the labor union, MBK Partners has pulled 1.9 trillion won ($1.6 billion) out of Homeplus hypermarkets through the sale of its properties and brought in 1.2 trillio

Hyundai Capital said Sunday that its German subsidiary has become the largest shareholder in a local lender, in an extended move to enhance the group’s mobility strategy. Hyundai Capital Bank Europe GmbH has signed an agreement with German car rental service provider Sixt SE to acquire 8.64 million shares, or a 41.9 percent stake, in Sixt Leasing SE for 155.6 million euros ($168 million). After the due regulatory clearance procedure is completed in both Europe and Korea, HCBE will gain a

Local fabric maker E&H in full swing amid rising COVID 19 cases, seeks Kosdaq debut in H2

South Korea’s early-stage venture capital house Bass Investment said it had closed its second fund worth 37.7 billion won ($31.1 million) last week, in the latest addition to its initial 28.6 billion won fund. The new vehicle’s backers include K Cube Holdings, Com2uS, as well as ex-entrepreneurs -- including Chang Won-gui, founder of secondhand marketplace Bungae Jangteo who exited from the firm in January. No state fund has joined as its limited partner. The fund will “not

Some observers cite rate cut as inevitable action amid economic fallout

The COVID-19 outbreak is likely to deliver a severe blow to the South Korean economy, especially in the retail sector and real estate investments, according to global real estate service provider Cushman & Wakefield. Asia’s fourth-largest economy’s growth prospects in the near term will be affected as the fast-spreading coronavirus disrupts supply chains, reduces exports and weakens consumer sentiment, the company said in its recent report on the Asia-Pacific region. “

Kospi’s ranking among G-20 dips to 13th from 6th

South Korean stocks extended losses late Friday morning amid rising concerns over the fast spreading novel coronavirus in the country. The benchmark Korea Composite Stock Price Index (KOSPI) fell 25.94 points, or 1.18 percent, to 2,169.56 as of 11:20 a.m. The index started weak, tracking overnight Wall Street losses, and struggled to move upward. The index took a further hit after South Korea reported 52 new cases of the new coronavirus Friday morning, raising the total number of infections i

South Korea's exports moved up 12.4 percent in the first 20 days of February, customs data showed Friday, led mostly by chips and auto parts. The country's outbound shipments reached $26.3 billion in the Feb. 1-20 period, compared with $23.3 billion a year earlier, according to the Korea Customs Service. By product, exports of chips soared 15.4 percent, and outbound shipments of auto parts surged 40.6 percent. But the average daily exports -- which reflect working days -- fell 9.3 percent on

Gov’t tightens loan rules for expensive houses in Suwon, Anyang, Uiwang

SEJONG -- South Korea saw the number of de facto jobless people -- meaning those underemployed -- increase sharply in recent months, the latest data showed. According to Statistics Korea, the “extended (or sentiment-reflected)” unemployment rate climbed to 12.1 percent in January 2020. The figure indicates that 3.58 million of the extended economically active population of 29.65 million are de facto unemployed. This far exceeds the nation’s official jobless rate (4.1 pe

Hanjin KAL refutes, alliance’s scheme of taking boardroom is arrangement for her return

South Korean auto financing firm Hyundai Capital said Thursday that it is in talks with German car rental giant Sixt SE to acquire a stake in the latter’s vehicle leasing unit, Sixt Leasing SE. The announcement came after recent news reports that the Seoul-headquartered company was trying to acquire Sixt Leasing SE, via its European office Hyundai Capital Bank Europe, to increase its presence in the European car leasing market and gain a competitive edge in the emerging fuel cell elect