The U.S. dollar’s globally strong positon is pulling down the Korean won’s value, with the won-dollar exchange rate reaching its highest point since July 8, 2013.The dollar rose 4.6 won from the previous trading session to close at 1,152.1 won on Monday.The exchange rate ― amid growing expectations of a rate hike in the U.S. later this year ― is likely to surpass 1,161.4 won reached on June 24, 2013, in the coming weeks, some local currency dealers predicted.If it breaks through the barrier, the

The commercial banking sector is estimated to have posted a weak earnings performance in the second quarter in the wake of factors like record-low interest rates, restructuring costs and reserves against insolvent loans, compiled forecasts in the brokerage industry showed Friday.Banks and financial groups, such as KB Financial and Woori Bank, are scheduled to publicize their second-quarter performance later this month.According to finance info provider FnGuide, the average of analysts’ projectio

The U.S. dollar has climbed 30.6 won, or 2.7 percent, against the Korean won over the past month ― also showing gains for the fourth consecutive trading session. Analysts, however, forecast that the local currency’s weakness will not be of much benefit to exporters.Federal Reserve Chair Janet Yellen’s confirmation Wednesday of an interest rate hike within this year further accelerated the dollar’s strong position in Thursday’s Korean currency market.The greenback gained 5.6 won from a trading se

The government plans to inject about 110 trillion won ($97 billion) into export-oriented sectors in cooperation with conglomerates in a joint bid to boost the economy by revitalizing the troubled exports sector.The state-led support scheme was unveiled during the Ministry of Trade, Industry and Energy’s policy briefing on how to bolster exporters’ competitiveness to President Park Geun-hye at Cheong Wa Dae on Thursday.While the funding plan reflected the undermined corporate sentiment in the wak

The U.S. dollar approached its strongest level of the year against the Korean won Tuesday over aggravated uncertainty due to Greek woes.After gaining Monday, the greenback further climbed Tuesday to close at 1,130.2 won, up 3.7 won from the trading session before. This marked its highest since it peaked at 1,131.5 won on March 16. Should the rate break through the year-high of 1,131.5 won, the next barrier will be 1,135.5 won, which was last posted two years ago.After diving to below 1,010 won o

The U.S. dollar approached the strongest level of the year versus the Korean won Tuesday over aggravated uncertainty due to Greek woes.Following its gain Monday, the greenback further climbed Tuesday to close at 1,130.2 won, up 3.7 won from a trading session before. This marked its highest since it peaked at 1,131.5 won on March 16. Should the rate break through the year-high of 1,131.5 won, it -- as a second phase -- could come close to 1,135.5 won, which was last posted two years ago.After tak

The monthly increase of outstanding mortgages rose to its fastest pace in five years last month amid record-low interest rates, after the Bank of Korea cut its key rate to 1.75 percent on June 11.Korea’s seven largest commercial banks’ collective housing-collateralized loans swelled by 9.27 trillion won ($8.27 billion) in June, compared to the previous month. The figure included loans that borrowers converted into state-led, lower-rate contracts.The May-June 2015 period saw the highest monthly g

The monthly increase of outstanding mortgages rose to its highest point in five years last month amid record low interest rates.The Bank of Korea cut its key rate to a new record low of 1.75 percent on June 11.According to Korea’s seven largest banks, their collective housing-collateralized loans swelled by 9.27 trillion won ($8.27 billion) in June, compared to the previous month. The figure included borrowers’ conversion of their lending into state-led lower rate contracts.Based on month-on-mon

Hana Financial Group on Thursday issued a de facto ultimatum to the labor union of Korea Exchange Bank, calling on its leaders to scrap their opposition to the planned merger between Hana Bank and KEB.The pressure from Hana came amid a reported situation that the group could face a heavier tax burden if the consolidation process is not completed in the third quarter.“If Hana and Korea Exchange fail to see the completion of their integration by the end of September, (the group) would be disqualif

The government and the ruling party reached an agreement to set an extra budget of 15 trillion won ($13.3 billion) at their meeting Wednesday. But the supplementary budget for the second half, pushed by the Finance Ministry, has faced criticism from opposition parties for its reckless use of taxpayers’ money.Ruling Saenuri Party officials said Finance Minister Choi Kyung-hwan garnered consent from the party for the economic stimulus package.They plan to propose the budget plan to the National As

BERLIN (AFP) - German Chancellor Angela Merkel said Tuesday she was not aware of any new EU debt deal proposal to Greece after European Commission chief Jean-Claude Juncker raised the prospect of a last-minute solution.Asked about an 11th-hour offer to Athens, Merkel told reporters: "The only thing I know is that the last offer I am aware of is the one from last Friday. There is nothing more I can say."Juncker revealed his surprise proposal just hours before Greece's bailout program expires at 2

In a historic event, a South Korean candidate was elected for the first time to head the U.N. maritime body, diplomatic sources said Tuesday.Lim Ki-tack, president of Busan Port Authority, which operates the port facilities in South Korea's second largest city, was elected to head the International Maritime Organization.The International Maritime Organization is the leading global authority on safety, security and environmental issues in the international shipping industry. It is tasked with cre

ATHENS (AP) - Greece is set to become the first developed nation to not pay its debts to the International Monetary Fund on time, as the country sinks deeper into a financial emergency that has forced it put a nationwide lockdown on money withdrawals.Greece owes the IMF about 1.6 billion euros ($1.9 billion) by the end of Tuesday but has run out of money and after five months of talks with creditors, has no prospect of getting new rescue loans. Finance Minister Yanis Varoufakis, asked whether Gr

MONROVIA (AFP) - Liberia announced the return of Ebola on Tuesday following the death of a 17-year-old boy, dealing a worrying blow to the country's recovery three months after its last known case.Deputy health minister Tolbert Nyensuah told AFP the teenager had tested positive and died in Nedowian, a village beside the international airport, about an hour's drive from the capital Monrovia."We are investigating to know the origin of this new case. We ask all Liberians and all other nationals liv