The issuance of asset-backed securities (ABS) in South Korea plunged 39.7 percent in the first quarter due to a sharp decline in sales of government-led mortgage funds, data showed Tuesday. The value of ABS issues stood at 13.7 trillion won ($12.1 billion) in the quarter, down 9 trillion won from a year ago, according to the data from the Financial Supervisory Service (FSS). ABS are structured with mortgages, auto loans, credit-card receivables and student loans as underlying assets. The plun

South Korea and the United States on Monday agreed to make joint efforts to fight climate change and harness more sustainable energy. South Korea's Industry Minister Sung Yun-mo met his US counterpart, Jennifer Granholm, virtually, and shared visions on fostering low-carbon and eco-friendly industries, according to the Ministry of Trade, Industry and Energy. The two countries also agreed to expand ties for the Leaders Summit on Climate, which will be hosted by the US later this month, in which

Five South Korean biotech companies are pushing for phase three clinical trials of COVID-19 vaccines in the second half of this year, the health ministry said Monday. The government plans to inject about 68.7 billion won ($61 million) this year for the clinical trials of COVID-19 vaccines by SK Bioscience Co., EuBiologics Co., Cellid, Genexine and GeneOne Life Science, the ministry said. The ministry made the announcement in a report to President Moon Jae-in. Also Monday, the Ministry of Food

Prime Minister Chung Sye-kyun said Monday South Korea should "quickly" return $7 billion in frozen funds to Iran in the latest diplomatic gesture to resolve the impasse between the two sides. The prime minister made the remark during a visit to Tehran, where he met Iranian officials amid tension over the funds locked up in South Korea under United States sanctions. "I have said before that this money is Iran's money and should be returned to its owner," Chung told reporters

South Korea's foreign ministry voiced "grave concerns" Monday over Japan's decision, expected this week, to release contaminated water from its wrecked Fukushima nuclear power plant into the sea.  Tokyo appears set to formally announce the final decision in a meeting of related ministers on Tuesday, according to media reports, despite strong opposition from the Japanese fishery industry and concerns from neighboring countries.  Japanese Prime Minister Yoshihide Suga said in

  South Korea's foreign minister said Monday that the Islamic holy month of Ramadan holds a greater significance than ever at a time when the world is fighting against the coronavirus pandemic.  Chung Eui-yong made the comment on the ministry's Twitter page as he extended his best wishes to Muslim communities around the world that are set to begin the fasting month this week.  "More than ever, the worldwide pandemic has led us to appreciate the meaning of Ramadan, which is

A tougher mask mandate that went into effect for all indoor public places nationwide on Monday is triggering a spate of controversy, as some people complain of inconvenience in their daily lives. Beginning this week, mask wearing is mandatory in all public indoor spaces and on public transportation, including trains, taxis and ships, at all times, under authorities' bid to stem the spread of COVID-19. The mask mandate also applies to rallies, performances and outdoor settings where at least two

South Korean stocks inched up on Monday, as investors took to the sidelines amid increased valuation pressure and uncertainties from the Sino-American political friction. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 3.71 points, or 0.12 percent, to close at 3,135.59. Trading volume was moderate at about 1 billion shares worth around 13.1 trillion won ($11.6 billion), with gainers outnumbering losers 493 to 350. F

The interior minister said Monday the government will launch an interagency task force this month to discuss measures to relieve the overcrowding of the greater Seoul area. "(South Korea) needs measures to block any (further) inflows of the population into the capital area in order to tackle the current situation under which more than 50 percent of the total population is concentrated in the capital area," Jeon said in an interview with Yonhap News Agency last Friday. He said that t

President Moon Jae-in warned Monday that South Korea may be drawn into an "explosive" wave of COVID-19 infections if it fails to contain the current phase of the pandemic. "It's a perilous situation that could lead to an explosive pandemic if we let our guard down," he stressed during an emergency interagency meeting on responding to the coronavirus. The Cheong Wa Dae session was attended by top government officials, including Health Minister Kwon Deok-cheol and Jung Eun-ky

South Korea's health authorities on Monday said there is no causal relation between COVID-19 vaccines and 11 reported deaths after vaccinations, assuring the public of the safety of the vaccines. An investigation was concluded on 11 out of 47 people who died within days of receiving COVID-19 vaccines by AstraZeneca and Pfizer Inc, the Korea Disease Control and Prevention Agency (KDCA) said. An epidemiological survey on 32 out of 47 reported cases has been concluded so far, the KDCA said. The

South Korea on Monday reported 49 more new cases of COVID-19 variants amid concerns that the spread of more transmissible strains may further strain the country's virus battle, with the fourth wave of the pandemic looming. Of the additional cases identified in the past seven days, 44 people were confirmed to have been infected with the coronavirus variant believed to have originated in Britain, followed by four South Africa variant cases and the Brazilian strain with one, according to the Kore

South Korea's leading steelmaker Posco estimated Monday its first-quarter operating profit hit the highest point in 10 years on robust demand amid global economic recovery from the COVID-19 pandemic. Operating profit for the January-March quarter jumped to 1.55 trillion won ($1.4 billion) from 705.3 billion won during the same period of last year, the company said in a regulatory filing. It marked the highest quarterly operating profit since the steelmaker reported 1.7 trillion won in the se

Banks in South Korea are expected to tighten their lending to households and big companies in the second quarter of this year, as credit risks will remain high amid the pandemic, a central bank poll showed Monday. The Bank of Korea's index measuring the banks' attitude toward fresh loans came to minus 2 for the second quarter. The lower the reading, the more likely banks will tighten their restrictions on lending. A reading below zero means that the number of lenders that will restrict lending

President Moon Jae-in said Monday it is fortunate and meaningful that two South Korean electric vehicle (EV) battery makers -- LG and SK -- have reached a deal on ending their legal dispute on electric vehicle batteries. He stressed the importance of the stability in global supply amid accelerating technological changes. "The agreement between the two companies is very meaningful in that it is in both the national interests and the long-term interests of individual companies for domestic

Rose, the main vocalist of K-pop girl group BLACKPINK, has set two Guinness World Records (GWR) titles with her recent debut solo release. The singer, who debuted as a member of the four-piece group in 2016, released her first solo EP "R," featuring songs "On the Ground" and "Gone," in March. "On the Ground," the Korean-New Zealand singer's debut main track, was certified as the most-watched YouTube music video in its first 24 hours of release by a solo

TEHRAN -- South Korea's prime minister said Monday his country is willing to provide "sideline" support for Iran to advance "productive" dialogue with partners in restoring the 2015 Iran nuclear deal. Chung Sye-kyun made the remarks during a joint press conference Sunday (local time) with Iran's First Vice President Eshaq Jahangiri in Tehran following their 90-minute talks. Chung was visiting Iran for a three-day itinerary till Tuesday to discuss bilateral ties amid lingeri

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has obtained a combined 227 billion won ($202 million) worth of orders to build three liquefied petroleum gas (LPG) carriers. Under the deal with an Asian company, Hyundai Samho Heavy Industries Co., a unit of KSOE, will deliver two 86,000-cubic meter LPG carriers starting in the first half of 2023, KSOE said. Another deal with an Oceanian company calls for Hyundai Mipo Dockyard Co., another KSOE unit, to deliver a 40,000-

North Korea is expected to hold smaller-scale celebrations for the birth anniversary of late founder Kim Il-sung this week just as it did in previous years, Seoul's unification ministry said Monday. Thursday marks the 109th birth anniversary of Kim Il-sung, the late grandfather of current leader Kim Jong-un. The anniversary, referred to in the North as the Day of the Sun, is the country's biggest national holiday and has often been marked with massive military parades and other cultural and spo

South Korea is closely monitoring North Korea's military moves in coordination with the United States, the Joint Chiefs of Staff (JCS) said Monday, amid signs of activity at the North's main shipyard used to develop submarine-launched ballistic missiles (SLBMs). According to 38 North, commercial satellite imagery of the North's Sinpo Shipyard indicates that a missile canister for the submarine missile test barge has likely been removed, possibly for maintenance or for the replacement of a new c