SEOGWIPO, JEJU ISLAND -- The second annual meeting of the Asian Infrastructure Investment Bank opened in Jeju on Friday, with South Korean President Moon Jae-in echoing the organization’s emphasis on the dual goals of economic growth and environmental protection."What the AIIB pursues in its investment direction goes well with the ways that the Korean government seek to achieve economic growth,” Moon said in his congratulatory address in front of more than 2,000 participants, in

Korea Water Resources Corp., or K-water, said it will soon complete the construction of a water plant in Pakistan, K-water’s first investment project overseas.The state-run water resources developer said the completion of the Patrind Hydroelectric Power Plant will occur within this month. The company is simultaneously operating water projects in 11 countries including the Philippines. The hydro power plant in Pakistan broke ground in 2009 with an aim of producing 641 gigawatt hours of electricit

The Chinese government recently blacklisted 24 South Korean manufacturers and exporters of foods and cosmetics, restricting sales of their products on the mainland.The measures add woes to Korean firms whose businesses are already hurt by Beijing’s apparent economic retaliation against Seoul’s deployment of a US missile defense system on the Korean Peninsula. China’s General Administration of Quality Supervision, Inspection and Quarantine this week released a list of 211 foreign exporters, 203 f

High-flying popularity appears to be President Moon Jae-in’s biggest political asset in dealing with his stalwart foes in the parliament amid the ongoing conflict over his Cabinet picks.  Moon Jae-in (Yonhap)A new survey, released by Gallup Korea on Friday, showed an unprecedented level of public support for Moon, who took office on May 10, reinforcing the view that the liberal leader, despite facing more foes than allies in the National Assembly, may be the most popular democratically elected p

A child care subsidy and an increase in senior pension is in the works as the government rolls out measures to improve welfare measures. The new administration’s de facto transition committee revealed Friday that a child care subsidy is being planned, but that details including the timing of its introduction have yet to be decided. (Yonhap)“(The subsidy) is a pledge of the president, and discussions about how to execute it is under way,” committee spokesman Park Gwang-on said. During his electio

Six Asian countries are ranked among the world’s top 10 countries most affected by extreme weather events in the last 20 years, according to the Global Climate Risk Index by think-tank Germanwatch.Six Asian countries -- Myanmar, Philippines, Bangladesh, Pakistan, Vietnam and Thailand -- are among the world‘s top 10 countries most affected by an extreme weather event between 1996 and 2015. Central American country, Honduras has a long history of devastating natural disasters and remains the most

Lee Dong-geol, chairman and CEO of the Korea Development BankI extend my warm congratulations to the 2017 Asian Infrastructure Investment Bank Annual Meeting to be held in Jeju from Friday to Sunday. Under the theme of sustainable infrastructure, the meeting will be an opportunity for all participants to engage in finding solutions for the balanced development and shared growth of Asia, and draw the attention of the world to the immense infrastructure potential of the region. As one of Korea&rsq

In his short time in office, President Donald Trump has done a good job of making China great again. His isolationist rhetoric and unilateral actions -- such as pulling out of the Paris climate accord and the Trans-Pacific Partnership -- have made it much easier for China to advance its claim to global leadership, as dismayed US allies and partners proclaim that the US can no longer be “completely depended on,” as German Chancellor Angela Merkel put it. In stark contrast to Trump, China has reaf

Two adult children of Koreana Hotel CEO Bang Yong-hoon are accused of physically abusing their mother, who committed suicide last year. Suseo police station, which investigated the 33-year-old daughter and the 29-year-old son of Bang, said Thursday that it has sent findings to the prosecution for indictment.  An image of Koreana Hotel (Yonhap)Bang’s wife, surnamed Lee, was found dead at the Han River in September last year, in an apparent suicide. Her four children said at that time that she suf

South Korean stocks finished lower Thursday as institutional investors dumped major large cap shares to lock in recent gains, following the US rate hike, analysts said. The Korean won lost ground against the US dollar.The benchmark Korea Composite Stock Price Index lost 10.99 points, or 0.46 percent, to close at 2,361.65. Trade volume was moderate at 333.18 million shares worth 5.78 trillion won ($5.14 billion), with losers far outnumbering gainers 555 to 236.The local stock market had opened a