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[Editorial] Lack of sincerity
The Korean government’s boycott of a memorial service held on Sado island in Japan on Sunday for Koreans forced into labor in gold mines on the island during its colonial rule of Korea stemmed from Japan’s lack of sincerity. In order to get the Sado mines inscribed on the World Cultural Heritage list, the Japanese government pledged to exhibit data on former Korean workers and hold an on-site memorial service jointly with the Korean government each year if it consented to the designa
Nov. 26, 2024 -
[Editorial] Shift in fiscal policy
The Yoon Suk Yeol administration has focused on maintaining fiscal soundness as a key economic policy. But its policy showed signs of change last week amid growing concerns about the toxic mix of sluggish domestic demand and a continued slowdown in economic growth. “In the first half of this year, the government has made efforts to revitalize the economy by helping the private sector lead the way,” President Yoon said at an event Friday. “In the second half, the government will
Nov. 25, 2024 -
[Editorial] Growth challenge
South Korea’s economic growth, long a hallmark of its transformation, appears increasingly constrained, a negative development that calls for more decisive policy action from the government. The International Monetary Fund on Wednesday projected that the country could post a modest 2 percent expansion for 2025, a downward revision from the 2.2 percent forecast issued just last month. The IMF’s revised forecast clearly signals diminished expectations, illustrating the mounting structu
Nov. 22, 2024 -
[Editorial] Security void feared
The leadership of the main opposition Democratic Party of Korea has said that the party will consider impeaching Minister of National Defense Kim Yong-hyun. A member of its supreme council said in a council meeting on Monday that the Defense Ministry is “amplifying tension with North Korea again by neglecting launches of anti-North Korean leaflets” by South Korean activists, adding that it is “playing with fire to save first lady Kim Keon Hee.” Claiming that the Defense M
Nov. 21, 2024 -
[Editorial] Outflow of capital
Two worrying trends are sweeping the financial market in South Korea. First, a growing number of investors are jumping on the feverish cryptocurrency bandwagon. Second, investors tend to increase their holdings of red-hot US stocks rather than putting their money in the lackluster local stock market. The daily trading volume of the country’s top five cryptocurrency exchanges surpassed 20 trillion won ($14.4 billion) last week, outpacing the combined 19 trillion won of the main bourse Kospi
Nov. 20, 2024 -
[Editorial] Absurd trial delay
The Supreme Court’s confirmation of conviction of former lawmaker Yoon Mi-hyang for embezzling donations, is a reminder of a legal maxim that justice delayed is justice denied. Last Thursday the top court confirmed the second-trial judgment that had given her a one-year and six-month jail sentence, suspended for three years, for pocketing money donated to the Korean Council for Justice and Remembrance for the Issues of Military Sexual Slavery by Japan. The final judiciary conclusion came f
Nov. 19, 2024 -
[Editorial] Uncertain outlook
With former US President Donald Trump having prevailed in his bid for a second nonconsecutive term, a host of effects are hitting countries across the globe, and South Korea is no exception. In particular, Seoul’s financial markets are fluctuating amid growing concerns about future shocks linked to Trump’s trade policies. The main bourse Kospi tumbled below the 2,500 level to close at 2,482.57 on Tuesday, down 1.94 percent from the previous day. Investors also worried about the weake
Nov. 15, 2024 -
[Editorial] Ruling in the spotlight
The main opposition Democratic Party of Korea is intensifying its pressure on the nation's courts ahead of their initial rulings on cases involving the party's leader. Decisions on two charges facing Lee Jae-myung -- violating election law and suborning perjury -- will be made tomorrow and Nov. 25, respectively. Lee is accused of violating election law by giving false information to voters in the 2022 presidential election. He claimed ahead of the election that Kim Moon-ki, senior mana
Nov. 14, 2024 -
[Editorial] Drastic changes in order
The first half of President Yoon Suk Yeol’s five-year term has largely been disappointing. Instead of pushing for key policy initiatives, Yoon has been dragged down by a host of controversies and challenges amid plunging approval ratings. More worrisome is that Yoon shows no sign of making fundamental changes in his stances on controversial issues, including the soaring public criticism over first lady Kim Keon Hee. Yoon did apologize at a rare press conference Thursday to mark the second
Nov. 13, 2024 -
[Editorial] Dangerous ties
The main opposition Democratic Party of Korea held a rally in Seoul on Saturday, substantially calling for President Yoon Suk Yeol to step down. The party was going to hold a rally in Daejeon after the first one near Seoul Station on Nov. 2, calling for a special counsel probe of first lady Kim Keon Hee’s alleged illegal intervention in state affairs. It changed locations by holding its rally near a separate rally by civic groups including the Korean Confederation of Trade Unions, which ha
Nov. 12, 2024 -
[Editorial] Remain cautious, proactive
The US Federal Reserve trimmed its benchmark rate by 0.25 percentage points, reflecting cooling inflation and other economic data. But the Fed's monetary easing comes at a tricky moment as President-elect Donald Trump signaled the coming of a host of drastic changes in fiscal and economic policies. Given the close economic and financial relations between South Korea and the US, the forthcoming changes offer a difficult choice for Korea’s policymakers and central bankers. The country c
Nov. 11, 2024 -
[Editorial] Brace for changes
As Donald Trump has won the high-stakes US presidential election, sweeping changes are expected to affect South Korea in fields including economy, trade, security, defense and inter-Korean relations. While Trump’s slogan, “Make America Great Again,” resonated among the majority of US voters, his core stance -- “America First” -- is likely to force many countries, including South Korea, to confront drastic challenges and costly decisions in their relations with the U
Nov. 8, 2024 -
[Editorial] Damaging consent
The Democratic Party of Korea on Monday decided to push through a bill to require the government to obtain consent from the National Assembly before allowing exports of defense articles. If the Defense Industry Development and Support Act is revised as written by Democratic Rep. Kim Byung-joo, the government will have to ask the Assembly if it assents to such exports. Lawmakers will then have 30 days to deliberate on the request behind closed doors and make a decision. Every instance of defense
Nov. 7, 2024 -
[Editorial] Intel, a cautionary tale
In South Korea, Intel and Samsung Electronics used to be mentioned together as the leading examples of innovative frontrunners in the global tech business. Yes, they were; however, they no longer enjoy such flattering comparisons. Trouble-laden Intel is set to be replaced by Nvidia on the Dow Jones Industrial Average index Friday, a shocking setback for the US-based chipmaker in a changing landscape where even a technology behemoth can get kicked out of the index of blue-chip companies. The deci
Nov. 6, 2024 -
[Editorial] Beat populism
The National Assembly on Monday started in earnest to deliberate on the 667.4 trillion won ($483.4 billion) government budget for next year. The budget increased a modest 3.2 percent year over year. Deliberation ends in the general meeting of the Special Committee on Budget and Accounts on Nov. 29. Voting on the budget bill is slated for Dec. 2 in the Assembly plenary session. The ruling People Power Party makes much of fiscal austerity, while the main opposition Democratic Party of Korea regard
Nov. 5, 2024