[Editorial] Foundation for cooperation

Japanese Prime Minister Fumio Kishida's visit to South Korea is significant in that it revived the "shuttle diplomacy" format after a 12-year hiatus. It was a two-day working visit in return for President Yoon Suk Yeol's visit to Japan in March. Kishida's return visit came less than two months after they met in Tokyo. The Japanese leader came to Seoul on Sunday for a summit with Yoon. The last time a Japanese leader visited Korea was February 2018. At that time, Prime Mi

May 9, 2023

[Editorial] Crypto asset disclosure

Rep. Kim Nam-kuk of the Democratic Party of Korea is now at the center of an intensifying political conflict over his cryptocurrency transactions. The focus is on whether his holdings and disposal of crypto assets violated laws or regulations. With the investigation still underway, there is no way at this point to conclude that any illegal acts were committed by Kim. Regardless of the result of the probe, however, the implications of the case are likely to be far-reaching, especially in connecti

May 8, 2023

[Editorial] Biased evaluation

Korea Gas Corp., a state-owned enterprise that effectively monopolizes the import of liquefied natural gas, is said to have raised the annual salary of its executives by 30 percent on average last year despite its mounting debt. The average annual salary of its board members was 171.48 million won ($128,545) in 2022, according to ALIO, a government system that provides management information on public institutions including state-owned enterprises. The amount was up 30.1 percent from 131.79 mill

May 5, 2023

[Editorial] Shuttle diplomacy

Japanese Prime Minister Fumio Kishida is scheduled to pay a two-day visit to South Korea this weekend amid growing attention about whether the Japanese leader will respond in kind to President Yoon Suk Yeol’s friendly gesture. Kishida’s visit to Seoul -- the first bilateral visit by a Japanese leader in 12 years -- was initiated by Yoon’s efforts to improve the badly damaged ties between the two countries in recent years over historical and economic disputes. In March, Yoon fle

May 4, 2023

[Editorial] Leafleting of NK positive

The Supreme Court ruled last week that it was unfair for the Moon Jae-in administration to cancel the permission for the establishment of a group run by North Korean defectors to fly balloons filled with leaflets into North Korea. It reversed the lower courts’ decision which had said the cancellation of the permission was just. The Supreme Court ruled that sending leaflets into North Korea plays a positive role in showing North Koreans the reality of their nation's regime, calling att

May 3, 2023

[Editorial] Standoff over Nursing Act

A divisive conflict is heating up in the medical sector that could paralyze medical services for the public over the Nursing Act, which was passed Thursday by the opposition-controlled National Assembly. Making matters more complicated is the muddy partisan politics over the controversial bill, with the ruling People Power Party set to ask President Yoon Suk Yeol to veto the bill -- a development that could weaken the president’s political standing from the view of the main opposition Demo

May 2, 2023

[Editorial] Nuclear alliance

President Yoon Suk Yeol returned home Sunday wrapping up a seven-day state visit to the United States. Yoon and US President Joe Biden discussed ways to strengthen extended deterrence and released the Washington Declaration separately from a joint summit statement. The gist of the declaration is the establishment of a new bilateral nuclear consultative group and the regular deployment of US strategic assets in South Korea. The Washington Declaration is significant in that US capabilities to back

May 1, 2023

[Editorial] Lurking beneath fragile data

South Korea’s economy skirted a recession in the first quarter of this year -- by a narrow margin. Exports weakened, investment slowed and the growth outlook darkened amid the increasing uncertainties of the global economy. The economy expanded a mere 0.3 percent in the January-March period, compared with the previous quarter, according to the data of the Bank of Korea. Given that it had contracted by 0.4 percent on-quarter in the October-December period, the plus figure may offer a hopefu

April 28, 2023

[Editorial] Crucial occasion

President Yoon Suk Yeol and US President Joe Biden will release a special statement on strengthened extended deterrence to North Korea’s nuclear threat, South Korea's presidential office and the White House announced Tuesday. It will be the first time for South Korea and the US to release a separate statement on extended deterrence as part of a summit outcome. Documentation on a nuclear umbrella in the form of a statement is an extraordinary measure for an ally. In connection with Yoo

April 27, 2023

[Editorial] Tricky support plan

The massive rental fraud case in Incheon has taken a new turn as the government has opposed a proposal calling for direct state intervention, while a special revision bill related to the scam will be put to a vote in the National Assembly this week. At the heart of the dispute is whether the government should extend direct financial support to the victims of home rental scams by offering them security deposits first through taxpayer money and then recoup the deposits later. The proposal was made

April 26, 2023

[Editorial] Tangible results

President Yoon Suk Yeol departed for Washington on Monday for a summit with US President Joe Biden on Wednesday. Yoon is the second foreign leader to make a state visit to the US under the Biden administration after French President Emmanuel Macron's state visit late last year. The Yoon-Biden summit will be held during a critical time. Military tension has been mounting on the Korean Peninsula as North Korea continues missile provocations. Recently, the North test-fired a new solid-fueled i

April 25, 2023

[Editorial] Electricity rate dispute

While the South Korean government remains reluctant to raise electricity rates in the second quarter, the state-run Korea Electric Power Corp. (Kepco) announced it would take drastic cost-cutting and self-help measures. “We will prepare and announce additional measures as soon as possible, including measures to slash labor costs, innovate organizations, support the vulnerable groups and improve public convenience,” Kepco CEO Chung Seung-il said in a statement Friday. In the company&r

April 24, 2023

[Editorial] Wasteful trip

Five lawmakers from the ruling and opposition parties on the Strategy and Finance Committee set out on a nine-day business travel to Europe on Tuesday. They said they would visit France, Spain and Germany to learn about their fiscal rules. Of course, lawmakers are free to travel abroad for policy research. But at least they should have decency. The ruling and opposition parties wasted two years and six months neglecting the legislation of fiscal rules. Recently they agreed unanimously on a bill

April 21, 2023

[Editorial] Destructive rental fraud

In a country where tenants often pay a large lump-sum deposit for two years of rent under the unique “jeonse” housing system, landlords’ failure to pay back the deposits in time -- a result of either reckless borrowing or a shameless scam -- can be utterly devastating for cash-strapped tenants, often wiping out the entirety of their assets. A massive fraud case is now shaking up the jeonse lease system and sending shock waves through the nation, with thousands of innocent tenan

April 20, 2023

[Editorial] Apply same yardstick

The main opposition Democratic Party of Korea has seldom acknowledged allegations unfavorable to it. But regarding alleged vote buying at its national convention in May 2021, its leader Lee Jae-myung apologized five days after the allegations became known. He also asked for a fair and quick investigation. The party has covered up for its lawmakers in corruption allegations, condemning the prosecution for suppressing the party through what it called politically motivated investigations. Lee seems

April 19, 2023

[Editorial] Red flags about leadership

Two polls show that President Yoon Suk Yeol’s approval ratings have fallen in connection with the presidential office’s poor handling of the leaked US intelligence documents, among other negative factors. Yoon must take the warning signs seriously and try to address the dispute ahead of his upcoming state visit to the US. On Monday, a poll of 2,506 voters conducted by Realmeter from March 10-14 showed that 33.6 percent viewed Yoon’s job performance positively, down 2.8 percenta

April 18, 2023

[Editorial] United on populism

Ruling and opposition parties fight each other all the time over everything. However, when it comes to legislation that can win over voters, they are easily united. In a subcommittee meeting of the Strategy and Finance Committee on Thursday, they unanimously passed a public finance law revision bill. Under the existing law, a government-financed project, such as the construction of roads, ports and airports, must undergo a feasibility evaluation if it costs 50 billion won ($38.25 million) or m

April 17, 2023

[Editorial] Risks of a deeper slowdown

The International Monetary Fund on Tuesday lowered its 2023 economic growth outlook for South Korea to 1.5 percent, marking the fourth straight trimming since July last year. The revised IMF outlook for Korea -- a 0.2 percentage-point drop from its estimate in January -- did not come as a big surprise in consideration of the latest tumult sparked by fears of the banking crisis in the US and Europe, as well as other data pointing to a slowdown in various industrial sectors. The IMF’s 2023 g

April 14, 2023

[Editorial] Excessive goal

Prime Minister Han Duck-soo said that the previous administration had raised the country’s carbon emission reduction goal too high without listening to industries sufficiently. The Moon Jae-in administration pledged to the international community to reduce the country’s greenhouse gas emissions by 40 percent of the 2018 level by 2030. Han said in a plenary session of the Presidential Commission on Carbon Neutrality and Green Growth on Monday that the goal is becoming a heavy burden

April 13, 2023

[Editorial] US spying on allies

The United States has suffered another major classified data leak that allegedly contains spying activities on its key allies, including South Korea. Both countries are now scrambling to minimize the negative impact of the fiasco by claiming that most of the leaked documents were faked and reaffirming their bilateral alliance. But things are likely to become more embarrassing -- if not disturbing -- unless proper steps are taken. It is not the first time that the US has failed to keep its secret

April 12, 2023