Most Popular
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[Weekender] Geeks have never been so chic in Korea
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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[KH Explains] Why Korea's so tough on short selling
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Actors involved in past controversies return first via streaming service originals
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US military commander in S. Korea during Gwangju uprising dies
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[Herald Interview] Byun Yo-han's 'unlikable' character is result of calculated acting
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‘Kim desperately wanted to denuclearize,’ Moon writes in memoirs
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[Editorial] Free subway rides
It is often said that there is no such thing as a free ride. A passenger’s free ride is not free, because somebody else has to pay for it. A case in point involves senior citizens on the urban transit systems that are hemorrhaging money.Almost one in five passengers is given free travel. In its performance evaluation of the seven subway corporations in six cities, the Ministry of Public Administration and Security says that people aged 65 or older, who are exempt paying fares, account for 19.3 p
Nov. 25, 2011
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[Editorial] Financing unification
President Lee Myung-bak’s administration has made its final decision on how to finance unification with North Korea: to build a “unification account” with carryovers from a government fund and contributions from civilians and corporations. The plan is an ill-conceived retreat from President Lee’s earlier proposal to levy a new unification tax.No one can tell whether or not South and North Korea will be reunified during the next two decades, as the administration expects. And there is no knowing
Nov. 25, 2011
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[Editorial] Biased compromise
Since June, the Prime Minister’s Office has sought to mediate a conflict between the prosecution and the police over criminal investigation rights. But the office could not come up with a compromise that was satisfactory to both sides. To resolve the long drawn-out dispute once and for all, it had to invoke its authority to force a compromise on them.On Wednesday, the PMO announced its final answer to the knotty problem in the form of a draft to revise the relevant presidential ordinance. The dr
Nov. 24, 2011
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[Editorial] No need for more tax
Despite the government’s opposition, a plan to collect more taxes from the very wealthy to increase welfare spending is gaining traction among lawmakers of the ruling Grand National Party.In an about-face, GNP leader Hong Joon-pyo expressed on Tuesday his support for the scheme, which is being promoted by Rep. Chung Doo-un, head of the Youido Institute, the party’s think tank. Hong stressed the need to impose a higher income tax on the super-rich. Under the current tax system, he said, people ea
Nov. 24, 2011
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[Editorial] Fiscal prudence
The administration promised to halve the fiscal deficit next year and balance the budget in 2013 when it sent its 2012 budget bill to the National Assembly on Oct. 2. But it looks extremely difficult for the administration to make good on its promise.As a consequence of its earlier decision to spend its way out of the 2008-09 global economic crisis, the administration targeted a budget deficit of 25 trillion won for this year and 12.3 trillion won for 2012. Then it committed itself to producing
Nov. 23, 2011
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[Editorial] Pursuit of free trade
It is regrettable that the parliamentary ratification of the free trade agreement with the United States on Tuesday was marred by violence, as is often the case with the passage of bitterly contested bills. But free trade is what Korea needs to pursue as a nation whose economic progress has been driven by exports.The trade bill deserved bipartisan support, given that it was initiated by the opposition when it was in power. The least that could be expected was for the bill to be put to a vote in
Nov. 23, 2011
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[Editorial] East Asian diplomacy
President Lee Myung-bak returned home Tuesday wrapping up his 2011 round of East Asian diplomacy conducted through a series of summit talks in mostly duplicating regional frameworks. After attending the annual Asia-Pacific Economic Cooperation forum in Honolulu, Hawaii, the president took part in three ASEAN-based summit sessions in Bali, Indonesia, and then held talks with Philippine President Benigno Aquino III in Manila on Monday.The president’s diplomatic circuit also included attendance at
Nov. 22, 2011
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[Editorial] A great irony
Oh Kil-nam met Marzuki Darusman, the special U.N. envoy on North Korean human rights, in Seoul Monday to seek his help in getting the return of his wife and two daughters now in captivity in North Korea. Last week, the 69-year-old retired economist was in Washington, D.C., to appeal to a meeting of legislators from around the world in his desperate efforts to be reunited with his family, which he had taken to the North from Germany in 1985 and was left behind when he returned to Europe a year la
Nov. 22, 2011
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[Editorial] Let them go
“Meok-twi” meaning “eat and run” in the soju table language is often used to describe foreign investors making hefty profits before closing their operations in Korea. The new coined word appears in newspaper headlines and Internet blogs these days pointing at the Lone Star Fund over its sale of the Korea Exchange Bank after a long court battle and tussle with financial regulators.Lone Star, a Texas-based private equity fund, landed in Korea along with some other foreign buyout capitals during th
Nov. 21, 2011
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[Editorial] Tragic comedy
While the political arena is touch-and-go over the Korea-U.S. FTA bill, an independent lawmaker is creating a farce by suing a comedian for defaming lawmakers in general in a popular TV program. Rep. Kang Yong-suk, 41, elected from Mapo, Seoul, has a convoluted reason for filing a criminal complaint with the Seoul prosecution against Choe Hyo-jong last week. The legal action came immediately after he was found guilty of “collective libel” by the Seoul Appellate Court for his remarks concerning w
Nov. 21, 2011
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[Editorial] Milestones in trade
The nation is set to make two achievements in external trade this year ― its volume exceeding $1 trillion for the first time and a deep cut in the deficit in trade with Japan. It deserves to congratulate itself on this.The volume of trade, which was at $898.8 billion at the end of last month, will hit the $1 trillion mark early next month if the trend continues. Korea will be the ninth country in the world to reach that level. Dec. 12 has been set as the date for a congratulatory ceremony for th
Nov. 20, 2011
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[Editorial] A receding unionism
The portion of unionized workers in the labor force has now halved from the 1989 peak of 198 in 1,000 workers. According to a recent report from the Ministry of Employment and Labor, the nation’s rate of unionization stands at 9.8 percent.Unionism is weakening as blue-collar jobs are replaced by white-collar ones and the number of non-regular workers is on the rise. Even more damaging to unions is a perception widely shared among workers that they, or more accurately their leaders, do not serve
Nov. 20, 2011
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[Editorial] R&D support for SMEs
We cannot overemphasize the importance of enhancing the productivity of small and medium-sized companies. Currently, Korea faces an explosion in welfare demands. With its limited budget, the government can hardly meet this challenge. The most effective solution to this problem is to create more jobs, since the best welfare program is a job. In Korea, SMEs account for 90 percent of employment. Hence, to create more jobs, the first step is to boost the job creation potential of SMEs. SMEs can crea
Nov. 18, 2011
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[Editorial] Discount gas stations
Since January, the government has been waging an uphill battle to bring down the prices of retail petroleum products. Its efforts culminated earlier this month when the Ministry of Knowledge Economy announced a plan to convert 10 percent of Korea’s gas stations ― 1,300 outlets ― into discount gas stations by 2015. The scheme is aimed at infusing competition in the domestic market, which the ministry thinks is being dominated by a cartel of four refiners ― SK Energy, GS-Caltex, S-Oil and Hyundai
Nov. 18, 2011
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[Editorial] Health insurance reform
The nation’s health insurance will not be sustainable if nothing is done to improve its finances. Losses are destined to snowball. As the losses are covered by government subsidies, they will put an enormous strain on the nation’s budget.That is why the government needs to take drastic action before it is too late. Last year alone, it had to make up for a deficit of 1.3 trillion won. Compulsory social insurance, which benefits the entire population, must be made to support the system on its own
Nov. 17, 2011
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[Editorial] Vision and commitment
Park Won-soon set himself apart from his predecessors when he held his inaugural as new Seoul mayor on Wednesday. The inaugural, which was belatedly held in his office, was more of an occasion to connect with citizens than a ceremony.Park, who had started to administer city affairs shortly after being elected Seoul mayor in the Oct. 26 by-election, invited no guest to the inauguration and spent little money on the event. Instead, he himself performed what he nonetheless purported to be a ceremon
Nov. 17, 2011
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[Editorial] No more delay on FTA
The main opposition Democratic Party has rejected President Lee Myung-bak’s proposal that he would seek renegotiation with Washington on a contentious clause in the Korea-U.S. free trade agreement if the DP cooperates in ratifying the trade pact.Lee made the offer at a meeting with leaders of the ruling Grand National Party and the DP on Tuesday. He made a rare visit to the National Assembly to break the impasse over the ratification of the KORUS FTA.He was quoted as saying that “if the Assembly
Nov. 16, 2011
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[Editorial] Growth in self-employment
Korea’s self-employment rate is one of the highest in the OECD. In 2008, self-employment accounted for 31.3 percent of the nation’s total employment, almost double the OECD average of 15.8 percent.In most OECD countries, self-employment rates have been falling since 1990. The higher a country’s per capita GDP, the lower its self-employment rate tends to be.In Korea, self-employment had been on the decline since 1998. In particular, the pace of decline accelerated during the 2008-09 global financ
Nov. 16, 2011
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[Editorial] Political regrouping
It is again the time for political regrouping. The half century of the Republic of Korea’s modern political history has recorded repeated realignment of political parties ahead of major elections, even during the military-backed authoritarian rule. But history also shows that hurriedly assembled new parties have not done well in elections. This time, there is an unusual factor. Parties are scrambling to regroup after reading the writing on the wall in the mayoral by-election in Seoul last month.
Nov. 15, 2011
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[Editorial] Ahn’s donation
The Ahn Cheol-soo phenomenon took a new turn as the potential presidential candidate made a commitment for a 150 billion won ($135 million) donation to charity Tuesday. His surprise action encouraged his supporters in the vast ranks of Korean society and further alerted political parties. The donation makes clearer his intent to enter the 2012 presidential race.In a press conference at the Graduate School of Convergence Science and Technology, Seoul National University, where he is the dean, Ahn
Nov. 15, 2011