[Editorial] No quick fix

Korea Electric Power Corp. recorded an operating loss of 6.2 trillion won ($4.6 billion) in the first quarter of this year. Its quarterly sales increased 31 percent year-on-year thanks to four rate hikes last year, and its operating loss decreased 20 percent. And yet the amount of the loss remains gigantic. Kepco remains in the red since it turned into a deficit in the second quarter of 2021. It posted operating losses of 5.8 trillion won and 32.6 trillion won in 2021 and 2022, respectively. The

May 15, 2023

[Editorial] Med school obsession

The overwhelming and almost obsessive popularity of medical schools among elite Korean students has been a concern among education policymakers over its side effects, such as a growing number of repeat test takers. Another troubling sign is emerging: 1 in 5 applicants who made it to much-coveted medical schools hailed from wealthy districts in southern Seoul -- and their share is steadily on the rise. Among those who were admitted to medical schools, 20.8 percent of applicants came from the thre

May 12, 2023

[Editorial] Step up reforms

The accomplishments of the Yoon Suk Yeol administration in its first year are far from small. His presidency marked the first anniversary on Wednesday. It set some state affairs that had caused problems right. The Yoon administration scrapped the nuclear phase-out policy that damaged Korea’s advanced nuclear industry. It eased anti-market real estate regulations that caused property prices to skyrocket. Its attempt to redress the high-handedness of large labor unions is something the previ

May 11, 2023

[Editorial] Shift in COVID-19 policy

The World Health Organization announced Friday that COVID-19 is no longer a global public health emergency, a landmark declaration that calls for a change in policy and strategy to handle the coronavirus. The WHO said in a statement that deaths and hospitalizations related to COVID-19 are declining, while the levels of immunity to the coronavirus is going up as a result of vaccination or prior infection. The global health agency suggests it is time to shift to more long-term prevention and contr

May 10, 2023

[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