Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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What's next for the government's push in quota hike?
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Weekender] Geeks have never been so chic in Korea
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Korean firms target EV charging market in US
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Seoul sees further jump in cost of dining out
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Teens banned from entering, working at 'hold 'em' pubs, cafes
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[Editorial] Taming inflation
High-ranking government officials are often quick todraw up as rosy an outlook as possible but slow to admit a looming crisis. But there are some exceptions, such as the comment made by President Yoon Suk-yeol on Monday. Yoon admitted that there are few fundamental solutions to the current economic challenges as countries across the world are raising interest rates to rein in rising inflation. In a striking move to tame inflation, the US Federal Reserve hiked its benchmark rate by three-quarte
June 22, 2022
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[Editorial] Uncover truths
A probe has been launched into the previous administration’s questionable handling of a tragic incident in which Lee Dae-jun, a South Korean fisheries official, was shot to death and burned by the North Korean military near the western sea border in 2020. At the heart of the dispute is whether the Moon Jae-in administration had distorted facts regarding the death of the official. There are rising suspicions about why Cheong Wa Dae archived key documents as part of Moon’s classified
June 21, 2022
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[Editorial] Obstacle to new course
The Yoon Suk-yeol administration last week announced an outline of its economic policies for the next five years, but they were stalled immediately due to opposition by the Democratic Party of Korea. The administration said it will scrap the previous administration’s government-led growth paradigm and encourage the private sector, particularly companies, to take the lead in revitalizing the Korean economy. It will lower the top rate of corporate income tax and relax business regulations
June 21, 2022
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[Editorial] Wrong signal
The 22,000-strong Cargo Truckers Solidarity, in affiliation with the Korean Confederation of Trade Unions, have put an end to their walkout eight days after going on a general strike, much to the relief of manufacturers and consumers alike. To some, economic conditions at home made a settlement in this strike inevitable. The move, however, could set a bad precedent for this government of compromising its own principles of sticking to a market economy and the rule of law. The government and the
June 17, 2022
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[Editorial] Strong headwinds ahead
Alarming signs about the South Korean economy are popping up everywhere. Inflation is soaring, stock markets tumbling, the local currency’s value dropping. Growth outlook is turning gloomier while investors across the world are turning jittery as the US Federal Reserve is speculated to hike interest rates at a faster pace. The combination of ominous signs is dreadful enough to spook both policymakers and investors. But being aware of impending economic pitfalls is not enough; decisive an
June 16, 2022
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[Editorial] A brake on government
The main opposition Democratic Party of Korea proposed a bill that will strengthen the National Assembly’s control of government decrees. The proposed revisions to the National Assembly Act were authored by Cho Eung-cheon, a lawmaker from the party. It would allow standing committees of the Assembly to request relevant administrative agencies modify or revise their decrees and enforcement ordinances if the Assembly judges them inconsistent with the purpose of laws. If asked to modify dec
June 15, 2022
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[Editorial] Higher education mismatch
President Yoon Suk-yeol recently asked the Education Ministry to recast its policies in order to train more semiconductor engineers at universities, a topic that draws keen attention amid the protracted shortage of chips. South Korean chipmakers such as Samsung Electronics and SK hynix are eagerly searching for graduates with expertise relevant to the semiconductor technology. Given the two top-ranked chipmakers’ clout on the global market and US President Joe Biden’s high-profile
June 14, 2022
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[Editorial] Uncomfortable cohabitation
More than two-thirds of the heads of government-funded institutions have over a year in office left until their terms expire, based on an analysis of public institution information disclosed by the Ministry of Economy and Finance. Of the 370 heads of government-funded institutions, 256, or 69 percent, have more than a year left in office, the Ministry data showed. This means almost seven out of ten heads of government-funded institutions who were appointed by the President Moon Jae-in administr
June 13, 2022
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[Editorial] Silencing dissent
President Yoon Suk-yeol officially reversed the nuclear phase-out policy of his predecessor, former President Moon Jae-in, in a bid to resolve the controversy that is closely linked to electricity rates. Unfortunately, the dispute is flaring up again. Shortly after the Moon administration was launched in 2017, the National Planning Committee was mapping out major policy plans, one of which was to phase out the country’s nuclear power plants. The plan itself was fraught with uncertainty a
June 10, 2022
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[Editorial] Untenable strike
The South Korean economy is beset by unfavorable factors including an unstable global supply of goods, surging prices of materials and “three highs” -- high interest rates, high inflation and high exchange rates -- plaguing the Korean currency. Then yet another issue looms large: an industrial strike. The Cargo Truckers Solidarity, affiliated with the Korean Confederation of Trade Unions, went on an indefinite general strike on Tuesday -- six months after their last strike. Genera
June 9, 2022
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[Kim Seong-kon] Seven types of politicians we should be wary of
These days, South Korea is enjoying fame as a global leader in many areas. Aside from being one of the top 10 global economies, Korea has internationally acclaimed pop singers, films and television dramas, not to mention advanced technology. Unfortunately, however, Korea is not lucky enough to have great politicians. Our politicians, whose mental clocks appear to have stopped half a century ago, frequently become an embarrassment, especially in the eyes of foreigners. Of course, not all poli
June 8, 2022
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[Editorial] Tit-for-tat response
Tensions are mounting on the Korean Peninsula due largely to North Korea’s latest and biggest single missile test. Pyongyang’s new provocation is deeply worrisome, since it heralds an imminent nuclear test as well as the beginning of a firepower demonstrations race. On Monday, South Korea and the United States launched surface-to-surface Army Tactical Missile System missiles into the East Sea. The rare show of firepower came as a rare tit-for-tat response to North Korea’s lat
June 8, 2022
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[Editorial] Price shock
Consumer prices jumped 5.4 percent in May from a year ago. It was the highest figure in 13 years and nine months after August 2008 when prices rose 5.6 percent. Surging international prices of crude oil and grains among others pushed consumer prices up sharply. The future looks dismal. The Bank of Korea expected prices to keep climbing in a 5 percent range in June and July. The government has suppressed fees of public utilities such as electricity and gas but if they are readjusted to a reali
June 7, 2022
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[Editorial] Second reckoning
The main opposition Democratic Party of Korea suffered a crushing defeat in the local elections. The ruling People Power Party won by a landslide in the race for 17 metropolitan mayors and provincial governors, which was the highlight of the June 1 local polls. The conservative People Power Party took 12 constituencies including Seoul, while the liberal Democratic Party won in five regions, four of them being traditionally supportive of the party. In the first nationwide poll held 22 days afte
June 3, 2022
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[Editorial] Cultivating chip industry
The South Korean government plans to nurture more than 3,000 skilled experts for the semiconductor industry by 2027, the Ministry of Science and ICT said Monday, a move that follows the high-profile visit of US President Joe Biden to a Samsung Electronics facility amid the global shortage of chips. The announcement of the plan itself is timely for the domestic semiconductor industry, which is home to the world’s biggest memory chipmaker Samsung and the second-largest DRAM supplier SK hyni
June 2, 2022
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[Editorial] Political extra budget
Three days before the June 1 local elections, the National Assembly passed a 62 trillion won ($50 billion) extra budget mainly aimed at compensating small merchants hit financially by the COVID-19 pandemic. Through negotiations between rival parties, its amount increased by 2.6 trillion won. The number of those eligible for compensation also increased sharply. In order to expand the extra budget, they reduced government debt scheduled to be repaid -- by 1.5 trillion won from 9 trillion won to
June 1, 2022
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[Editorial] Make the pie bigger
One of the first -- and the biggest -- obstacles online platform startups face is an almost impenetrable fortress of exotic rules and penalties set up by an existing cartel of firms or professionals. These groups indulge in what economists call “rent-seeking” behaviors, referring to anticompetitive practices to ensure outsize profits at the expense of customers and competitors. It is understandable that existing players instinctively try to keep their profiteering scheme against ne
May 31, 2022
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[Editorial] Growing security threat
The United Nations Security Council on Thursday took a vote on its resolution to strengthen sanctions on North Korea for launching an intercontinental ballistic missile a day earlier, but the resolution fell through due to opposition from Russia and China. The 13 other members of the Security Council voted to adopt the resolution, but the two permanent members vetoed it. A resolution needs nine “yes” votes and no vetoes by five permanent members to be adopted by the council. It i
May 30, 2022
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[Editorial] Navigating high inflation
The Bank of Korea raised its key policy rate by a quarter percentage point Thursday and revised down the country’s growth outlook, amid runaway inflation accelerated by soaring energy prices. The rate hike itself was widely expected in the market. More significant is the revised outlook the central bank projected for the country going forward, and the figures are far from rosy. The central bank’s latest move put the benchmark seven-day repo rate to 1.75 percent, up from 1.5 percen
May 27, 2022
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[Editorial] Breaking a promise
The speaker of the National Assembly and chairperson of its legislation and judiciary committee play essential roles in the process of passing bills. The chairperson of the committee has authority to preside over meetings, which are the last hurdle to the assembly plenary session. The speaker has the right to introduce a bill and put it to a vote in the plenary session. In past assemblies, a majority party member of the parliament was elected as the speaker while a member of the second-largest
May 26, 2022