Most Popular
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Qoo10 liquidity crisis sparks massive complaints, fears of wider damage
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Yoon urges municipalities to embrace foreigners
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What is happening at Hybe?
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S. Korea to consent to Japan's Sado mines gaining World Heritage status: official
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Korea unveils tax reform bill to spur economy
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Actor’s excessive airport security sparks probe into human rights violations
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Man who let his father die due to financial difficulties to be released on parole
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Actor Yoo Ah-in accused of sexual attack
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S. Korea, China shifting from tensions to cooperation: Seoul
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LG Electronics achieves record earnings in Q2
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[Ken Taylor] Reshaping the discourse on heritage
The focus of the proposal by Korea‘s Cultural Heritage Administration to shift the emphasis of the Korean system on perceptions of heritage is a landmark decision. Notably, it reflects international scholarly discourse and professional best practice thinking in the field of cultural heritage and natural heritage management in that over the last thirty years or so, the concept of heritage, its management processes and the very role it plays in the social arena have gone through significant
ViewpointsMay 13, 2024
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[Editorial] Simplify property taxes
In South Korea, property tax is one of the most controversial and sensitive topics for both politicians and citizens. Since real estate prices and related taxes involve the bulk of individual assets, even a slight policy change, especially regarding taxation, tends to touch off heated disputes. In particular, the comprehensive real estate holding tax -- an additional tax burden imposed on owners of pricey houses -- is a hot-button issue, since major parties have long exchanged attacks at each ot
EditorialMay 13, 2024
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[Editorial] Yoon's press conference
President Yoon Suk Yeol apologized Thursday for his wife’s “unwise behavior” regarding her alleged acceptance of a luxury bag in 2022 after his inauguration. "I apologize for causing concern to the people with the unwise conduct of my wife," he said during a press conference marking the second anniversary of his presidency. Yoon said he would refrain from commenting further, however, as his remarks could be misconstrued as trying to influence the prosecution's on
EditorialMay 10, 2024
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[Wang Son-taek] Problems in press freedom and democracy
The 2024 World Press Freedom Index, released recently by Reporters Without Borders, an international organization for monitoring press freedom, contains a severe warning to democracy in Korea. In the index, which reflects the media situation in 2023, South Korea ranked 62nd out of 180 countries surveyed. Korea received its worst report card since it ranked 69th in the 2009 index and 70th in the 2016 index. It was 43rd in the 2022 index, when the index methodology was changed significantly, but f
ViewpointsMay 9, 2024
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[Editorial] Negligence of duty
With about three weeks left before the 21st National Assembly closes on May 29, a significant number of lawmakers from both the ruling People Power Party and the main opposition Democratic Party of Korea have gone on overseas trips -- or plan to do so -- while failing to work on piles of pending bills. Of course, not all lawmakers of the current session are eager to travel abroad to exploit their privilege and spend taxpayer money for their own leisure. And not all trips are meaningless, as &ldq
EditorialMay 9, 2024
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[Andrew Sheng] Protecting trade is protecting yourself
Until 2016, it was almost taken for granted that free trade is good for everyone. That was before Donald Trump started the tariff war on Chinese imports, which his successor Biden turbocharged with even more sanctions against individuals, companies and countries. The IMF has estimated that since 2019, the number of new sanctions imposed yearly has tripled to over 3,000. The European Union is about to impose Carbon Border taxes on imports, which will further add costs and administrative burdens o
ViewpointsMay 8, 2024
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[Kim Seong-kon] A time to leave your parents
It is nature’s law that children leave their parents when they enter adulthood. Whether we are talking about humans or animals, there comes a time when children leave their parents and become independent. No one can expect to live with his or her parents or children forever. Traditionally in America, when your child turns 18 years old and enters legal adulthood, your parental duties and responsibilities are finally over. Your child becomes independent by either leaving home for college or
ViewpointsMay 8, 2024
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[Editorial] Naked short selling
The nation’s financial regulator said it has found suspected cases of illegal naked stock short selling at five more global investment banks, bringing the total number of suspected institutions to nine. The Financial Supervisory Service has been inspecting 14 global investment banks with the largest short selling transactions here after it found last year that BNP Paribas and HSBC had placed naked stock short selling orders worth 55.6 billion won ($40.3 million) between 2021 and 2022. The
EditorialMay 8, 2024
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[Editorial] Data leak disclosure
The Ministry of the Interior and Safety on Sunday admitted that more than 1200 civil documents were erroneously issued to the wrong applicants last month, resulting in the exposure of sensitive private information -- a major cybersecurity breach that illustrates the weakness of a public online service and the poor handling of such incidents by a government agency. The breach at Government24 (gov.kr), the government’s civil service portal that provides certification issuances and other docu
EditorialMay 7, 2024
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[Grace Kao, Meera Choi] Has money displaced romance on dates?
According to a March 29, 2023 article in The Korea Herald, 83 percent of couples have argued over how to split dating expenses. Increasingly, it seems that young people are measuring love and romance in won. Meera Choi, a Ph.D. candidate in sociology at Yale University, has interviewed 130 women aged 20 to 40 in Korea for her dissertation research. These women all believed in women’s rights, and some had strong opinions about how dating expenses (for heterosexual couples) ought to be split
ViewpointsMay 7, 2024
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[Yoo Choon-sik] Saemaul Geumgo and trust in financial system
Some of the business irregularities involving MG Community Credit Cooperatives, better known as Saemaul Geumgo within the country, have again grabbed media headlines in recent weeks, even as their stretched exposure to the depressed real estate market remains a potential risk to South Korea’s financial stability. The Korea Economic Daily and other local media reported that Saemaul Geumgo cooperatives paid out some 500 billion won ($367 million) in dividends to their members last year, more
ViewpointsMay 7, 2024
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[Robert J. Fouser] AI changes rationale for learning languages
As the AI boom spreads and puts down ever deeper roots, questions about the future of foreign language education have arisen. If AI can translate and interpret on demand, then why learn foreign languages in the first place? Is there some innate value in learning foreign languages that negates the convenience of AI? These questions are important for South Korea because foreign languages have an important place in the educational curriculum and in career development. Foreign language learning on a
ViewpointsMay 3, 2024
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[Editorial] Face up to Trump
Former US President Donald Trump suggested that should he be reelected, the US could withdraw its forces from South Korea if it does not pay more to support US troops stationed here. “I want South Korea to treat us properly. As you know, I got them to -- I had negotiations, because they were paying virtually nothing for 40,000 troops that we had there,” the presumptive Republican presidential nominee said in a recent interview with Time magazine. The number is actually 28,500. &ldquo
EditorialMay 3, 2024
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[Wang Son-taek] 'Lattice-like architecture' to manage alliances
Mr. Rahm Emanuel, the US ambassador to Japan, introduced the concept of "lattice-like architecture," which can be a new US alliance management system in the Indo-Pacific region, replacing the current "hub-and-spokes" system. Emanuel explained that the new system will help allies in the Indo-Pacific area work together and increase collective deterrence to counter China's coercive and aggressive behavior. The concept metaphorically describes several small-size cooperation
ViewpointsMay 2, 2024
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[Richard K. Sherwin] Trump‘s enablers on Supreme Court
The fate of American democracy was on the US Supreme Court’s docket last week as lawyers argued over the nature and limits of presidential immunity. The case before the Court concerns federal criminal charges arising from former President Donald Trump’s alleged attempt to thwart the peaceful transition of power following the 2020 election. The acts charged include fraudulently asking state officials to “find” non-existent pro-Trump votes and coercing Vice President Mike P
ViewpointsMay 2, 2024
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[Editorial] Mixed signals on trade front
Defying some pessimistic outlooks early this year, South Korea’s exports appear to be on a recovery path in recent months, helped by solid demand for semiconductors and automobiles. But the country’s economy is not out of the woods yet, as new roadblocks such as the volatile exchange rate and from US-China trade relations continue to pop up. On the export front, government officials have enough reasons to be upbeat. Korea’s exports posted on-year growth for the seventh consecut
EditorialMay 2, 2024
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[Editorial] EVs need policy focus
The Beijing Motor Show, otherwise known as Auto China, kicked off on April 25, showcasing new electric vehicle models armed with advanced digital solutions. The show features a wide range of global automakers including Hyundai and Kia, but it is the Chinese EV manufacturers that are attracting the most attention. The strength of Chinese automakers at the industry exhibition reflects their rising market position. China became the world’s biggest car exporter in 2023, shipping a total of 4.9
EditorialMay 1, 2024
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[Jeffrey Frankel] The election-devaluation cycle
The proposition that major currency devaluations are more likely to come immediately after, rather than before, an election is being tested anew. In the biggest voting year in history, the implications could be far-reaching. Economists will recall the Nobel laureate economist William D. Nordhaus’ influential 1975 paper, “The Political Business Cycle.” According to Nordhaus, in the year leading up to an election, governments are more inclined to pursue fiscal and monetary expans
ViewpointsMay 1, 2024
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[Kim Seong-kon] Between the ‘Free World’ and authoritarian countries
Today, we are witnessing a sharp confrontation between authoritarian countries and democratic countries. It is like deja-vu for those of us who recollect the clashes between Communist countries and the “Free World” after World War II. Authoritarian countries have a nostalgic longing for their glorious past and dream of recovering their former power and territories. The democratic countries try to stop them from invading other countries and promote peaceful coexistence instead. So
ViewpointsMay 1, 2024
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[Mariana Mazzucato, David Eaves] Central banks in a cashless world
Economics has always had a strange and much-debated relationship with money. For a long time, economists -- including Nobel laureates like Merton Miller and Franco Modigliani -- regarded money merely as a medium of exchange. But by building on the work of John Maynard Keynes and Hyman Minsky, economists have since moved beyond a narrow focus on the quantity of money to consider its structural influence on the real economy and the financial system. A structural understanding of money and finance
ViewpointsApril 30, 2024