[Editorial] Dangerous ties

The main opposition Democratic Party of Korea held a rally in Seoul on Saturday, substantially calling for President Yoon Suk Yeol to step down. The party was going to hold a rally in Daejeon after the first one near Seoul Station on Nov. 2, calling for a special counsel probe of first lady Kim Keon Hee’s alleged illegal intervention in state affairs. It changed locations by holding its rally near a separate rally by civic groups including the Korean Confederation of Trade Unions, which ha

Nov. 12, 2024

[Editorial] Remain cautious, proactive

The US Federal Reserve trimmed its benchmark rate by 0.25 percentage points, reflecting cooling inflation and other economic data. But the Fed's monetary easing comes at a tricky moment as President-elect Donald Trump signaled the coming of a host of drastic changes in fiscal and economic policies. Given the close economic and financial relations between South Korea and the US, the forthcoming changes offer a difficult choice for Korea’s policymakers and central bankers. The country c

Nov. 11, 2024

[Editorial] Brace for changes

As Donald Trump has won the high-stakes US presidential election, sweeping changes are expected to affect South Korea in fields including economy, trade, security, defense and inter-Korean relations. While Trump’s slogan, “Make America Great Again,” resonated among the majority of US voters, his core stance -- “America First” -- is likely to force many countries, including South Korea, to confront drastic challenges and costly decisions in their relations with the U

Nov. 8, 2024

[Editorial] Damaging consent

The Democratic Party of Korea on Monday decided to push through a bill to require the government to obtain consent from the National Assembly before allowing exports of defense articles. If the Defense Industry Development and Support Act is revised as written by Democratic Rep. Kim Byung-joo, the government will have to ask the Assembly if it assents to such exports. Lawmakers will then have 30 days to deliberate on the request behind closed doors and make a decision. Every instance of defense

Nov. 7, 2024

[Editorial] Intel, a cautionary tale

In South Korea, Intel and Samsung Electronics used to be mentioned together as the leading examples of innovative frontrunners in the global tech business. Yes, they were; however, they no longer enjoy such flattering comparisons. Trouble-laden Intel is set to be replaced by Nvidia on the Dow Jones Industrial Average index Friday, a shocking setback for the US-based chipmaker in a changing landscape where even a technology behemoth can get kicked out of the index of blue-chip companies. The deci

Nov. 6, 2024

[Editorial] Beat populism

The National Assembly on Monday started in earnest to deliberate on the 667.4 trillion won ($483.4 billion) government budget for next year. The budget increased a modest 3.2 percent year over year. Deliberation ends in the general meeting of the Special Committee on Budget and Accounts on Nov. 29. Voting on the budget bill is slated for Dec. 2 in the Assembly plenary session. The ruling People Power Party makes much of fiscal austerity, while the main opposition Democratic Party of Korea regard

Nov. 5, 2024

[Editorial] Face the reality

President Yoon Suk Yeol’s approval rating dropped to just 19 percent in a poll released Friday, marking its lowest recording since he took office in May 2022. The continued fall of his approval ratings illustrates public discontent about his handling of political disputes. According to the survey conducted by Gallup Korea, positive assessments of Yoon’s performance edged down 1 percentage point from the previous week. But negative assessments hit an all-time high of 72 percent, up 2

Nov. 4, 2024

[Editorial] Tackle tech roadblocks

The confrontation between the US and China over high-stakes technology sectors is expected to intensify next year as a new set of rules set up by the US will restrict investment in China. The question is how the rules will affect South Korea, which maintains close trade relations with both the US and China. In the short term, such rules are likely to have a limited impact on Korea’s technology industries, according to experts in Seoul, but in the long term, there are shifting factors that

Nov. 1, 2024

[Editorial] Fiscal expedient

The government forecasts tax revenue to be 29.6 trillion won ($21.4 billion) short this year. The Ministry of Economy and Finance said Monday that it will use 14 to 16 trillion won in three funds to make up for the shortage. The three are: the foreign exchange stabilization fund, the national housing and urban fund and the public capital management fund. It will not issue government bonds. The government plans to cover the rest of the shortfall by withholding some 6.5 trillion won in national ta

Oct. 31, 2024

[Editorial] Currency risks

South Korea’s financial authorities cautiously watch the fluctuation of the Korean currency’s value against the US dollar in recent weeks, a fresh warning sign that may threaten to undermine the recovery of the country’s economy. The Korean won against the dollar opened at 1,390.5 won on Monday before hitting an intraday high of 1391.5 won. It closed down at 1,385 won. On Tuesday, the Korean currency has ended at 1,386.5 won. In the short term, the fluctuations in the past two

Oct. 30, 2024

[Editorial] Multicultural era

The number of foreign residents living in the country for three months or longer as of November last year hit an all-time high of 2,459,542, a report by the Ministry of the Interior and Safety showed last week. The report defines all foreign nationals living in Korea for over three months, naturalized citizens who are not ethnically Korean and children born here to foreign national parents as "foreign residents." This record was attributed to a surge in the numbers of foreign workers a

Oct. 29, 2024

[Editorial] Poor approval rating

Gaining and maintaining popularity is not necessarily the top priority for a president. After all, the person who leads the nation often has to embrace policies that may generate protests but need to be enacted for the country’s future. However, data on the popularity of a president can be viewed from a different angle. If the president's approval rating remains near rock bottom, and the reasons for such dismal results are related to bad policies or unwise decisions, the data inevitab

Oct. 28, 2024

[Editorial] A glimmer of hope

It is a pleasant surprise that South Korea's number of newborn babies rose on-year for two months in a row in August, a development that offers a glimmer of hope for the country struggling to resolve its demographic crisis. Korea has long suffered a dismal birth rate, painting a negative picture of economic health in tandem with the rapidly aging population. But according to data compiled by Statistics Korea, 20,098 babies were born in August, marking a respectable 5.9 percent increase from

Oct. 25, 2024

[Editorial] Start discussion again

Lee Jung-kuen, chair of the Korean Senior Citizens Association, said in his inaugural address on Monday that he will propose that the government raise the official age at which people are considered senior citizens from the current 65 to 75. The minimum age is used for senior citizen welfare benefits, including free subway rides, free vaccinations and the basic old-age pension. Noting that Korea’s senior population is expected to double from the current 10 million to 20 million by 2050, he

Oct. 24, 2024

[Editorial] Troubling growth rate

South Korea’s potential growth rate is forecast to stay at 2 percent for two years in a row, painting a gloomy picture of the country’s economic health and illustrating the need to address weak growth momentum. The OECD projects Korea’s potential growth rate to stand at 2 percent this year, according to data submitted by the Finance Ministry to the National Assembly. Over the past five years, Korea’s potential growth rate has been declining. In 2020 and 2021, the figure w

Oct. 23, 2024

[Editorial] Joint response

South Korea’s National Intelligence Service on Friday disclosed three satellite photos of Russian naval vessels transporting North Korean special forces soldiers. The agency said that the ships transported roughly 1,500 North Korean troops from a North Korean region to the Russian Far Eastern city of Vladivostok from Oct. 8-13. It also confirmed the North has decided to dispatch around 12,000 troops from special operations brigades to support Russia in its war with Ukraine. Ukraine's

Oct. 22, 2024

[Editorial] Rise in ‘lonely deaths’

The rise in the number of single-person households is hardly surprising in South Korea as the family structure has been shifting in recent decades. However, the spike in the number of those who die alone is alarming in multiple ways. The number of what is called “lonely deaths” -- or “godoksa” in Korean -- stood at 3,661 in 2023, up from 3,559 the previous year, according to the data released by the Ministry of Health and Welfare. The figure about individuals dying in iso

Oct. 21, 2024

[Editorial] Defense cost-sharing

Former US President Donald Trump is notorious for distorting and exaggerating facts to seek political gain. By doing so, especially ahead of the US presidential election on Nov. 5, he often inflicts collateral damage on innocent people. A striking example of this pattern is the allegation he has made about defense cost-sharing with South Korea. On Tuesday, Trump said that South Korea would pay $10 billion a year -- about 9 times what Seoul currently pays -- for the stationing of US Forces Korea

Oct. 18, 2024

[Editorial] Find the truth

Myung Tae-kyun, a shadowy figure at the center of suspicions that first lady Kim Keon Hee may have intervened in the ruling party’s nomination races, disclosed on Tuesday a screen capture of text messages he and Kim exchanged in 2021. “You will see the correct answer tomorrow when (he) meets Lee Jun-seok,” Myung texted. Lee was leader of the party at that time. “You’re working so hard! Please forgive my childish oppa,” Kim replied. “Oppa” is a Kore

Oct. 17, 2024

[Editorial] Policy after rate cut

Expectations are rising that the South Korean government will take follow-up measures in the wake of Friday's much-anticipated cut in interest rates by the Bank of Korea. The BOK’s move, marking the first pivot in 38 months, came as the country’s inflation is moderating but domestic demand is still mired in a protracted slump. As expected, the central bank slashed the benchmark rate by 25 basis points to 3.35 percent, the first interest rate cut since August 2021, reflecting the

Oct. 16, 2024