[Editorial] Owner’s retreat

Creditors have decided not to bail out the debt-saddled Hanjin Shipping, a main unit of Hanjin Group. In the wake of the banking sector’s rejection of the rescue fund, the nation’s largest container shipping firm will be pressured by the financial regulator to dispose of its viable assets to the second-largest Hyundai Merchant Marine.Market insiders allege that Hanjin Group Chairman Cho Yang-ho had a lack of resolve to normalize the shipping firm, compared to a similar solution by Hyundai Group,

Aug. 31, 2016

[Editorial] Hydrogen vehicles

The government and a group of automobile and energy companies have teamed up to promote hydrogen-powered vehicles. They launched the Hydrogen Fusion Alliance last week to make more effort in putting more hydrogen vehicles on the road and building the infrastructure needed.Leading the alliance is the Ministry of Trade, Industry and Energy, which seeks to foster the budding hydrogen auto industry into a future growth engine. The ministries of energy and transport are also participating in the vent

Aug. 30, 2016

[Editorial] No more gridlock

The 20th National Assembly is to open its first 100-day regular session Thursday. Before the session opens, it seems appropriate to remind legislators of the message that Korean voters delivered to political parties through the April general election.The election replaced a two-party system that caused frequent disruptions of the National Assembly with a three-party system in which no single party controls a majority of parliamentary seats.   The unmistakable message was that political parties s

Aug. 30, 2016

[Editorial] Tripartite ties

Culture ministers from South Korea, China and Japan have agreed to work together to coordinate cultural activities throughout the upcoming Olympic Games in East Asia. The three countries will hold non-sport events -- dubbed the “Culture Olympics” -- during the 2018 PyeongChang Winter Olympics, the 2020 Tokyo Summer Olympics and the 2022 Beijing Winter Olympics.The Ministry of Culture, Sports and Tourism of Korea said the “Cultural Olympics” may comprise of events focused on East Asian culture an

Aug. 29, 2016

[Editorial] Currency swap

The currency swap between South Korea and Japan will likely resume in the coming months as the two countries’ finance ministers reached a consensus on Saturday to promptly start negotiations on the bilateral financial pact.The two countries’ previous currency swap deal expired in February 2015. The new swap is designed to prepare for currency volatility arising from negative external factors - effectively acting as a buffer against sharp currency swings.A currency swap is an accord between two p

Aug. 29, 2016

[Editorial] Seoul-Moscow ties

South Korea and Russia are set to reinforce government- and business-level cooperation on Moscow’s plans to develop the Russian Far East.Russia plans to support Korean firms investing into its projects to build cold storage facilities and modernize harbors in Vladivostok, according to the Ministry of Strategy and Finance.Outlook on the bilateral economic ties is bright, as Finance Minister Yoo Il-ho shared the goals and emphasized the importance of partnership with his counterpart Yuri Trutnev a

Aug. 28, 2016

[Editorial] Debt and rates

South Korea’s combined household debt was at an all-time high of 1.25 quadrillion won ($1.12 trillion) as of June 2016, and is projected to reached a fresh record during the third quarter of this year.While there is a possibility the nation’s consumer debt will exceed the 1.3 quadrillion mark by the year’s end in the wake of its continuously snowballing pace, policymakers have moved to curb its growth rate.Last Thursday, the Finance Ministry said it would control the number of houses and apartme

Aug. 28, 2016

[Editorial] Too big a loophole

The astounding gender discrimination case at the liquor-maker Kumbokju should remind all -- labor and rights officials, civic groups as well as law-enforcement authorities -- that South Korea still has a long way to go to get rid of this social ill. The Daegu-based distiller had shocked the nation in March when one of its female workers filed a petition with authorities over the company’s pressure on her to quit because she was getting married. The petition prompted an investigation by labor off

Aug. 26, 2016

[Editorial] Mapping out compromise

The government’s decision to put off its verdict on Google’s request to allow the transfer of Korean digital map data to its overseas servers illustrates the tricky nature of the issue. A pan-government committee reviewing the case said that it needed more time to discuss the issue -- among government officials and with Google -- and it plans to make a final decision in November this year. Indeed, providing the global tech giant unlimited access to Korea’s digital map data is a complicated matte

Aug. 26, 2016

[Editorial] Comical twist

The scandal surrounding Woo Byung-woo, the senior presidential secretary for civil affairs, exposes the foolishness of President Park Geun-hye and her administration. The prosecution has launched an investigation into Woo, as requested by the independent inspector general, Lee Suk-su, who looked into allegations involving the top Blue House aide. A comic twist is that the same prosecution task force -- named by Prosecutor-General Kim Soo-nam -- is also investigating Lee over allegation that he l

Aug. 25, 2016

[Editorial] Near implosion?

President Park Geun-hye’s policy on North Korea -- and more broadly, unification -- has been built on “trustpolitik,” which calls for the two Koreas to build trust through engagement and cooperation so that they can eventually achieve unity. The president’s flagship policy, however, has lost much of its charm, as the Kim Jong-un regime has kept conducting nuclear tests and missile launches. The harsh UN-led sanctions on the North over its latest nuclear and missile provocations and the consequen

Aug. 25, 2016

[Editorial] Food safety

The government’s 5.6 trillion-won ($5 billion) free school meals scheme has been found to be supplying improper lunches to many of the nation’s 6.14 million students.A government task force inspected between April and July some 2,400 food suppliers and lunch operators and visited 274 of the nation’s 11,700 elementary, middle and high schools that provide students with hot lunches.The team’s findings, released Tuesday, were disappointing and shocking. It has uncovered a total of 677 violations of

Aug. 24, 2016

[Editorial] Political gridlock

Escalating inter-party hostility threatens to kill the 11 trillion-won ($9.7 billion) extra budget bill, which is intended to ease the pain of corporate restructuring and stimulate the sluggish economy.The ruling Saenuri Party, the main opposition The Minjoo Party of Korea and the minor opposition People’s Party at first agreed to pass the bill on Aug. 12. Then they delayed its passage to Aug. 22. As things stand now, they may not be able to act on it until the ongoing parliamentary session ends

Aug. 24, 2016

[Editorial] Similar path

The leadership race of The Minjoo Party of Korea is following the path taken by the ruling Saenuri Party, which in its recent leadership contest ended up consolidating the hegemonic power of its mainstream faction that is largely unpopular outside the party. None of the Minjoo candidates — Choo Mi-ae, Lee Jong-kul and Kim Sang-kon — offer a vision for the party, which many liberals hope will be able to win back power at next year’s presidential election by defeating the conservative ruling party

Aug. 23, 2016

[Editorial] Heed warnings

North Korea poses a constant security threat to South Korea, yet recent developments call on us -- government and public alike -- to take extra caution against possible provocations from the rogue regime. Tension had already been running high on the Korean Peninsula since the UN imposed the harshest-ever sanctions on the North over its nuclear and missile provocations early this year. Adding to the tension is Seoul and Washington’s decision to deploy an advanced missile defense system in the Sou

Aug. 23, 2016

[Editorial] Outrageous remarks

Despite the agreement with the government of South Korea in late 2015, Japan has yet to halt its distortions of historical facts about the wartime sex slavery during the Japanese colonial rule of the peninsula.On the English website of its foreign ministry, a senior Japanese official again denied forceful mobilization of the so-called comfort women by its military and government authorities during World War II.Deputy Foreign Minister Shinsuke Sugiyama was quoted as saying that the Japanese gover

Aug. 22, 2016

[Editorial] Oil producers

International crude prices, which retreated in July after a noteworthy rebound during the first half, are spiraling again this month.Dubai crude, which peaked at $48 per barrel on June 8, plunged to $38 on Aug. 2. But it has bounced back over the past few weeks to surpass $44 per barrel. West Texas Intermediate and Brent crude have touched $48 and $50, respectively.The recent trend hints that the era of $30-$25 per barrel, which came in early 2016, will not come again in the coming years, while

Aug. 22, 2016

[Editorial] Independent think tank

A private think tank aspiring to become Korea’s answer to the Brookings Institution of the United States has been launched. 　The Future Consensus Institute was founded by Cho Chang-geol, the founder and honorary chairman of Hanssem Co., Korea’s leading interior company that provides furniture, appliances and household accessories.　Cho has promised to contribute 400 billion won ($357 million) worth of his shareholdings in Hanssem to the institute to ensure its financial independence. In March las

Aug. 21, 2016

[Editorial] Futile defense

The row over Woo Byung-woo, senior presidential secretary for civil affairs who is dogged by accusations of corruption, has taken a new turn as the powerful presidential aide was referred to the prosecution for investigation last week.　Lee Seok-su, the special inspector general who has inspected Woo for a month, wrapped up his inspection Thursday, filing with the prosecution a request for a formal probe into the presidential secretary, who oversees law enforcement agencies, including the prosecu

Aug. 21, 2016

[Editorial] Timely trips

President Park Geun-hye will visit Russia and China next month, amid backlash from the two countries over South Korea and the US’ decision to station the Terminal High Altitude Area Defense system on the peninsula.After her visit to Vladivostok for the Eastern Economic Forum from Sept. 2-3, Park is scheduled to participate in the G-20 summit, slated for Sept. 4-5 in Hangzhou.A summit between South Korea and Russia has been arranged and it remains to be seen whether Park will be able to hold bila

Aug. 19, 2016