[Editorial] Global careers

At the turn of the century, few Koreans might have thought that two of the world’s most significant institutions would be headed by compatriots within 12 years.Ban Ki-moon, Seoul’s former foreign minister, was elected U.N. secretary-general in 2006, being reelected in 2011 to serve another five years. Jim Yong Kim, a Korean-American physician and anthropologist, became the president of the World Bank last year.Koreans, especially young people, have been encouraged and inspired by the scenes of t

Oct. 16, 2013

[Editorial] A new energy vision

The government is pushing for an overhaul of energy policy to reduce the nation’s reliance on nuclear power and curb energy consumption. A joint working group consisting of some 60 experts from the public and private sectors has sketched out a new energy policy vision for the government, which differs sharply from that pursued by the preceding administration.President Lee Myung-bak envisioned a “nuclear renaissance” as he regarded nuclear power as the answer to a set of policy challenges ― clima

Oct. 15, 2013

[Editorial] Sloppy supervision

It is increasingly clear that the Financial Supervisory Service had been well aware of the financial problems of embattled Tong Yang Group before they blew up recently. Evidence shows that the financial regulator failed to do its duty. According to Rep. Kim Ki-shik of the main opposition Democratic Party, the FSS signed a memorandum of understanding with Tong Yang Securities in 2009 to prod the brokerage to reduce its holdings of commercial paper issued by other shaky group affiliates. The broke

Oct. 15, 2013

[Editorial] Middle-power solidarity

South Korean President Park Geun-hye and her Indonesian counterpart Susilo Bambang Yudhoyono agreed to conclude an accord on a comprehensive economic partnership between the two countries by the end of the year during their summit in Jakarta last week. The conclusion of the pact is expected to further boost mutual ties that have already made big strides in recent years. It seems within their reach to achieve the ambitious goal of increasing the bilateral trade volume from $29.6 billion last year

Oct. 14, 2013

[Editorial] Boosting democracy

Politics has long been crippled by chronic partisan wrangling in Korea, but the country may still take pride in its achievement of building an industrialized democracy out of the ruins of the 1950-53 Korean War.Since a massive civil uprising ended decades of military-backed authoritarian rule in 1987, the nation has held a number of presidential, parliamentary and local elections without a hitch, though not flawlessly. Vote rigging seems to have been obliterated from the memory of Korean voters.

Oct. 14, 2013

[Editorial] Check on administration

On Monday, the National Assembly is starting an inspection of government agencies ― one of the two most important tasks it conducts during its 100-day regular session each year, together with the deliberations on the administration’s budget request. The annual 20-day inspection should serve as an occasion on which the legislature checks the administration. But in reality, all it does is to provide a battleground on which the opposition takes the offensive and the administration and its party def

Oct. 13, 2013

[Editorial] No undue lenience

It is no small achievement for Korea to have pulled itself out of poverty in one generation. Many regard it as a wonder, if not a miracle. Behind the success story were underpaid workers. Their sacrifice was added to entrepreneurship to make Korea a country with a per capita GDP that now surpasses $22,000.Apparently in recognition of their contribution, workers have been treated with kid gloves when they are found to be guilty of sabotage, violent protests and other unlawful acts. Now they canno

Oct. 13, 2013

[Editorial] Spy agency reform

One dictionary definition of intelligence is secret information, especially about an enemy or potential enemy. Intelligence is also defined as the gathering or distribution of such information.These definitions aptly apply to intelligence gathered and distributed by the nation’s spy agency, the National Intelligence Service ― secret information focused on activities inside North Korea.Earlier in the week, Nam Jae-joon, NIS director, shared what appeared to be highly sensitive intelligence on Nor

Oct. 11, 2013

[Editorial] Dimmer growth outlook

On Thursday, the Bank of Korea cut its 2014 growth outlook, from 4 percent to 3.8 percent. The central bank also said it expected the Korean economy to grow 2.8 percent this year, as it forecast in July.The central bank was not alone in coming up with a dimmer outlook. Earlier in the week, the International Monetary Fund lowered its 2014 growth estimate for Korea from 3.9 percent to 3.7 percent. Other international agencies and investment banks had even lower estimates, mostly ranging from 3.2 p

Oct. 11, 2013

[Editorial] A sea of peace?

During their first summit in June, South Korean President Park Geun-hye and her Chinese counterpart Xi Jinping agreed to make the waters between the two countries a “sea of peace, cooperation and friendship.” In the wake of the top leaders’ meeting, Seoul officials expressed hope Beijing would strengthen crackdowns on illegal fishing by Chinese vessels in South Korean waters.After a lull over the past few months, however, Chinese boats are coming in flocks again to catch fish in South Korea’s ex

Oct. 10, 2013

[Editorial] Polarized workforce

An international study released by the Organization for Economic Cooperation and Development this week showed a wide gap between younger and older Korean adults in basic skills necessary for modern life.In its survey of 157,000 people aged 16-65 from 24 member countries, conducted from 2011-12, the OECD measured their literacy, numeracy and digital problem-solving skills. Korea was on a par with the OECD average for literacy but lagged behind in numeracy and the ability to use devices and networ

Oct. 10, 2013

[Editorial] Teachers’ status

An international study on teachers has found that Korea ranks highly in terms of social status of teachers but near the bottom when it comes to the amount of respect that teachers receive from students.The disturbing finding was presented by the “Global Teacher Status Index,” the first ever study that compares the status of teachers in 21 major countries. It was published by the Varkey GEMS Foundation, a nonprofit in London devoted to improving education for disadvantaged students. It is based o

Oct. 9, 2013

[Editorial] Cutting working hours

The government is stepping up efforts to cut the maximum working hours per week from the current 68 hours to 52 hours. On Monday, it agreed with the ruling Saenuri Party to revise the relevant law during the ongoing parliamentary session. Under the law, standard working hours in Korea are eight hours a day, or 40 hours per week. On top of that, up to 12 hours of overtime work is allowed per week. The problem with the law, however, is that it does not say whether weekend work is included in overt

Oct. 9, 2013

[Editorial] Marking Hangeul Day

Reinstated as a national holiday after more than two decades, Hangeul-nal is marked today with a variety of events designed to celebrate the invention of the Korean alphabet in the mid-15th century.Hangeul helped the Korean people keep their national identity through Japan’s 1910-45 colonial rule. So, it was natural for the independent government installed in Seoul to have designated the day Hangeul was promulgated by King Sejong in 1446 as a national holiday.Hangeul Day was excluded from the li

Oct. 8, 2013

[Editorial] Surge in sea level

A landmark report released by the U.N.’s climate panel last month, which warned unequivocally of global warming, appeared not to have drawn due attention here. A separate study on the impact of rising sea levels on the country’s coastal areas, published by a local environmental research institute Sunday, should put Koreans on alert over the challenges posed by climate change.In its analysis based on the findings of the document drawn up by the Intergovernmental Panel on Climate Change, the Korea

Oct. 8, 2013

[Editorial] Corporate restructuring

The recent collapse of Tong Yang Group has highlighted the insidious growth of corporate debt and the need to swiftly put vulnerable corporations under harsh restructuring programs. According to Chaebol.com, a research company that closely monitors the nation’s chaebol groups, the aggregate debt of Korea’s 30 largest family-controlled conglomerates has surged since the global financial crisis in 2008.Their debt totaled 575 trillion won last year, up 83 percent from 314 trillion won in 2007. The

Oct. 7, 2013

[Editorial] Non-aggression pact

U.S. Secretary of State John Kerry has left many here puzzled by abruptly saying that Washington is ready to sign a non-aggression agreement with North Korea.Kerry made the statement during a news conference in Tokyo last week. Although it was attached with one condition ― the North should first decide to denuclearize and to engage in legitimate negotiations to achieve that end ― the overture came as a surprise to many.It is because Kerry was the first U.S. official to express in public Washingt

Oct. 7, 2013

[Editorial] Clashes over power line

Work resumed on Wednesday after more than four months of suspension on the construction of a high-voltage power line in rural villages in South Gyeongsang Province. But nothing much has since changed, with residents, environmentalists and antinuclear activists staging violent protests to disrupt construction again.Korea Electric Power Corp. cannot afford to endure any more delays in the construction of a 765 kilovolt transmission line linking a nuclear power plant under construction in Ulsan to

Oct. 6, 2013

[Editorial] A tainted nominee

A responsible political party would think twice before nominating an ex-convict for election to public office. But no report has come from the ruling Saenuri Party that it had a heated debate before selecting Suh Chung-won as its nominee to run in a parliamentary by-election later this month. Suh, who was sent to prison twice for raising political funds by illegal means, is free to run in the election because his right to election to public office was restored in a presidential pardon in January

Oct. 6, 2013

[Editorial] Rising nuclear threats

North Korea unleashed a new salvo in an escalating war of words over nuclear threats when its vice foreign minister, Pak Kil-yon, addressed the U.N. General Assembly in New York on Tuesday. He said South Korea was “creating the danger of driving relations back into a destructive stage again.”Claiming that hostile U.S. policy was the cause of tension on the Korean Peninsula, he also accused Washington of abusing its power on the U.N. Security Council against North Korea. He was apparently referri

Oct. 4, 2013