[Editorial] Tax cut debate

The divisive debate on tax cuts has resurfaced in the ruling Grand National Party following the election on Friday of Rep. Hwang Woo-yea, a neutral four-term lawmaker, as the party’s new floor leader. Hwang pledged to scrap the planned tax cuts for the companies and individuals in the highest corporate and personal income tax brackets, saying he would use the money for low-income people who suffer

May 11, 2011

[Editorial] Parties in flux

The nation’s political parties are in a state of flux. Party leaderships are in serious disarray and analysts see the possibility of a major regrouping when parliamentary and presidential votes draw near. Popularity ratings fluctuate wildly while President Lee Myung-bak’s approval rate keeps sliding. The ruling Grand National Party’s by-election loss last month in Bundang, long considered a conser

May 10, 2011

[Editorial] Hollow proposal

While there is a near zero possibility that Kim Jong-il will accept President Lee’s offer of inviting the North Korean leader to the Nuclear Security Summit in Seoul next March, which carries heavy preconditions, the gesture shows the government’s sincerity to bring the rogue regime to the international arena. President Lee also reminded Pyongyang of what it can expect from the international socie

May 10, 2011

[Editorial] Lee’s Europe tour

President Lee Myung-bak began his European tour meeting with German leaders Monday. With few pressing issues on hand, other than how to increase economic cooperation using the just-ratified Korea-European Union Free Trade Agreement, Lee’s week-long trip through Germany, Denmark and France will be a respite from the headaches at home complicated by a by-election defeat, falling approval ratings and

May 9, 2011

[Editorial] ‘Kimchi Chronicles’

Koreans love kimchi so much that they want global citizens to enjoy the unique side dish, which they do not hesitate to identify with the Korean culture itself. The people who make the world’s biggest ships, best color TV sets and cell phones, and increasingly reliable automobiles have wondered why Korean food had to be rated below Thai and Vietnamese, let alone Chinese or Japanese.So, they are th

May 9, 2011

[Editorial] Unwarranted privileges

Lawmakers of the ruling Grand National Party are taking another crack at curbing the time-old practice of public officials landing high-paying jobs at private companies immediately after retirement. The latest attempt comes in the midst of public anger over officials of the Financial Supervisory Service who have all but monopolized the auditor posts at financial companies after retirement.To addre

May 8, 2011

[Editorial] GNP power shift

Rep. Hwang Woo-yea, an independent-minded four-term lawmaker, was elected new floor leader of the ruling Grand National Party on Friday, signaling a power shift in the party and the collapse of its mainstream faction loyal to President Lee Myung-bak.Hwang beat Reps. An Kyung-ryul and Lee Byung-suk, both from the pro-Lee camp. In the first round of voting, Hwang won 64 votes out of 159, while An an

May 8, 2011

[Editorial] Asian solidarity

It is a matter of course that prevention is better than cure. But an Asian financial safety net, designed to fight off future financial crises, cannot be relied to prevent them. Instead, it may be used to take action only when a financial crisis is confirmed to have dealt a blow to a country.This weakness in the Chiang Mai Initiative Multilateralization (CMIM) program, a $120 billion pool of funds

May 6, 2011

[Editorial] Cyber terrorism

The prosecution’s conclusion on Tuesday that North Korea was to blame for the paralysis of the computer network of the National Agricultural Cooperative Federation is a chilling reminder of the pariah regime’s determination and capability to launch cyber attacks against the South. The prosecutors defined the North’s hacking into the NACF’s computer system as a new form of cyber terrorism. Before t

May 6, 2011

[Editorial] New regulatory culture

Last Saturday, we called for drastic reform of the Financial Supervisory Services as the powerful regulatory agency exuded the stench of corruption. We were not alone in smelling the odor. President Lee Myung-bak did as well. On Wednesday, Lee made a surprise visit to the FSS to express his fury and disappointment over the regulator’s failure to prevent irregularities at financial companies and FS

May 5, 2011

[Editorial] Corrupt diplomats

One of the most important tasks for a diplomat is to settle disputes and resolve conflicts through negotiations. But what if he himself should cause a dispute or a conflict, as a former ambassador to an African country may have done?The case in point involved the ambassador who recently returned home after his assignment in the Ivory Coast. Among the items he brought with him from the African coun

May 4, 2011

[Editorial] Bulging coffers

The nation’s holdings of foreign currency surpassed the $300 billion mark at the end of April. Should the nation confront any financial crisis in the future, these bulging state coffers will be of great help in cushioning the blow.To hold $300 billion in foreign reserves is nothing short of a sea change for a nation that has been exposed to the threat of sovereign bankruptcy on two occasions durin

May 4, 2011

[Editorial] Union restructuring

The Seoul Subway Union’s exit last week from the “Minju Nochong,” a radical national umbrella union, and its leaders’ move to form a third national union herald drastic changes in the nation’s labor movement. Up to now, labor activities have long been competitively swayed by the two national bodies: Minju Nochong (the Korean Confederation of Trade Unions) and Hanguk Nochong (the Federation of Kore

May 3, 2011

[Editorial] After bin Laden

As it came after months of pro-democracy upheavals in the Muslim world this year, the news of the death of Osama bin Laden in a U.S. raid on his hideout in Pakistan allows a faint but positive outlook for an end to a decade of intercultural conflicts started by the 9/11 attacks in 2001. Yet, whoever shares this somewhat wishful thinking should be wary of retaliation by al-Qaida militants for the “

May 3, 2011

[Editorial] Libya bombing

NATO’s bombing of Tripoli on Saturday, which reportedly killed Libyan leader Moammar Gadhafi’s son and three grandchildren definitely went beyond the U.N. Security Council mandate. However the alliance may try to stretch the mission given under UNSC resolution 1973 on Libya, which was to establish a no-fly zone over the country to protect civilians from military attacks, NATO commanders cannot jus

May 2, 2011

[Editorial] Guryong Village

Guryong Village in the Gangnam district of Seoul represents some of the absurdities in present-day Korea. Many of the people who live in about 1,200 shacks at Guryong Village, located near the plush Tower Palace high-rise block, moved in from other parts of Seoul when they were evicted by city authorities for redevelopment projects in the 1980s. The urban migrants settled at the foot of Guryong Hi

May 2, 2011

[Editorial] FTA with China

Negotiations will reportedly start on a Korean-Chinese free trade agreement in the near future, possibly as early as in June. A senior Blue House official is quoted as saying that Korea and China will hold a summit this month and declare the launch of negotiations next month.As the official said, China has a strong desire to conclude negotiations on a free trade deal with Korea. But Korea has not

May 1, 2011

[Editorial] New town plans

A dictionary definition of “new town” is a “planned urban community designed for self-sufficiency and providing educational, commercial and recreational facilities for its residents.” As such, it differs from “settlements that evolve in more ad hoc fashion.”Britain began to build new communities under the New Towns Act of 1946. Many other countries, borrowing from Britain, have since launched simi

May 1, 2011

[Editorial] Empty slogan

The government is renewing its efforts to advance the service industry. The Ministry of Strategy and Finance has disclosed a new action plan that called for, among other things, a basic law on the promotion of the service industry, the introduction of for-profit hospitals and allowing sales of nonprescription drugs at supermarkets and convenience stores.The renewed push for the service sector is w

April 29, 2011

[Editorial] Reform of the FSS

The Financial Supervisory Service is in need of drastic reform. The recent series of problems at financial companies and corruption cases involving FSS officials have shown the regulator is not only ineffectual in promoting stability and soundness of the financial market but is corrupt to the bone. In his inaugural address on March 28, FSS Chairman Kwon Hyuk-se disclosed his vision of making the r

April 29, 2011