[Editorial] Investigation permit system

Justice Minister Park Beom-kye is seeking to curtail the prosecution’s investigative power. His move came nine months after his predecessor, Choo Mi-ae, reorganized the prosecution to weaken prosecutors’ power to conduct direct investigations. According to the ministry’s prosecution reorganization plan, Seoul Central District Prosecutors’ Office will be able to launch investigations into six categories of serious crimes: Corruption, economy, public officials, elections

May 27, 2021

[Editorial] Ball in NK’s court

Attention is being drawn to how North Korea will respond to what emerged from last week’s summit between the leaders of South Korea and the US with regard to the allies’ approach to the nuclear-armed recalcitrant regime. South Korean President Moon Jae-in and US President Joe Biden affirmed their commitment to dialogue with the North. A joint statement issued after their summit at the White House made clear the Biden administration’s commitment to previous inter-Korean and US-

May 26, 2021

[Editorial] Missile sovereignty

South Korea has regained its “missile sovereignty” after 42 years. In a joint statement announced after their first summit in Washington on Friday, President Moon Jae-in and US President Joe Biden declared a joint decision to terminate the guidelines that have long restricted Seoul’s development of missiles.　 First signed in 1979 and revised four times, the guidelines put limits on South Korea’s missile development program.　 The accord was introduced under the Park Chun

May 25, 2021

[Editorial] Consolidated alliance

Last week’s first in-person summit between South Korean President Moon Jae-in and US President Joe Biden served to put the two countries’ alliance back on track. Their agreement on a broad range of issues is expected to help expand the scope and depth of the seven-decade-long alliance beyond bridging differences that came to the fore under the presidency of Biden’s predecessor Donald Trump. What made this possible were efforts by the two leaders to come closer to each other&rs

May 24, 2021

[Editorial] Absurd administration

The Customs Valuation & Classification Institute, affiliated with the Korea Customs Service, reportedly constructed a new office building in Sejong even though it was not set to relocate there, and its moving plans fell through belatedly. The building was completed at a cost of 17.1 billion won ($15.1 million), but it has been vacant for about a year. Along the way, some of the institute’s employees bought new apartments in the city through a government program to supply housing on

May 21, 2021

[Editorial] Inflationary pressures

Rising inflationary pressures are raising concerns that possible interest rate hikes prompted by inflation woes would have a negative impact on the country’s economy, which is now seen to be on a fragile recovery track. A widening gap between increasing demand and short supply has been pushing up international prices of raw materials, parts and grains. Alarm bells on global inflation began ringing early this year on the prospect of a quick recovery from the economic shock of the coronavir

May 20, 2021

[Editorial] Consider SMRs positively

In front of President Moon Jae-in, Rep. Song Young-gil, chairperson of the ruling Democratic Party of Korea, made a suggestion that pushes back against Moon’s stubborn policy to phase out nuclear energy.　 In a meeting between Moon and the party leadership at the presidential office on Friday, Song said that South Korea needs to hold China and Russia, two dominant players in the global nuclear reactor market, in check by cooperating with the US strategically in the field of small modular r

May 19, 2021

[Editorial] Generational change

The race for the new leadership of the conservative main opposition People Power Party is shaping up to be a generational contest, the outcome of which could drastically change the domestic political landscape. A dozen party members have announced or are considering declaring their bids for the post of chairman, with the deadline for candidacy registration set for Saturday. The party plans to hold a convention early next month to elect its leader and other members of its Supreme Council. The c

May 18, 2021

[Editorial] Bold, swift action needed

The ruling Democratic Party of Korea is seeking to lower real estate taxes.　 Rep. Song Young-gil, the chairperson of the party, said at the first meeting of its special committee on real estate issues Wednesday that property and capital gains taxes are an imminent problem. He called for a quick decision on tax adjustments.　 Rep. Park Wan-joo, the party’s chief policymaker, said in a policy coordination meeting Thursday that the party would seek to lessen the tax burden on homeowners who

May 17, 2021

[Editorial] Inviting backlash

Since he took office in May 2017, President Moon Jae-in has appointed 29 minister-level officials despite the parliament’s failure to adopt confirmation reports on them due to objections from opposition parties. He was poised to make three more such appointments when one of his nominees -- under criticism for alleged ethical lapses -- stepped down Thursday. Vice Oceans Minister Park Jun-young, who was nominated for the top post at the ministry last month, was implicated in a growing contr

May 14, 2021

[Editorial] Delayed trial

A year and four months after the prosecution’s indictment, the first trial hearing was held Monday into the presidential office’s alleged meddling in the 2018 Ulsan mayoral election. Current Ulsan Mayor Song Cheol-ho and 14 other former and incumbent public officials were indicted. President Moon Jae-in once said it was his “wish” to see Song, his 30-year friend, elected as Ulsan mayor. According to the indictment, eight offices under Moon’s chief of staff became

May 13, 2021

[Editorial] Risky position

President Moon Jae-in sounded detached from the prevailing public sentiment when he gave an address and answered questions from reporters in Monday’s news conference marking the fourth anniversary of his inauguration. He made it clear that he would stay the course on policies criticized for being misplaced during the remainder of his single five-year tenure. This inflexible stance disappoints many who hoped the ruling party’s crushing defeat in last month’s mayoral by-election

May 12, 2021

[Editorial] Crisis in chip industry

Samsung Electronics said it posted 19.01 trillion won ($16.9 billion) in consolidated semiconductor revenue and 3.37 trillion won in operating profit in the first quarter. Its revenue rose more than 7 percent, but its operating profit fell 16 percent year over year. Taiwan Semiconductor Manufacturing Co., the world’s No. 1 semiconductor foundry (a contract manufacturer), logged $12.9 billion in total revenue and $5.36 billion in operating profit in the first quarter. Its sales were smalle

May 11, 2021

[Editorial] Populist pledges

A flood of pledges to provide cash handouts have recently been floated by politicians and local government chiefs, most of whom are affiliated with the ruling Democratic Party of Korea. Such populist promises come ahead of the next presidential vote and nationwide local elections slated for March and June, respectively. Major presidential hopefuls of the ruling party have competitively come up with pledges designed to woo young voters, including one to give 10 million won ($8,925) in cash to al

May 10, 2021

[Editorial] Qualification problems

The opposition People Power party said that it views three minister nominees as less qualified. They are Science and ICT Minister nominee Lim Hye-sook, Oceans and Fisheries Minister nominee Park Jun-young and Land, Infrastructure and Transport Minister nominee Noh Hyeong-wook. 　 Confirmation hearings were held Tuesday for five minister nominees who if confirmed will likely work until President Moon Jae-in’s term ends next March. Lim brought her daughters with her on state-funded trips to

May 7, 2021

[Editorial] Real changes

The liberal ruling Democratic Party of Korea elected its new chairman Sunday following the choice of its new floor leader two weeks earlier. The conservative main opposition People Power Party, which picked its new floor leader last week, is scheduled to hold a party convention in June to elect its new head. The changes in the leadership of the rival parties come in the aftermath of the April 7 mayoral by-elections in the nation’s two largest cities -- Seoul and Busan. Ruling party candi

May 6, 2021

[Editorial] Focus on the goal

Tensions between the US and North Korea and between South and North Korea are heightening simultaneously. The US and the North swiftly entered a tense mode as Pyongyang condemned Washington’s stance in its North Korea policy, of which the White House is said to have completed its review. Inter-Korean ties were further strained as the North threatened the South with corresponding action for the recent release of anti-North Korean leaflets by a group of North Korean defectors. It is hard

May 5, 2021

[Editorial] Excessive burden

The heirs of the late Samsung Group chief Lee Kun-hee on Friday paid 2 trillion won ($1.79 billion) toward their 12 trillion won-plus inheritance tax bill. The remaining amount, which exceeds the 10.6 trillion won collected in inheritance taxes throughout the country from 2017 to 2019, will be paid in installments over the next five years. Lee, who died in October, left an estate that was estimated to be worth more than 26 trillion won, including about 19 trillion won in stocks in key companies

May 4, 2021

[Editorial] Vaccine drought

The disease control authorities asked front-line agencies Friday to temporarily stop reserving initial shots of the Pfizer coronavirus vaccine, currently limited to those aged 75 and above. The authorities asked them to refrain from booking initial Pfizer shots so that seniors could get their second doses without a hitch, citing a possible temporary imbalance of supply and demand. South Korea is running short of Pfizer vaccine. It has so far brought in about 2.11 million doses, enough to inoc

May 3, 2021

[Editorial] Due consideration

The heirs of late Samsung Group chief Lee Kun-hee announced Wednesday they would pay more than 12 trillion won ($10.8 billion) in inheritance tax, the largest in the country’s history. The amount is about three times as large as the total inheritance taxes collected in South Korea last year. Lee, who died in October, is survived by his wife, only son, Jae-yong, and two daughters. He left assets estimated to top 26 trillion won, including around 19 trillion won in stocks in key companies a

April 30, 2021