[Editorial] Policymakers’ wealth

While the government is set to unveil measures to curb spiraling apartment prices in the coming weeks, the issue of officials’ private interests during decision-making procedures has been at the center of public attention.Citizens question neutrality and fairness as well as the efficacy of the coming anti-speculation measures. They cite the recent data on some high-ranking officials’ property holdings in the affluent Gangnam district in Seoul.The district that includes the Gangnam, Seocho and So

Oct. 24, 2016

[Editorial] Sending message to Pyongyang

South Korea and the US are key players in the efforts to cope with nuclear and missile threats from North Korea, which for now come in two forms -- sanctions and military deterrence. It seems that punishing the North for its latest nuclear and missile provocations is on the right track. The UN has already imposed the harshest-ever sanctions against the Pyongyang regime and its key members. The international community led by the US is straining the North’s economic system by ostracizing its inter

Oct. 23, 2016

[Editorial] Park is none the wiser

It is like peeling an onion. The scandal that centered on President Park Geun-hye’s longtime associate Choi Soon-sil is turning up one new allegation after another day by day. What’s distressing is that many of the allegations sound plausible and thus will likely agitate the political community further at a time when the nation faces a plethora of daunting challenges, including North Korea’s nuclear threat to the slowdown of the economy. As a matter of fact, many, including this paper, expected

Oct. 21, 2016

[Editorial] FSC’s misconception

Small investors’ anger over the Sept. 30 share-dumping scandal involving Hanmi Pharmaceutical is showing no signs of abating.A core allegation is that massive short sales were conducted simultaneously by a group of local and foreign brokerage firms on the day, which accessed the drugmaker’s internal information before it was publicized on the stock market.Criminal investigators raided about 10 securities firms on Wednesday, following their earlier move to confiscate a variety of documents at the

Oct. 20, 2016

[Editorial] Fit for president?

The controversy sparked by former Foreign Minister Song Min-soon’s memoir is agitating the political community partly because of the deep-rooted ideological divide between conservatives and liberals, who often confront one another over how to deal with North Korea. Another reason it has become a bone of contention is that Moon Jae-in, the leading potential presidential candidate of the main opposition party, is a key figure in the controversy.  Opinion polls show that Moon, who lost the 2012 ele

Oct. 19, 2016

[Editorial] Wealth drain

Korean conglomerates are actively tapping tax havens worldwide for the apparent purpose of reducing their income tax burdens, a development that was highlighted during the National Assembly’s audit last week.It is widely believed that, in some countries in the Caribbean, global investors can easily attain documents that could register their operations there. It is known that these sort of documents are available via brokers within several days of application.Arguments start from the point whethe

Oct. 18, 2016

[Editorial] Pathetic approach

The controversy touched off by former Foreign Minister Song Min-soon’s memoir exposes – once again – how naive, censurable and risky the South Korean government’s policy toward North Korea has been.  Song, who served as the top diplomat under Roh Moo-hyun who succeeded Kim Dae-jung’s engagement policy toward the North, said in the memoir that Seoul sought the view of Pyongyang before abstaining from the 2007 UN vote on a resolution about the human rights infringement in the North. This promptly

Oct. 17, 2016

[Editorial] Apartment prices

Apartment prices in Seoul and other major cities have shot up over the past two years in the wake of the record-low key rate set by the central bank and the reconstruction boom.The situation is totally opposite to four to five years ago when the construction sector suffered from a mass of unsold apartments after the 2008-2009 financial crisis, which caused the insolvency of some small- and mid-sized builders.The sluggish construction industry was a fast-track opportunity for the government to bo

Oct. 16, 2016

[Other View] Clinton should consider simpler tax code

Hillary Clinton already had an elaborate plan for tax reform. This week she added to it, again. She now wants to double, to $2,000, the tax credit granted to parents of young children, and to make it “refundable,” meaning that cash would be paid even to parents who owe little or no tax.　As it stands, there is lot to be said for this idea. The rest of Clinton’s tax plan contains some good ideas, too. The problem, though, is a surfeit of ideas of every kind -- good, bad and indifferent. What the U

Oct. 14, 2016

[Editorial] Optimal level

Rival parties are poised to clash over corporate tax levels during the plenary session of the National Assembly, which will run through this December. The issue came into the spotlight during the parliamentary audit, which ended Friday.　The former President Lee Myung-bak administration slashed the highest corporate tax rate from 25 percent to 22 percent, and President Park Geun-hye has kept it untouched in line with her commitment to provide welfare without tax hikes. The ruling Saenuri Party al

Oct. 14, 2016

[Editorial] At a crossroads

Some of Korea’s global conglomerates are in trouble. It is feared that this trouble will not only cut into their earnings and brand image, but also the reputation of Korea Inc. that they helped to build.The problem is that the biggest ones -- Samsung Electronics and Hyundai Motor -- are facing difficulties similar to those that battered Japan’s automaker Toyota in 2009/2010 and Germany’s Volkswagen.The two foreign cases reminded everyone in the market that any big firm can lose what took decades

Oct. 13, 2016

[Editorial] Pivotal moment

Unfavorable factors are simultaneously casting an ominous shadow over the Korean economy.　Aside from many of the OPEC members, some non-OPEC countries are reportedly poised to move to curtail crude oil output. International crude prices have surpassed the highest level in a year to hover at around $50 to $53 a barrel.　Future prices are up to producers -- Russia, Iran, Iraq, Libya and Nigeria -- which have taken an ambiguous or wait-and-see stance toward the uniform reductions. The coming choice

Oct. 12, 2016

[Editorial] Pirates in the West Sea

Last week’s incident in which Chinese fishing vessels rammed into a South Korean Coast Guard speed boat and caused it to sink should prompt authorities to regard Chinese fishermen engaged in illegal fishing as a serious threat to our maritime sovereignty and national security.  It is no news that some Chinese fishermen violating our territorial waters resort to violence in resisting crackdowns by the Korean Coast Guard. It is common for them to wield weapons such as knives, axes and steel pipes.

Oct. 11, 2016

[Editorial] Their own justice

Justice Minister Kim Hyun-woong has expressed skepticism over setting up a new state entity that specializes in probing corruption cases of senior government officials.At a recent parliamentary interpellation, Kim argued that the establishment and operation of such an agency could be a waste of the government budget. He also said it could end up having a surveillance function, which may infringe on human rights.Claiming that the agency could be unconstitutional as it would not belong to any of t

Oct. 10, 2016

[Editorial] Raison d‘etre

The Federation of Korean Industries has been thrown into its deepest crisis since its establishment in 1961. The growing calls for its disbandment -- from outside and inside -- testify to the depth of the crisis facing the corporate lobby. The crisis was prompted by the scandal surrounding two nonprofit organizations that opposition members claim were established by and for people close to President Park Geun-hye.Park and her aides deny their involvement in the Mir and K-Sports foundations, but

Oct. 9, 2016

[Editorial] Bully-in-chief

The scandal surrounding the two nonprofit foundations allegedly established under the patronage of people close to President Park Geun-hye tells us that the government in power still bullies conglomerates. 　 Both Park’s Blue House and the Federation of Korean Industries -- the lobby for big businesses -- deny allegations that members of the president’s inner circle were behind the establishment of the Mir and K-Sports foundations.It may take some time before we come to know whether they are tell

Oct. 7, 2016

[Editorial] Manipulator & facilitator

Institutional investors usually rake in huge capital gains by trading equities after borrowing from individuals or pension funds. Local institutions have been more active in using their trading skills than their foreign counterparts on South Korean bourses.It is illogical from one perspective that some -- but not all -- investors are allowed to sell others’ stocks at their own will. And the discontent among ineligible investors stems from the unfair situation that individual investors, who are b

Oct. 6, 2016

[Editorial] Shame on society

 We have definitely become hardened to news stories about children abused and murdered by none other than their parents. Yet, the latest case in Pocheon, Gyeonggi Province, is shocking enough to make one shudder with rage. This time, the victim is a 6-year-old adopted girl. The girl, according to police, was bound up with duct tape by her foster parents. She died, and they moved her body to a mountain and burned it. Police said the victim’s adoptive father, 47, and his 30-year-old wife told them

Oct. 5, 2016

[Editorial] Negative growth

Economy-related ministries had said that the nation would see a rebound in exports this year, predicting a 2.1 percent increase on-year. But exports for the first nine months dropped 8.5 percent over the same period last year.On a monthly basis, exports fell 5.9 percent in September from a year before. Over the past 20 months, the export sector has experienced 19 months of negative growth with the exception of August 2016 when compared to the same month in the previous year.Given the unfavorable

Oct. 4, 2016

[Editorial] Nation in trouble

Take a broad look at what’s happening in all sectors of Korean society and you will be convinced this country is in big trouble. You will also agree that lack of efficient and trusted leadership is primarily to blame for the current dismal state of the nation. For starters, politics is in utter disarray. The National Assembly has been paralyzed for more than one week since the opposition unilaterally passed a no-confidence vote against Agriculture Minister Kim Jae-soo. The action prompted the ru

Oct. 3, 2016