[Editorial] Unwelcome distraction

 　The issue of North Korea has dominated local news outlets over the past two months. Though Pyongyang’s nuclear test occurred in early January, the national defense issue has become more heated at the National Assembly after the Ministry of Unification shut down the Gaeseong industrial park in February.　A common question raised by the public is why the North Korean issue seems to come to the fore whenever nationwide elections are near at hand. Netizens express great curiosity about the supposed

March 7, 2016

[Editorial] Real estate bubble

Some major enterprises have been rushing to sell their real estate assets -- including their headquarters -- as part of efforts to brace for uncertainties, besides streamlining their operations and workforces.　This could be ordinary restructuring, as some insiders say, to save operating costs. But the timing is noteworthy as the real estate market is showing signs of sluggishness after a two-year bullish run.　Housing prices skyrocketed through the second and third quarters in 2015, buoyed by the

March 7, 2016

[Editorial] Lee vs. AlphaGo

Lee Se-dol, one of Korea’s top professional Go players, is due to play a five-game match against a computer program developed by a Google affiliate starting March 9. 　The match has drawn keen attention from Go players and technology experts around the world because Go has thus far been viewed as an unsolved “grand challenge” for artificial intelligence. 　Go, which originated in China more than 2,500 years ago, is much more complicated than chess. The classic game is played on a board with a 19x1

March 6, 2016

[Editorial] Fourth-generation heir

Doosan Group, the oldest family-controlled chaebol in Korea with 120 years of history, is set to become the first Korean corporate dynasty led by a fourth-generation heir.Last week, Doosan chairman Park Yong maan announced he would hand over his job to Park Jeong-won, one of his nephews who is currently chairman of Doosan Corp., the holding company of Korea’s 17th largest business group.　The new Doosan chairman is the eldest great-grandson of Park Seung-jik, who opened a fabric store in 1896, la

March 6, 2016

[Editorial] Making sanctions work

North Korea’s firing of short-range missiles into the East Sea on Thursday clearly showed that the adoption of the U.N. Security Council resolution on the country’s nuclear and missile provocations means the start of a long, arduous task by the international community. 　The firing of six missiles with a range of 100-150 kilometers, which came hours after the Security Council adopted the Resolution 2270, was an apparent show of force aimed at expressing the Pyongyang government’s defiance over th

March 4, 2016

[Editorial] All too familiar

It is an all too familiar tactic that opposition parties join forces for major elections, whether in the form of a merger or weaker arrangements, such as unifying candidacies. Yet, the latest talk of an opposition tie-up for the upcoming general election bewilders many and causes skepticism. 　Kim Jong-in, the stopgap leader of the main opposition Minjoo Party of Korea, has lit the fire on the talk of an opposition alliance. He said that opposition groups should unite to win the April 13 election

March 4, 2016

[Editorial] Widening wage gap

The wide wage gap between small and medium-sized enterprises and large corporations continues to expand, making SME jobs increasingly unattractive to college graduates. 　Last year, workers at SMEs only earned 62 percent of the wages of their peers at big companies, the widest gap since the Employment Ministry and Statistics Korea began to compile the data in 2008.　Large companies — defined as those with 300 or more workers on the payroll — paid their workers 5.01 million won ($4,110) a month on

March 3, 2016

[Editorial] Gearing up for poll

The bill on redrawing electoral district boundaries finally passed the National Assembly on Wednesday, with just 42 days left to the coming April 13 general election.　The parliament has also enacted the controversial antiterrorism bill and a long-stalled bill on improving North Korean human rights.　The Assembly could act on the three key bills and a host of others as The Minjoo Party of Korea ended its filibuster Wednesday, after a total of 38 lawmakers had obstructed the passage of the antiterr

March 3, 2016

[Editorial] Efficacy of sanctions

The U.N. Security Council is scheduled to vote on whether to adopt a resolution for new sanctions against North Korea’s nuclear and missile provocations, which were conducted earlier this year.　It is a mercy that the international community is again striving to resolve the escalating geopolitical risks on the Korean peninsula. Council members are likely to support Seoul and its closest ally Washington, which are pressing Pyongyang to renounce its nuclear arms development.　Government officials st

March 2, 2016

[Editorial] KOSPI’s confinement

South Korea saw its benchmark KOSPI touch 2,000 points for the first time in July 2007. But it suffered an extreme bear market in the wake of the global financial crisis, falling to 938.75 on Oct. 23, 2008.　The first-tier equity index rapidly regained to hit a new historic record of 2,228.96 on May 2, 2011, raising hopes that it might break through the 2,500 barrier to approach 3,000 points within a few years. This was too rosy a forecast.　Unlike some brokerage firms’ predictions, the KOSPI has

March 2, 2016

[Editorial] After drawing the map

The long-awaited completion of the electoral remapping for the April 14 parliamentary poll leaves some work to be done -- by the election watchdog, political parties and voters. 　First of all, there should be an overhaul of the way electoral districts are redrawn, so that it is free from interference by political parties.    　The redistricting of the parliamentary constituencies was necessitated by the Constitutional Court’s ruling in October 2014 that the population of the biggest constituency

March 1, 2016

[Editorial] Russia factor

It is apparent that Russia wants to increase its leverage in its international dealings with North Korea. The first such sign came at the U.N. Security Council where it is effectively delaying the adoption of a resolution for new sanctions against North Korea’s nuclear and missile provocations. 　Russian officials said their government -- including concerned ministries in Moscow -- needed time to examine the draft of the resolution. This is understandable, as Russia – despite being one of the fiv

March 1, 2016

[Editorial] Ethical failure

The Board of Audit and Inspection has found that officials of the Ministry of Science, ICT and Future Planning went out of their way last year to help Lotte Home Shopping continue its lucrative business.　Under the Broadcasting Act, home shopping channels are required to renew their business licenses every five years. Lotte’s license, together with those of two other home shopping operators, was to expire in May last year.　Before launching the evaluation process, the ministry tightened the screen

Feb. 29, 2016

[Editorial] Jeju naval base

After a long delay, the Korean Navy’s new base on Jejudo Island has finally been completed. The government celebrated the launch of the landmark naval base, which is formally called the Jeju Civilian-Military Complex Port, in a ceremony Friday.　It was in 1993 that the Korean government decided to push the naval base as a major state project, viewing it as essential to defending South Korea’s maritime sovereignty. Construction began at the site in Gangjeong Village in 2007.　The port can accommoda

Feb. 29, 2016

[Editorial] Kicking out press will return to haunt Thailand　

Thai policy makers, dictators, military leaders or what have you, have never learned how to handle criticism from the international press and the recently issued regulation for foreign media reflects that long-standing mindset.　The stated requirement – that foreign media representatives must demonstrate their attitude towards the monarchy and political development in the country – eats into one’s personal space.　It is like the government is trying to delve into the heart and soul of a person and

Feb. 29, 2016

[Editorial] China’s welcome action against North Korea

The new sanctions that China has reportedly agreed to impose on North Korea are truly a “major upgrade” to existing penalties, as American diplomats say. To make sure they are ultimately effective, however, it’s important to appreciate their limitations.　Under the terms of a Security Council resolution expected to be approved this week, countries will have to inspect any cargo going into or coming out of North Korea. Sales of conventional weapons and aviation fuel to the North will be prohibited

Feb. 29, 2016

[Editorial] Elliott didn’t matter

In September, Samsung Group successfully completed its plan to merge Samsung C&T and Cheil Industries in the face of powerful opposition led by Elliott Associates, a U.S.-based hedge fund that was a shareholder of Samsung C&T.　Last week, Korea’s securities regulator referred Elliott Associates to the prosecution for allegedly violating the nation’s public disclosure rules during its additional purchase of a stake in Samsung C&T, a construction and engineering unit of the group.　With the regulato

Feb. 28, 2016

[Editorial] New FIFA chief

The world is pinning hopes on the new president of FIFA, Gianni Infantino, for his new role in reforming soccer’s governing body, which is still reeling from scandals that occurred under Sepp Blatter, the organization’s disgraced former president.　The FIFA World Cup finals are the most-watched sporting event in the world, larger even than the Summer Olympics. Taking place every four years, the soccer event creates billions of dollars in revenue from broadcasting rights, merchandising and corpora

Feb. 28, 2016

[Editorial] Candidate nomination

Political parties are rushing to speed up the process of nominating candidates for the April 13 general election as they face a tight schedule due to a long delay in fixing constituency boundaries.　The main opposition Minjoo Party of Korea has already announced the list of 10 incumbent lawmakers who will be denied nomination in the coming elections.　The party’s candidate screening committee, consisting of outside experts, has undertaken a thorough vetting of its 108 lawmakers to remove the botto

Feb. 26, 2016

[Editorial] Stringent sanctions

The U.N. Security Council’s draft sanctions resolution against North Korea has been unveiled. U.S. Ambassador to the U.N. Samantha Power outlined key points of the draft to reporters Thursday before it is formally adopted.　The latest resolution contains “the strongest set of sanctions imposed by the Security Council in more than two decades.” The measures are geared toward severely restricting North Korea’s access to the funding, technology and know-how needed to advance its illicit nuclear and

Feb. 26, 2016