[Editorial] Bad faith legislation

The majority opposition Democratic Party of Korea last Thursday passed the so-called Yellow Envelope bill and three bills relating to broadcasting. All of the ruling People Power Party lawmakers boycotted the vote in protest. The Yellow Envelope bill, a revision to the Labor Union and Labor Relations Act, allows employees of subcontractors to demand that main contractors enter collective bargaining with them and to strike to get their demands from main contractors, even though main contractors a

Nov. 13, 2023

[Editorial] Policy reversal on paper cups

When the government announced last year it would ban the use of paper cups and other single-use products at restaurants and cafes, there were mixed reactions. Proponents welcomed the eco-friendly move while opponents complained of inconveniences and extra costs. On Tuesday, the government abruptly scrapped the plan that a year prior had sparked different responses from consumers, shop owners and civic groups about its pros and cons. This time, however, people are saying the U-turn was motivated

Nov. 10, 2023

[Editorial] Foster competition

The debt-ridden working poor face growing economic distress brought on by high interest rates. President Yoon Suk Yeol told a Cabinet meeting last week that small-business owners had said in his town hall that they spend most of their hard-earned money on paying their debt to banks so they feel like they are slaves to banks. Financial Supervisory Service Gov. Lee Bok-hyun said on Monday, “Banks are likely to reach a record interest income of 60 trillion won ($46 billion) this year. Also in

Nov. 9, 2023

[Editorial] Ban on short selling

Regulators reimposed a ban on short selling on Monday, which resulted in a big jump in stocks -- a sign that the restrictions were taken as a positive development among investors, at least in the short term. The benchmark Kospi ended up 5.66 percent, the biggest increase since March 25, 2020, as the ban on short selling came into effect Monday, but the index dropped 2.33 percent Tuesday on heavy selling by institutions and foreigners. The ban is scheduled to last until June. The question is whet

Nov. 8, 2023

[Editorial] Soaring food prices

Grocery price increases are threatening the livelihood of those already struggling to make ends meet. According to Statistics Korea, the grocery price index rose 6.6 percent last month from a year earlier. This is the sharpest rise in 12 months after 7.6 percent recorded in October last year. Looking at price increases of fruits such as apples (72.4 percent) and vegetables including lettuce (40.7 percent) and green onions (24.6 percent), complaints that inflation is an "invisible thief"

Nov. 7, 2023

[Editorial] Strengthen AI safety

Artificial intelligence is expected to deliver not only new, innovative capabilities but also unknown risks. There is little preparation in place to deal with potentially destructive threats that could emerge at the cutting edge of AI in the future -- a dangerous “frontier” that AI could generate. The global AI Safety Summit, held at Bletchley Park north of London, Britain from Nov. 1-2, explored the concept of frontier AI and countries agreed there are substantial risks that may ari

Nov. 6, 2023

[Editorial] Bipartisan cooperation in order

As the National Assembly has started reviewing the budget for 2024, partisan wrangling is expected to intensify as the views of the rival parties differ considerably amid lingering worries about populist projects ahead of the election. Lawmakers kicked off the review of the budget for next year on Wednesday, holding a public hearing about the appropriateness of the budget and fund utilization plans filed by the Yoon Suk Yeol administration. The government presented a 657 trillion won ($489 billi

Nov. 3, 2023

[Editorial] 'Mega Seoul' idea

Kim Gi-hyeon, leader of the ruling People Power Party, said that the party will take procedures to incorporate Gimpo, Gyeonggi Province, into Seoul. Gimpo is a city adjacent to western Seoul. Yoon Jae-ok, floor leader of the party, said that the party will positively consider incorporating other adjacent cities into Seoul if there is demand. The argument for incorporating Gimpo into Seoul was made in the wake of Gyeonggi Province’s push to establish North Gyeonggi Special Self-Governing Pr

Nov. 2, 2023

[Editorial] Time to heed warnings

Experts have been churning out a flurry of warnings about South Korea’s snowballing household debt. In recent days, two notable warnings have been issued: one from a top-ranked official of the presidential office and the other from the International Monetary Fund. Both warnings share the view that household debt is now at a serious level and the related risks should be kept manageable. The question is whether the government, lenders and households are willing to take the advice seriously a

Nov. 1, 2023

[Editorial] Spreading drug use

Actor Lee Sun-kyun, known for his appearance in the Academy-winning Korean movie “Parasite,” and K-pop star G-Dragon of Big Bang are under police investigation on suspicion of drug use. A medical doctor was recently booked on allegations of supplying illegal drugs to Lee and others. About 10 people, including Lee, a music composer and an aspiring singer, are reportedly being investigated by the police. The two cases involving Lee and G-Dragon are causing quite a stir. The police arre

Oct. 31, 2023

[Editorial] Speed up reform

Pension reform is one of three major reforms being pursued by the Yoon Suk Yeol administration. The other two are labor and education reforms. But the pension reform proposal unveiled by the government on Friday is disappointing. The plan did not present specific figures on pension premium rates, the starting age of pension payout and payout amount. It was a proposal lacking substance. It would be difficult to persuade lawmakers and people even with figures and good grounds, but this proposal do

Oct. 30, 2023

[Editorial] Korean 'Jessica’s Law'

Statistics show that sex offenders have high rates of recidivism. One of the legislations to prevent this in regard to child sex offenders is Jessica’s Law, which was passed in Florida in 2005. It mandated at least 25 years in prison for first-time child sex offenders and stricter regulations such as wearing tracking devices. The Ministry of Justice on Tuesday introduced a draft on the South Korean equivalent to Jessica’s Law, which is designed to block convicted child sex offenders

Oct. 27, 2023

[Editorial] Back to basics

Kakao, an internet company that has grown from a mobile messenger to Korea's 15th largest business group in asset terms, is facing a crisis. Kim Beom-soo, its founder, largest shareholder and former chairman, was summoned and questioned Monday by the Financial Supervisory Service in connection with alleged stock price manipulation. He is suspected of conspiring to artificially boost the price of SM Entertainment shares to frustrate Hybe's tender offer for SM stocks. Earlier, the FSS in

Oct. 26, 2023

[Editorial] Carry out real reforms

In the conflict-laden arena of South Korean politics, reform is a much-abused word that often rings hollow and invokes skepticism. Politicians from both ruling and main opposition parties have long disappointed the public by only talking up the need for reforms without taking the real steps necessary to overhaul their parties. The ruling People Power Party appointed Ihn Yo-han, also known as John Linton, as the chair of its innovation committee on Monday. Ihn, a professor at Yonsei University Co

Oct. 25, 2023

[Editorial] Graphite this time

China on Friday unveiled plans to restrict exports of graphite, a material crucial to the manufacture of batteries for electric vehicles. The plans follow Beijing's export curbs that took effect from Aug. 1 on gallium and germanium products used to manufacture advanced semiconductors. According to the notice jointly issued by China’s Ministry of Commerce and General Administration of Customs, the graphite export controls are for the sake of the national security and interests and effe

Oct. 24, 2023

[Editorial] Deepening uncertainties

The South Korean economy is expected to face an extended period of turbulence in its markets following a spike in the benchmark US Treasury yield. The likely mix of elevated interest rates and an economic slump is now feared to hit Korean companies, individuals and the government. The yield on the benchmark 10-year Treasury briefly surpassed 5 percent for the first time in 16 years on Thursday, sparking concerns that its ripple effect could be considerable across various sectors, including not o

Oct. 23, 2023

[Editorial] Unconvincing strike

Two of the three unions of Seoul Metro, which operates the subway service in Seoul, announced a plan to strike during a press conference Wednesday. After labor dispute mediation by Seoul National Labor Relations Commission ended without results on Tuesday, two Seoul Metro unions -- one affiliated with the Korean Confederation of Trade Unions and the other with the Federation of Korean Trade Unions -- jointly declared that they have decided to go on a strike on Nov. 9 for all eight Seoul subway l

Oct. 20, 2023

[Editorial] Prevent illegal short selling

Two global investment banks based in Hong Kong face the biggest-ever fines and possibly criminal charges in South Korea for their alleged illegal short selling activities, which sparked calls from retail investors for tougher rules and heavier penalties against such practices. The Financial Supervisory Service said it was seeking to impose its largest-ever fine on the two IBs for what is called “naked short selling,” FSS Gov. Lee Bok-hyun said in a parliamentary inspection that crimi

Oct. 19, 2023

[Editorial] Grave security threat

As the circumstances in which North Korea provided weapons to Russia have come to light, the possibility of Russia providing North Korea with cutting-edge defense materials or military technologies in return is looming. If Russia transfers technologies necessary to perfect North Korea's ballistic missiles, it will seriously violate United Nations sanctions against the North and greatly undermine stability on the Korean Peninsula. White House national security spokesperson John Kirby said on

Oct. 18, 2023

[Editorial] Quota for medical schools

The South Korean government is set to unveil a plan to increase the annual enrollment quota for medical schools in a bid to tackle the shortage of doctors in key fields and the increasing demand for medical services in connection with the rapid aging of Korean society. Senior officials from the ruling People Power Party, the government and the presidential office held a meeting Sunday to explore options over the increase of the number of medical students. President Yoon Suk Yeol is scheduled to

Oct. 17, 2023