[Editorial] Sluggish economy

Bank of Korea Gov. Lee Ju-yeol held a rare breakfast meeting with a group of top corporate executives Friday to call for more investment. He noted that lowering the base rate earlier this month was partly aimed at bolstering growth and hoped that the measure would help businesses increase investment.On Oct. 15, the central bank cut the rate by a quarter of a percentage point for a second time this year to hit a record low of 2 percent. The rate cut came in step with a massive stimulus package dr

Oct. 27, 2014

[Editorial] Realistic security

Relying on a friend or neighbor for your own security is not something to be proud of. Yet, the decision to delay Seoul’s takeover of the wartime operational control of its troops from the U.S. seems rational given the current security situation on the peninsula, notably the growing nuclear and missile threats from North Korea. The agreement, which came in a meeting of the two allies’ defense chiefs in Washington on Thursday, did not set the date for the transfer, but South Korean Minister Han M

Oct. 26, 2014

[Editorial] Timing is important

The government and the parties are accelerating their push to reform the deficit-ridden pension system for government workers. The ruling and opposition parties have each launched a task force, which they said would hold joint meetings if necessary. The strongest push comes from the government, notably Cheong Wa Dae, and the ruling Saenuri Party. They did well to agree on the deadline for the reform ― the end of this year. It is important to set a target date because previous attempts at a “pay

Oct. 26, 2014

[Editorial] Revenue shortfall

Government data this week showed Korea’s tax collection continuing to fall below target this year amid a prolonged economic slump.In the first eight months of this year, the government collected 136.6 trillion won ($129.3 billion) in national taxes, down 300 billion won from a year earlier, according to the data released by the Finance Ministry. The amount represented 63.1 percent of what the tax authority aims to collect throughout the year. The ratio is 4.7 percentage points lower than the 67.

Oct. 24, 2014

[Editorial] Talk gone too far?

South Korean officials appear somewhat taken aback by the remark by U.S. Secretary of State John Kerry that the U.S. is prepared to reduce its military presence in Asia if North Korea rejoins nuclear talks and follows through on its denuclearization commitment.Kerry made the comment in Berlin on Wednesday during a joint news conference with his German counterpart, expressing hope for resuming the long-stalled six-party negotiations “in the next weeks, months perhaps.”If North Korea begins the pr

Oct. 24, 2014

[Editorial] More than a gesture

North Korea has released one of three American citizens it had in confinement. Although Pyongyang did not give any indication of the fate of the other two American detainees, the release of Jeffrey Edward Fowle is seen as a gesture of goodwill toward the U.S. and the international community. Fowle, 56, had been detained in Pyongyang since April for leaving a Bible in a hotel. Unlike the other two Americans, he had not received a court verdict, which would have been one of the reasons for being r

Oct. 23, 2014

[Editorial] Our ill-armed military

Defense acquisition is vulnerable to corruption around the world, largely due to collusive links between the military and contractors. Korea is no exception, and we are accustomed to news reports about corruption involving procurement of arms and military equipment. Nevertheless, the seemingly endless revelations about defective weapons during the parliamentary audit have left us speechless. The situation is truly grave ― so many arms or parts, ranging from rifles to naval vessels, are “defectiv

Oct. 23, 2014

[Editorial] History repeats itself

At a casual glance, the recent string of events on the Korean Peninsula is puzzling. However, if we heed the notion that there is a method to North Korea’s madness, the events of the last few weeks pertaining to Pyongyang and Seoul are no longer an enigma.It began with the unexpected visit to Incheon on Oct. 4 by a team of three top-ranking North Korean officials led by Hwang Pyong-so, North Korea’s No. 2 man, ostensibly to attend the closing ceremony of the Incheon Asian Games. In yet another s

Oct. 22, 2014

[Editorial] Crematoriums needed

Nearly 4 out of 5 people who died last year were cremated, reflecting a trend that has caught on as people seek simpler and more convenient funeral procedures.The cremation rate surpassed the burial rate in 2005, and has steadily increased since, reaching 77 percent last year, according to the Ministry of Health and Welfare.This is a tectonic shift in a society dominated by Confucian culture, which places great importance on filial piety. Children of the deceased traditionally sought out burial

Oct. 22, 2014

Ukraine’s vote, Russia’s fate

STOCKHOLM ― When Ukraine’s voters go to the polls on Oct. 26, not only the fate of their country will be at stake; so will the future of a significant part of Europe. To put it simply: the future of Ukraine will decide the future of Russia, and the future of Russia will have a substantial impact on the future of Europe.When the Soviet Union collapsed more than two decades ago, and Ukraine opted for independence, many expected the country to do better than Russia in the years to come. But events

Oct. 22, 2014

[Editorial] Elderly taxi drivers

Many citizens in Seoul have felt uneasy while riding in a taxi with an elderly driver. Passengers who have had this experience often find themselves shunning older cabbies, as many have difficulty following the traffic flow smoothly.Their concern is unlikely to be eased soon with the number of senior drivers rising steadily.According to figures from the Seoul Metropolitan Government, the proportion of independent licensed taxi drivers who were over 65 has more than tripled since 2005, from 8.75

Oct. 21, 2014

[Editorial] Hereditary employment

Public institutions here have often come under criticism for employing relatives of their employees. This practice is not to be necessarily blamed as long as the process and standards of recruitment are fair, objective and transparent.But recent data released by a lawmaker suggested that favoritism remained widespread at public organizations, permitting jobs to be virtually passed down from parents to children. The National Agricultural Cooperative Federation and the National Federation of Fishe

Oct. 21, 2014

[Editorial] An overhaul will do

One of the decisions President Park Geun-hye made after the Sewol ferry disaster in April was to disband the Korea Coast Guard. When a resolute Park solemnly made the announcement on May 19, about one month after the calamity that claimed more than 300 lives, it surprised not only the Coast Guard but also many ordinary citizens. Some supported Park’s decision because, due to its botched rescue operations and collusive ties with the maritime industry, the Coast Guard at the time was bearing the b

Oct. 20, 2014

[Editorial] Averting crisis

The harsher-than-expected downsizing of executive posts at Hyundai Heavy Industries Group reflects the sense of crisis building up in Korea’s manufacturing industry.Hyundai Heavy, which forms the world’s largest shipbuilding group along with its two affiliates ― Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries ― shed one-third of its executive positions last week.The drastic executive layoff plan, part of the group’s sweeping austerity drive, was carried out with lightning speed. It took

Oct. 20, 2014

[Editorial] Prepare team for Ebola

President Park Geun-hye, during the ASEM meeting in Milan on Thursday, announced that Korea would send medical personnel to the West African countries hit by Ebola.The announcement followed on the heels of U.S. Secretary of State John Kerry’s phone call to Foreign Minister Yun Byung-se on Monday, during which Kerry is reported to have asked for additional contributions from Korea toward the global fight against Ebola. The call was part of a round of calls Kerry made worldwide to appeal for suppo

Oct. 19, 2014

[Editorial] Accidents waiting to happen

In yet another tragic reminder of our society’s apparent lack of safety awareness, 16 people fell to their deaths at an outdoor concert in Pangyo, Gyeonggi Province, Friday night.About 30 people are thought to have been standing on a ventilator grille watching a popular girl group perform when the grille gave in and people fell 20 meters into an underground parking lot. Eleven people were also injured, are several are in critical condition. Photos taken before the accident show the ventilator gr

Oct. 19, 2014

[Editorial] More things to do

The Bank of Korea’s decision to cut the key interest rate for the second time in two months does not assure that it will help the Korean economy overcome all the challenges it faces. But overall, it took a step in the right direction, given the downside risks currently surrounding the economy. The central bank’s decision to cut the benchmark rate by a quarter of a percentage point to 2 percent, its lowest level, is based on a fair assessment of the economic situation ― the slow recovery of the K

Oct. 17, 2014

[Editorial] Spoiling public offices

One of the first steps President Park Geun-hye and her government took after the Sewol ferry disaster in April was to put the brakes on revolving door appointments. This was because collusive links between retired officials who moved to the private sector they had regulated and their former colleagues in government offices turned out to be one of the root causes of the maritime calamity that claimed more than 300 lives. The government moved fast to tighten the rules on revolving door appointment

Oct. 17, 2014

[Editorial] No more pie in the sky

The second meeting of the presidential committee for unification preparation held Monday saw numerous plans put forward by the 50-member committee.The plans and reports ranged from a 10-year project to provide water, sewerage and heating for 1 million households at a cost of 9 trillion won; connecting North Korea’s railroads to South Korea’s; establishing a so-called “Northeast Asia Development Bank” to finance infrastructure building in the North, including joint development of natural resource

Oct. 16, 2014

[Editorial] High-level military talks

The fact that the representatives from South and North Korea sat across the table from each other for nearly five hours without storming out in a huff is an encouraging sign that the North is serious about engaging with the South.Although the first high-level military talks in seven years, held behind closed doors, did not yield tangible results, the mere fact that the two sides sat down for talks bodes well for the next round of high-level inter-Korean talks. The high-level military talks, prop

Oct. 16, 2014