[Editorial] Next two years

According to a recent newspaper opinion poll, 44.7 percent of the respondents approved of President Lee Myung-bak’s performance in the past three years of his presidency. On the other hand, the rate of disapproval stood at 51.4 percent.Responses to another poll, this one commissioned by a business daily, were far less favorable. More than 54 percent of the respondents said they were worse off now

Feb. 23, 2011

[Editorial] Risks still high

Fear of a bank run is subsiding after the five savings banks whose capital adequacy ratios are lower than the 5 percent mark, and three other insolvent ones, were forced to suspend operations during the past two months. But the financial regulators still have much work to do before they declare the crisis over.The latest case involved a Chuncheon-based savings bank, which the Financial Services Co

Feb. 23, 2011

[Editorial] A farcical thriller

A 50-strong Indonesian government and business delegation visited Seoul for three days last week to promote trade and cooperation in defense industry projects. The group, which included defense, industry, trade, economic planning and investment ministers, came here under an agreement between President Lee Myung-bak and Susilo Yudhoyono in Bali last December.They made a courtesy call on the Blue Ho

Feb. 22, 2011

[Editorial] Bloodshed in Libya

Moammar Gadhafi of Libya looked firmly in control when popular protests brought down the autocratic ruler in Tunisia to the west and toppled another long-running regime in Egypt to the east weeks ago. Even when angry residents of some Libyan cities stormed into the construction sites of Korean firms, injuring workers and destroying furniture, it was seen as a simple outburst of discontent at the g

Feb. 22, 2011

[Editorial] Seoul’s nuclear option

While the six-party denuclearization talks have been in recess for two years now with no sign that North Korea will return to the negotiating table anytime soon, calls for South Korea to set up its own nuclear armament are rising, mostly from conservatives. The proponents, including politicians and media commentators, argue that the South’s nuclear development will be the best means of pressure no

Feb. 21, 2011

[Editorial] N. Korea and change

After the ouster of autocratic leaders in Tunisia and Egypt, pro-democracy uprisings are rapidly spreading in North Africa and the Middle East, with bloodshed reported in Libya, Yemen, Bahrain, Algeria and Djibouti. The world community is now directing attention to countries in other continents under dictatorships, with many hoping to see similar popular protests will bring changes to the fates of

Feb. 21, 2011

[Editorial] Free lunch

Seoul Mayor Oh Se-hoon has been fighting an uphill battle against the city council’s decision in favor of free lunches for all schoolchildren. The mayor, affiliated with the ruling Grand National Party, believes that it is a populist policy to provide lunch free of charge at primary schools regardless of the parents’ income levels. He demands free lunch be limited to those whose parents cannot aff

Feb. 20, 2011

[Editorial] No foot dragging

On Thursday, the European Parliament approved a free trade agreement with Korea. Now the Korean legislature is urged to speed up the process of ratifying the deal, which EU Ambassador to Korea Tomasz Kozlowski says will “more than double EU-Korea trade in the next 20 years as compared with a scenario without the FTA.”The FTA is a win-win deal to both sides, not a zero-sum game. As such, there is n

Feb. 20, 2011

[Editorial] Islamic finance

When the Ministry of Strategy and Finance submitted a bill on Islamic bonds to the National Assembly in September 2009, its main motivation was to secure new sources of foreign capital that Korea could tap into when liquidity dries up due to turmoil in the global financial system ― such as the collapse of Lehman Brothers in 2008. But the bill gained added importance following a Korean consortium’s

Feb. 18, 2011

[Editorial] Fair society

The government has come up with a set of measures aimed at making Korea a fairer and more transparent society. The action plans followed up on President Lee Myung-bak’s vision of a fair society unveiled in his Liberation Day speech on Aug. 15 last year. On Thursday, officials from related ministries briefed Lee on their plans to implement the package. At the meeting, Lee demonstrated his commitmen

Feb. 18, 2011

[Editorial] Safer burials

Belatedly, the National Assembly is opening an extraordinary session on Friday. With so many bills and agenda items sitting on its calendar, the legislature will have to close the session on March 2 only to open another 10-day session the next day, as agreed by rival parties.The National Assembly has remained closed since the ruling Grand National Party rammed the administration’s 2011 budget requ

Feb. 17, 2011

[Editorial] State as an enigma

North Korea is a country of so many contradictions that it defies ordinary people’s attempt to understand it. Even outside foreign policy experts closely watching North Korea often feel baffled by presumably unexplainable events happening in the communist state. In short, it is a perpetual enigma to the outside world.The latest series of events concerning North Korea is a case in point. North Kore

Feb. 17, 2011

[Editorial] Fair nominations

Since July last year, a reform panel of the ruling Grand National Party has been working on a plan to overhaul the way the party nominates candidates for parliamentary elections. Last month, the panel disclosed a draft scheme based on a U.S.-style primary system that picks candidates through votes by party members and citizens.The open primary system, in fact, had been used by the GNP and other ma

Feb. 16, 2011

[Editorial] Private education

According to Statistics Korea, aggregate household spending on private education dropped for the first time in 2010. Data shows that Korean parents spent a total of 20.9 trillion won last year on educating their children at private institutions, down 3.5 percent from a year ago. What does this imply? Does it mean the incumbent government’s war against private education has started to pay off? The

Feb. 16, 2011

[Editoriral] Pyongyang’s ruler

North Korean ruler Kim Jong-il turns 70 today. He officially becomes 69 but chronologists know that he celebrated his 40th birthday twice in 1981 and 1982 as Pyongyang’s legend writers for the Kim family were asked to cut a year from his real age to create a precise 30-year age difference from his father (born 1912) upon his designation as the heir to the power.Kim enters his 70s at a sensitive ti

Feb. 15, 2011

[Editorial] Chinese minister

Chinese Foreign Minister Yang Jiechi is expected to visit Seoul next week, three months after he canceled a visit here last November. Three days before Yang’s scheduled arrival here on Nov. 26, North Korea made an artillery attack on Yeonpyeong Island in one of the worst provocations since the Korean War, killing two Marines and two civilians and destroying many homes in the fishing and farming co

Feb. 15, 2011

[Editorial] New weather czar

It is annoying that the new head of the Korea Meteorological Administration is involved in a controversy over his criminal record for a drunken hit-and-run incident. Opposition members of the National Assembly’s Environment-Employment Committee demanded that Cho Suk-joon step down from his new office and blamed President Lee Myung-bak for making yet another flawed appointment to a high office.Cho,

Feb. 14, 2011

[Editorial] Bidding third time

The heavy snowfall over the eastern areas of Gangwon Province poses a serious hazard to the people’s lives in the region but it can be a blessing to PyeongChang, which is making a bid to host the Winter Olympics for the third time. A 14-member delegation from the International Olympic Committee just arrived to conduct its onsite inspection of PyeongChang and nearby venues until Friday. They came d

Feb. 14, 2011

[Editorial] Post-Mubarak Egypt

Egypt stands at a crossroads following the resignation on Friday of President Hosni Mubarak, who ruled the Arab world’s most populous country for the past 30 years with an iron fist. Pro-democracy activists who had boldly protested at Tahrir Square in Cairo since Jan. 25 pulled off a revolution by forcing the dictator to step down. But the key to the nation’s future is not in their hands. It is he

Feb. 13, 2011

[Editorial] Global food crisis

Global food prices are going through the roof, threatening to push the world into a war over food. Earlier this month, the U.N. Food and Agricultural Organization said world food prices hit their highest level ever recorded in January and were set to keep rising in the months to come. It is a strong signal that a severe global food crisis is imminent or under way. According to the FAO, its food pr

Feb. 13, 2011