[Editorial] Misguided innovation

The dispute over the mass stock selling by Kakao Pay executives continues to reverberate, suggesting the depth of the problems with their technically legal yet governance-wise irresponsible decision that was fairly “innovative” -- so much so that authorities are expected to use the scandal to ratchet up regulations against online startups. Kakao Pay, a mobile payment unit of Kakao, which operates the country’s dominant mobile messenger Kakao Talk, was once touted as a shining

Jan. 13, 2022

[Editorial] Stop beating around bush

The trial began Monday for the five defendants implicated in the Daejang-dong land development scandal. The scandal involves four of the defendants getting astronomical rates of return on their investments in a project to develop land for housing in Daejang-dong, Seongnam, Gyeonggi Province in the 2010s. A lawyer for Kim Man-bae, one of the defendants, reportedly argued in the first hearing that (Kim) followed policies taken by then Seongnam Mayor Lee Jae-myung for a stable execution of the pr

Jan. 12, 2022

[Editorial] Gender conflict

When their ratings slide, politicians often use hot-button issues to stop the decline. Presidential nominee Yoon Suk-yeol of the main opposition People Power Party followed this formula exactly, but whether he can pull off a turnaround is unclear. On Friday, Yoon made a simple yet highly controversial Facebook post: “Abolishment of the Ministry of Gender Equality and Family.” The post has since attracted more than 11,000 comments and 34,000 likes on the social media. As expected,

Jan. 11, 2022

[Editorial] No rushing bills

Despite strong opposition from business circles, the Strategy and Finance Committee of the National Assembly on Wednesday passed a bill that will guarantee employee representation on the board of directors of public institutions. A day earlier, the Environment and Labor Committee approved a bill that will give paid time off to members of the unions of government employees and teachers for their full-time union activities. The bills are scheduled to pass the plenary session of the Assembly on

Jan. 10, 2022

[Editorial] Puzzling embezzlement case

A massive embezzlement scandal at a Kosdaq-listed company is sending shock waves among local and foreign investors, as well as regulators and financial firms. At the heart of the scandal is Osstem Implant, the country’s biggest maker of dental implants, in which foreign investors hold a 44.2 percent stake. The company sued its employee surnamed Lee on Friday for misappropriating 188 billion won ($157 million). The Korea Exchange, which operates the benchmark Kospi and tech-heavy second

Jan. 7, 2022

[Editorial] Nothing is for free

The ruling Democratic Party of Korea, with an overwhelming majority in the National Assembly, is seeking to pass an extra budget bill of up to 30 trillion won ($25 billion) in a provisional session before the March 9 presidential election. This is a move to meet its presidential candidate Lee Jae-myung’s demand for an extra budget to support pandemic-hit small businesses and merchants. Lee said it was right to give them the largest possible support through an extra budget, and that 25 tri

Jan. 6, 2022

[Editorial] Balanced measures needed

A heated dispute has erupted over the planned extension of South Korea’s vaccine pass rules to discount and department stores among unvaccinated people, who are raising questions about their basic rights and fairness in applying the pass system. The government decided to expand the facilities that require the vaccine pass, following a sharp increase in new COVID-19 cases and growing concerns about the omicron variant. Previously, the vaccine pass requirements were applied to a range of

Jan. 5, 2022

[Editorial] Collapsed discipline

On the first day of 2022, South Korea’s eastern front-line fence was breached -- again. A person presumed to be a civilian crossed the heavily guarded Military Demarcation Line into North Korea at around 10:40 p.m. on Saturday, according to the Joint Chiefs of Staff. At around 9:20 p.m., the military spotted the unidentified person in the Demilitarized Zone separating the two Koreas. Troops searched but failed to capture the DMZ trespasser. In a fact-finding process later, authorities fo

Jan. 4, 2022

[Editorial] A year of hope and worries

The year of 2022 has started on a mix of hope and worries. In a third year of COVID-19, the list of troubling challenges and thorny issues outnumbers that of reasons to be hopeful for by a wide margin. But things could change in a positive way -- if the country will make the right choices and pull off concerted efforts to navigate a difficult path filled with roadblocks, potholes and traps. The first -- and perhaps the biggest -- choice is the forthcoming presidential election. Korean citizen

Jan. 3, 2022

[Editorial] Pressure on investigations

In connection with the prosecution’s probe of Kim Kun-hee, the wife of the opposition People Power Party’ presidential candidate Yoon Suk-yeol, Justice Minister Park Beom-kye said the prosecution must “draw a conclusion suitable to popular suspicions.” Park made the remark in an interview with KBS on Sunday. He also said that she was allegedly the financier of a stock price manipulation scheme and that a sizable sum of her money was involved. For more than a year, the

Dec. 31, 2021

[Editorial] Living with ‘vaccine pass’

The “vaccine pass” system is still generating confusion and complaints among citizens due to inconsistent standards for exemption and questionable rules for applications. The system, introduced Dec. 13, is now applied to 16 multiuse facilities including restaurants, cafes, movie theaters, museums, cram schools and libraries. To enter these facilities, people must present a certificate proving they have been fully vaccinated or tested negative. But the application of the vaccine pa

Dec. 30, 2021

[Editorial] Employment pressure

President Moon Jae-in said Monday that the responsibility to create good jobs ultimately falls on businesses, while the government can only provide its full support. Moon made the remark during a luncheon at Cheong Wa Dae attended by chiefs of six business conglomerates he invited, including Samsung Electronics and Hyundai Motor. What he said is quite reasonable, but that remark is the opposite of what his administration has done. If it wants companies to hire more people, it must lift or eas

Dec. 29, 2021

[Editorial] Pardon favoritism

President Moon Jae-in has pardoned former President Park Geun-hye unexpectedly, and so far, it has left an unpleasant aftertaste. Park, 69, will be freed from prison on Dec. 31, four years and nine months after being locked up in March 2017. She has been treated for chronic shoulder and lower back pain since she was imprisoned. When the ruling party leader suggested early this year that Moon pardon Park, he refused, saying “now is not the time.” A Cheong Wa Dae official said that

Dec. 27, 2021

[Editorial] Perils of party politics

The main opposition People Power Party is facing the specter of a rudderless ship beset with internal rivalries, a precarious condition ahead of the presidential election slated for March next year. On the surface, the internal feud broke out between People Power Party Chairman Lee Jun-seok and the campaign committee’s public relations chief Rep. Cho Su-jin. At a deeper level, the confrontation lays bare the opposition party’s shaky leadership riddled with arrogance, selfishne

Dec. 24, 2021

[Editorial] Biased assistance　

The Moon administration is actively accommodating demands by Lee Jae-myung, the presidential candidate of the ruling Democratic Party of Korea, while pushing policies to curry favor with voters. On the surface, the administration says it is drawing up policies to meet the needs of the people, but actually, it is supporting the candidate by reflecting his opinions and pledges in its policies in meetings with the party. It is questionable if the government is violating its legal obligation to s

Dec. 23, 2021

[Editorial] Passing the burden to taxpayers

State-run power firm Korea Electric Power Corp. asked for an increase in the country’s electricity rate, citing soaring global energy prices. The Moon Jae-in administration rejected it in the name of reining in runaway consumer prices. A hike in electric bills at this point will certainly put more pressure on prices amid rising inflation, but the administration’s decision is not only short-sighted but also irresponsible. On Monday, Kepco announced the country’s electricity r

Dec. 22, 2021

[Editorial] Intimidating the press

The Corruption Investigation Office for High-ranking Officials is said to have obtained phone records of about 40 journalists of at least 13 media companies. The numbers may rise as reporters are asking telecom companies if the agency secretly requested their phone records. The CIO says that it legally obtained the records to find out whom suspects in cases under its probe had talked to over the phone. Telecom companies usually hand over phone records if requested by the CIO and other law en

Dec. 21, 2021

[Editorial] Rules for financial support

The government announced Friday it would offer additional financial support to small businesses and self-employed people to minimize their damages due to a new set of social distancing rules that took effect from Saturday. Under the new rules, up to four people are allowed to meet for private gatherings and businesses will be subject to a curfew of 9 p.m. or 10 p.m. Those who are fully vaccinated will be able to dine out at restaurants and cafes, while those who are yet to be vaccinated will h

Dec. 20, 2021

[Editorial] Sugarcoated proposal

The ruling Democratic Party of Korea seeks to legislate a temporary delay of the imposition of heavy transfer taxes on owners of multiple homes for profits from their housing sales. The tax rate rises up to 82.5 percent on capital gains. The party is moving to buttress presidential candidate Lee Jae-myung’s policy through legislation after Lee on Sunday proposed postponing the tax for a year. Rep. Park Wan-joo, chief policymaker of the party, said Tuesday that he would start an internal

Dec. 17, 2021

[Editorial] No more hesitating

The government is finally -- and belatedly -- moving to halt the phased program for a return to normal that began last month despite a flurry of warnings from medical experts and was followed by a record surge in new COVID-19 cases and deaths amid worries about the new omicron variant. Prime Minister Kim Boo-kyum said Wednesday the government considers the current virus situation as “very serious” and will implement stricter social distancing rules. Details of new toughened socia

Dec. 16, 2021