[Editorial] Deep rift

President Moon Jae-in’s decision not to visit Japan this week shows again the deep rift in relations between the two countries. The Moon administration tried to make a breakthrough in the deteriorating Korea-Japan ties by using the opening ceremony of the Tokyo Olympic Games as an opportunity to hold a bilateral face-to-face summit. Korea-Japan relations remain at a low under the Moon administration primarily due to frictions over the historical issues of compensating former Korean victi

July 22, 2021

[Editorial] Discriminatory response

Amid concerns over a resurgence in COVID-19 cases, the Seoul Metropolitan Government has decided to prohibit all rallies planned to take place in the capital around the Aug. 15 Liberation Day. It recently notified civic organizations of the decision, expressing worries over the possible spread of the infectious disease through large crowds expected to throng at the planned demonstrations. So far, 21 conservative and liberal civic groups have reported to the police about their plans to hold a t

July 21, 2021

[Editorial] Growing carbon risks

The European Commission on Wednesday unveiled a proposal to adopt a “carbon border adjustment mechanism.” This is a new charge on selected imports from countries that aren’t taking steps as aggressive as the EU’s to slash carbon dioxide emissions. If more emissions were generated in the process of manufacturing the imports than equivalent products made within the bloc, it would slap a carbon levy on them. This mechanism first targets aluminum, cement, fertilizer, power, s

July 20, 2021

[Editorial] Inexcusable negligence

Most of the 300-strong South Korean naval unit on an anti-piracy mission aboard a destroyer operating off the coast of East Africa is at risk of being infected with the novel coronavirus. An additional 61 members of the Cheonghae unit have tested positive for COVID-19, bringing the total caseload on the 4,400-ton destroyer, Munmu the Great, to 68, military authorities here said Sunday. The figure is expected to climb further, as the results of virus tests conducted on all the personnel Thursda

July 19, 2021

[Editorial] More hardships ahead

The minimum wage for next year has been set at 9,160 won ($8) per hour, up 5.1 percent from this year. It was 6,470 won in 2017, the first year of the Moon Jae-in presidency, and rose 41.6 percent in five years to top 9,000 won for the first time. Laborers demanded a 23.9 percent hike to lift the minimum wage above 10,000 won. They cited that this year was the last chance to fulfill Moon’s election pledge to raise it to 10,000 won during his presidency. Also given that increase rates for

July 16, 2021

[Editorial] Proper focus

In its closed-door meeting Tuesday, the Supreme Council of the ruling Democratic Party of Korea decided to push for pandemic relief cash for every person in the country. The decision went against the party’s earlier agreement with President Moon Jae-in’s administration to give cash handouts to all households except those in the top 20 percent income bracket. A supplementary budget bill worth 33 trillion won ($28.7 billion), approved by the Cabinet early this month, has set aside 10

July 15, 2021

[Editorial] Clumsy responses

Starting Monday, South Korea implemented its toughest social distancing rules in the Greater Seoul area, which includes Gyeonggi Province and Incheon, as the COVID-19 pandemic began its fourth wave. Under Level 4 rules, private gatherings of more than two people are banned after 6 p.m. for two weeks. Weddings and funerals can only be joined by relatives. Entertainment establishments, including nightclubs, were ordered to shut down, while restaurants were allowed to have dine-in customers until

July 14, 2021

[Editorial] Tug of war

Seoul and Tokyo seem to be in a tug of war over the form and agenda of President Moon Jae-in’s envisioned meeting with Japanese Prime Minister Yoshihide Suga on the occasion of Moon’s possible trip to Tokyo to attend the opening ceremony of the Summer Olympic Games slated for July 23. The presidential office of Cheong Wa Dae reiterated Sunday that Moon’s decision to attend or not depended on whether the visit would guarantee a fruitful summit between the two leaders. The comm

July 13, 2021

[Editorial] Protect press freedom

The ruling Democratic Party of Korea is pushing for a bill that would make media outlets pay punitive damages for false reports. The party convened a meeting of the bill deliberation subcommittee of the parliamentary Culture, Sports and Tourism Committee on Tuesday and tabled a number of bills. These included one to revise the Act on Press Arbitration and Remedies for Damage Caused by Press Reports. The main opposition People Power Party condemned the ruling party for convening the subcommitt

July 12, 2021

[Editorial] Due credit

At a Cabinet meeting this week, President Moon Jae-in said that South Korea would commit itself to playing a global role befitting its status as an advanced nation, as recognized by the UN. He was referring to last week’s decision by the UN Conference on Trade and Development to reclassify the country into a category of developed economies from a group of Asian and African states. The decision was made unanimously during the 68th board meeting of the UN agency dealing with trade and deve

July 9, 2021

[Editorial] Little changed

Leading contenders in the race to be the presidential candidate of the ruling Democratic Party of Korea cite real estate as a policy area where the current administration took the biggest misstep, but ironically they vow to push tougher policies in the same vein. Rather than trying to change the course of the Moon Jae-in administration’s failed policy, they show that they adhere to its existing anti-market view of those who have houses as speculators or exploiters of those who don’t

July 8, 2021

[Editorial] Weakening posture

Discussions are underway between South Korea and the US on details of their annual summertime joint military exercise, according to Seoul’s Defense Ministry. A ministry spokesperson told a press briefing Monday that the timing, scale and exact manner of the upcoming drill had not yet been finalized. Attention is being drawn to whether and how the allies will stage the exercise at a time when Seoul and Washington have been working to resume long-stalled talks with North Korea. Pyongyang h

July 7, 2021

[Editorial] Absurd measure

The government reportedly plans to utilize a coal power plant if electricity demand surges this summer.　 According to its summer outlook for electric power demand and supply and related measures finalized on Thursday, the country’s summer electricity demand is estimated to peak at 94.4 GW in the second week of August. The expected maximum available supply in the week of expected peak demand is 99.2 GW, and the remaining capacity will decrease to 4.8 GW. The ratio of the remaining capaci

July 6, 2021

[Editorial] Policy coherence

The country’s top economic policymaker and central bank chief met last week to affirm the need for a proper policy mix to cope with growing risks facing South Korea’s economy as it works toward a full recovery. A statement issued after the meeting between Finance Minister Hong Nam-ki and Bank of Korea Gov. Lee Ju-yeol said it was important to ensure a “sophisticate harmony” between fiscal and monetary policies. The gathering, the first of its kind since December 2018, ca

July 5, 2021

[Editorial] Distorted historical view

Kim Won-woong, head of the Heritage of Korean Independence, said American and Soviet troops which entered the Korean Peninsula after Korea’s independence, were occupation and liberation forces, respectively.　 When Japan surrendered to the Allies in 1945, the Korean Peninsula, a Japanese colony (1910-1945), was split into two zones of occupation -- the US-controlled South Korea and the Soviet-controlled North Korea.　 Kim made the remarks to that effect in a video message to students of a

July 2, 2021

[Editorial] Populist approach

The government this week announced its economic policy plan for the second half of this year with the goal of putting the country’s economy on the path to a complete recovery. The Ministry of Economy and Finance, which drew up the plan, revised up its 2021 growth outlook for Asia’s fourth-largest economy to 4.2 percent from its previous estimate of 3.2 percent in December. To meet this raised target, the government will implement measures designed to prop up domestic demand and red

July 1, 2021

[Editorial] Top auditor resigns

Choe Jae-hyeong, chairman of the Board of Audit and Inspection, resigned Monday. In revealing to reporters that he had tendered his resignation earlier in the day, the head of the nation’s state audit agency said he’d have time to deliberate on what role he should play in the future of South Korea. When asked whether he would run for president next year, he declined to answer but said there would be opportunities to speak about it later. Choe appears to be considering entering the

June 30, 2021

[Editorial] A rough start

The ruling Democratic Party of Korea kicked off its presidential primary race Monday with the three-day registration of preliminary candidates. Last week, its supreme council decided not to postpone the process of nominating its candidate for the next presidential election, slated for March 9. The liberal ruling party’s constitution mandates it to choose its presidential contender at least 180 days before Election Day in the absence of a good reason to do otherwise. The decision put an e

June 29, 2021

[Editorial] Consider the self-employed

The labor sector on Thursday revealed their initial demand for 10,800 won ($9.57) per hour as the minimum wage for next year. This is 2,080 won or 23.9 percent more than the minimum wage for this year. Labor representatives on the Minimum Wage Commission disclosed their first demand proposal, but have not submitted it to the commission yet. The panel is set to receive the first proposals from both management and labor representatives on Tuesday. Management representatives have not disclosed th

June 28, 2021

[Editorial] Financial imbalances

The Bank of Korea sounded the alarm on possible risks from the country’s intensifying financial imbalances in a report released earlier this week. The central bank called for vigilance against a steep rise in debts owed by households and companies, and bloated asset prices amid excess liquidity floated to help contain the economic fallout from the prolonged pandemic crisis. The report noted that the vulnerability of the country’s financial system had worsened to its gravest level s

June 25, 2021