Most Popular
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Industry experts predicts tough choices as NewJeans' ultimatum nears
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Jung's paternity reveal exposes where Korea stands on extramarital babies
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Seoul city opens emergency care centers
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Opposition chief acquitted of instigating perjury
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[Exclusive] Hyundai Mobis eyes closer ties with BYD
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[Herald Review] 'Gangnam B-Side' combines social realism with masterful suspense, performance
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Agency says Jung Woo-sung unsure on awards attendance after lovechild revelations
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Why S. Korean refiners are reluctant to import US oil despite Trump’s energy push
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Prosecutors seek 5-year prison term for Samsung chief in merger retrial
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UN talks on plastic pollution treaty begin with grim outlook
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[Benedicta Marzinotto] What will banks do with the ECB’s wall of money?
BRUSSELS ― Throughout the crisis period, the European Central Bank’s behavior has been conditioned by the tension between what it can do and what it is allowed to do.The ECB is the only institution in the European Union that is able to provide unlimited funding to governments, but its governing statute prohibits government bailouts. Nonetheless, the ECB has provided large amounts of liquidity to the financial system, indirectly softening the pressure on government debt refinancing. For 18 months
Jan. 25, 2012
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U.S. forces not retreating from Europe
In planning to withdraw two of the U.S.’s four combat brigades from Europe, the Barack Obama administration is drawing on an unlikely inspiration: Donald Rumsfeld, when he was secretary of defense under President George W. Bush, wanted to do the same thing (the wars in Iraq and Afghanistan made the idea moot). Not that this will make Obama immune to partisan criticism: Howard P. “Buck” McKeon, the Republican chairman of the House Armed Services Committee, likened the administration’s proposed de
Jan. 24, 2012
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[Lee Jae-min] Who rates sovereign states?
Moody’s Investors Service, Standard & Poor’s and Fitch Ratings are the troika of U.S.-based global credit rating agencies. The roots of these credit rating agencies date back to the middle of the 1800s in the U.S. The origin of Standard & Poor’s was when Henry Varnum Poor published History of Railroads and Canals of the United States in 1860, which compiled information on railroads companies, the most capital intensive industry at the time. Their scope of information coverage expanded gradually
Jan. 24, 2012
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The bully in you and me
Bullying is nothing new, and neither is the recent surge in school violence a new global phenomenon. Ours is an educational system that generates a vicious circle of ruthless competition and for those left behind, well, there’s either one of two choices: succumb to failure or lash out at the powers that be. In the case of the former, who often become victims of bullying, it is easy to feel overwhelmed by a perceived sense of helplessness and worthlessness. These poor souls feel as if they have n
Jan. 24, 2012
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Too big to sail question...in Italian cruise ship fiasco
In 1912, the RMS Titanic, the largest and most advanced passenger liner of its day, sank in the Atlantic Ocean, reminding the world there was no such thing as an invincible ship. The Costa Concordia, a cruise ship so enormous that it is essentially a floating town, lies half submerged off the coast of Italy, making the same point today. The Titanic tragedy, which claimed some 1,500 lives, ushered in a new era in maritime safety law. A century later, the Costa Concordia debacle, in which 11 peopl
Jan. 24, 2012
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Iran begins to feel the heat of global sanctions
Blustering and fuming, Iran seems to be spoiling for war.The United States and Iran have treated each other with outright hostility for more than three decades now, ever since the mullahs captured the Iranian revolution in 1979 and then sent students to seize the American embassy. But never before has the relationship teetered so close to military conflict.Even with the atmosphere freighted with bellicosity, the threats and hostile acts keep coming. On Sunday Iran issued a stark warning, saying
Jan. 24, 2012
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[Kim Seong-kon] Fading, rising jobs in electronic age
As the world continues to be filled with more and more sophisticated, computerized and automated machines, certain jobs have inevitably begun to fade and disappear. A few days ago, I noticed a huge Blockbuster Video store near my house had closed down. The once prosperous video/DVD rental business filed for bankruptcy due to competition from Netflix, which won over customers through enticing offers such as: “Instantly watch as many movies as you want for only $8 a month!” and “Unlimited TV episo
Jan. 24, 2012
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[David Ignatius] China’s hand on Iranian spigot
WASHINGTON ― The squeeze is already beginning on Iran’s oil exports ― and guess which nation quietly reduced its purchases from Tehran this month. Why, that would be China, Iran’s supposed protector. The Chinese cut their imports from Iran roughly in half for January, trimming 285,000 barrels per day from their average last year of about 550,000 barrels per day, according to Nat Kern, the publisher of Foreign Reports, a respected industry newsletter. Iran’s reduced sales to China, its biggest oi
Jan. 20, 2012
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Trouble with private equity is privilege, not profits
Mitt Romney, the favorite to win the Republican presidential nomination, has brought the rights and wrongs of private equity to the front of U.S. politics. He once ran a private-equity firm, and he has been attacked for it even by fellow conservatives. This is a new version of an old complaint, and the quality of the discussion is not improving with age. The question to ask about private equity ― which involves taking over companies, restructuring them and selling them at a profit ― is not wheth
Jan. 20, 2012
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Noda must fully explain necessity of tax hike
The environment surrounding the administration of Prime Minister Yoshihiko Noda has become harsher. The decline of the Cabinet’s approval rating, discord within the ruling Democratic Party of Japan and stalled discussions between the ruling and opposition parties are just a few of the problems it faces.Noda no longer has the leisure to continue the attitude described as “safe driving.” He needs to go on the offensive toward realizing integrated reform of the social security and tax systems, whic
Jan. 20, 2012
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A little diversity could go a long way for mainland China
Last week the Washington Post reported on a survey conducted last month by the University of Hong Kong which found that many more people living in the Chinese territory identify themselves as “Hong Kongers” rather than Chinese. The number of people who identifiy with their city was actually more than double the number of those who see themselves as Chinese.Chinese officials were not pleased by the results of the survey and other indicators showing that Hong Kong’s population is not moving toward
Jan. 20, 2012
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[Andrew Sheng] The natural evolution of markets as seen in Timor
Man is a social animal. The 19th-century sociologist and philosopher Georg Simmel argued that trade and exchange is “one of the purest and most primitive forms of human socialization.” Last month, while travelling through remote parts of West Timor, in Indonesia, I was able to study first-hand how rural markets operate. I could not help wondering why so-called primitive markets such as these work so well when complex financial markets can be so dysfunctional?Rural markets in East Timor are wonde
Jan. 20, 2012
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World’s worst regime may be looking at change
Among the many tantalizing questions surrounding Myanmar’s flirtation with democracy is this: Might Kim Jong-un be enticed to try something similar in North Korea? Taking stock of events in the Myanmar capital, Naypyidaw, the brand new leader of the world’s worst government might be having second thoughts about the viability of the Kim Dynasty. At least 2 million people starved during the 17-year reign of his father, Kim Jong-il, and North Korea’s economy is a disaster area. Enter Myanmar, the r
Jan. 19, 2012
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Solutions for economy and climate
At the turn of 2012, the world continues to be in the grip of a two-fold crisis: an economic downturn and widespread job losses on the one side and accelerating global warming and extreme weather events on the other. So far, Asia has been less vulnerable than other regions to the economic slump, but has been arguably the most prone to natural calamities. While both economy and climate demand urgent attention, political leaders fear that dealing with climate change will hurt recovery efforts. In
Jan. 19, 2012
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Korea and Japan ― a tale of two countries
Over the past two decades, as Japan has gradually slipped down the OECD ladder in terms of GDP per capita, Korea has progressively climbed the same ladder. It’s just a matter of time before Korea overtakes its neighbor.How could this happen?One important factor has been how the two countries have responded to crises. Japan was struck down by the collapse of its bubble economy two decades ago, and was also badly hit by the global financial crisis in 2008. Despite many calls for structural reforms
Jan. 19, 2012
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Cheetah story shows value of healthy skepticism
When he died recently at age 80, Cheetah the chimp received respectful obituaries across the globe. This seemed only fitting for a star in the 1930s Tarzan films with Johnny Weismuller and Maureen O’Sullivan. Cheetah was the world’s most famous non-human primate. (His only serious rival, King Kong, was a fictional character.) No less an authority than Turner Classic Movies host and prominent film historian Robert Osborne weighed in on Cheetah’s cinema legacy: “He was a major star. He was one of
Jan. 19, 2012
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If calendars change, end of world can’t come too soon
Please excuse me if you’ve already read about this ― I’m always the last guy to know ― but apparently some people are unhappy with the calendar. In other calendar news, the world apparently is going to end next Dec. 21, according to the Mayan calendar.About this latter point, apparently many people in pseudo-scientific circles have been worrying about it for decades. Me, I only began to worry about it after seeing a John Cusack movie on cable.The deal is that the Mayan “Long Count” calendar, whi
Jan. 19, 2012
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[Dominique Moisi] Resilience of democratic system
PARIS ― Is democratic time too slow to respond to crises, and too short to plan for the long term?At a time of deepening economic and social crisis in many of the world’s rich democracies, that question is highly relevant. In Italy, for example, Prime Minister Mario Monti has the necessary and legitimate ambition to carry out comprehensive reform. He is both competent and honest, but faces a quasi-structural impediment: whereas leaders once had three years to convince voters of their policies’ b
Jan. 19, 2012
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U.S. carries King’s spirit with global push
Even Martin Luther King Jr., the man the U.S. honors today (Jan. 16), had his blind spots. The circle of human rights he gave his life to expand didn’t include everyone. Left out, for instance, were gay men and lesbians. One of King’s most laudable attributes, however, was his ability to evolve and grow, and so we imagine that were he alive today he would endorse the efforts of the Obama administration to help bring basic freedoms and protections to gay people the world over. According to a rece
Jan. 18, 2012
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[Nouriel Roubini] Growth to slow despite signs of life
NEW YORK ― Macroeconomic indicators for the United States have been better than expected for the last few months. Job creation has picked up. Indicators for manufacturing and services have improved moderately. Even the housing industry has shown some signs of life. And consumption growth has been relatively resilient.But, despite the favorable data, U.S. economic growth will remain weak and below trend throughout 2012. Why is all the recent economic good news not to be believed?First, US consume
Jan. 18, 2012