The government had injected 12.7 trillion won ($11.4 billion) in taxpayers’ money into Woori Bank and its affiliates as a large-scale bailout in the wake of the 1997 Asian currency crisis.While most of Woori Bank’s sister firms including a stock brokerage firm have already been sold to investors, policymakers’ ongoing move to privatize the first-tier bank is one of a few eye-catching issues in the local financial market.In terms of recouping huge public funds, the sale project is likely to draw

Editorial Sept. 11, 2016

There are some good memories and bad memories in our lives, but some bad childhood memories never leave our minds. My worst childhood memory stays somewhere in the corner of my mind and creeps out without warning when I’m alone. This unpleasant guest of mine has changed the way I am and the way I see the world, slowly but steadily. As the memory had gotten blurrier as I grew older, I didn’t realize that it had had a great influence on me. But when I had a drink with my brother about two years ag

Viewpoints Sept. 11, 2016

Shinzo Abe’s recent promise of $30 billion in financing to African countries over the next three years shouldn’t have come as a great surprise. Quietly, over decades, Japan has become the leading financier of growth-supporting infrastructure across large swathes of the developing world. Perhaps too quietly.　In fact, few people outside the country appreciate the scope of Japan’s overseas development assistance. In several South and Southeast Asian countries, the country is the largest provider of

Viewpoints Sept. 11, 2016

In my consulting work, I have on occasion assisted people intent on creating a startup company. I tell them they must come up with a comprehensive business plan that answers key questions related to the prospects for success in the proposed venture.Some time ago I came upon just such a business plan, remarkable for many reasons, just one of which was the fact that it was written in 1947, well before the advent of many modern business practices. Also, the entrepreneur was a woman.She was already

Viewpoints Sept. 11, 2016

The nation is now ready to implement the so-called “Kim Young-ran Act” starting Sept. 28 as the government has approved the enforcement decree for the radical anti-graft law.　The law sets the upper limits of foods, gifts and congratulatory or condolence money that public officials, including government officials, journalists and private school teachers, can receive at 30,000 won ($26), 50,000 won and 100,000 won, respectively.　It also bans a public official from receiving or demanding from the s

Editorial Sept. 8, 2016

Supreme Court Chief Justice Yang Sung-tae has made a public apology over the latest corruption scandal involving a senior judge.　Kim Soo-cheon, who works at the Incheon District Court, was arrested last week for allegedly taking bribes worth 170 million won ($155,600) from Jung Woon-ho, the former head of Nature Republic, a local cosmetics company.　The judge’s arrest was shocking as it called into question the integrity of other judges and the fairness of court rulings in general. It further fue

Editorial Sept. 8, 2016

North Korea has been repeatedly test-firing submarine-launched ballistic missiles. On Aug. 24, an SLBM launched off Sinpo, a city in northeast North Korea, flying for about 500 kilometers. If fully deployed, these missiles pose a serious security threat to Japan, the United States and South Korea.　　North Korea’s SLBM program is steadily progressing. Looking at footage released by North Korea, a missile ignited the moment it cleared the water and flew smoothly. This was the most difficult part, a

Viewpoints Sept. 8, 2016

India’s Interior Minister Rajnath Singh has met around 300 people in Srinagar. Pakistan, too, has offered to have talks on Kashmir. Both steps, however laudable, are late by two to three years. The Kashmiris then wanted a settlement through a dialogue. Leaders like Yasin Malik and Shabbir Shah took part in the conclaves held at Srinagar and New Delhi.　The issue at that time was to make New Delhi realize that the state had acceded to the Union of India only on three subjects: defense, foreign aff

Viewpoints Sept. 8, 2016

We must not lose sight of the central, crucial, fact: 14 persons died and 67 others were wounded in the Davao explosion late Friday night. All of the victims were innocents, out to enjoy the city’s popular night market. In the wake of inevitable speculation and confusion, it is important that we focus on the plight of the victims and support the city’s immediate and valiant efforts to bury the dead with dignity, ease the pain of the survivors and pursue justice.　Much still remains to be determin

Viewpoints Sept. 8, 2016

Japan‘s Defense Ministry has allocated 5.1 trillion yen ($50 billion) in a budgetary request for fiscal 2017, up 2.3 percent from this fiscal year’s initial request. Against the backdrop of military buildups in both China and North Korea, seeking such a spending increase for the fifth straight year is reasonable. 　Chinese military activity, including naval forays into the contiguous zone around the Senkaku Islands, has been surging. Placing an emphasis on reinforcing Japan’s defense of remote is

Viewpoints Sept. 8, 2016

When NASA officials recently dropped in on their counterparts in Beijing, they arrived in secret, issued no press release and, when queried by a reporter, initially didn‘t acknowledge the meeting. The topic of such furtive talks? The two sides merely hoped to work together on climate satellites.　As it happens, doing so may well be illegal. Since 2011, Congress has banned NASA from almost any direct interaction with China, in the hope of preventing espionage. Banning cooperation is rarely a sign

Viewpoints Sept. 8, 2016