Last week, the government said it would draw up a supplementary budget worth 10 trillion won ($8.69 billion) in its unveiling of its second-half economic policy direction.A package of stimulus might be necessary in terms of overcoming the weak recovery in exports and domestic consumption as well as uncertainty from the Brexit scenario. But in a different aspect, the planned government expenditure is arousing concerns over possible deterioration of fiscal soundness amid a recent surge in sovereig

Editorial July 5, 2016

Last month, the world woke up to find that the British actually voted 51.9 percent for an exit from the European Union.World stock markets lost over $3 trillion in market value, with the credit rating agencies downgrading the U.K. from “AAA” to “AA,” making it more costly for British companies and government to raise funds. The pound sterling depreciated sharply to its lowest level in years.  What will happen next?Brexit was technically a referendum on whether the United Kingdom wanted to remain

Viewpoints July 5, 2016

Breaking up, it turns out, is not so hard to do. It is a simple matter of a stupid vote. The Brexit result is a shock to the international financial system and a threat to post-cold war stability, and it raises tensions in a region with a historically bad war habit.Brexit dealt a new blow to European integration and collective strength, and it adds pressure to a further weakened European Union already facing strategic challenges from places like Russia.Despite Brexit’s destabilizing potential, t

Viewpoints July 5, 2016

Point one: Bill and Hillary Clinton are victims of a perpetual right-wing smear campaign, a highly personalized subset of a decades-long, coordinated and sleazy conservative crusade to discredit government.Point two: Bill and Hillary Clinton evade rules and skirt laws that others are required to follow. They seek to hide conduct that should be open to scrutiny and intentionally evade accountability. When their improper actions are exposed, they invariably dissemble. Why did Hillary Clinton use a

Viewpoints July 5, 2016

The government’s plan to develop Korea’s own space launch vehicle for lunar exploration by 2020 is likely to be delayed as the test launch of the rocket scheduled for December 2017 is to be postponed.　The Korea Aerospace Research Institute has reported to the government that the development of a 75-ton class liquid engine and fuel tanks for the test launch vehicle is 10 months behind schedule due to difficulties in sorting out technological problems.　The institute had difficulty in ensuring stab

Editorial July 4, 2016

The main opposition The Minjoo Party of Korea has unveiled a plan to overhaul the health insurance system amid widespread discontent about the way insurance premiums are determined.The party’s plan proposes making aggregate income the single criterion for setting premiums for the two types of policyholders -- employees and the self-employed.Currently, insurance contributions for employees are set based solely on their wage income and are shared equally between the employee and employer.For the s

Editorial July 4, 2016

In July 2000, a Group of Eight summit meeting was held in Nago, Okinawa Prefecture. Russian President Vladimir Putin, who arrived late, spoke to the other world leaders about a meeting he had with then North Korean leader Kim Jong-il in Pyongyang two days before.　According to Putin, Kim suddenly opened a window to look outside during their two-hour talk. It was at that moment that Putin urged him to engage with the international community. “We, the Russian Federation, were born after the Soviet

Viewpoints July 4, 2016

In 1947 Winston Churchill stated, “The UK is with Europe but not part of it.” “We are linked to Europe but not included in it,” He added. This signifies that that the U.K. keeps privileged relations with the U.S. in security cooperation. This cooperation has the strong interlocking networks in operating NATO since the very beginning of the military security organization. Charles de Gaulle then proposed to the U.S. to establish the trilateral cooperation system of NATO, with a view to reviewing i

Viewpoints July 4, 2016

When terrorism hits Asia, fewer tears seem to be shed than when Europe or the U.S. is targeted.This past week, a gang of terrorists massacred 41 people and injured 239 at Turkey’s Ataturk International Airport, one of Europe’s business airports.It was the second terrorist attack -- ninth since last summer -- to hit the country within a month. The three fully armed terrorists could have killed more but for the brave actions of police.Nevertheless, the scars are deep and it will take some time for

Viewpoints July 4, 2016

These days, many people make a habit of checking the levels of fine dust in the air, as the country is often swept by a blanket of hazardous particulate materials. The air pollution problem has become a headache for President Park Geun-hye as people struggling with hazy air filled with harmful pollutants vent their anger against the government. Park called for a package of “extraordinary” measures to address the problem, and officials announced some measures -- they called them “action plans” --

Editorial July 3, 2016