Aside from lending from the first-tier banks and secondary financial firms, the loan issuance balance from private moneylenders is rapidly increasing. This indicates that South Korea has become a “debtor republic.”According to the Financial Services Commission, the outstanding loans issued by the third-tier lenders came to 13.2 trillion won ($11.9 billion) at the end of 2015. This marked a 7.3 percent increase from 12.3 trillion won at the end of June 2015.Considering the lending rate charged by

Editorial Sept. 26, 2016

The American political train has gone off the rails, and it seems farther than ever from getting back on track. There has been a lot of finger pointing, with commentators blaming issues like gerrymandering, rising economic inequality, the campaign finance system and unbalanced journalism. But the public cannot address these genuine flaws in the system directly. What they can do is tackle another fundamental problem: low voter turnout.The beauty of democracy is that, if people vote, they can effe

Viewpoints Sept. 26, 2016

The movement to pardon NSA leaker Edward Snowden is picking up momentum, with human rights groups, editorial boards, the Libertarian candidate for president and some former intelligence officers hopping on board. Even Eric Holder, the former attorney general, has said Snowden performed a “public service.”But to show leniency for the man now enjoying Vladimir Putin’s hospitality in Moscow would be to ignore the great damage he has done to US national security. It would also set a bad precedent.It

Viewpoints Sept. 26, 2016

Some dinosaurs escaped extinction at the end of the Cretaceous Period 65 million years ago by evolving into birds. Taxi companies around the United States face a similar cataclysm today -- thanks to upstart ride-sharing companies Uber and Lyft. Like the dinosaurs, taxis must adapt or die. Unfortunately, cities like Philadelphia, Los Angeles and Chicago are holding onto regulations that will seal the taxis’ fate.　Ride-sharing’s rise has been as unexpected and tumultuous as the dinosaurs’ demise.

Viewpoints Sept. 26, 2016

Ruthless North Korean leader Kim Jung-un is continuing his bloody reign of terror. The South Korean government confirmed Wednesday that the North recently executed a vice premier and sent two other senior officials to rural farms for re-education on the revolutionary spirit.The executed official was Kim Yong-jin, 63, an expert in educational administration. According to the South’s Unification Ministry, Kim was initially investigated by the North’s intelligence agency for his bad sitting posture

Editorial Sept. 2, 2016

The public’s confidence in the nation’s justice system was further eroded Thursday when an incumbent senior judge was arrested over allegations he received bribes from a disgraced businessman.Kim Su-cheon, a judge of the Incheon District Court, is suspected of having received 170 million won ($152,000) from Jung Woon-ho, the former head of cosmetics company Nature Republic who is serving time for illegal gambling overseas.Kim is alleged to have acquired an imported vehicle from Jung at a giveawa

Editorial Sept. 2, 2016

Barack Obama and Xi Jinping have obvious disagreements over how to handle North Korea’s illicit weapons program. China is angry about US plans to deploy advanced missile defenses in South Korea to counter the threat, while Obama faces pressure to sanction Chinese banks and companies that help sustain Kim Jong-un’s nuclear ambitions. But the two presidents still have plenty of room to cooperate on this issue, if they can zero in on actions that are in both countries’ interests.North Korea’s succe

Viewpoints Sept. 2, 2016

A private think tank aspiring to become Korea’s answer to the Brookings Institution of the United States has been launched. 　The Future Consensus Institute was founded by Cho Chang-geol, the founder and honorary chairman of Hanssem Co., Korea’s leading interior company that provides furniture, appliances and household accessories.　Cho has promised to contribute 400 billion won ($357 million) worth of his shareholdings in Hanssem to the institute to ensure its financial independence. In March las

Editorial Aug. 21, 2016

The row over Woo Byung-woo, senior presidential secretary for civil affairs who is dogged by accusations of corruption, has taken a new turn as the powerful presidential aide was referred to the prosecution for investigation last week.　Lee Seok-su, the special inspector general who has inspected Woo for a month, wrapped up his inspection Thursday, filing with the prosecution a request for a formal probe into the presidential secretary, who oversees law enforcement agencies, including the prosecu

Editorial Aug. 21, 2016

China’s human-rights abuses against its own people are no secret. But its abuse of North Korean women who flee to China to escape human-rights violations at home has remained largely hidden. I, however, know the truth, because I am one of those women.Since North Korea’s great famine in the 1990s, human trafficking of North Koreans, especially women, into China has become big business. Women who had watched family members starve to death began to cross the border through brokers, in order to earn

Viewpoints Aug. 21, 2016