Last year, the government tried every means to boost domestic consumption as exports ceased to play their traditional role of driving economic growth. It had to execute an 11 trillion-won supplementary budget to fuel domestic demand, as the outbreak of Middle East respiratory syndrome stifled consumer spending.  The government also organized a Korean version of Black Friday, a 15-day shopping promotion campaign aimed at stimulating domestic consumption and attracting shoppers from abroad.Thanks

Editorial April 8, 2016

For months now, China’s regulators have been warning about the dangers of rapidly expanding credit and the need to deleverage. With new plans to clean up bad loans at the country’s banks, you might conclude that the government is getting serious about the risks it faces.But there’s reason to doubt the effectiveness of China’s approach. In fact, it’s running a serious risk of making its debt problems worse.After the financial crisis, China embarked on a credit binge of historical proportions. In

Viewpoints April 8, 2016

China’s Anbang Insurance Group Co., which has twice sweetened its offer to buy Starwood Hotels & Resorts Worldwide Inc., is engaged in a high-stakes bidding war with Marriott International Inc. to acquire the owner of the upscale Sheraton, Westin and St. Regis brands.Win or lose, the latest $14 billion bid unveiled Monday by an Anbang-led investor group makes this much clear: Chinese companies have launched an unprecedented buying spree, one far more ambitious than previous efforts focused prima

World Business April 1, 2016

Daejeong-eup on Jejudo Island might not be familiar to most in Korea, though the district, part of Seogwipo City, has already embarked on building its reputation as an emerging mecca for education by native English speakers. However, apart from a group of renowned international schools in Daejeong, the southwestern town of Jejudo Island is drawing wide interest among global environmentalists for its green energy-oriented islet Gapado Island.The islet is the pilot model for the “Carbon Free Islan

Editorial March 25, 2016

Recent volatility in the Korean won appears to be confusing a variety of parties such as currency dealers, exporters, importers and capital market investors. Korea’s central bank is also presumed to have been troubled by the unforeseeable situation.So far this year, the local currency has had a broader amplitude between strong and weak positons in a short period, being swayed by a tug-of-war between international crude oil prices and the U.S. dollar.Uncertainty seems to nearly be maximized about

Editorial March 25, 2016

Acclaimed Brazilian actor and director Claudio Botelho is used to enthusiastic audiences. But bringing the house down mid-performance was not in the script earlier this week, when Botelho -- who is currently on stage playing a theater troupe impresario -- turned to the audience and ad-libbed a few quips about a “crooked former president” and a “thieving president” facing impeachment.　In moments, scores of audience members were on their feet and shouting “There will be no coup!” while an opposing

Viewpoints March 25, 2016

The U.S. Federal Reserve faces a daunting task as it moves away from near-zero interest rates: communicating its plans without unduly shaking up financial markets. The job would be easier if everyone involved recognized that the central bank’s actions must depend on the state of the economy, not on the calendar.Consider what happened in July 2015, when Chair Janet Yellen gave a policy speech in Cleveland. Out of almost 3,800 words on various subjects, the financial media focused on the following

Viewpoints March 11, 2016

North Korea raises tensions – usually by words and sometimes by provocative acts – at this time of the year, when South Korea and the U.S. hold annual joint military exercises. This year, the seasonal tension on the peninsula is being exacerbated by the U.N.-led international sanctions against the North’s recent nuclear test and launch of a rocket. Under the toughest-ever U.N. punishment of the North, the Philippines has already seized a North Korean ship. China, in a departure from its mediocre

Editorial March 8, 2016

Some major enterprises have been rushing to sell their real estate assets -- including their headquarters -- as part of efforts to brace for uncertainties, besides streamlining their operations and workforces.　This could be ordinary restructuring, as some insiders say, to save operating costs. But the timing is noteworthy as the real estate market is showing signs of sluggishness after a two-year bullish run.　Housing prices skyrocketed through the second and third quarters in 2015, buoyed by the

Editorial March 7, 2016

Physician-assisted suicide is often portrayed as a compassionate option for clear-thinking adults to end their lives peacefully. But the reality is much darker.　Letting doctors prescribe deadly drugs can actually encourage acts of violence, often resulting from subtle social and psychological coercion. Physician-assisted suicide fundamentally changes the doctor-patient relationship, how medicine is practiced and how society views the poor, elderly or disabled.　This is why it’s so disconcerting t

Viewpoints March 7, 2016

The detention of Brazil’s former President Luiz Inacio Lula da Silva marks a new stage in the corruption probe that has all but paralyzed the government for the past two years. Meanwhile, as that drags on, the economy keeps spiraling downward. One way or another, Brazil urgently needs to resolve the scandals and turn its focus back to the economy.　Lula, whom U.S. President Barack Obama once called the world’s most popular politician, now tops the Who’s Who of Brazilian leaders caught up in the i

Viewpoints March 7, 2016