[Editorial] Naked short selling

The nation’s financial regulator said it has found suspected cases of illegal naked stock short selling at five more global investment banks, bringing the total number of suspected institutions to nine. The Financial Supervisory Service has been inspecting 14 global investment banks with the largest short selling transactions here after it found last year that BNP Paribas and HSBC had placed naked stock short selling orders worth 55.6 billion won ($40.3 million) between 2021 and 2022. The

May 8, 2024

[Editorial] Data leak disclosure

The Ministry of the Interior and Safety on Sunday admitted that more than 1200 civil documents were erroneously issued to the wrong applicants last month, resulting in the exposure of sensitive private information -- a major cybersecurity breach that illustrates the weakness of a public online service and the poor handling of such incidents by a government agency. The breach at Government24 (gov.kr), the government’s civil service portal that provides certification issuances and other docu

May 7, 2024

[Editorial] Face up to Trump

Former US President Donald Trump suggested that should he be reelected, the US could withdraw its forces from South Korea if it does not pay more to support US troops stationed here. “I want South Korea to treat us properly. As you know, I got them to -- I had negotiations, because they were paying virtually nothing for 40,000 troops that we had there,” the presumptive Republican presidential nominee said in a recent interview with Time magazine. The number is actually 28,500. &ldquo

May 3, 2024

[Editorial] Mixed signals on trade front

Defying some pessimistic outlooks early this year, South Korea’s exports appear to be on a recovery path in recent months, helped by solid demand for semiconductors and automobiles. But the country’s economy is not out of the woods yet, as new roadblocks such as the volatile exchange rate and from US-China trade relations continue to pop up. On the export front, government officials have enough reasons to be upbeat. Korea’s exports posted on-year growth for the seventh consecut

May 2, 2024

[Editorial] EVs need policy focus

The Beijing Motor Show, otherwise known as Auto China, kicked off on April 25, showcasing new electric vehicle models armed with advanced digital solutions. The show features a wide range of global automakers including Hyundai and Kia, but it is the Chinese EV manufacturers that are attracting the most attention. The strength of Chinese automakers at the industry exhibition reflects their rising market position. China became the world’s biggest car exporter in 2023, shipping a total of 4.9

May 1, 2024

[Editorial] Partners in state affairs

President Yoon Suk Yeol and main opposition Democratic Party of Korea leader Lee Jae-myung sat down for talks on Monday for the first time since Yoon took office two years ago. Lee began the meeting by listing a number of proposals including implementing his election pledge to give 250,000 won ($182) to every South Korean and accepting a special counsel investigation into suspicions surrounding a Marine's death. "I ask that you consider the emergency measure to restore people's

April 30, 2024

[Editorial] Japan’s pressure on Naver

The Japanese government is stepping up pressure on South Korean portal giant Naver to sell off its stake in a joint venture that runs Line, the dominant messaging app in Japan, citing a data leak -- a controversial move that has sparked a wave of critical responses in Korea and is likely to complicate already complex bilateral ties between the two nations. Japan’s Ministry of Internal Affairs and Communications has issued administrative guidance twice -- on March 5 and April 16 -- in what

April 29, 2024

[Editorial] Yoon-Lee meeting

The presidential office and the Democratic Party of Korea are having difficulties agreeing on the agenda for the first-ever meeting between President Yoon Suk Yeol and the main opposition party's leader Lee Jae-myung. The two sides held their second working-level meeting on Thursday, but the presidential office did not provide any specific feedback on suggestions the Democratic Party had made Tuesday, according to Lee's aide. The presidential office proposed that Yoon and Lee meet at t

April 26, 2024

[Editorial] W100m childbirth incentive

The South Korean government has taken a variety of policy steps to bolster the declining birth rate, which is accelerating during the much-dreaded demographic crisis. This time, a state-run agency is exploring the feasibility of a drastic proposal: a handout of 100 million won ($72,500) in cash for each baby born. The Anti-Corruption & Civil Rights Commission started an online survey on April 17 in order to re-evaluate the country’s birth promotion policies. The survey is set to run th

April 25, 2024

[Editorial] Pension reform

As South Korea rapidly ages, the national pension fund is expected to be drained by 2055 if no changes are made to its structure. The special parliamentary committee for pension reform is currently reviewing two reform plans. Plan A is about paying more in premiums and receiving a greater pension. It calls for raising the premium rate from the current 9 percent to 13 percent, and the income replacement ratio from 40 percent to 50 percent. Under Plan A, the national pension fund will be depleted

April 24, 2024

[Editorial] Beyond the first meeting

Expectations are mounting for the first-ever official face-to-face meeting between President Yoon Suk Yeol and the Democratic Party of Korea's leader Lee Jae-myung, which could take place as early as this week. The meeting would be a crucial political event that could shed light on how the country’s key agenda items will be prioritized after the April 10 general election. On Friday, Yoon proposed the meeting in a call to Lee. Since then, the two sides have been coordinating the detail

April 23, 2024

[Editorial] Be a doctor, or not

The government said Friday it will let universities decide on the number of medical school freshmen they want to admit next year within a certain range, in an apparent compromise in its standoff with doctors. Prime Minister Han Duck-soo said that universities will be allowed to increase the places between 50 percent and 100 percent of the previously allocated increment. For instance, Gyeongsang National University’s medical college, which was set to admit a total of 200 freshmen next year

April 22, 2024

[Editorial] Korean won worries

The South Korean currency’s sharp drop Tuesday triggered a flurry of warnings and statements from financial authorities, which helped stabilized the won to some extent in the following two sessions. But vigilant monitoring is in order as volatility may not fade out soon. It was a resounding red flag that the Korean won weakened to hit the psychologically important 1,400 won per dollar during an intraday trading Tuesday, affected by the sales of more assets by foreign investors here, the es

April 19, 2024

[Editorial] Act like a union

The trainee doctors who walked off the job two months ago in protest of the government’s plan to increase medical school enrollment are now demanding shorter mandatory military service among other things. Ryu Ok Hada, a resident who tendered his resignation on Feb. 16, said Tuesday he interviewed 150 interns and residents, and they said they would return to work if they are guaranteed the right to organize unions and to strike. “It appears that about half of the trainee doctors are w

April 18, 2024

[Editorial] No more one-way street

President Yoon Suk Yeol on Tuesday said he would work to improve his communication with the people and try to accept the public sentiment, making his first public comments after the crushing defeat of his conservative ruling party in the April 10 elections. “All of us have to accept the public sentiment revealed in the general elections in a humble manner,” Yoon said in a televised speech during a Cabinet meeting. “I will communicate more in a humbler and more flexible attitude

April 17, 2024

[Editorial] Flashpoint in Middle East

Iran launched a massive missile and drone strike against Israel early Sunday in retaliation against Israeli airstrikes on an Iranian consular building in Damascus, Syria, early this month that killed two Iranian generals. It was Iran’s first direct attack on Israeli territory after decades of a shadow war. Israel said its defense systems had successfully intercepted the attacks, resulting in minimal damage within its borders. The US and other members of the UN Security Council urged restra

April 16, 2024

[Editorial] Post-election challenges

The April 10 general elections delivered a crushing defeat to the ruling People Power Party, which took home just 108 seats in the 300-member National Assembly in South Korea. The result signals that President Yoon Suk Yeol will be under strong pressure to seek cooperation with the main opposition Democratic Party of Korea to push ahead with his key policy initiatives and grapple with the growing uncertainties on the economic front. Unfortunately, Yoon is unlikely to ditch his notoriously unilat

April 15, 2024

[Editorial] Time for cooperation

The main opposition Democratic Party of Korea will be controlling a majority of the legislature for another four years, as it won 175 seats including proportional representation seats of its satellite party in the 300-member National Assembly. Former Justice Minister Cho Kuk‘s Rebuilding Korea Party, the Democratic Party’s closest friend, won 12 seats, raising the number of the two friendly forces to 187. The ruling People Power Party and its satellite party managed to secure just ov

April 12, 2024

[Editorial] Chip policy beyond elections

Unlike in previous elections, a single industrial sector has drawn keen attention among major parties and voters in the run-up to the April 10 general election. The sector in question is none other than the country’s crucial semiconductors industry, which accounts for about 20 percent of the country's exports. What’s more, the chips industry is expected to take center stage among policymakers regarding legislative efforts and policy support, even after the general election has c

April 11, 2024

[Editorial] No more demagoguery

For many years, political news in South Korea has been awash with unpleasant or horrible things politicians said or did, either recently or years ago. Especially ahead of elections, parties with political interests go all out to dig dirt on their opponents in an apparent bid to take them down. The past two weeks were no exception, and sadly, it seems to get worse each year. It is a wonder how some people with such lack of conscience or decency could win major political parties’ nomination

April 10, 2024