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Opinion

Editorial

Thu, October 6, 2022 | 06:05

Stop provocations

North Korea launched an intermediate-range ballistic missile (IRBM) Tuesday that soared over Japan before landing in the Pacific Ocean. The missile flew 4,500 kilometers, farther than ever before, prompting Japan to issue evacuation warnings for some residents and suspend partial train services. It marked the first time in five years that Pyongyang fired a missile above the J...

Shim Jae-yun2022-10-05 17:00

Growing project financing risk

As the real estate boom has receded, fears are growing that project financing loans in real estate might go sour en masse. According to the Bank of Korea, the amount of project financing loans for real estate at banks and non-banking financial institutions reached 112.2 trillion won ($78.6 billion) as of June this year. This figure represents an annual growth rate of 14.9 per...

2022-10-05 16:52

No one is above the law

Former President Moon Jae-in has refused to answer written inquiries sent to him by the state audit agency, about his administration's alleged mishandling of the case of a South Korean fisheries official killed by the North Korean military in September 2020. Moon reacted in a high-handed manner, describing an investigation by the Board of Audit and Inspection (BAI) as “very r...

Park Yoon-bae2022-10-04 17:08

Swelling corporate reserves

Internal reserves accumulated by the 100 largest Korean companies exceeded 1,000 trillion won ($695 billion) last year. According to the National Assembly Research Service, the internal reserves of the top 100 companies increased 62.7 percent from 630 trillion won in 2012 to 1,025 trillion won in 2021. The 10 largest companies' internal reserves alone increased 72.3 percent f...

2022-10-04 16:45

Consecutive trade shortfalls

The nation's trade shortfall reached $3.77 billion in September, logging a deficit for the sixth consecutive month. This is the first time since 1997, just before the Asian financial crisis, that Korea posted a trade deficit for six straight months. The aggregate shortfall reached a record $28.9 billion in the first nine months of this year. Should the current trend continue,...

Shim Jae-yun2022-10-03 17:02

Japan's fresh UNESCO push

Japan is pushing ahead again with a plan to obtain UNESCO World Heritage recognition for a complex of former mines linked to wartime forced labor. On Thursday, the Japanese government submitted a revised version of a recommendation letter for the Sado mines to the UNESCO headquarters in Paris.

Shim Jae-yun2022-10-03 17:00

Utility rate hikes insufficient

Consumers and businesses will feel a higher burden from their energy use after the government increased utility charges Oct. 1. Last Friday, the government decided to raise electricity rates and natural gas prices by 6.9 percent and 15.9 percent, respectively, for households. The charges for industrial and commercial use also went up as high as 17.4 percent and 16.6 percent, ...

Park Yoon-bae2022-10-02 17:02

State-sponsored prostitution

The Supreme Court ruled last Thursday that the state should compensate former sex workers at now-defunct brothels near U.S. military bases. The top court said the government should take responsibility for having encouraged sex trafficking by operating military camptowns under the pretext of cementing the military alliance with the U.S. and earning foreign currency.

2022-10-02 16:55

Stop political squabbles

The main opposition Democratic Party of Korea (DPK) railroaded a motion for the dismissal of Foreign Minister Park Jin through the National Assembly, Thursday. The DPK earlier tabled the motion requesting President Yoon Suk-yeol sack Park by holding him responsible for the alleged diplomatic gaffes during Yoon's recent overseas trips.

Shim Jae-yun2022-09-30 17:16

Trilateral anti-submarine drills

South Korea will hold trilateral anti-submarine drills with the United States and Japan in international waters off the East Sea on Friday to cope with growing military threats from North Korea more effectively, the Ministry of National Defense said Thursday. The maritime exercise is the first of its kind since April 2017.

Park Yoon-bae2022-09-29 17:05

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