[Editorial] Bracing for Trump

Now that the Constitutional Court will determine the fate of President Yoon Suk Yeol and his impeachment within the next six months, it seems inevitable that South Korea will handle a number of critical tasks in the absence of a sitting president. Prime Minister Han Duck-soo has assumed the role of acting president, but whether he can steer the country smoothly despite the political chaos following Yoon’s impeachment remains to be seen. One of the most critical challenges involves US Presi

Dec. 20, 2024

[Editorial] Lee's duplicity

The court on Tuesday suspended proceedings in the third-party bribery trial of Lee Jae-myung, leader of the main opposition Democratic Party of Korea, a case in which a million dollars in cash flowed illegally into North Korea five years ago. In 2019 as governor of Gyeonggi Province, Lee allegedly made Ssangbangwool Group give North Korea $8 million that the provincial government should have given out of its own coffers: $5 million in expenses for a provincial project to set up smart farms in th

Dec. 19, 2024

[Editorial] Risks in financial market

The immediate economic risks linked to the aftermath of President Yoon Suk Yeol’s short-lived martial law decree seem to be fading away, at least for the moment, but concerns are still deepening over how the South Korean economy is to grapple with looming challenges in the absence of solid leadership. Not all business sectors are mired in a slump. For instance, the semiconductor sector, led by Samsung Electronics and SK hynix, has made a strong recovery this year, helping the country&rsquo

Dec. 18, 2024

[Editorial] Worrisome bills

With the nation in political turmoil in the wake of the National Assembly's vote to impeach President Yoon Suk Yeol over his short-lived imposition of martial law, several anti-market, anti-corporate bills the main opposition Democratic Party of Korea has pushed through parliament are raising concerns about a further dampening of business and economic activity. Five bills that passed a plenary session of the Assembly on Nov. 28 pose urgent problems. The bills include a revision to the Act o

Dec. 17, 2024

[Editorial] Yoon’s impeachment

President Yoon Suk Yeol was impeached Saturday over his short-lived declaration of martial law on Dec. 3 that plunged the nation into a whirlwind of chaos and outrage. A first impeachment motion fell apart last week because lawmakers from the ruling People Power Party boycotted the vote. The second motion on Saturday, however, passed in a 204-85 vote, with three abstentions and eight invalid votes. It met the quorum of 200 votes in the 300-member parliament. The motion’s passage came 11 da

Dec. 16, 2024

[Editorial] Yoon refuses to step down

President Yoon Suk Yeol, who has come under fiery attack since his ill-advised coup attempt on Dec. 3, defended the martial law declaration as an “act of governance” and denied insurrection charges on Thursday. Yoon also pledged to “fight until the last moment” against impeachment or a martial law probe, revealing his intention to defy calls to step down. The president claimed in a televised address that sending troops to the National Assembly under martial law did not co

Dec. 13, 2024

[Editorial] Ceaseless offensive

People are worried about turmoil in the wake of President Yoon Suk Yeol's short-lived declaration of martial law. They expect politicians to play a leading role in disentangling the chaos, but such efforts are barely visible, especially in the main opposition Democratic Party of Korea. The party reported a motion to impeach Justice Minister Park Sung-jae and Commissioner General of the Korean National Police Agency Cho Ji-ho during a plenary session of the National Assembly on Tuesday. It p

Dec. 12, 2024

[Editorial] Economic impact

President Yoon Suk Yeol’s aborted martial law declaration is now hitting the South Korean economy, with local experts churning out dire warnings about the market in general and the sharp depreciation of the Korean currency in particular. Top financial officials are scrambling to reassure investors but the outlook appears to be murky, if not outright disturbing, as long as the political deadlock over the fate of Yoon continues in a way that increases uncertainties about rudderless political

Dec. 11, 2024

[Editorial] Show concrete plan

The ruling People Power Party Chair Han Dong-hoon and Prime Minister Han Duck-soo made a joint address to the nation Sunday. Party leader Han, claiming that President Yoon Suk Yeol would end his involvement in state affairs, said he would stabilize the political situation by arranging the president's resignation in an orderly manner. Prime Minister Han pledged to ensure the stable and smooth operation of all government functions. Their remarks immediately sparked controversy over whether a

Dec. 10, 2024

[Editorial] Leadership vacuum

President Yoon Suk Yeol, who found himself in a make-or-break crisis with his failed attempt to impose martial law on South Korea, managed to avoid impeachment Saturday thanks to a boycott of the vote by members of his party. But Yoon seems unlikely to regain public trust or carry out his duties properly as leader of the country for the remainder of his term, because he publicly left all decisions, including his term in office, to his People Power Party, tasked with stabilizing a nation still re

Dec. 9, 2024

[Editorial] Martial law’s impact

South Koreans remain deeply disturbed by what President Yoon Suk Yeol did to the nation this week. His misguided and perplexing declaration of the short-lived martial law has caused a whirlwind of outrage, confusion and conflict. Why and how he managed to do something so erratic is not yet clear; what’s certain, however, is that he has touched off a sweeping firestorm of embarrassment across Korean society. The most immediate and widely expected consequence of the martial law decree is a p

Dec. 6, 2024

[Editorial] Corporate belt-tightening

South Korea’s stock market index has declined for five straight months since July, marking the unusually long downward streak that reminds investors of major market upheavals in the past. Problems are not limited to the stock market. Korean companies are trying to grapple with the looming challenges in trade and business environments by tightening their belts or delaying their investment plans in the face of growing uncertainties. Two surveys released recently reflect the deepening worry a

Dec. 4, 2024

[Editorial] Disturbing the government

The main opposition Democratic Party of Korea slashed the government budget for next year and passed the reduced budget unilaterally through the Special Budget Settlement Committee. The party, which has a majority in the National Assembly, is also pushing to impeach chair of the Board of Audit and Inspection and senior prosecutors. It seems determined to disturb the government. The budget the majority party passed through the committee amid a ruling party boycott Friday reflects only reductions

Dec. 3, 2024

[Editorial] Warning signs

South Korea’s economy is chugging along on the strength of exports of chips, but the path ahead appears rocky with numerous warning signs. The surprise interest rate cut by the country’s central bank last week is also interpreted as a sign for a worse-than-expected economic slowdown. According to government data, Korea’s exports posted on-year growth for the 14th straight month in November. Exports went up 1.4 percent on-year to $56.3 billion last month and imports declined 2.4

Dec. 2, 2024

[Editorial] Diverse forms of family

In South Korea, where a traditional notion of family has long been espoused by conservative people, the news that actor Jung Woo-sung fathered a child with model Moon Ga-bi outside of marriage has generated a firestorm of gossipy online responses and intense media coverage. Their celebrity status has probably drawn more public attention than necessary, but their decision to go public about having a child without being married to each other has a positive element as it has ignited public debates

Nov. 29, 2024

[Editorial] Tariff alarm goes off

US President-elect Donald Trump posted on his Truth Social platform Monday that on Jan. 20, as one of his first executive orders, he will sign all necessary documents to charge Mexico and Canada a 25 percent tariff on all products coming into the US. He also said that China will face 10 percent tariffs above any existing tariffs. This shows his will to implement strong protectionist trade policies right from his inauguration day. International trade rules are expected to be jolted. Trump said th

Nov. 28, 2024

[Editorial] Dispute on commercial law

A dispute has been intensifying over the bill introduced by the main opposition party aimed at revising South Korea’s commercial law as top officials voice conflicting views and the business community expresses strong opposition to the proposed amendment. The controversy started early this year as President Yoon Suk Yeol said that the government would push for an amendment to the law so that “boards of directors can reflect the interests of minority shareholders in a responsible way.

Nov. 27, 2024

[Editorial] Lack of sincerity

The Korean government’s boycott of a memorial service held on Sado island in Japan on Sunday for Koreans forced into labor in gold mines on the island during its colonial rule of Korea stemmed from Japan’s lack of sincerity. In order to get the Sado mines inscribed on the World Cultural Heritage list, the Japanese government pledged to exhibit data on former Korean workers and hold an on-site memorial service jointly with the Korean government each year if it consented to the designa

Nov. 26, 2024

[Editorial] Shift in fiscal policy

The Yoon Suk Yeol administration has focused on maintaining fiscal soundness as a key economic policy. But its policy showed signs of change last week amid growing concerns about the toxic mix of sluggish domestic demand and a continued slowdown in economic growth. “In the first half of this year, the government has made efforts to revitalize the economy by helping the private sector lead the way,” President Yoon said at an event Friday. “In the second half, the government will

Nov. 25, 2024

[Editorial] Growth challenge

South Korea’s economic growth, long a hallmark of its transformation, appears increasingly constrained, a negative development that calls for more decisive policy action from the government. The International Monetary Fund on Wednesday projected that the country could post a modest 2 percent expansion for 2025, a downward revision from the 2.2 percent forecast issued just last month. The IMF’s revised forecast clearly signals diminished expectations, illustrating the mounting structu

Nov. 22, 2024