The government has come up with another package of measures to bring down soaring fuel prices. The latest steps announced on Thursday, however, are unlikely to have much impact.Government officials have long blamed high fuel prices on the dominance of the four refiners ― SK Innovation, GS Caltex, Hyundai Oilbank and S-Oil ― in the domestic oil product distribution market.These big refiners earn high margins, officials explain, by forcing exclusive supply contracts on gas stations. They can impos

On Thursday, the military did something quite unusual. It released a video clip of two South Korean-developed missiles ― a cruise missile that can strike any place in North Korea from any corner of the South and a ballistic missile that can devastate an area as large as dozens of soccer fields in a single blow.The military stopped short of disclosing the names and specifications of the new missiles; it just said that they have already been deployed. But the cruise missile was believed to be the

North and South Korea played their own distinctive games of power politics last week. The processes of leadership selection were enacted almost simultaneously, a coincidence that defined them so sharply as to provide a classroom lesson on the differences between the two systems.North Korea got all the publicity, not all of it because of the long-range missile it insisted on firing in the face of warnings to cease and desist. There was also the huge outpouring in Pyongyang for the centennial of t

The recent Korea-U.S. FTA has not only resulted in a discussion of the pros and cons of such an agreement but a debate regarding the entrance of major international law firms into the Korean legal marketplace. What will be the impact on Korean law firms now that the major U.S. and European law firms announced they will soon open offices in Korea? Most of the international law firms have offices in Hong Kong, Singapore or Shanghai besides the U.S. and Europe and it is questionable if such firms t

On March 15, Korea’s free trade agreement with the U.S entered into effect. While public opinion in Korea on the benefits of this agreement is still unsettled, Korean industries like electronics, pharmaceuticals and autos look forward to benefit as they expect an increase in imports and exports between the two countries. Various logistical changes have been implemented in Korea to cope with the effects of the FTA. For example, Korean based airlines like Korean and Asiana Airlines have introduced

The downfall of former Chongqing party boss Bo Xilai has thrown the spotlight on China’s political elite and their increasing foreign connections.Bo’s political fate was sealed after his wife Gu Kailai was named as a suspect in the murder of British businessman Neil Heywood, who had business ties with the family and helped Bo’s son gain admission to prestigious schools in Britain.Unlike the cloistered China of yesteryear, many top Chinese politicians and their families now have overseas links. F

A panel of the Cabinet Office announced late last month that if a megaquake occurs in the Nankai Trough, a tsunami higher than 20 meters may hit 23 municipalities in six prefectures stretching from Kanto to Shikoku on Japan’s Pacific side. The prediction represents a worst-case scenario that happens once in 1,000 years.It may be difficult to build perfect defense against such a massive earthquake and tsunami; but, both the central and local governments must make utmost efforts to minimize damage

Discussions on whether to restart the Nos. 3 and 4 reactors at Kansai Electric Power Co.’s Oi nuclear power plant in Fukui Prefecture appear to have strayed off course.How should the government ensure a stable power supply, a basic requirement for people’s daily lives? We want the government to figure out realistic measures on this issue in a cool-headed manner.Prime Minister Yoshihiko Noda and other ministers concerned recently held meetings during which they worked out new safety standards for

The latest round of negotiations on Iran’s nuclear program between Iran and the so-called “5+1” group (the United Nations Security Council’s five permanent members -- the United States, the United Kingdom, Russia, France, and China -- plus Germany) has now begun. Following more than a year of deadlock, after negotiations in January 2011 led nowhere, this dialogue is for many the last chance to find a peaceful solution to a nearly decade-long conflict (in which I participated closely from 2006 to

The administration has started the process of selecting a private operator of KTX high-speed trains departing from Suseo in southern Seoul, ignoring the political community’s demand that the matter be fully debated in the National Assembly before a final decision is made. It is emerging as a national issue of contention.On Thursday, the Ministry of Land, Transport and Maritime Affairs said a consortium will be selected in July or August and that it will be given the right to operate KTX trains r

If ill-conceived nominations cost the opposition alliance a majority in the parliamentary election, the election of candidates with moral or ethical deficiencies is threatening to hurt the ruling Saenuri Party.When Kim Yong-min, a podcaster who gained fame for lampooning President Lee Myung-bak, was nominated by the opposition Democratic United Party, he was found to have made morally indefensible remarks, including those about Korean women forced into sexual slavery during World War II, on an I