President Lee Myung-bak, whose five-year term in office ends Sunday, presided over his final Cabinet meeting and delivered a farewell address to the nation Tuesday.The past five years, he said in the address, had not just been one of the most demanding periods of time for him but one of the most rewarding ones. To his credit, the nation emerged almost unscathed from global economic crises under his stewardship. Among other things he cited as his achievements were Korea’s new status as the sevent

When President-elect Park Geun-hye nominated Hyun Oh-seok, president of the Korea Development Institute, for the post of finance minister and deputy prime minister for the economy, she signaled that the incoming government would pursue pro-growth policies.During the campaign period, Park’s two main themes were economic democratization and welfare expansion. She did not view economic growth as a top policy priority ― so much so that she did not even suggest a specific growth target that her gover

What should South Korea and China do if an emergency occurs in North Korea? This question may seem moot at this moment, as the regime in Pyongyang shows little sign of instability and, more importantly, China continues to patronize its isolated and impoverished ally.Yet China’s support for the North should not be taken for granted. Beijing’s policy toward the anachronistic regime can be adjusted if its strategic calculus changes due to a shift in the security dynamics in the region.President Lee

Those who have been dispirited by a long spell of winter cold may eagerly wait for an early arrival of spring ― a season for rebirth and happiness. The English poet Percy Besshe Shelley sounds impatient for its arrival when he says in his poem, “Ode to the West Wind,” that “If winter comes, can spring be far behind?” But at this time of the year, there should be quite a few who would feel as dejected as Ernest Hemingway did when he wrote: “When the cold rains kept on and killed the spring, it wa

Two days after Lee Myung-bak was sworn in as president on Feb. 25, 2008, the Cabinet was called into a weekly session. But none of Lee’s appointees for the Cabinet posts had been approved by the National Assembly. As a stopgap measure, the Cabinet members of the previous administration were summoned to the session.The second conference, held on March 3, was presided over by Han Seung-soo, Lee’s first prime minister, whose appointment had been approved on Feb. 29. But the meeting was still abnorm

In yet another effect of the prolonged economic downturn, the number of self-employed people in the country has continued to decline in recent years. Recent figures from the national statistics office showed the number, which peaked at 5.86 million in July, decreased to 5.77 million in October and further to 5.45 million last month. Compared to a year earlier, the number of self-employed people fell by 21,000 in January, marking the first year-on-year decrease in 18 months.As the economy is fore

A diversity of views and suggestions have been put forward by local officials, politicians and academics on how to respond to escalating nuclear threat from North Korea following its third atomic detonation earlier this month.This diversified discourse now needs to converge into an effective, sophisticated and comprehensive strategy to solve the prolonged nuclear tension and ensure peace and security on the Korean Peninsula. Such a strategic scheme should be based on national consensus and pursu

With less than 10 days left before President-elect Park Geun-hye is sworn in, the shape of the administration she will run still remains undecided due to a partisan gridlock over the government reorganization bill.The ruling Saenuri Party and the main opposition Democratic United Party had agreed to pass the bill through the National Assembly by Feb. 14 to give Park time to finalize the Cabinet lineup before her inauguration on Feb. 25.But they simply let the deadline pass without making any pro

A Seoul court has meted out a heavy punishment to an entrepreneur charged with offshore tax evasion. It sentenced Kwon Hyuk, chairman of Cido Shipping, to four years in jail and 234 billion won in fines for hiding money offshore to evade taxes. He was imprisoned immediately after the verdict.The ruling, although not final, carries much significance as it comes amid a move by the National Tax Service to crack down on offshore tax evasion as part of its campaign to increase tax revenue. Kwon, a re

Recent neighbor disputes over noise traveling between floors left two people dead and several others injured. The incidents, which took place in Seoul during the Lunar New Year holidays, raised the need for fundamental and institutional measures to solve the deteriorating problem. Also shown by them, as noted by some psychological experts, was Koreans’ hot-tempered personality.In a country where more than 65 percent of its population lives in apartments, the combination of the noisy living envir

It is encouraging that the main opposition Democratic United Party has been in step with President-elect Park Geun-hye and the government in coping with North Korea’s nuclear threat.In a departure from its past reluctance to denounce the North’s provocative acts, the DUP issued a statement strongly condemning Pyongyang’s third nuclear test Tuesday. Its interim leader joined talks with Park and the head of the ruling Saenuri Party last week to adopt a rare joint statement, which urged Pyongyang t

North Korea angered its neighbors ― South Korea, Japan and its ally China ― and the United States when it conducted another nuclear test Tuesday in defiance of U.N. resolutions. The beleaguered communist state did so apparently in the misguided belief that nuclear armament would provide protection for its regime headed by the young leader Kim Jong-un.Contrary to its wishes, however, North Korea may hasten its implosion by making a costly attempt to arm itself with nuclear bombs and long-range mi

The nation sustained a shortfall in its 2012 tax revenue, the first since 2004 when the nation had to control the damage from a credit card crisis. Tax collections fell short of the target by as much as 2.8 trillion won as consumers, among others, tightened their purse strings, imports declined and the property market tanked.Moreover, President Lee Myung-bak’s outgoing administration outspent the total revenue for the first time since the government was established in 1948. The amount, 148.4 bil

Under the incoming government, big business groups engaged in unfair labor practices are likely to face mounting pressure to clean up their act. Thus far, some of their old practices have been tolerated, but not anymore.In her Lunar New Year message, President-elect Park Geun-hye renewed her resolve to change the “wrong” practices of the past to usher in a new era. Although she did not mention any specific field where such corrective action was needed, she repeatedly stressed on the campaign tra

It’s not just corrupt prosecutors who make a mockery of the nation’s legal system. Corrupt judges do so as well.The latest example is a judge in Suncheon, South Jeolla Province, who granted bail to an unscrupulous university founder charged with embezzling 104 billion won from the 10 schools under his control.According to reports, the judge released Lee Hong-ha, chairman of Seonam University in Namwon, North Jeolla Province, and three other people who helped him, on health grounds Friday, saying