The government and the ruling Grand National Party have agreed to upgrade the Nuclear Safety Commission, now under the Ministry of Education, Science and Technology, to an independent, ministerial-level agency by July this year. The decision, announced on Friday, is a welcome move as it would help address concerns about the safety of nuclear plants in Korea caused by the radiation leak at Japan’s

In early March, outgoing Financial Supervisory Service Gov. Kim Jong-chang issued a strong warning against excessive competition among domestic commercial banks. One example cited by the top regulator, who quit on Friday as his three-year term expired, was the recent scramble among banks to attract big corporate customers. It was triggered by Kookmin Bank, which sought to boost corporate lending b

No party in Korea truly represents the entire nation, as evidenced by the outcome of the 2008 parliamentary elections. The electoral divide along the boundary between Yeongnam and Honam was as clear-cut as it could be.In the elections, the ruling Grand National Party carried none of the 31 electoral districts in the southwest region of Honam. On the other hand, the main opposition Democratic Party

On March 26 one year ago, 46 South Korean naval crew members were killed when their warship sank in the sea off North Korea’s west coast. Fifty-eight survivors, when rescued, did not know what had ripped their Cheonan warship in two. It took a multinational investigation team two months to confirm that the corvette had fallen victim to a North Korean torpedo attack.There should be many questions t

North Korea has found a new justification for its nuclear weapons program ― the attack on Libya by the United States and its allies. Denouncing the Western countries’ bombings against Libya, a spokesman of the North’s Foreign Ministry asserted on Tuesday that what is unfolding in the North African nation has confirmed once again that “a nation can ensure peace as long as it has the power to do so.

The government has decided to raise the rate of contribution to the mandatory employment insurance scheme from the current 0.9 percent of the total payroll to 1.1 percent starting April. What this change means is that a worker and his employer both have to pay 1,000 won more in monthly premium per 1 million won of his salary.The 0.2 percentage point increase in the contribution rate may not sound

Questions are raised about the nation’s electoral watchdog’s move to lift a ban on corporate contributions to political parties. The National Election Commission has decided to submit a revision bill to the political funding law, which would allow corporations and other legal entities to donate to political parties.In a formality taken ahead of launching the legislation process, the commission inc

LIG Engineering & Construction has filed for court protection from creditors. The request for court receivership was all the more shocking to the housing industry, given that the homebuilder is affiliated with a chaebol.Of course, one main cause of financial trouble for the 47th largest homebuilder in terms of construction capacity was an increase in unsold apartments. Should the court grant prote

Chung Un-chan, 62, is an honorable and noble man in the Shakespearean sense, having served as president of Seoul National University for four years and as prime minister under President Lee Myung-bak for a year. An economist with doctorate from Princeton University, Chung now heads a commission dedicated to promoting shared growth between large and small businesses. After a rather short experience

After three days of on-and-off airstrikes on Libyan targets, the United States and European nations uniting in military actions against Moammar Gadhafi’s repressive rule are apparently confused about their immediate goal. A cruise missile attack on Gadhafi’s residential compound late Sunday exposed a lack of strategic coordination. The missile that flattened an administrative building in Gadhafi’s

The National Police Agency has designated low-speed driving areas at 61 locations to protect pedestrians. In these “safe life road” zones in urban districts, the maximum speed of vehicles will be limited to 30 kilometers per hour. To enforce the low-speed limit, speed bumps will be installed and the surface of the road will be raised at crosswalks.As the police have confirmed traffic accidents red

“Reiterating the responsibility of the Libyan authorities to protect the Libyan population and reaffirming that parties to armed conflicts bear the primary responsibility to take all feasible steps to ensure the protection of civilians …” said U.N. Security Council Resolution 1973 adopted last week.In compliance with this responsibility, the international community is using military force to help

Pyongyang has repeatedly proposed to hold inter-Korea talks only to be rebuffed by Seoul. The latest proposal is to discuss a potential volcanic eruption on Mount Baekdu, a dormant volcano on North Korea’s border with China.On Thursday, Pyongyang called for talks with Seoul on the possibility of volcanic activity resuming at Mount Baekdu ― discharging hot magma and spewing ash and gases. It propos

Japan’s devastating disasters are pummeling the Korean currency. The weak Korean won will raise the prices of imported commodities, which will work their way down to consumer prices. Moreover, political instability in the Middle East is pushing up oil prices.All these developments will accelerate increases in consumer prices. The threat to price stability is being renewed at a time when housewives

Alarmed by the nuclear disaster in Japan, China has ordered a comprehensive safety assessment of all nuclear plants under construction and suspended approval of new plants pending formulation of new safety regulations.In a statement released on Wednesday, the State Council urged using “the most advanced standards” for the safety checks and told officials to immediately cease construction of the pl