Korean companies’ facility investment surged in 2010 after sharply dropping for two years due to the global financial crisis. As overseas demand for their products soared, they rushed to invest in plant and equipment to ramp up production. The government’s plan to terminate a tax credit program for corporate investment starting 2011 also prompted many companies to make investment in strategic area

An experts’ report on the future of the nation’s health insurance system offered an extremely grim outlook ― a 16 trillion won ($14 billion) annual deficit by 2020 even if salaried workers steadily increase their insurance premium payments. The long-term estimate by the Health Insurance Policy Institute under the National Health Insurance Corp. sounded like an answer to the opposition Democratic P

The downfall and flight of Tunisian President Ben Ali last week sent a warning to autocratic rulers in the Middle East and elsewhere. Kim Jong-il in faraway North Korea is a certain candidate for dethroning by popular revolt and signs of the regime’s desperation can be seen during the first weeks of the New Year.After making pleas to South Korea for the resumption of dialogue almost every other da

Two old women whom the international media had called “former comfort women for the Japanese imperial army” died last week, ending their long hard lives. The deaths of Kim Seon-yi at a hospital in Ulsan on Thursday and Im Jeong-ja in Masan on the same day left 76 women of similar experiences alive. Kim was 83 and Im was 89.Last year, which marked a century since Japan’s annexation of the Joseon Ki

On Thursday, the main opposition Democratic Party convened a general meeting of its lawmakers to adopt free child care and halved college tuition fees as part of its platform. The party’s leadership expected the lawmakers to endorse their plans without objection, since they have already approved the proposals for free school meals and free health care.But the DP leaders faced an unexpected backlas

The Fair Trade Commission has launched an investigation to see whether domestic oil refiners are engaged in price-fixing or other unfair trade practices. The commission’s move follows President Lee Myung-bak’s instruction on Thursday to check whether domestic gasoline prices are reasonable.Lee made the instruction during a briefing on anti-inflation measures by a pan-government task force. He was

Korea was designated an “aging society” in 2000, the year in which those aged 65 or older accounted for more than 7 percent of its total population for the first time. The demographic group, which grew to 10.7 percent in 2009, is projected to break though the 14 percent mark in 2018, pushing Korea into an “aged society.”The transition from an aging society to an aged society, which is accelerating

Nothing is more appropriate than the “better late than never” idiom in evaluating the central bank’s latest rate increase.As the global financial crisis was setting in three years ago, the Bank of Korea slashed its benchmark rate on several occasions ― from 5.25 percent in August in 2008 to a historic low of 2 percent in February 2009. But it took post-crisis action at a snail’s pace, despite warn

The unusually long and severe cold spell is driving up electricity consumption. According to the government, a surge in power demand for heating boosted peak power consumption to 71.84 million kilowatts at noon Tuesday, sending power reserves falling to a dangerously low level of 4.07 million kilowatts, or 5.7 percent of the nation’s maximum power generation capacity of 75.91 million kilowatts. It

Encouraged by the electoral success of its free school meal program last year, the main opposition Democratic Party has recently unveiled a plan to offer free medical services for the entire population. The scheme, together with the party’s proposals for free child care and halved college tuition fees, is fueling a growing debate on welfare.The DP’s health care plan calls for raising the coverage

Undoubtedly, one of the last things an incumbent president would like to hear of is his lapse, be it ongoing or imminent, into lame-duck status. Who would? Actually, President Lee Myung-bak was previously quoted as saying there would be no such thing until his last day in office.But it is a matter of time before a rapid decline in the presidential power manifests itself in various forms. It usuall

The cost of renting a home is going through the roof. But top economic policymakers do not appear to be much concerned about the rise in rent. They are either ignoring what has developed into a crisis or are ill-informed about it.According to a survey of housing-price trends by Kookmin Bank, rents rose an average 0.2 percent throughout the nation during the week ending on Jan. 3. The bank said the

Kang Hee-rak was the chief of the National Police until half a year ago. He is known for strong emphasis on clean service of the entire 150,000 members of the force. Kang now faces arrest in connection with a lobbying scandal in which a catering service businessman bribed a large number of police officers, administration officials and politicians.Yu Sang-bong, 65, who was indicted under arrest lat

The current controversy over the nomination of Chung Dong-kee as the next head of the Board of Audit and Inspection raised two serious questions. One concerns the still prevalent practice of senior judges and prosecutors joining law firms upon retirement and getting huge rewards. The other is about the appropriateness of appointing a former presidential secretary to the job of top government watch

North Korea is desperate in its call for dialogue with South Korea. But Seoul is hesitant on deciding what to do about Pyongyang’s sudden peace offensive that comes after one of the worst years of military provocations since the Korean War.Pyongyang has heated up its language in the overtures since the three major official newspapers first proposed inter-Korean dialogue in their New Year joint edi