It is not unusual for large Korean unions to down tools at the wrong time and for the wrong cause. But the news that unions of major shipbuilders and the top automaker are moving to strike is truly disappointing. 　The unions of eight major shipbuilding firms held a joint news conference at the National Assembly on Wednesday, vowing to launch a general strike on July 20 in protest against restructuring plans. 　Some of the unions had already been taking collective action. Workers of Samsung Heavy

The scandal involving senior prosecutor Jin Kyung-joon and Nexon founder Kim Jung-ju is another reminder of how negligent the elite in this country are in abiding by the law and upholding minimum ethical standards. 　Jin was put into custody Thursday on graft charges, and it has yet to be seen what charges Kim will face. But what is certain is that the scandal – centered on the allegation that Jin earned as much as 12.6 billion won ($10.94 million) in suspicious transactions of Nexon stock courte

One positive aspect of the multiparty system created by the April general election is that political parties are under stronger pressure than before to project a pro-reform image to win support from the public.　The three major parties -- the ruling Saenuri Party, the main opposition The Minjoo Party of Korea and the minor opposition The People’s Party -- are acutely aware of the growing public demand for a new political culture. 　The public also demands higher ethical standards for lawmakers tha

German carmaker Volkswagen’s $14.7 billion deal with U.S. customers and regulators is fueling a debate over the need for Korea to introduce punitive damages and class action lawsuits to bolster consumer protection.　To settle its emission cheating scandal in the U.S., Volkswagen has offered to pay U.S. owners of its polluting vehicles -- nearly 475,000 TDI diesel cars -- as much as $10,000 per car in compensation. It has also agreed to buy back or repair the defective vehicles. 　While offering fa

The number of fishing boats and patrol boats from North Korea has recently surged around the Northern Limit Line. The situation has coincided with the South Korean Navy’s three-day maritime exercise in the West Sea this week.　Tension is naturally increasing as the two Koreas fought several bloody battles along the NLL across the West Sea over the past decade. Further, the timing is quite uneasy as both of the battles around the South’s Yeonpyeongdo Island in 1999 and 2002 occurred in June.　The N

The global economy has faced another extension of uncertainty as the U.S. Federal Reserve again chose to delay its base rate hike. Early this year, expectations of a hike during the first half were dominant in the market.　The most likely timing for a hike was June, according to earlier bets of global investment banks. And the global market was fully bracing for temporary shocks from a U.S. rate hike, alongside hopes for a fast rebound, as the scenario was sufficiently reflected in the market.　Th

It is always tricky to deal with North Korea, indisputably the world’s most isolated, unpredictable and dangerous country. No less tricky – as far as matters concerned with Korean affairs – is dealing with China, the North’s sole remaining socialist ally and patron. 　A senior North Korean official’s surprise visit to China earlier this week – the first of its kind in three years – is yet another piece of evidence that the international community will not be able to end the North Korean nuclear i

Prosecutors with search and seizure warrants raided Thursday several places that include the head office of the duty-free unit of Lotte Group and the home of the daughter of the retail giant’s founder Shin Kyuk-ho.　They said Shin Young-ja is suspected of offering favors -- in return for kickbacks -- to Jung Woon-ho, a convicted businessman who approached her through a middle man to get his cosmetics brand into Lotte duty-free shops. 　We believe that there should be no stone left unturned in the

Korea’s financial market is facing another challenge from an unfavorable external factor. Reversing earlier skepticism about a base rate hike in the U.S., an increasing number of market participants are sharing the view that the Federal Reserve has become hawkish.　More people are betting on a hike next month after the Fed’s rate-setters’ minutes of the last gathering -- unveiled Thursday -- hinted at their hawkish stance for the next meeting June 14-15.　Given the record-high household debt in Ko

The Yongsan-based U.S. Eighth Army Command has started its move down to Pyeongtaek, Gyeonggi Province. Most of the U.S. troops will be moved by 2017, according to the Defense Ministry of South Korea.　While the U.S. troops have been located in Yongsan since the 1950-53 Korean War ended in an armistice, the remaining issue is the alleged contamination of surrounding areas near the Yongsan Garrison, the U.S. military base in central Seoul.　Seoul City estimates that 1,870 tons of polluted water have

Ahn Cheol-soo, coleader of the People’s Party, is under mounting internal pressure to tie up with the main opposition party to boost their chances of defeating the ruling party in the April 13 general elections. 　The pressure is led by the other coleader Chun Jung-bae and Kim Han-gil, the party’s chief campaigner. The two had failed to persuade Ahn in their three-way meeting the previous day and Kim said Friday he was resigning from his post.  　The argument of people like Kim and Chun is simple:

North Korea fired two missiles with a range of about 500 kilometers into the East Sea on Thursday. The latest provocation came one week after it sent rockets into the sea hours after the U.N. imposed new sanctions against its latest nuclear test and ballistic missile launch. 　These are part of the rogue regime’s usual responses to outside pressure like the international sanctions, which come amid the largest-ever South Korea-U.S. joint military drills. 　While these traditional provocations shoul

Thai policy makers, dictators, military leaders or what have you, have never learned how to handle criticism from the international press and the recently issued regulation for foreign media reflects that long-standing mindset.　The stated requirement – that foreign media representatives must demonstrate their attitude towards the monarchy and political development in the country – eats into one’s personal space.　It is like the government is trying to delve into the heart and soul of a person and

The new sanctions that China has reportedly agreed to impose on North Korea are truly a “major upgrade” to existing penalties, as American diplomats say. To make sure they are ultimately effective, however, it’s important to appreciate their limitations.　Under the terms of a Security Council resolution expected to be approved this week, countries will have to inspect any cargo going into or coming out of North Korea. Sales of conventional weapons and aviation fuel to the North will be prohibited

Political parties are rushing to speed up the process of nominating candidates for the April 13 general election as they face a tight schedule due to a long delay in fixing constituency boundaries.　The main opposition Minjoo Party of Korea has already announced the list of 10 incumbent lawmakers who will be denied nomination in the coming elections.　The party’s candidate screening committee, consisting of outside experts, has undertaken a thorough vetting of its 108 lawmakers to remove the botto