It is indisputable that raising electricity and gas fees is the only solution in the current situation to prevent majority state-owned public enterprises Korea Electric Power Corp. (KEPCO) and Korea Gas Corp. (KOGAS) from going bankrupt. Their losses have snowballed because they failed to reflect sharp international energy price increases in their fees. KEPCO suffered an operating loss of 32.65 trillion won ($24.8 billion) last year alone. It has to pay 3.8 billion won each day in interest payme

A drop in tax revenue is inevitable when the broader economy slows down and corporations suffer operating losses. But the country's tax revenue is currently declining at a worrisome pace, prompting policymakers to discuss the need for raising taxes. According to data from the Ministry of Economy and Finance, South Korea’s tax revenue amounted to 54.2 trillion won ($41 billion) in the first two months of this year, down 15.7 trillion won from the 69.9 trillion won recorded over the sam

The government made public its report on North Korea’s human rights violations on Thursday. It is the first time that the government has made public its annual report on the North’s dismal human rights record since it began drafting a report under the North Korean Human Rights Act. The Unification Ministry is said to have prepared a report on North Korea’s human rights violations annually from 2017, a year after the act was passed and when the Moon Jae-in administration began.