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[Editorial] Pork barrel politics

EditorialDec 2, 2020

The projects that the Moon Jae-in administration has pushed through without preliminary feasibility studies since it was launched in 2017 cost about 88 trillion won ($79.5 billion) total, according to data from the Ministry of Economy and Finance. The figure exceeds the 84 trillion won combined cost of all the projects exempted from feasibility surveys by the two previous administrations under Presidents Lee Myung-bak and Park Geun-hye. In 2015, projects exempted from feasibility studies colle
THE WEEK&Resort expands horizons of urban boutique resort

TravelDec 1, 2020

Trinity D&C Co., a real estate development and hotel resort company, held a grand opening ceremony of Korea’s first urban boutique resort THE WEEK& Resort in Yeongjongdo, Incheon, on Nov. 26. THE WEEK& Resort plans to pioneer a new field differentiated from existing resorts under the concept of Korea‘s first “urban boutique resort.” It will attract the attention of customers through its close geographic accessibility to downtown and a young and stylish sense
[Monitor] Despite carbon neutrality pledge, Korea heavily dependent on coal power

IndustryDec 1, 2020

Despite Moon Jae-in administration’s pledge to achieve carbon neutrality by 2050 and replace coal power with renewable energy, Korea’s dependence on coal power remains at 36.8 percent in the Jan.-Sept. period this year. Carbon neutrality refers to the absorption of as much carbon dioxide as it emits, making real emissions zero. The Moon administration aims to slash the number of coal-fired power plants by half to 30 by 2034. (khnews@heraldcorp.com)
[Jeffrey Frankel] Biden’s modest multilateralism

ViewpointsDec 1, 2020

Like the Joni Mitchell song puts it, “You don’t know what you’ve got ‘til it’s gone.” For example, classroom education was often deemed boring by students and obsolete by tech visionaries. Then, COVID-19 made it difficult or impossible to meet in person. Now we yearn for in-class experiences. Perhaps the same is true of international economic cooperation. Multilateral institutions such as the World Trade Organization, the International Monetary Fund and the U
[Jean Pisani-Ferry] Grading big pandemic test one year on from outbreak

ViewpointsDec 1, 2020

From the moment COVID-19 emerged as a global threat, it was clear that it would test every society’s strength, resilience and response capabilities. Almost one year on, it is time to assess who passed the test, and who failed. From a public health standpoint, the answer is clear: East Asia -- including Australia and New Zealand -- passed the test with flying colors. As for the rest, Europe performed unevenly, the United States stumbled badly and developing countries have struggled. To be
[Editorial] Unanswered courtship

EditorialDec 1, 2020

Chinese Foreign Minister Wang Yi’s visit here last week was viewed as aimed at strengthening ties between South Korea and China ahead of the launch of a new US administration in January. His trip to Seoul, the first since December 2019, came as US President-elect Joe Biden has made clear his intent to rebuild a network of America’s alliances to reassert its global leadership and keep China’s growing assertiveness in check. The Chinese top diplomat might have been pleased by t
Correction to the report titled ‘Gen2 Partners fund freeze headache for Korean brokerages, banks’

MoneyNov 30, 2020

In the report titled “Gen2 Partners fund freeze headache for Korean brokerages, banks” dated Aug. 11, 2020, we stated that South Korean financial institutions associated with Hong Kong-based hedge fund manager Gen2 Partners are in a predicament as they struggle to ensure the investment -- sold by them -- could be redeemed later, and investors who bought a normal fund, which is KS Korea Credit Fund or CM Credit Fund, are not able to withdraw money on the deadline because of leveraged
[Monitor] Added value of manufacturing and mining industries drops 1.4%

IndustryNov 30, 2020

The overall added value of South Korea’s mining and manufacturing industries suffered a 1.4 percent year-on-year drop last year, the sharpest drop since 1998 following the Asian financial crisis, according to the latest data from Statistics Korea. A tentative annual report released on Friday estimated the industry’s added value was worth 559.8 trillion won. Though the medicine, grocery, electric devices and automobile sectors enjoyed a bump in added value, sectors such as mechanic
[Patty-Jane Geller] Welcome news as rogue threats advance

ViewpointsNov 30, 2020

You wouldn’t know it from the lack of headlines, but the US Navy and Missile Defense Agency recently made history with something that should help make all Americans safer. Specifically, they successfully shot down an intercontinental-range ballistic missile using the navy’s Standard Missile SM-3 Block IIA interceptor launched from a navy destroyer. Missile defense is nothing new, of course. The US has had one for years. But until now, we’ve tested its ability to defend the ho
[Editorial] Protect rule of law

EditorialNov 30, 2020

The court on Monday will hear a lawsuit filed by Prosecutor General Yoon Seok-youl to suspend the effect of Justice Minister Choo Mi-ae’s order excluding him from his duties.　 Yoon faces a disciplinary committee hearing to be convened by the ministry on Dec. 2. The court is expected to determine before Dec. 2 whether to suspend Choo’s order. If the court accepts Yoon’s request, he can work as prosecutor general pending judgment on the lawsuit filed by Yoon requesting the rev
[Contribution] The story of India in the Korean War

DefenseNov 29, 2020

India became a member of the United Nations when the organization was founded on Oct. 24, 1945. Established to ensure world peace -- among other goals -- after a ruinous World War, the UN has had a mixed track record. One of its successes, however, was the bringing of the Korean War to a close. That war was, interestingly, the first commitment to a UN assignment by an independent India and the Indian Army. The Korean War began on June 25, 1950 and would rage for three long years betwe
[Monitor] Fertility rate drops further in South Korea

IndustryNov 27, 2020

South Korea‘s total fertility rate continued at a low number in the third quarter this year, reaching 0.84. The rate, referring to the average number of children a woman bears in her lifetime, had hit an all-time low of 0.92 in 2019. It was the second consecutive year for the rate to fall below 1. In order to maintain its population stably at 51 million, South Korea would need to keep the rate at 2.1. (khnews@heraldcorp.com)
[Trudy Rubin] Biden to put US first alongside allies

ViewpointsNov 27, 2020

Does anyone recall the old Alka-Seltzer commercial that went, “Plop, plop, fizz, fizz, Oh what a relief it is?” That song ricocheted ‘round my head as the Trump administration finally greenlit a transition period to the Biden presidency. And as President-elect Joe Biden unveiled his national security team, including longtime foreign policy aides Antony Blinken as future secretary of state and Jake Sullivan for national security adviser, along with former Secretary of State Jo
[Editorial] No evidence of misconduct

EditorialNov 27, 2020

The nation’s top prosecutor, Yoon Seok-youl, is being pushed over the cliff in his protracted feud with Justice Minister Choo Mi-ae, who critics say has been abusing her power to block the prosecution’s investigation into sensitive cases involving figures close to President Moon Jae-in. Taking issue with what she called “some serious misconduct” by the prosecutor general, Choo on Tuesday gave an order suspending Yoon from duty and began the process of taking disciplinary
[Monitor] Major firms see overseas sales increase despite pandemic

IndustryNov 26, 2020

The top 100 companies in South Korea saw their overseas sales inch up in the third quarter this year despite the ongoing COVID-19 pandemic, data from the Federation of Korean Industries showed Tuesday. According to the data, the companies marked a combined 181.9 trillion won ($164 billion) in revenue from their overseas operations, up 1.6 percent from a year ago. Compared to the second quarter, it is an increase by 24.1 percent. The increase came from a rise in demand from major exporting coun