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[Jeffrey Frankel] Moore problems for the Federal Reserve?

ViewpointsApr 28, 2019

One of US President Donald Trump’s two intended nominees to fill vacancies on the US Federal Reserve Board of Governors -- Herman Cain -- has now withdrawn. Trump’s other potential pick, Stephen Moore, is also under an ethical cloud, and often gets his economic facts wrong. By contrast, Trump’s earlier appointments to the Fed have been sound choices, in particular Jerome Powell, the current chair.Although Moore lacks a doctorate in economics, that is not a reason to oppose him. Fed appointees ha
[Mary Fitzgerald] America’s dark-money bid for Europe’s soul

ViewpointsApr 28, 2019

Russian efforts to influence European elections have received plenty of media attention. But the same cannot be said of interference by conservative Christian groups based in the United States, some with links to President Donald Trump’s administration and his former adviser, Stephen Bannon.As a recent report by openDemocracy has found that America’s religious right spent at least $50 million on “dark money” campaigns and advocacy in Europe over the past decade. And yet, despite obvious grounds
[Editorial] No end in sight

EditorialApr 28, 2019

It is almost certain that denuclearizing North Korea will take a long time. Two recent events support this gloomy outlook. The first is North Korean leader Kim Jong-un’s visit to Russia last week. The other is the somber first anniversary on Saturday of the summit between Kim and South Korean President Moon Jae-in, which helped set the stage for Kim’s historic meeting with US President Donald Trump. It is not hard to guess why Kim visited the Russian city of Vladivostok to meet Russian President
[Management in Korea] Chaebol need to ask: ‘Are we next?’

IndustryApr 28, 2019

Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.The recent ouster of Cho Yang-ho from the board of Korean Air, shortly before his death and after a series of leadership shortcomings including alleged misuse of company funds, is more than a turning point for one of Korea’s most visible companies. Even though the company had kept Cho as chairman (his son,
[Editorial] Reckless spending

EditorialApr 25, 2019

It is hard to understand the reasoning behind the additional fiscal spending planned by the government for the rest of this year, more than half of which would have to be covered by issuing national bonds.A 6.7 trillion won ($5.78 billion) extra budget bill was submitted to the parliament for approval Thursday, a day after it was endorsed by the Cabinet. This is on top of a record-high 470 trillion won budget set for 2019, up 9.5 percent from last year.At a Cabinet meeting in March, President Mo
[Zaki Laidi] Algeria’s moment of truth

ViewpointsApr 24, 2019

To understand what is behind the mass protests in Algeria, it helps to remember that the country’s outgoing president, Abdelaziz Bouteflika, held that office for two decades, and served as foreign minister as far back as 1963, the year John F. Kennedy was assassinated. The current army chief of staff is nearly 80, and the current acting president is 77. It is a geriatric regime, presiding over one of the world’s youngest populations.Algeria has not fared well under gerontocracy. In Freedom House
[Editorial] Burdensome inheritance

EditorialApr 24, 2019

According to a recent report from the Ministry of Trade, Industry and Energy and the Federation of Middle Market Enterprise of Korea, 84.4 percent of respondents to a 2018 survey of major shareholders in midsize businesses had no plans to hand their shares down to their children. Heavy inheritance and gift taxes were the main reason, cited by 69.5 percent of respondents not planning to bequeath shares.A local mergers and acquisitions brokerage and consulting firm reportedly estimated that 118 of
(영상) 6.4 강진, 건물에서 쏟아지는 액체는 무엇?

Apr 24, 2019

필리핀에서 23일 오전에 발생한 규모 6.4 지진 당시 촬영된 영상이 온라인에서 화제를 일으키고 있다.해당 영상은 수도 마닐라에 있는 고층 빌딩을 담은 영상이다. 건물 루프탑에 있는 수영장 물이 지진 때문에 건물 밖으로 쏟아내리는 것이 보인다.건물은 고급 아파트 앵커 스카이 스윗으로 확인되었다.필리핀은 ‘불의 고리’로 알려진 환태평양 조산대 위에 위치되어 있다. 환태평양 조산대는 세계 주요 지진대와 화산대 활동 지역이며 해당 지역에서는 지진과 화산 활동이 잦은 편이다. 관련 영상 (출처: 유튜브)(https://www.youtube.com/watch?v=lQhnN2sPPLU)(khnews@heraldcorp.com)
[Photo News] Hyundai Founder Chung Remembered

Social affairsApr 23, 2019

From left: President of the Asan Institute for Policy Studies Hahm Chai-bong; Chung Mong-joon, founder and chairman of the Asan Institute; Edwin J. Feulner, founder of the Heritage Foundation; Karen E. House, a senior fellow at Harvard Belfer Center for Science and International Affairs; Paul Wolfowitz, a visiting scholar at the American Enterprise Institute; and Lee Hong-koo, chairman at the Seoul Forum for International Affairs and former prime minister, attend an event for the launch of the E
[Editorial] Kim in Russia

EditorialApr 23, 2019

North Korean leader Kim Jong-un’s impending visit to Russia reflects the fast-changing dynamics of geopolitics in the region. A cause for concern is that South Korea seems to have been sidelined in the brisk diplomatic maneuvers, related in part to the goal of denuclearizing North Korea. News reports said Kim will visit the Russian Far Eastern city of Vladivostok soon for his first summit with Russian President Vladimir Putin. It is the first visit to Russia by a North Korean leader since the la
[Editorial] Unrealistic plan

EditorialApr 22, 2019

The third energy master plan drafted by the government sets unrealistic goals, which could severely undermine the stability and efficiency of the electricity supply here.It seems tailored to be in accord with President Moon Jae-in’s election pledge to phase out nuclear power generation and replace it with renewable sources. The draft plan calls for expanding renewables’ portion of Korea’s electricity mix, which is now at around 7 percent, to 30 to 35 percent by 2040. The target range marked a sh
[Justin Fendos] Beware of those who only complain

ViewpointsApr 21, 2019

　A brisk perusal of recent headlines quickly communicates that very few people approve of President Moon Jae-in’s economic policies. 　Online and coffee conversations are dominated by an incessant stream of negativity, replete with words like “disaster,” "disgrace,” and “unforgiveable.” To these critics, I submit a very simple but important question: “What alternatives do you suggest?”　In communication studies, there is something called constructive criticism. This is a form of commentary that fo
CheongKwangJang launches new red ginseng brand

IndustryApr 21, 2019

With growing consumer interest in healthy super food and enhancing immunity levels, South Korean red ginseng product maker CheongKwanJang has launched a special edition of Korean Red Ginseng Extract Everytime -- a 6-year-old Korean red ginseng extract that comes in a portable stick-type pouch. With the spring season in full bloom, the company said it has launched a cherry blossom-motivated package edition called Everytime Blossom, which comprises 100 stick-type pouches in two tin containers. Che
[Robert Cheek] Robonomic question: economics of scarcity and economics of abundance

ViewpointsApr 21, 2019

A few months back, I witnessed a massive strike by Korea’s taxi drivers’ union. They were protesting the planned rollout of a ride-hailing application by a technology company. Admirable as their cause was, their fight was an exercise in futility that eventually came to a head when the chief of the taxi drivers’ union immolated himself. In response, the government placed a moratorium on the rollout of the service, another exercise in futility. In my experience, Koreans are often quick to respond
[Editorial] Too biased

EditorialApr 21, 2019

President Moon Jae-in has pressed ahead with the controversial appointments of Lee Mi-sun and Moon Hyung-bae as Constitutional Court justices.　During confirmation hearings, lawmakers raised issues with Lee’s ethics and qualifications. She was discredited for her and her husband’s 3.5 billion won ($3.07 million) stock investment in firms involving cases she ruled on. She did not clarify her positions on touchy issues such as abortion, refugees and alternative military service. Moon Hyung-bae head