Controversy is raging over a regulation promulgated by the Ministry of Health and Welfare last week to allow foreign medical institutions in the nation’s six free economic zones. On the one hand, the regulation is welcomed by those who are keen to unleash the huge growth potential of the domestic health care industry. They see it as a step toward making Korea a health care powerhouse and a regional health care hub.Yet critics denounce the government for paving the way for the emergence of for-pr

Mitt Romney got the crowd’s attention during a recent campaign stop in Defiance, Ohio, when he announced that Chrysler, a major local employer, would move its Jeep auto production to China. Boos rang out.Romney must have figured he’s on to something. He has flooded Ohio with TV and radio spots that say Chrysler and GM, which both received government assistance to survive, are now moving jobs to China. “Obama took GM and Chrysler into bankruptcy and sold Chrysler to Italians who are going to buil

The prime minister of Greece took a large political risk Oct. 31 to keep Greece in the euro, just as other euro area leaders appear to be recognizing that the country needs more time and more relief from its debt obligations to survive. That’s progress. Lowered interest rates for Greece and help with a debt buyback are among the ideas under discussion. Any move by Germany to work with Greece is welcome, even if things are only where they should have been two years ago. The coming week’s flurry o

The devastation that Hurricane Sandy brought to New York City and much of the Northeast ― in lost lives, lost homes and lost business ― brought the stakes of Tuesday’s presidential election into sharp relief. The floods and fires that swept through our city left a path of destruction that will require years of recovery and rebuilding work. And in the short term, our subway system remains partially shut down, and many city residents and businesses still have no power. In just 14 months, two hurri

The main opposition Democratic United Party’s presidential hopeful Moon Jae-in and independent candidate Ahn Cheol-soo have agreed in principle to merge their candidacies. If they have made up their minds to field a unified candidate, they need to enter into negotiations immediately and reach an agreement as early as possible. The two agree that the unified candidate should be chosen by Nov. 24 as candidates are required to register with the National Election Commission on Nov. 25-26. Yet the tw

Kim Seok-dong, chairman of the Financial Services Commission, has again ruled out the need for the government to take emergency steps or special measures now to deal with the household debt problem. But he might be mistaken.Kim reassuringly said at a recent seminar on household debt that there was no need for the government to intervene to help the so-called “house poor” because their indebtedness did not pose serious risks to the financial system.The top financial regulator’s optimistic view wa

PARIS ― Regardless of who wins the U.S. presidential election next week, one thing seems certain: Americans are about to learn the same hard lessons recently visited upon the French and the British. That is, whoever ends up being elected head of any given political system will be required to work within the confines of current global economic forces.Candidates can promise all the economic changes they want within their particular national bubble, but nothing will actually change without the bles

Sales of Swiss watches to China have fallen by almost 30 percent in recent months, and jewelry sales are plummeting, too. So there can be little doubt the country is in deep trouble.As the American presidential campaign grinds toward its inglorious end, President Obama and Mitt Romney are both trying to show how tough they will be on China, infuriating Beijing. At the same time, Obama is “pivoting” the military toward Asia, away from the Middle East, obviously worried about China.But when you lo