Opinion - The Korea Times

British revolving door

ED MSCI setback should spur deeper reform

Korea’s latest failure to secure a place on the watch list for inclusion in the MSCI Developed Markets Index is undeniably disappointing. For a country that ranks among the world’s largest economies and boasts one of Asia’s most dynamic capital markets, continued classification as an emerging market appears increasingly incongruous. However, the setback should be viewed less as a verdict on Korea’s economic stature than as a reminder that genuine market advancement depends not on size alone, but on accessibility, transparency and investor confidence. The decision by MSCI, the global index provider whose benchmarks influence trillions of dollars in investment flows, came despite years of efforts by the government and financial regulators to modernize the country’s capital market. Korea has expanded foreign exchange trading hours, reformed short-selling regulations and pursued a broad agenda of market liberalization. In terms of economic scale, liquidity and corporate competitiveness, the country already meets many of the characteristics associated with developed markets. Never

1d ago

[ED] MSCI setback should spur deeper reform

ED An unrepentant NEC

An unrepentant National Election Commission (NEC) is drawing the ire of lawmakers. While officials offered apologies, their actions suggested a lack of remorse. On Tuesday, all nine NEC commissioners were asked to appear and testify before the National Assembly, but only two showed up. Some lawmakers described their absence as a collective act of defiance, calling it unacceptable, although five more belatedly appeared. The election commission has become a public target since the June 3 local elections. It damaged its credibility, leaving people seeing it as unreliable and untrustworthy. The NEC appears to be well aware of the public anger directed at it. Yet it is still struggling to understand what went wrong and whether it is capable of fixing its problems on its own. We Chul-whan, NEC standing commissioner, admitted that the election commission had failed to inspire public confidence and had shown itself to lack competence. However, he also shifted the blame. His criticism was directed at staff members responsible for day-to-day operations rather than at the NEC leadership. He reject

2d ago

ED Starbucks Korea's history lessons must begin with accountability

Starbucks Korea's decision to close more than 2,000 stores early nationwide on Monday to conduct mandatory history and social awareness training for employees marks an extraordinary moment in the company's history. Never before, since entering the Korean market in 1999, has the company suspended operations across its entire network for such a purpose. The move follows the controversy surrounding a promotional campaign that used phrases such as "Tank Day" and "Bang on the Desk!" — expressions widely criticized as mocking the victims of the May 18 Gwangju Democratic Uprising and the democracy student activist Park Jong-chul, who died by torture. The backlash was swift and severe, prompting public apologies from Starbucks Korea and from Shinsegae Group Chairman Chung Yong-jin, as well as the dismissal of the former's chief executive. The nationwide training program signals that the company recognizes the gravity of the incident. Yet the fundamental question remains: Is Starbucks addressing the root cause of the problem, or merely managing its consequences? The controversy was not the res

Jun 23, 2026

[ED] Starbucks Korea's history lessons must begin with accountability

ED Candidate's faked 'political terrorism'

The two-party system that has dominated Korean politics for decades is largely responsible for the country's political polarization. Politicians have frequently resorted to divisive tactics and strategies to consolidate their support bases and expand their influence. In such a fractured political environment, the role of minor parties is essential. Depending on their performance, they can help ease partisan conflicts and reduce confrontations between the ruling and main opposition parties, transforming political competition into outcomes that benefit the broader community. In this sense, the recent scandal involving the Reform Party is particularly regrettable. The police are investigating Jeong I-han, who ran in the Busan mayoral election on the Reform Party’s ticket, over manufactured attack allegations. On April 27, during the campaign period for the June 3 local elections, Jeong issued a press release claiming that he had been the target of political violence. According to Jeong, while he was campaigning in Busan’s Geumjeong District, a driver in a passing vehicle threw coffee a

Jun 22, 2026

[ED] Candidate's faked 'political terrorism'

ED OPCON transfer must strengthen, not weaken, the alliance

The decision by the U.S. Senate Armed Services Committee to tighten congressional oversight of the transfer of wartime operational control (OPCON) on the Korean Peninsula has reignited a long-running debate over sovereignty, alliance management and regional security. A provision in the Senate version of the annual U.S. defense bill would require the U.S. defense secretary to submit quarterly reports on the implementation of the U.S.-South Korea OPCON transition road map through 2030, including independent military assessments by the Indo-Pacific Command and the commander of U.S. Forces Korea. The measure reflects a growing determination in Washington to ensure that any transfer of wartime command authority is guided by military readiness rather than political expediency. That concern is understandable. North Korea continues to advance its nuclear and missile capabilities, while strategic cooperation between Pyongyang, Beijing and Moscow has become increasingly pronounced. In such an environment, neither the United States nor South Korea can afford a transition that undermines deterren

Jun 21, 2026

[ED] OPCON transfer must strengthen, not weaken, the alliance

ED New US envoy for complex alliance

The U.S. Senate has confirmed President Donald Trump’s nomination of Michelle Park Steel as Washington's new ambassador to South Korea. According to South Korea’s foreign ministry, several procedural steps, including the issuance of diplomatic credentials, must be completed before she arrives to assume her post. Steel will be the second Korean American to serve as the U.S. ambassador to South Korea, following Sung Kim, who served from 2011 to 2014. Being an envoy with Korean roots can be both an asset and a challenge. Steel can leverage her cultural background and linguistic abilities as a trilingual speaker of English, Korean and Japanese to further strengthen ties between the two countries and advance their shared goals. At the same time, her ethnic background could place her in the middle of competing expectations from both her country of origin and her adopted homeland, the United States. This potential challenge may become particularly pronounced when bilateral relations face difficult tests. The new U.S. envoy takes office at a time when South Korea-U.S. relations have shown s

Jun 19, 2026

ED Iran's reconstruction & US allies

Reports that a postwar memorandum of understanding between the United States and Iran may include a $300 billion reconstruction fund, with contributions expected from allied nations and their corporations, raise important questions about responsibility, burden-sharing and the future of international cooperation. While the U.S. government has not officially confirmed the details, multiple media reports suggest that the proposed agreement would combine sanctions relief, the release of frozen Iranian assets and the creation of a massive reconstruction fund designed to rebuild Iran's economy and infrastructure after years of conflict and isolation. Of particular concern is the suggestion that much of the financing would come not from the United States itself, but from investments by companies based in allied and partner countries, including Korea. If these reports are accurate, the proposal deserves careful scrutiny. Economic reconstruction is an essential component of lasting peace. Yet there is a significant difference between inviting international participation in rebuilding efforts an

Jun 18, 2026

ED Internal power struggle stirs up DPK

Politics and elections in Korea can often be dynamic. The ruling Democratic Party of Korea (DPK) is coming apart at the seams even after it won 12 of the 16 metropolitan mayoral and gubernatorial races. Its approval ratings dipped to 38 percent, surprisingly tailing the main opposition People Power Party (PPP) for the first time since President Lee Jae Myung took office. The president's approval ratings dropped to 51.5 percent, according to a Realmeter survey conducted in the second week of June and announced Monday, while another poll conducted by Jowon C&I showed Lee's approval rate at 47.7 percent, the lowest since he took the presidency. Factional strife may be at work in the DPK. The arrogance of the liberal ruling party, with its current grip on the government and the legislature, leaves it unable to read the sentiment brewing and spreading among young voters. DPK leader Jung Chung-rae is in a tough spot, with the party losing the critical Seoul mayoral race during the June 3 local elections. The president has suggested that Jung take responsibility, saying on social media Sunday

Jun 17, 2026

[ED] Internal power struggle stirs up DPK

ED Papal visit to Korea

President Lee Jae Myung's meeting with Pope Leo XIV at the Vatican last week may ultimately be remembered as more than a diplomatic courtesy. By formally inviting the pontiff to South Korea for World Youth Day 2027 in Seoul, Lee has created an opportunity not only for a landmark religious event but also for a renewed international effort to advance peace on the Korean Peninsula. Leo is expected to attend the event. The significance of a papal visit to South Korea should not be underestimated. As the spiritual leader of more than 1.4 billion Catholics worldwide, the pope commands a unique moral authority that transcends national borders and political divisions. His presence in Seoul during World Youth Day — a global gathering of young people from across the world — would shine an international spotlight on South Korea's democratic vitality, cultural dynamism and commitment to global engagement. Yet it is not the prospect of a visit to Seoul alone that has captured public attention. More consequential is the possibility, however distant, of a possible papal visit to Pyongyang. Accordi

Jun 16, 2026

Editorial