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ED Growing nuclear threats

North Korea makes preemptive nuclear strike possibleNorth Korea has expanded the possible use of nuclear weapons from deterrence to a preemptive nuclear strike. It has also declared its determination not to give up its nuclear arsenal, heightening tensions on the Korean Peninsula.North Korean leader Kim Jong-un said that his regime has no intention of abandoning its nuclear program, according to the North's official Korean Central News Agency (KCNA) last Friday. The previous day, Kim revealed his hardline stance in a speech at the meeting of the Supreme People's Assembly which promulgated a law on the North's nuclear policy.The law defines the role of the North's nuclear force, its composition and its command and control. It allows Kim to have the exclusive right to order the use of nuclear weapons. It also enables Pyongyang to launch a nuclear strike automatically if attacked. The legislation opens the possibility of launching a preemptive nuclear strike in a contingency.The law is raising concerns because it enables the North to respond to a non-nuclear attack with nuclear weapons.

Sep 13, 2022

ED Downward pressure on economy

Policymakers should not play down warning signalsA warning light flashes on Korea's trade front. According to the Bank of Korea, the nation's current account surplus plunged to $1.07 billion in July from $7.71 billion a year earlier. It was due in part to the deficit of $1.18 billion in merchandise trade, the first red-ink figure in goods trade in 10 years and three months. Imports of oil and gas surged 99.3 percent and 58.9 percent, respectively, while semiconductor exports inched up 2.5 percent. As a result, the export increase slowed at 6.9 percent but purchases from abroad soared 21.2 percent.Reflecting Korea's sputtering export engine, the nation's currency is also weakening rapidly against the U.S. dollar. The won-dollar exchange rate broke the 1,380 range for the first time since April 2009, increasing the burden from energy and commodity imports. The central bank warned the current account might even turn into a deficit in August. If the twin deficits of fiscal and current accounts become a reality, Korea Inc. will fall into a combined crisis with a decline in overseas credit

Sep 13, 2022

ED Time for telemedicine

Main opposition party under fire for flip-flopping The main opposition Democratic Party of Korea (DPK) is under fire for backtracking on its active push for the legalization of telemedicine in a major turnabout from its position when it was the governing party. Some lawmakers of the liberal party, who had proposed two amendments to the Medical Service Act, have been sitting back and doing nothing since the change of government in May. Rep. Jeon Yong-gi, the party's first-term lawmaker, is reportedly set to withdraw his own revision bill on telemedicine, which aims to expand the scope of patients who can receive non-face-to-face treatment, amid negative reactions within the party. Some DPK lawmakers are even going a step further to prepare a new amendment that could impose restrictions on patient solicitation and medical ads by online healthcare platforms.True, things have improved a lot for the legalization of telemedicine. Since contactless medical services were provisionally allowed in February 2020 amid the COVID-19 pandemic, telephone counseling and prescriptions have numbered ne

Sep 12, 2022

ED Expo race heats up

Nationwide campaigns needed to host global mega event Korea has thrown its hat into the ring for Busan's bid to host the 2030 World Expo by submitting its application to the Bureau International des Exposition (BIE) in Paris, Wednesday. The venue for the expo will be determined via votes by the BIE's 170 member countries in November next year. The Expo is regarded as one of the three major global events, along with the Olympics and the World Cup. As the competition is now in full swing, it's high time to step up nationwide campaigns toward that end, mustering support from the central government, businesses and the people as well as Busan. The 2030 event is a World Expo held every five years. Its status is higher than the Specialized Expo, such as the ones already hosted by Daejeon and Yeosu in 1993 and 2012, respectively. The host nation may offer venues while the participating countries are set to pay the cost for the construction and management of their own exhibition pavilions. The event is expected to draw some 200 participating countries that will display their state-of-the-art

Sep 12, 2022

ED Chipmaking in crisis

Time to help local firms survive semiconductor warA survey by the Korea Chamber of Commerce and Industry (KCCI) showed industrial experts believe that the country's semiconductor industry is in crisis. According to the survey of 30 experts, 76.7 percent of the respondents said the chipmaking industry is “under a state of crisis,” and 58.6 percent of them predicted that the gloomy outlook will continue beyond 2024. Only one respondent said the industry is “not in a state of crisis.” There are many reasons to take the survey seriously. Semiconductor exports fell by 7.8 percent year-on-year in August, ending the 26-month upward march. This certainly made 43.4 percent of the respondents consider the situation to be “the worst in 10 years.” The semiconductor inventory surged by 80 percent in July from a year earlier.Samsung Electronics, a leading global manufacturer of memory chips, posted a record-high level of inventory worth 52 trillion won ($37.6 billion), followed by SK hynix with 12 trillion won. Demand for semiconductors is declining worldwide am

Sep 8, 2022

ED Simplified Chuseok rituals

Sungkyunkwan's move is in line with social changesSungkyunkwan, an institution dedicated to preserving traditional Confucian culture, has announced a “standardization of memorial service table” ahead of Chuseok, the four-day fall harvest holiday which starts Friday. The move is belated but welcome as it will help modify the ancestral rites, or “charye,” that has caused diverse social conflicts as seen in “holiday syndrome” and discrimination against women.The organization's Ritual Establishment Committee said only nine dishes will be sufficient for the ritual. It refuted the need to make “jeon,” Korean traditional pancakes which require heavy preparation. During a press conference at the Korea Press Center on Monday, the committee rebuffed the principle of “Hong Dong Baek Seo,” placing red fruit on the east side and white fruit on the west in the memorial table. It said the ancient literature introducing ancestral rituals does not contain such a phrase in reality. “So we do not have to follow such tradition,” it

Sep 7, 2022

ED Shameful gender inequality

More effort needed to enable women to keep working The nation's gender gap in employment remains wide despite a number of policies and budgets, according to a study by the Ministry of Gender Equality and Family. The study, titled “Life of Men and Women through Statistics,” found that the employment rate of women stood at 51.2 percent last year, far lower than men's employment rate of 70 percent. Last year's 18.8-point gender gap in the employment rate was similar to the 19.1-point difference the year before.Other indicators also show that there is a long way to go before gender equality is achieved here. Nearly half of employed women (47.4 percent) were contract workers without job security, including those with temporary positions. In contrast, only 31 percent of male employees were contract workers. The gender wage gap was still huge, as the hourly wages of female employees averaged 15,804 won ($11.50), which was only 69.8 percent of men's hourly wages, which reached 22,637 won. Unsurprisingly, the employment rate of Korean women was dead last among OECD member countrie

Sep 7, 2022

ED Opposition going too far

DPK hit for political offensive to save chairmanThe main opposition Democratic Party of Korea (DPK) seems to have gone too far in attempting to block the prosecution from investigating allegations that its new Chairman Lee Jae-myung spread false information during the presidential campaign. On Monday, the DPK filed a complaint with the Seoul Central District Prosecutors' Office against President Yoon Suk-yeol for allegedly violating the election law. It also decided to push for an independent counsel probe into allegations that first lady Kim Keon-hee falsified her academic credentials and engaged in a stock price manipulation scheme.Lee, the DPK's former presidential candidate, refused to comply with a prosecution summons for questioning Tuesday. His refusal came after his party asked for him not to honor the summons. Lee and the DPK have already denounced the investigation as a “political vendetta” and “suppression of the opposition party.” However, the denunciation certainly lacks credibility. It seems to be more of a political gambit merely aimed at protec

Sep 6, 2022

ED Deregulating eco-friendly cars

Eased control of eco-friendly vehicles is welcome stepThe government has decided to reform regulations on eco-friendly vehicles, such as electric vehicles (EVs) and hydrogen fuel cell cars. The decision came at the second task force meeting for regulatory reform chaired by Minister of Economy and Finance Choo Kyung-ho on Monday. Under the easing of regulations, the government will allow private owners of electric chargers to provide shared services. That will let various players participate in the electric vehicle charging service network, replenishing EV chargers to meet increasing demand. It's the right move ― some EV models are so popular that the waiting period for shipment exceeds a year. However, experts have pointed out that the supply of chargers has failed to keep up. Regarding hydrogen cars, the regulators plan to permit drivers to self-charge, as they do at gas stations now. The fact that drivers overseas can visit hydrogen stations and charge their vehicles has been drawing the attention of domestic motorists recently. However, this is only possible in distant countries,

Sep 6, 2022

ED Curb prices before Chuseok

Bolder steps needed to tame runaway inflationInflationary pressure abated to a certain degree in August for the first time in seven months. According to data from the Statistics Korea on Friday, consumer prices rose by 5.7 percent year-on-year last month, after reaching a 24-year high of 6.3 percent in July. This is raising expectations that inflation already reached its peak.The statistics agency foresaw prices will be stabilized should international oil and food prices ― the main driver of inflation ― continue their downward trend. Yet it is still premature to let our guards down, given the current turnaround was chiefly due to a temporary drop in oil prices, despite high volatility amid the protracted Russian war in Ukraine.The prices of petrochemical products rose 19.7 percent in August, after soaring 35.1 percent in July. However, the rapid depreciation of the Korean won against the U.S. dollar will likely intensify inflationary pressure, prompting the Bank of Korea to raise its key interest rate. Energy prices will likely go up again ahead of winter as demand for natural gas is

Sep 5, 2022
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