my timesThe Korea Times
Opinion

Editorial

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

ED Time for national unity

New leader should bring change for the betterYoon Suk-yeol, the candidate of the main conservative opposition People Power Party (PPP), was elected as the country’s next president Wednesday. He scored 48.56 percent of votes, defeating Lee Jae-myung of the ruling Democratic Party of Korea (DPK) who garnered 47.83 percent. Yoon, a former prosecutor general and political novice, won the election by the narrowest margin ever in the history of the Republic of Korea.Yoon’s victory reflected the people’s aspiration for a change of government. Yet he failed to gain a majority vote. So he should accept the election results humbly and listen to the voices of those who supported his rivals.Now the election is over and everyone needs to join efforts to usher in a new Korea and a better future under the new leadership. The two-way race was overheated with negative campaigns hindering the competition for better policy proposals. Voters were divided sharply along ideological, regional, generational and gender lines.Thus the first thing President-elect Yoon and his party should do

Mar 10, 2022

ED Looking far ahead

Long-term support needed for R&D of parts and materials The government has decided to invest 2.3 trillion won ($1.86 billion) into researching and developing key materials, parts and equipment to secure stable supply networks. The three areas are the basis of the nation's manufacturing industry, in which numerous small businesses and venture firms included in related ecosystems are involved. As seen in Japan's export restrictions on these items for three years, securing their stable supply through developing independent technology is more vital than other areas. Therefore, the government was right to step up its support to strengthen their competitiveness by activating a related committee.The government can redouble the policy's effects if it enhances strategy by clearly selecting targets. In other words, policymakers ought to choose items that need localization urgently and have high growth potential. Then, based on such strategic targeting, the government should maximize the policy outcome by concentrating support on items with specific growth goals.Most of all, the government'

Mar 10, 2022

ED Carmaker's business expansion

Used car market entry plan faces opposition from dealersHyundai Motor has announced a plan to enter the used car market despite strong opposition from existing secondhand car dealers. This marks the first time that the nation's largest automaker has unveiled a concrete plan for the business.Hyundai said it will only sell high-quality certified used cars that have been driven less than 100,000 kilometers and owned for less than five years. The vehicles to be sold must undergo inspections with a checklist consisting of 200 key areas for evaluation. The company also plans to establish a high-tech center to tune up used cars before selling them.In order to break the information monopoly held by sellers in the used car market, Hyundai will set up an online portal to provide comprehensive information on the vehicles up for sale. The company will also introduce a trade-in program in which Hyundai purchases used Hyundai cars from customers and offers discounts when they buy new Hyundai models.Given that Korea is the only country in the world that bars carmakers from entering the secondhand c

Mar 9, 2022

ED Looming oil crisis

Prudent steps needed to prepare for oil shockCrude oil prices have continued to surge since Russia began its invasion of Ukraine. Their upward trend has gained further momentum, driven by the U.S. decision on Tuesday to ban Russian oil imports in retaliation of the invasion. Brent crude soared 3.87 percent to close at $127.98 per barrel Tuesday, after it touched at $139.13 a barrel briefly on Monday, the highest since 2008. West Texas Intermediate also finished at $123.70 a barrel, recording a nearly 40 percent rise in only two weeks.In declaring the oil embargo, U.S. President Joe Biden admitted Americans will feel pain too. He said, “Defending freedom is going to cost. We will not be part of subsidizing Putin's war.” The Russian oil ban will likely prompt a further rise in energy prices, though many European allies of the U.S. such as Germany are maintaining a lukewarm attitude as they depend heavily on Russian energy supply.The latest developments pose a grave challenge to South Korea, too, as its energy supply relies more than 90 percent on imports. The average gasoli

Mar 9, 2022

ED Ensure free, fair election

NEC should prevent recurrence of poor handlingTomorrow is an important day as Koreans vote to elect a new president who will run the country for the next five years. It is all the more so because the nation stands at a crossroads: to move forward toward a better future or step backward to the bad old days. That's why all voters should go to polling stations without fail.Most of all, the election authorities should spare no efforts to ensure a free and fair election. It also must go all-out to prevent a recurrence of mishandling of the ballots of COVID-19 patients and those in quarantine as seen during the early voting period on Saturday. The National Election Commission (NEC) has invited criticism for not allowing those voters to put their votes into ballot boxes after marking their ballot papers at separate polling booths.The NEC let election officials collect their votes in paper bags, cardboard boxes and even plastic trash bags. It is unprecedented for voters not to put their votes directly into ballot boxes. It is a clear violation of the basic principle of secret ballots. Some p

Mar 8, 2022

ED China's slowing growth

Korea should minimize risks from giant neighborThe Chinese government has set its 2022 economic growth target at around 5.5 percent, the lowest in 31 years. “We have to put in a lot of effort to hit this goal,” Premier Li Keqiang said while releasing the growth forecast at the National People's Congress, which opened last Saturday. It was the lowest growth objective China has earmarked since the 4.5 percent target set in 1991 in the aftermath of the Tiananmen Square Massacre. Economic uncertainty is deepening in the world's No. 2 economy amid slowing consumption and investment caused by the prolonging COVID-19 pandemic, unstable global supply chains and Russia's invasion of Ukraine. Some experts also predict a bursting of bubbles formed in the real estate market, which accounts for about 30 percent of China's GDP.All this shows why the Chinese government lowered its key interest rate in December and January, running counter to global trends. What is more problematic is that China's stunted growth is not a temporary phenomenon, as shown by the continuous slide in its growt

Mar 8, 2022

ED Disastrous forest fires

Time to spare no efforts to prevent wildfiresThe nation is bracing for increasing damage from multiple wildfires in eastern coastal areas after the first fire broke out in Uljin, North Gyeongsang Province, Friday. Prompted by high winds and dry conditions, the fires burned 21,765 hectares of forest, equivalent to a third of Seoul City, in Uljin and other coastal regions as of 6 p.m. Monday, according to the Central Disaster and Safety Countermeasure Headquarters.Despite the disastrous situation, it is fortunate that no casualties have been reported so far. But it is heartbreaking to see that more than 7,300 people from some 4,600 households were forced to leave their homes and move to makeshift facilities. The fires, seen as the worst disaster since the 2000 east coast forest fire, engulfed 570 facilities including 343 homes in areas such as Samcheok, Gangneung, Donghae and Yeongweol in Gangwon Province and Dalseong County in Daegu.Firefighters are mobilizing all available manpower and equipment including helicopters and vehicles but have yet to completely put out the fires. They nee

Mar 7, 2022

ED Prevent workplace deaths

Hyundai Steel under fire for repeated industrial accidents Despite a new industrial safety law that went into effect in late January, fatal industrial accidents continue to occur. Hyundai Steel, in particular, has come under close scrutiny over a series of deadly workplace accidents.A worker died at a Hyundai Steel plant in Yesan, South Chungcheong Province, Saturday, after being struck by a steel structure. The 24-year-old worker, affiliated with a subcontractor for the company, was fatally injured while on duty. The labor ministry ordered the steelmaker to suspend operations immediately.The accident occurred just three days after a worker died in an accident at the company's steel mill in Dangjin, South Chungcheong Province. On March 2, the worker, 57, fell into a melting pot containing high-temperature liquid zinc. The Korean Metal Workers' Union held a press conference the next day and claimed that the accident was due to human errors and occurred because the rule of working in pairs was not being properly observed. At the same time, the union said that minimum safety measures we

Mar 7, 2022

ED Dark cloud over economy

Korea faces growing fear of stagflationSpeeding up economic recovery is one of Korea's top priorities this year. Yet dark clouds are gathering over the economy as the country faces growing downside risks such as the fallout from the Russian invasion of Ukraine, not to mention the prolonged COVID-19 pandemic. The March 9 presidential election is also feared to increase uncertainties over the economic outlook.The Ukraine crisis could have farther-reaching impact on the global economy than previously thought, if the war drags on. The U.S.-led economic and financial sanctions against Russia could deal a severe blow to Korea whose economic growth is highly dependent on exports. A ban on exports of strategic materials to Russia is likely to put a damper on Korea's overseas shipments of major items such as semiconductors.This is not the time for complacency, given the stringent international sanctions against Russia. The most direct and immediate impact of the war is a surge in oil prices in global markets. Brent crude closed at $118.11 per barrel Friday, the highest since 2008, while West

Mar 6, 2022

ED No height caps on apartments

Deregulation should go with steps to prevent ill effectsLast Thursday, Mayor Oh Se-hoon announced the 2040 Seoul Plan, lifting the height limit for residential buildings. Since 2014, the capital city has capped the height of apartment buildings at 35 floors under former Mayor Park Won-soon's 2030 Seoul Plan. The new plan should ease the supply shortage of flats in the capital city and improve the capital's cityscape.The previous plan, which also called for limiting apartment building heights to 15 floors along the Han River, was designed to protect the river view and curb uncontrolled urban development. However, it has failed to end the housing shortage in the city and made the skyline as monotonous as if two screens of matchboxes had been set up along the river. That also explains why the National Assembly Research Service pointed out in 2017 that limiting the number of floors, in addition to regulations on building coverage ratio and floor area ratio, amounted to overregulation. Other large cities, including Busan and Incheon, have no height limits on residential buildings when mak

Mar 6, 2022
previous page
129130131132133
next page

Top 5 stories