Opinion - The Korea Times

ED Condemnation in unison

Russian troops should withdraw from Ukraine immediatelyThe United Nations General Assembly adopted a resolution Wednesday, strongly condemning Russia for its invasion of Ukraine and demanding Russian troops withdraw immediately. The resolution also criticized Russian President Vladimir Putin for having put his nuclear forces on alert. It received approval from 141 U.N. member nations, while five states including North Korea and Syria voted against it. China, India and 33 other nations abstained. Russia deserves the U.N. condemnation for its brutal attacks on Ukraine in violation of the U.N. Charter prohibiting acts of aggression. All U.N. member nations should abide by the U.N. Charter and join moves against any violation as responsible members of the international community. “The world is rejecting Russia's lies. Russia is responsible for the devastating abuses of human rights and the international humanitarian crisis that we are watching in Ukraine in real time,” U.S. President Joe Biden said in a statement. We hope the recent U.N. move will help expedite efforts toward

Mar 4, 2022

ED Financial exit strategy

Authorities should reschedule small businesses' debt The financial authorities decided recently to extend the debt rollover and loan repayment delay for owner-operators for another six months. The half-year financial support measures, which began in April 2020, will be extended for the fourth time. Self-employed people and microbusiness owners may likely heave a sigh of relief, but the risk of potential insolvency is building up. When financial policymakers decide to discontinue the debt rollover and loan repayment delay measures, many debtors will likely be unable to repay their principals and accrued interest. That stresses the need for the government to prepare a positive exit strategy, including debt rescheduling. There are concerns over the adverse effects of the continuous extension of financial support. From the standpoint of lenders, the risk of bad debt keeps growing as an increasing number of borrowers become unable to repay. This notwithstanding, the latest decision was inevitable. Any interruption of debt rollovers or a short notice will cause wider confusion among small

Mar 3, 2022

ED Fielding single candidate

Opposition seeks to boost chances in electionTwo opposition presidential candidates have reached a last-minute agreement on fielding a single candidate, raising their chances of winning in the March 9 election. Under the accord announced Thursday, Ahn Cheol-soo of the minor People's Party dropped out of the race and declared his support for Yoon Suk-yeol of the main opposition People Power Party (PPP).The surprise deal has turned the presidential race into a three-way competition among Yoon and his two rivals, Lee Jae-myung of the ruling Democratic Party of Korea (DPK) and Sim Sang-jung of the minor progressive Justice Party. It came as Yoon and Lee were engaging in a neck-and-neck battle with around 40 percent of public support each in the latest polls, while Ahn was struggling with less than 10 percent.We welcome the deal as it reflects supporters' call for the unity of the opposition toward the goal of a change of government. The single candidacy could tip the balance in favor of conservative candidate Yoon. However, some critics warn that the move will have little effect on the e

Mar 3, 2022

ED Belated, lukewarm move

Korea should submit proactive retaliatory measures The United States and its Western allies are stepping up their sanctions on Russia over its comprehensive invasion of Ukraine. In his first State of the Union address Tuesday, U.S. President Joe Biden said he would ban Russian aircraft from U.S. airspace in retaliation for the aggression in Ukraine. “When dictators do not pay a price for their aggression, they cause more chaos.” In bids to further isolate Russia, the allies plan to provide Ukraine with weapons and medical goods and expel Russia from various sports events. Global efforts coupled with the strong resistance of the Ukrainians are certainly becoming increasingly frustrating challenges for Russia, who then doubled down by announcing their “nuclear threat,” desperate to survive these recent military setbacks. Despite such global efforts, the recent moves by the Moon Jae-in administration have been disappointing at large. Earlier, the Korean government said it would not join the envisioned sanctions on Russia, having become the only U.S. ally to do so

Mar 2, 2022

ED Ambitious, accelerated action

IPCC report highlights need to cope with climate impacts A report published Monday by the Intergovernmental Panel on Climate Change (IPCC) warned that weather fluctuations will increase in all regions of the globe over the coming decades. “Even with 1.5 degrees Celsius of global warming, there will be increasing heat waves, longer warm seasons and shorter cold seasons, which will become more intense at 2 degrees of warming,” said the IPCC report, the sixth since 1990, highlighting the need to cope with unavoidable climate impacts.While an earlier report published last August brought forward ― by more than 10 years ― the anticipated time for 1.5 degrees Celsius of warming, this year's report provides a detailed assessment of the impact and risks of climate change and adaptation in cities. “People's health, lives and livelihoods, as well as property and critical infrastructure, including energy and transportation systems, are being increasingly adversely affected by hazards from heat waves, storms and flooding, including sea level rise.” Predictions about Korea'

Mar 2, 2022

ED Stop nuclear blackmail

Putin hit for escalating war with dangerous threatRussian President Vladimir Putin is trying to escalate tensions further by putting his nuclear forces on high alert Sunday after invading Ukraine last week. His move has raised fears about a nuclear war although U.S. President Joe Biden played down Putin's threat of nuclear mobilization. Yet no one can totally rule out the possibility of such a threat turning into action.We express grave concerns about Putin's reference to the use of his nuclear arsenal. The Russian leader has drawn strong international condemnation for launching full-scale attacks on Ukraine, a democratic country which gained independence in 1991 following the collapse of the Soviet Union. The world should neither tolerate Russia's invasion nor its nuclear threat.Putin already hinted at using nuclear weapons. Announcing the start of the invasion Thursday, he said Russia's response to any country that stood in its way would carry “consequences that you have never encountered in your history.” He added that Russia is one of the most powerful nucle

Mar 1, 2022

ED Ban on tech theft

Win-win cooperation needed between large, small companiesSmall- and medium-sized enterprises (SMEs) have high expectations that an amendment to the Act on the Promotion of Mutually Beneficial Cooperation between Large Enterprises and Small and Medium Enterprises, which took effect Feb. 18, will effectively prevent big companies from stealing technology from smaller suppliers.According to the Ministry of SMEs and Startups, 1.7 percent of SMEs have been robbed of technology in the past three years. The amount of damage per company reached 580 million won ($481,300). Considering that many subcontractors hide their losses, there must be far more actual cases.Large enterprises have asked small suppliers for technical data, and then used such information to slash supply prices and stop doing business with uncompliant subcontractors. The government has continued improving the system to prevent technology theft, but with much difficulty. That is why many SMEs pin high hopes on the enforcement of the revised law. The law calls for, among others, signing a non-disclosure agreement (NDA) betwee

Mar 1, 2022

ED Nuclear power revisited

Time to switch to more realistic energy mix President Moon Jae-in said Friday that nuclear power plants should be utilized fully as a main power source over the next 60 years. He made the remark during a meeting to discuss global energy and supply chain issues held in the wake of Russia's invasion of Ukraine. Specifically, Moon instructed officials to make every effort to start normal operation of the four nuclear reactors, which have been delayed due to safety inspections.Moon's instructions are in sharp contrast with what he has pursued under his nuclear phase-out policy to date. Since taking office, he has consistently stuck to a plan to phase out nuclear plants although atomic energy has great potential to aid the nation's growth and could hold the key to achieving carbon neutrality. But the abrupt change to one of his key policies, when his days in office are numbered, can easily be viewed as an attempt to intervene in the forthcoming election, particularly as the majority of the public has remained opposed to the nuclear phase-out policy.Moon's strong push to dismantle nuclear

Feb 28, 2022

ED Joint efforts against Russia

Korea pledges to do its part to stop warKorea has decided to join the U.S. and other Western countries' efforts to cut major Russian banks off from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) over Russia's sweeping invasion of Ukraine. The nation also plans to ban exports of strategic items to Russia and boost the additional release of oil reserves to help stabilize the energy market. It is also reviewing the resale of LNG imports to Europe in case Russia stops natural gas exports.“The Korean government condemned Russia's armed invasion of Ukraine and, as a responsible member of the international community, decided to actively participate in the international community's efforts, including economic sanctions, for a peaceful resolution of the situation,” the Ministry of Foreign Affairs said in a statement Monday.We welcome the government's decision as it will help boost the efforts by the United States and its Western allies to take retaliation against Russia by, for instance, excluding some major Russian banks from the SWIFT global messaging sy

Feb 28, 2022

ED Lesson from Ukraine crisis

South Korea should boost self-defense capabilityRussia's invasion of Ukraine seems to serve as a prelude to a new Cold War and a new world order. The United States, which has long served as the world's policeman, is now facing serious challenges from Russia's full-scale attack on Ukraine which could upend the post-Cold War order.The Ukraine crisis has significant implications for South Korea which is surrounded by major powers such as the U.S., Russia, China and Japan. Our country has a painful history of frequent invasions. It suffered 35 years of Japanese colonial rule until the end of World War II. Then it was devastated by the 1950-53 Korean War.Russian President Vladimir Putin started war with the former Soviet republic in an apparent bid to prevent Ukraine from joining the North Atlantic Treaty Organization (NATO) and overthrow a pro-Western regime in Kyiv. His military campaign is in defiance of the U.S.-led global order, not to mention the infringement of Ukraine's sovereignty and violation of international rules.The ongoing conflict in Eastern Europe speaks volumes to South

Feb 27, 2022

Editorial

Editorial

ED Condemnation in unison

ED Financial exit strategy

ED Fielding single candidate

ED Belated, lukewarm move

ED Ambitious, accelerated action

ED Stop nuclear blackmail

ED Ban on tech theft

ED Nuclear power revisited

ED Joint efforts against Russia

ED Lesson from Ukraine crisis

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