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Yoon vows bold deregulation, labor reforms amid stagflation fears

President Yoon Suk-yeol speaks during a meeting on the new government's economic policy direction in Seongnam, Gyeonggi Province, Thursday. YonhapGov't seeks to overcome low growth with 'freer, fairer economy'By Nam Hyun-wooPresident Yoon Suk-yeol on Thursday promised to lift regulations and reform the labor market to counter fears of stagflation and other challenges threatening the Korean economy.Yoon made those pledges as the government announced the new administration's economic policy direction, which is aimed at overcoming stagnant growth by facilitating a freer and fairer economy.During a meeting on the new government's economic policy direction in Seongnam, Gyeonggi Province, Yoon said Korea's economy faces a “grave” challenge. He stressed that the government will overhaul the country's economy to become more market-oriented to overcome current challenges. “The current economic circumstances in and outside of the country are very grave,” Yoon said. “With fears over stagflation emerging, the economy and the market are faltering due to a combination

Jun 16, 2022By Nam Hyun-woo
Yoon vows bold deregulation, labor reforms amid stagflation fears

Unification minister vows consistent N.K. policy, marking key summit anniversary

Unification Minister Kwon Young-se delivers a congratulatory speech at an academic conference to commemorate the 22nd anniversary of the June 15 Declaration adopted at the summit between former President Kim Jae-jung and then-North Korean leader Kim Jong-il in June 2000 at the Kim Dae-Jung Presidential Library & Museum in Mapo District, Seoul, Wednesday. YonhapSouth Korea will continue to pursue dialogue with North Korea in line with the spirit of reconciliation rooted in the first-ever summit of their leaders over two decades ago, Unification Minister Kwon Young-se said Wednesday.Kwon stressed the need to maintain a consistent policy toward the North to achieve stable inter-Korean relations amid such "hard times," as he delivered a speech to mark the 22nd anniversary of the June 15 Declaration adopted at a historic summit in 2000 between then South Korean President Kim Dae-jung and then North Korean leader Kim Jong-il."The Yoon Suk-yeol administration's policy on North Korea will open a new path that embraces the flexibility shown by the previous liberal administrations, as well

Jun 15, 2022
Unification minister vows consistent N.K. policy, marking key summit anniversary

First lady becomes political football

First lady Kim Keon-hee, center, pays her respects at the grave of former President Roh Moo-hyun in Bongha village in Gimhae, South Gyeongsang Province, Monday. The woman standing behind Kim is Kim's friend. YonhapAccused of blurring line between public, private life and cronyismBy Kang Seung-wooFirst lady Kim Keon-hee became the object of contention between the ruling and main opposition parties on Wednesday, as they clashed over Kim bringing her friend to meet Kwon Yang-sook, the widow of former President Roh Moo-hyun, in Bongha Village, Gimhae, South Gyeongsang Province. Rep. Park Hong-keun, the floor leader of the main opposition Democratic Party of Korea (DPK), criticized Kim for failing to separate official and private matters as the nation's first lady. “Although President Yoon Suk-yeol removed the presidential office department handling affairs for the first lady and Kim herself promised during the campaign to keep a low profile, her public appearances have increased,” Park said during a party meeting at the National Assembly in Seoul. “Her visit to Bongha V

Jun 15, 2022By Kang Seung-woo
First lady becomes political football

Yoon defends first lady taking friend to Bongha Village

President Yoon Suk-yeol takes reporters' questions as he arrives at the presidential office in Seoul, June 15. YonhapPresident Yoon Suk-yeol defended his wife Wednesday after she drew criticism for taking a friend along on a visit to pay her respects at a former president's grave earlier this week.First lady Kim Keon-hee traveled to Bongha Village, 300 kilometers southeast of Seoul, Monday to visit the grave of former President Roh Moo-hyun and meet with his widow, Kwon Yang-sook, at her home.Photos later revealed that Kim was joined by other women on the trip, sparking speculation on who they were. The presidential office explained Tuesday that one was a university professor and longtime acquaintance of the first lady, while the others were presidential staff."I know the person who appeared in the photo, and she is a longtime friend of my wife from Busan," Yoon told reporters as he arrived for work. "It appears that when they went to see (Kwon), they brought with them a lot of bread and other stuff that she likes, and (my wife's friend) knew a place in Busan that's good for that and

Jun 15, 2022
Yoon defends first lady taking friend to Bongha Village

Yoon names veteran ruling party lawmaker as special envoy to China

Rep. Joo Ho-young / Korea Times filePresident Yoon Suk-yeol has named a veteran ruling party lawmaker as a special envoy to China, officials from the presidential office said Tuesday.Yoon recently asked Rep. Joo Ho-young, a five-term lawmaker from the People Power Party (PPP), to lead a delegation to Beijing, according to the officials. The schedule of the delegation's visit to China has yet to be confirmed due to the COVID-19 situation there.The delegation is expected to discuss bilateral relations as well as North Korea issues when it makes its trip to Beijing. Earlier this month, Yoon sent Rep. Kim Gi-hyeon of the PPP as a special envoy to the European Union. (Yonhap)

Jun 14, 2022
Yoon names veteran ruling party lawmaker as special envoy to China

Yoon's office to be called 'Yongsan Presidential Office'

President Yoon Suk-yeol delivers a speech at an event for startups at the presidential office in Yongsan District, Seoul, in this May 25 file photo. The presidential office decided to use "Yongsan Presidential Office" as its official name for an undetermined period. YonhapBy Nam Hyun-wooThe presidential office will use ”Yongsan Presidential Office” as its official name for an undetermined period after failing to select an appropriate moniker for President Yoon Suk-yeol's office, presidential spokesperson Kang In-sun said, Tuesday. According to Kang, “Yongsan Presidential Office” will refer not only to Yoon's office, but also to his secretaries' offices. Yongsan refers to Yongsan District in Seoul where the office is located. “A committee on naming the presidential office was supposed to decide the official name of the office on Tuesday evening, but it decided not to recommend one,” Kang said. “This is because none of the five candidate names gained a majority of support in an online poll, while each name also generated negative public opinion

Jun 14, 2022By Nam Hyun-woo
Yoon's office to be called 'Yongsan Presidential Office'

Yoon to preside over strategic meeting on deregulation

Prime Minister Han Duck-soo points at a panel as he announces the government's policy pack of reforming regulations during a press conference at the Government Complex in Sejong, Tuesday. YonhapBy Nam Hyun-wooThe government will set up a tribunal reviewing regulations affecting businesses, in a follow-up measure to President Yoon Suk-yeol's deregulation pledge to resuscitate the country's economic dynamism.Along with the tribunal program, the government will also launch a “strategic meeting on reforming regulations” which will be presided over by the president to facilitate the decision-making process, according to Prime Minister Han Duck-soo, Tuesday.“Through powerful and multidirectional efforts to reform regulations, the government will nurture a free market economy in which the private sector's freedom and creativity can be realized to its full extent,” Han said during a press conference at the Government Complex in Sejong. “Through this, the government will spearhead the country's economic recovery and sustainable growth.”The highlight of the

Jun 14, 2022By Nam Hyun-woo
Yoon to preside over strategic meeting on deregulation

DPK lawmakers propose bill to give National Assembly more clout

Rep. Cho Eung-chon of the main opposition Democratic Party of Korea / Korea Times fileLawmakers of the main opposition Democratic Party of Korea (DPK) proposed a bill aimed at strengthening National Assembly oversight of the government Tuesday despite objections from the ruling People Power Party (PPP).Rep. Cho Eung-chon and 13 other DPK lawmakers proposed revising the National Assembly Act in a way that empowers Assembly standing committees to request revisions to presidential decrees or enforcement ordinances if they deem them to be incompatible with the law. "The National Assembly, as a constitutional institution with legislative power, has the responsibility to regulate the content of administrative legislation," they said in the proposal.They claimed that administrative legislation, such as presidential decrees, can be abused by the government to distort the purpose of laws or restrict people's freedom and rights, which should be done through Assembly legislation.Critics, however, said the amendment, if passed, could give the DPK, which controls the National Assembly with 170 ou

Jun 14, 2022
DPK lawmakers propose bill to give National Assembly more clout

Yoon names 3rd deputy director of NIS

Baek Jong-wook / Courtesy of the presidential officePresident Yoon Suk-yeol tapped a cybersecurity expert Tuesday to be the third deputy director of the National Intelligence Service (NIS), according to the presidential office.Baek Jong-wook, a professor of computer engineering at Gachon University, was nominated after previously serving as chief of the NIS national cybersecurity center, it said.The position of third deputy director is responsible for science and cyber intelligence operations.Baek's nomination completes the lineup of NIS leadership positions, following the appointments of NIS Director Kim Kyou-hyun, the first and second deputy directors, and the chief of planning and coordination. (Yonhap)

Jun 14, 2022
Yoon names 3rd deputy director of NIS

Yoon to preside over new meeting on regulatory reforms: PM

Prime Minister Han Duck-soo speaks during a briefing at the government complex in Sejong, June 14. YonhapThe government will set up a new regular meeting to be presided over by President Yoon Suk-yeol to speed up regulatory reforms, Prime Minister Han Duck-soo said Tuesday. The Regulatory Innovation Strategy Meeting is aimed at swiftly cutting red tape and preventing promising projects from becoming bogged down in bureaucracy, Han told reporters. The meeting will serve as the "top decision maker of government regulatory innovation," Han said. Yoon will serve as a chairperson of the new meeting, and Han will serve as a vice chairperson. Also, the government will form an advisory group of private experts on regulatory reforms, Han said. The experts will decide on whether applications for deregulations are appropriate, Han said. The advisory group "will determine the appropriateness of regulations based on international standards and opinions from stakeholders and relevant ministries," Han said. Yoon has called for bold deregulations to spur economic growth and promised to give his full

Jun 14, 2022
Yoon to preside over new meeting on regulatory reforms: PM
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