The Korea Herald

[Editorial] Tighten loan conditions

South Korea’s household loans surged at an embarrassing pace last week, ringing alarm bells for financial authorities over local home buyers rushing to take out mortgage loans from banks, often beyond their repayment capacity, in a bid to ride a recovery period in the housing market. The combined household loans from the country's five major banks -- KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NongHyup Bank -- climbed by around 2.2 trillion won ($1.6 billion) in the first

EditorialJuly 10, 2024

[Editorial] Impeachment right abuse

The main opposition party’s recent move to impeach prosecutors is hard to accept from a common-sense point of view. It seems ill-founded and threatens to undermine the rule of law. The Democratic Party of Korea proposed a motion last week to impeach four prosecutors, three of whom either investigated or commanded investigations of allegations linked to its former leader, Rep. Lee Jae-myung. The complaints include concerns about development projects and Ssangbangwool Group’s illegal c

EditorialJuly 9, 2024

[J. Bradford DeLong] How humanity lost control

How can we be at least 15 times richer than our pre-industrial Agrarian Age predecessors, and yet so unhappy? One explanation is that we are not wired for it: Nothing in our heritage or evolutionary past prepared us to deal with a society of more than 150 people. To operate our increasingly complex technologies and advance our prosperity, we somehow must coordinate among more than 8 billion people. We therefore have built massive societal machines comprising market economies, government and corp

ViewpointsJuly 9, 2024

[J. Bradford DeLong] How humanity lost control

[Ana Palacio] The global implications of Iran’s election

The first round of Iran’s presidential election unfolded with little fanfare last weekend. But as the country prepares for a runoff -- in which voters will choose between the reformist Masoud Pezeshkian and the hardline anti-Western Saeed Jalili -- the world should be paying attention. At a time of deep tensions and shifting alliances, the results will reverberate across the region and beyond. The election’s backdrop is messy, to say the least. The death of Iran’s last presiden

ViewpointsJuly 8, 2024

[Ana Palacio] The global implications of Iran’s election

[Yoo Choon-sik] What foreign investors want from South Korea

One of the most frequently discussed phrases this year in South Korea regarding the economy and financial markets was "Korea Discount,’" and the government has made addressing this issue one of its top economic policy goals. In fact, President Yoon Suk Yeol has presided over high-profile meetings to discuss ways to address the issue, and relevant government agencies have either taken steps or promised to do so. The phrase "Korea Discount" refers to the local stock m

ViewpointsJuly 8, 2024

[Yoo Choon-sik] What foreign investors want from South Korea

[Lee Byung-jong] The disappearing incumbency premium

Across the globe, existing political power is being challenged and toppled. Sitting presidents, prime ministers and ruling parties are being badly beaten. Just last week, the Conservative Party in the UK lost its power for the first time in 14 years. A week earlier, French President Emmanuel Macron’s party faced a similar fate. Ruling parties in India and South Africa lost their majorities in parliamentary elections for the first time in decades. And let’s not forget South Korea&

ViewpointsJuly 8, 2024

[Lee Byung-jong] The disappearing incumbency premium

[Editorial] Samsung’s surprise earnings

Samsung Electronics, the indisputable market bellwether in South Korea, tends to affect investor sentiment strongly. This fact was well demonstrated Friday when its better-than-expected second-quarter earnings prompted investors to cheer, which in turn helped the Kospi close higher. Samsung said in a regulatory filing Friday that it expects operating profit for the April-June period to reach 10.4 trillion won ($7.5 billion), up 1,452 percent from 670 billion won a year ago, helped by the recover

EditorialJuly 8, 2024

[Editorial] Rift over media control

The Korea Communications Commission has gone through a fast-paced reshuffle of the top position this week, touching off a dispute over the broadcasting watchdog’s irregular and unilateral decision-making structure, amid concerns about its failure to stay independent and process regulatory policies based on a consensus-based system. On Tuesday, President Yoon Suk Yeol accepted the voluntary resignation of KCC Chairman Kim Hong-il in the face of an impeachment vote in the National Assembly,

EditorialJuly 5, 2024

[Editorial] Unavoidable path

In South Korea, those who were born between 1964 and 1974, which is a period when the country’s economic development began in earnest, are called the second baby-boom generation. They number 9.54 million, accounting for 18.6 percent of the country’s total population and as much as 33 percent of 28.91 million Koreans who are in some form of employment. Also, their population is 35.3 percent larger than 7.05 million first-generation boomers born between 1955 and 1963. Beginning in 2015

EditorialJuly 4, 2024

[Peter Singer] Will Biden spoil it all?

After US President Joe Biden’s stumbling and unconvincing performance during the debate with former President Donald Trump on June 27, it is no exaggeration to say that the future of our planet may depend on a decision he must make. Does he want to go down in history as the man who was responsible for the disastrous consequences of a second Trump presidency? Will he join others whose lifelong efforts to do good were undone by their refusal to put the public interest first? For progressives

ViewpointsJuly 4, 2024

[Wang Son-taek] A third option for US President Biden

Since the surprising TV debate on June 27, the Democratic Party of the US has been heated with controversy as to whether President Joe Biden should renounce his reelection bid. Voices calling for Biden to step aside express severe frustration that the debate revealed the longtime politician’s lack of cognitive ability. They argue that if Biden runs in the election in November, he will surely lose, so he should be replaced as the Democratic presidential candidate in the form of resigning hi

ViewpointsJuly 4, 2024

[Wang Son-taek] A third option for US President Biden

[Kim Seong-kon] The image of South Korea overseas

I recently came across an intriguing article on alot.com by Ron Winkler, entitled, “AI shows what people actually look like in these 30 countries.” The writer asked an artificial intelligence system what the average person would look like in the 30 included countries, and the article features 30 images of people presented by AI for each country, followed by the writer’s brief comments on them. AI personifies South Korea as a charming K-pop girl with the background of “the

ViewpointsJuly 3, 2024

[Kim Seong-kon] The image of South Korea overseas

[Christine Ledbetter] Ethics crisis at US Supreme Court

A photo of Ruth Bader Ginsburg is pinned by a magnet to my refrigerator door, nestled among pictures of my grandchildren. With her head bowed, she is reading briefs during intermission at Arena Stage’s 2018 production of August Wilson’s “Two Trains Running” in Washington. I saw her numerous times at cultural events in DC during my eight years there. But I never introduced myself or told her she was my hero. I feared being embarrassingly inarticulate. Imagine having a he

ViewpointsJuly 3, 2024

[Christine Ledbetter] Ethics crisis at US Supreme Court

[Editorial] Tax revenue shortfall

Disputes are heating up in South Korea over whether the Yoon Suk Yeol administration should go ahead with its controversial tax-reduction initiatives even though revenue is forecast to decline this year as a result of sluggish corporate earnings. The country’s tax revenue stood at 151 trillion won ($108.6 billion) during the first five months of this year, down 9.1 trillion won, or 5.7 percent, from a year earlier, according to the Ministry of Economy and Finance. The main culprit was a sh

EditorialJuly 3, 2024

[Contribution] Scientific policing's role in S. Korea's public safety

By Kang Sang-gil In an unprecedentedly short period, South Korea achieved remarkable economic development, often referred to as the "Miracle on the Han River." Since the 2000s, international organizations such as the Organization for Economic Cooperation and Development, the International Monetary Fund, the World Bank, the Development Assistance Committee and the Paris Club have acknowledged South Korea's status as an advanced nation. In 2010, Seoul hosted the G20 Summit. In July

ViewpointsJuly 2, 2024

[Contribution] Scientific policing's role in S. Korea's public safety

[Grace Kao] BTS Jin’s hugs and idols’ 'fan service'

Immediately following BTS member Jin’s completion of his military service, he hosted an event where he hugged 1,000 fans. Apparently, he wanted to hug even more people than that, but HYBE had to talk him down. Still, the event was not without incident -- there are videos of multiple women taking the opportunity afforded by a hug to kiss him. I find this behavior disgusting and I’m glad that the suspects have been charged with sexual assault. Still, this event was one where hugs wer

ViewpointsJuly 2, 2024

[Grace Kao] BTS Jin’s hugs and idols’ 'fan service'

[Editorial] Change the course

These days, the ruling and opposition parties are caught in a spiral of political strife on almost every issue. However, when it comes to supporting the semiconductors industry, they are showing there is a possibility of cooperation. While foreign countries have striven to enhance international competitiveness of their industries, the main opposition Democratic Party of Korea has been negative on government plans to support Korean chipmakers, condemning them as “special favors for large co

EditorialJuly 2, 2024

[Lee Kyong-hee] Don’t write off unification

I have a sister who lives -- or lived -- in North Korea. The Korean War separated my family and she ended up in the North. We met once since then, at Mount Kumgang across the DMZ, before inter-Korean family reunion events were suspended. We had only hours to bridge six decades of separation. Yet, the opportunity of the 2009 reunion was a godsend for my family, especially for my mother, who turned 100 that year. She lived 10 more years, probably waiting for another chance to see her daughter but

ViewpointsJuly 1, 2024

[Lee Kyong-hee] Don’t write off unification

[Editorial] Disparity in outlook

South Korea’s industrial output, retail sales and facility investment all fell simultaneously in May from a month earlier, marking the first “triple minus” in 10 months. Exports continued to stay firm, but domestic indicators such as weak consumption indicate a slower recovery than the government’s upbeat outlook. The government’s official view is that the country’s economy is on a recovery path on the strength of robust exports. But the negative turn of all t

EditorialJuly 1, 2024

[Robert Fouser] Trump on course to win

Thursday’s presidential debate between Joe Biden and Donald Trump marked the beginning of the final stretch of the race for the White House. Next up are the Republican convention in July, the Democratic convention in August and another debate on Sept. 10. Traditionally, the final stretch of the campaign begins after Labor Day in early September, but the early debate has lengthened the campaign season. Where does the race stand now and what does it mean for South Korea? According to the New

ViewpointsJune 28, 2024