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Key lies in deregulation to create freer business environment The government has presented an optimistic scenario for the economy this year, saying it will grow 3.2 percent. It is not certain, however, how realistic such a rosy economic picture will turn out. The projection seems to have taken into account the “base effect” compared with an economic contraction last year. It is much like the rel..

Ruling party chief's proposal seen as political gambit Ruling Democratic Party of Korea (DPK) Chairman Lee Nak-yon has floated the idea of pardoning two imprisoned former presidents ― Lee Myung-bak and Park Geun-hye ― to promote national unity. But the proposal is raising doubts about his real intention as it is seen as a political gambit. "I will propose pardons for the two former presidents to..

Drastic policy changes needed to stabilize housing prices Korea's housing prices have climbed 8.3 percent this year, marking their biggest gains in 14 years, and many Koreans think they will rise further this year. It comes in stark contrast to the sharp shrinking of consumer confidence amid the third wave of the COVID-19 pandemic. The prediction about home prices also illustrates the public's d..

Cabinet reshuffle is necessary, but not enough President Moon Jae-in nominated a three-term ruling party lawmaker as new justice minister in a small-scale Cabinet reshuffle Wednesday. He also nominated a former judge as the inaugural head of a newly established anti-corruption investigative body. These nominations represent Moon's strong determination to complete his much-avowed prosecutorial re..

When stars' ethical lapses are revealed, they apologize and drop out of TV shows or films they're shooting to take responsibility for their past misconduct. Sometime later ― usually after a certain period of hiatus ― they stage a comeback at least pretending they're sorry for their past actions. Yet these acts of repentance and taking of responsibility for past misconduct seems to be uncommon in..

Regulators prevents monopoly, helps to create synergy The Korea Fair Trade Commission (KFTC) has conditionally approved a deal sought by Germany's Delivery Hero (DH) to acquire the nation's largest food delivery app operator, Woowa Brothers. The antitrust agency granted permission for the $4-billion takeover on the condition that the German company sells off its equity in Yogiyo, Korea's No. 2 f..

Changes are expected in next year's crime trends and patterns due to the COVID-19 pandemic, according to a report issued by a policy research institute run by the National Police Agency. The report on 2021 crime trends, released Sunday by the Police Science Institute, said white-collar crimes such as fraud are expected to increase next year while the total number of crimes will decrease due to t..

Pandemic makes the poor poorer, the rich richer The COVID-19 pandemic has widened the income and wealth gap between the rich and the poor. According to a recent report by the Bank of Korea (BOK), the discrepancy has increased as low-income people have been more severely affected by the economic fallout from the coronavirus than the rich. The report showed households in the bottom 20 percent inco..

Ahn should present new policies, vision Ahn Cheol-soo, head of the minor opposition People's Party, said Sunday he will run in the mayoral by-election for Seoul set for next April. “I have decided to run to put an end to the reckless ways of the current administration,” he said during a press conference at the National Assembly. He emphasized the need for opposition parties to join forces at any..

Steve Yoo, a Korean American singer better known as Yoo Seung-jun, has harshly criticized a ruling party lawmaker for submitting a bill to ban entry of those who have given up their South Korean citizenship before fulfilling their required military service, as the lawmaker called it “the law to prevent the next Yoo Seung-jun.” “Am I a political prisoner, public enemy or murderer? Am I a child ra..