Household debt is at an alarmingly high level. Worse still, interest payments are growing three times as fast as disposable income. But there are few signs indicating that the debt burden will shrink anytime soon. On the contrary, interest rates are rising as inflationary pressure is increasing. According to a recent report from the Bank of Korea, household debt, including purchases on credit, s...

Those who have passed the state-run judicial examination are required to complete a two-year training course at the Judicial Research Training Institute before entering the legal profession. With the judicial examination being replaced by the Korean bar examination administered for law school graduates, the training at the institute is set to continue during a transitional period lasting until 20...

President Lee Myung-bak has again called on Japan to take sincere action to transcend the past and build a future-oriented bilateral relationship with South Korea. In a speech on Tuesday to mark the 92nd anniversary of the March 1 Independence Movement against Japan’s colonial rule, Lee urged Tokyo to follow through on Prime Minister Naoto Kan’s statement issued in August last year. On Aug. 10, ...

Kudos to the doctors at the Ajou University Hospital in Suwon who should be credited for giving the Samho Jewelry’s skipper Seok Hae-gyun a new life through their painstaking month-long treatment of his multiple gunshot wounds. And it was the 58-year-old former Navy petty officer’s strong willpower that made the medical miracle possible. “I love you, dear,” Seok said to his wife in a clear voice...

It is absurd that South Korea and the United States should bind themselves to “the principle of denuclearization” on the Korean Peninsula which was declared with North Korea 20 years ago while the North has conducted nuclear tests twice and threatens the South with a nuclear holocaust on a daily basis. Calls for the reintroduction of U.S. tactical nuclear weapons into South Korea become louder o...

North Korea released dual warnings of retaliation against the South over the weekend, one about the floating of balloons containing leaflets and basic supplies and the other about the Key Resolve/Foal Eagle joint exercise with the U.S. military. The messages from the North Korean military used extreme words such as “turning Seoul into a sea of fire” with their nuclear and missile powers. The Key...

Some in the Korean Protestant churches may believe that they scored a major victory in their campaign against a legislative move to introduce Islamic bonds or “sukuk” here as parties have dropped a bill aimed to exempt various taxes on the special type of loans originating in the Arab world. But is that so? When we observe the recent actions by religious groups concerning political and social is...

The Seoul Central District Prosecutors’ Office indicted on Thursday the head of a doll exporting company on charges of illegally siphoning off personal assets worth 94.7 billion won overseas and evading taxes totaling 43.7 billion won. The businessman, identified only by his surname Park, was suspected of having shifted his assets abroad for nine years since 2000 using his subsidiary in Hong Kon...

Korea is probably the first country in the world to develop an index to measure how large corporations treat their small subcontractors. On Wednesday, the Commission on Shared Growth for Large and Small Companies disclosed a draft plan to introduce the so-called “win-win index.” If enforced as planned, the index is expected to provide a turning point in transforming trade practices in the domest...

After a seven-month hunt for its new leader, the Federation of Korean Industries has finally installed Huh Chang-soo, GS Group chairman, as its chairman. The new chief of the nation’s most powerful business lobby will certainly have his hands full as he tries to reset its relations with the government. The FKI has been denounced for pursuing the interests of big businesses and nothing else. But ...

Incumbent lawmakers tend to put their reelection before anything else. Nothing is wrong with their single-mined pursuit of reelection unless they engage in an act that can be morally or legally sanctioned. Still, they may cause problems for their party if their actions, though taken legitimately for the sake of their reelection, conflict with their party’s policies. It may also create a problem ...

Korea’s inflation woes are deepening as the worsening turmoil in Libya has sent oil prices on an upward spiral. The price of Dubai crude oil, South Korea’s benchmark, stayed above the $100 mark for the three consecutive days on Thursday. If the Dubai oil price remains above $100 for two more days, the government has to upgrade its energy alert level from the current “blue” to “yellow.” The surge...

Press reports say several hundred residents in Sinuiju, a North Korean city on the border with China, clashed with security forces on Feb. 18 over the death of a merchant during a police crackdown on a market. On Feb. 14, small protests reportedly broke out in three northeastern cities of the impoverished country over fuel and food shortages. Are these signs that the “Jasmine Revolution” that st...

According to a recent newspaper opinion poll, 44.7 percent of the respondents approved of President Lee Myung-bak’s performance in the past three years of his presidency. On the other hand, the rate of disapproval stood at 51.4 percent. Responses to another poll, this one commissioned by a business daily, were far less favorable. More than 54 percent of the respondents said they were worse off n...

Fear of a bank run is subsiding after the five savings banks whose capital adequacy ratios are lower than the 5 percent mark, and three other insolvent ones, were forced to suspend operations during the past two months. But the financial regulators still have much work to do before they declare the crisis over. The latest case involved a Chuncheon-based savings bank, which the Financial Services...