Rep. Hwang Woo-yea, an independent-minded four-term lawmaker, was elected new floor leader of the ruling Grand National Party on Friday, signaling a power shift in the party and the collapse of its mainstream faction loyal to President Lee Myung-bak.Hwang beat Reps. An Kyung-ryul and Lee Byung-suk, both from the pro-Lee camp. In the first round of voting, Hwang won 64 votes out of 159, while An an

Domestic companies are stepping up efforts to localize some of the parts and materials they import from Japan as their suppliers in the neighboring country are in trouble due to the March 11 earthquake.For instance, LG Electronics has decided to develop a microcontroller unit for its home appliances as Toshiba Corp., which accounts for 60 percent of the global MCU supply, has still not fully norma

Korea suffered a severe credit card crisis in 2003 that not only disrupted the financial system but hit the real economy with a body blow. The crisis followed a massive credit card lending boom, which was fueled by the government’s misguided bid to boost consumption. As the government eased regulations on the credit card business, card issuers pulled out all the stops to recruit new cardholders. T

Korea Advanced Institute of Science and Technology, driven into chaos by four student suicides this year, now appears to be recovering from the initial shock and looking for solutions to stressful campus life. KAIST will do well to take time in determining what to do to avoid similar tragedies, as advised by its board of directors.Last week, the board of directors, after being briefed on remedial

The government and the ruling Grand National Party have agreed to upgrade the Nuclear Safety Commission, now under the Ministry of Education, Science and Technology, to an independent, ministerial-level agency by July this year. The decision, announced on Friday, is a welcome move as it would help address concerns about the safety of nuclear plants in Korea caused by the radiation leak at Japan’s

In early March, outgoing Financial Supervisory Service Gov. Kim Jong-chang issued a strong warning against excessive competition among domestic commercial banks. One example cited by the top regulator, who quit on Friday as his three-year term expired, was the recent scramble among banks to attract big corporate customers. It was triggered by Kookmin Bank, which sought to boost corporate lending b

Twenty-seven of the 31 North Koreans who strayed into the South Korean waters aboard a fishing boat a month ago, are stuck in limbo ― Pyongyang refuses to take them back unless Seoul sends them all. The other four desire to remain in the South. Is Pyongyang throwing tantrums when it says the South is holding them against their will?When South Korean officials took the 27 North Koreans to the truce

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 Kong,

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 domestic

Egypt stands at a crossroads following the resignation on Friday of President Hosni Mubarak, who ruled the Arab world’s most populous country for the past 30 years with an iron fist. Pro-democracy activists who had boldly protested at Tahrir Square in Cairo since Jan. 25 pulled off a revolution by forcing the dictator to step down. But the key to the nation’s future is not in their hands. It is he

Global food prices are going through the roof, threatening to push the world into a war over food. Earlier this month, the U.N. Food and Agricultural Organization said world food prices hit their highest level ever recorded in January and were set to keep rising in the months to come. It is a strong signal that a severe global food crisis is imminent or under way. According to the FAO, its food pr

A suicide bombing at Moscow’s Domodedovo airport last month has reminded Russians, and the world, of the country’s continuing vulnerability to terrorist attacks. As in the past, the Russian authorities blamed Islamic extremists for the violence and promised retaliation. That reaction is certain to intensify the cycle of violence that has left a bloody trail of victims in its wake. Islamic extremis

The government has hinted at a delay in launching a greenhouse gas emission trading system. A government bill put on public notice last November set the start date on Jan. 1, 2013. The Presidential Committee on Green Growth reported to President Lee Myung-bak on Thursday it would make the bill more flexible regarding the timing of implementation and allocation of emissions permits before submittin

The court appears to be exercising greater caution in issuing arrest warrants now than before, making it more difficult for prosecutors to detain criminal suspects for an inquiry. That may be a source of frustration or even anger for prosecutors. But it should be welcomed from the viewpoint of human rights protection.On Jan. 13, a Seoul district court turned down a request from a prosecutor for an

On Thursday, the main opposition Democratic Party convened a general meeting of its lawmakers to adopt free child care and halved college tuition fees as part of its platform. The party’s leadership expected the lawmakers to endorse their plans without objection, since they have already approved the proposals for free school meals and free health care.But the DP leaders faced an unexpected backlas

The Fair Trade Commission has launched an investigation to see whether domestic oil refiners are engaged in price-fixing or other unfair trade practices. The commission’s move follows President Lee Myung-bak’s instruction on Thursday to check whether domestic gasoline prices are reasonable.Lee made the instruction during a briefing on anti-inflation measures by a pan-government task force. He was

The nation is set to make a change in its accounting method from cash to accrual this year. One of its consequences is a rise in the measurement of national debt.The government has yet to announce by what margin the new accounting method would readjust upward the debt, which was posted at 359.6 trillion won at the end of last year. But the opposition Democratic Party has already come up with a new

Last week, a South Korean government agency provided statistical data regarding North Korea, some of which have great security implications. Among them were figures indicating North Korea’s rapidly expanding reliance on China for its external trade.According to a report from Statistics Korea, North Korea’s volume of external trade was at a miniscule $5,093 million in 2009. It was nowhere near that

North Korea has called for an end to confrontation with the South, urging inter-Korean dialogue and cooperation. In a joint New Year editorial issued on Saturday, the North Korean press said, “Confrontation between north and south should be defused as early as possible.” The editorial, considered Pyongyang’s New Year policy statement, also said, “Active efforts should be made to create an atmosphe

The Seoul Metropolitan Council has committed a serious violation of law in passing the capital city’s 2011 budget bill. No matter what the reason may have been, the council cannot avoid criticism for its undemocratic practice.The council, which is under the control of the main opposition Democratic Party, approved the municipal budget of 20.6 trillion won during a session held in the small hours o