Doosan Group, the oldest family-controlled chaebol in Korea with 120 years of history, is set to become the first Korean corporate dynasty led by a fourth-generation heir.Last week, Doosan chairman Park Yong maan announced he would hand over his job to Park Jeong-won, one of his nephews who is currently chairman of Doosan Corp., the holding company of Korea’s 17th largest business group.　The new Doosan chairman is the eldest great-grandson of Park Seung-jik, who opened a fabric store in 1896, la

North Korea’s firing of short-range missiles into the East Sea on Thursday clearly showed that the adoption of the U.N. Security Council resolution on the country’s nuclear and missile provocations means the start of a long, arduous task by the international community. 　The firing of six missiles with a range of 100-150 kilometers, which came hours after the Security Council adopted the Resolution 2270, was an apparent show of force aimed at expressing the Pyongyang government’s defiance over th

It is an all too familiar tactic that opposition parties join forces for major elections, whether in the form of a merger or weaker arrangements, such as unifying candidacies. Yet, the latest talk of an opposition tie-up for the upcoming general election bewilders many and causes skepticism. 　Kim Jong-in, the stopgap leader of the main opposition Minjoo Party of Korea, has lit the fire on the talk of an opposition alliance. He said that opposition groups should unite to win the April 13 election

The wide wage gap between small and medium-sized enterprises and large corporations continues to expand, making SME jobs increasingly unattractive to college graduates. 　Last year, workers at SMEs only earned 62 percent of the wages of their peers at big companies, the widest gap since the Employment Ministry and Statistics Korea began to compile the data in 2008.　Large companies — defined as those with 300 or more workers on the payroll — paid their workers 5.01 million won ($4,110) a month on

The bill on redrawing electoral district boundaries finally passed the National Assembly on Wednesday, with just 42 days left to the coming April 13 general election.　The parliament has also enacted the controversial antiterrorism bill and a long-stalled bill on improving North Korean human rights.　The Assembly could act on the three key bills and a host of others as The Minjoo Party of Korea ended its filibuster Wednesday, after a total of 38 lawmakers had obstructed the passage of the antiterr

The U.N. Security Council is scheduled to vote on whether to adopt a resolution for new sanctions against North Korea’s nuclear and missile provocations, which were conducted earlier this year.　It is a mercy that the international community is again striving to resolve the escalating geopolitical risks on the Korean peninsula. Council members are likely to support Seoul and its closest ally Washington, which are pressing Pyongyang to renounce its nuclear arms development.　Government officials st

South Korea saw its benchmark KOSPI touch 2,000 points for the first time in July 2007. But it suffered an extreme bear market in the wake of the global financial crisis, falling to 938.75 on Oct. 23, 2008.　The first-tier equity index rapidly regained to hit a new historic record of 2,228.96 on May 2, 2011, raising hopes that it might break through the 2,500 barrier to approach 3,000 points within a few years. This was too rosy a forecast.　Unlike some brokerage firms’ predictions, the KOSPI has

The long-awaited completion of the electoral remapping for the April 14 parliamentary poll leaves some work to be done -- by the election watchdog, political parties and voters. 　First of all, there should be an overhaul of the way electoral districts are redrawn, so that it is free from interference by political parties.    　The redistricting of the parliamentary constituencies was necessitated by the Constitutional Court’s ruling in October 2014 that the population of the biggest constituency

It is apparent that Russia wants to increase its leverage in its international dealings with North Korea. The first such sign came at the U.N. Security Council where it is effectively delaying the adoption of a resolution for new sanctions against North Korea’s nuclear and missile provocations. 　Russian officials said their government -- including concerned ministries in Moscow -- needed time to examine the draft of the resolution. This is understandable, as Russia – despite being one of the fiv

The Board of Audit and Inspection has found that officials of the Ministry of Science, ICT and Future Planning went out of their way last year to help Lotte Home Shopping continue its lucrative business.　Under the Broadcasting Act, home shopping channels are required to renew their business licenses every five years. Lotte’s license, together with those of two other home shopping operators, was to expire in May last year.　Before launching the evaluation process, the ministry tightened the screen

After a long delay, the Korean Navy’s new base on Jejudo Island has finally been completed. The government celebrated the launch of the landmark naval base, which is formally called the Jeju Civilian-Military Complex Port, in a ceremony Friday.　It was in 1993 that the Korean government decided to push the naval base as a major state project, viewing it as essential to defending South Korea’s maritime sovereignty. Construction began at the site in Gangjeong Village in 2007.　The port can accommoda

The South Korean military is reportedly planning retaliatory countermeasures to the forewarned North Korean terror attacks. The administration’s recent hawkish position, no doubt, is in response to Pyongyang’s nuclear test and missile launch early this year.　Over the weekend, a senior military official’s remarks drew wide attention on social media. A senior defense-related official was quoted by the Herald Business, our sister news daily, as saying that “this time would be different from the pas

The market is focusing on the latest data of outstanding loans to households as of December 2015, to be released by the Bank of Korea on Wednesday.　The nation’s combined household debt set an all-time high of 1.16 quadrillion won ($943 billion) as of September 2015, and is estimated to have reached a fresh record during the fourth quarter of last year.　Some analysts are interested in seeing whether household debt has surpassed the 1.2-quadrillion won mark on the back of active, last-ditch bank m

The possibility of additional provocations by North Korea appears rising in the wake of the South’s closing of the Gaeseong industrial park, as the Saenuri Party cited in a report from the National Intelligence Service.　The NIS reportedly predicted that Pyongyang would conduct partial military attacks in inter-Korean border districts or other South territories. It also reportedly notified the ruling party of the North’s feasible cyberterrorism activities or assassination of a high-profiled North

More and more securities firms are raising the possibility that the Bank of Korea’s Monetary Policy Committee will lower the benchmark interest rate in March after signaling a cut in its upcoming gathering this week. A minority even predicts a monetary easing — from the current 1.5 percent to 1.25 percent per annum — on Feb. 16.　Those forecasting the BOK’s cut highlight the negative factors such as Japan’s below-zero rate policy and China’s noteworthy slowdown. They domestically cite the weaker-

Lunar New Year vacation will be from Saturday to Wednesday for most Korean citizens, a large portion of whom will meet with family and relatives.　Some Koreans will make trips abroad while there is also an expected influx of inbound tourists to Korea, in particular from China. 　Economic policymakers are pinning high hopes on a rapid rebound in sales in some industries, such as tourism, air carriers, cosmetics, hotels and other consumer segments. 　Despite the potential positive impact on the econo

Some trade-related agencies and businesses in South Korea seem to be ill at ease over the nation’s absence from talks for the Obama administration-initiated Trans-Pacific Partnership, a kind of regional economic bloc.　Concerns are being raised after 12 potential members — including Japan, Vietnam, Australia and the U.S. — on Thursday signed a deal to launch the TPP. 　Officials from some local agencies cited research predicting that Korea will see its exports and gross domestic product decline 1

Foreign investors’ stock selling spree — while not surprising — is sending a cold wind as freezing as the weather through financial markets and ringing alarm bells in the Korean economy. 　Overseas investors kept dumping shares this week, breaking the 33-day selling streak record set in June and July 2008. Traders and analysts blame fears over, among other things, uncertainty in the Chinese economy and low oil prices.  　Stock markets are supposed to see investors come and go, depending on many fa

The ongoing signature-collecting campaign for a petition to the National Assembly to legislate key pending bills demonstrates how pitiful Korean politics is at the presidential and parliamentary levels alike. 　The campaign, launched by business organizations such as chambers of commerce, got a big boost when President Park Geun-hye joined it Monday. She said that the campaign expressed the people’s frustration with the parliament and that she wanted to provide her personal support.　It would be s

A well-intended policy often produces an effect opposite to what was intended due to a lack of coordination among the ministries involved. The latest example could be the government’s decision to exempt visa application fees for group tourists from Asian countries, including China, India, Indonesia and Thailand.　　The decision was reached at a meeting of economic ministers presided over by President Park Geun-hye last month. The Ministry of Justice proposed to implement the plan from Jan. 1 to ma