Nothing is more appropriate than the “better late than never” idiom in evaluating the central bank’s latest rate increase.As the global financial crisis was setting in three years ago, the Bank of Korea slashed its benchmark rate on several occasions ― from 5.25 percent in August in 2008 to a historic low of 2 percent in February 2009. But it took post-crisis action at a snail’s pace, despite warn

NEW DELHI ― Indian diplomacy began 2011 with election to the chair of the U.N. Counter-Terrorism Committee, a body of some importance to the country (and one which many thought India might not be asked to lead, given its strong feelings on the issue). Coming in the wake of India’s record margin of victory in the race for a non-permanent seat on the Security Council, this news confirms India’s stan

Today (Jan. 10) marks Coming-of-Age Day, when 1.24 million people born in 1990 start a new chapter in their life. We hope they will take a firm first step into adulthood while retaining their self-awareness and recognizing their responsibility as adults.Nevertheless, many of them will be apprehensive about what their future holds amid the job market’s “ultra-ice age” caused by the protracted anemi

 During his preview of Indonesia’s 2011 foreign policy, Foreign Minister Marty Natalegawa rightly highlighted the demanding schedule of the next 12 months. As chair of ASEAN for 2011, Indonesia will host more than 300 meetings at various levels. The meetings will cover various areas of cooperation of the 10-member grouping, including trade, investment and defense. Mingled among the multiple ASEAN

For months, the West has been attacking China for tightening control of its rare earth exports. The assault is likely to escalate, as China recently announced it would slash its rare earth export quota by 37 percent for the first half of 2011. China is also introducing more stringent environmental standards for the rare earth industry, which are likely to send many small businesses in the industry

The results of coming local elections in Osaka and Aichi prefectures could have a great impact on the shape of Japan’s local government. The people concerned need to carefully watch and consider the moves of two men ― Osaka Gov. Toru Hashimoto and Nagoya Mayor Takashi Kawamura. Hashimoto has the idea of dissolving the Osaka city and integrating the Osaka city and prefectural governments into a met

For eight years, Ed Rendell was governor of Pennsylvania. The eight years before that, he was mayor of Philadelphia. In all that time, he never got the national attention he’s received in his last two weeks as governor, since unburdening himself about what he called “the wussification of America.”He was upset that the NFL postponed the Dec. 26 game between his beloved Philadelphia Eagles and the v

WASHINGTON ― Did our angry political culture help motivate Jared Lee Loughner on what authorities say was his mad shooting spree? Maybe, but a more troubling question for me is why nobody stopped this often incoherent, irrational young man on his long path to the rampage in Tucson. I don’t just mean the people who sold Loughner his Glock 19 semiautomatic pistol last November, or the people at a Wa

The ugly American ― the stereotypically brutish, ethnocentric, bumbling traveler abroad ― is dead. He’s gone the way of global U.S. hegemony, the strong dollar and mid-20th century American naivete.Thirty years ago, the streets of major European capitals were awash with wide-eyed, culturally entitled, middle-class American tourists who were members of the first generation to take advantage of fore

By its nature, an intelligence service is antithetical to the transparency and accountability that are hallmarks of a democracy. When the Central Intelligence Agency was created in 1947, diplomat Dean Acheson wrote, “I had the gravest forebodings about this organization and warned the president that as set up neither he, the National Security Council, nor anyone else would be in a position to know

Life is returning to normal in Israel and the Palestinian territories, now that the latest round of peace talks is dead.Militants in Gaza are firing dozens of missiles into Israel once again, forcing Israelis to dive into bomb shelters. Israel is responding with air strikes.Israelis are building new West Bank settlements at a furious pace ― 2,000 new homes under construction right now and 13,000 m

Undoubtedly, one of the last things an incumbent president would like to hear of is his lapse, be it ongoing or imminent, into lame-duck status. Who would? Actually, President Lee Myung-bak was previously quoted as saying there would be no such thing until his last day in office.But it is a matter of time before a rapid decline in the presidential power manifests itself in various forms. It usuall

The cost of renting a home is going through the roof. But top economic policymakers do not appear to be much concerned about the rise in rent. They are either ignoring what has developed into a crisis or are ill-informed about it.According to a survey of housing-price trends by Kookmin Bank, rents rose an average 0.2 percent throughout the nation during the week ending on Jan. 3. The bank said the

When most Americans hear the words “public lands” they think of our national parks or national forests or perhaps even our national wildlife refuges. Yet, what might surprise them is that the largest category of our publicly owned land is administered by a little-known agency, the Bureau of Land Management, with a big mandate ― taking care of 400,000 square miles, an area nearly four times the siz

LONDON ― After the 1997-98 financial crisis, policymakers in Asia’s major emerging markets ― South Korea, Thailand, Malaysia, and even Indonesia ― vowed “never again” to be humiliated by international capital markets. They set out to address the structural weaknesses that had brought their systems down.Many countries in emerging Europe had similar near-death experiences in the recent global crisis

Over the long term, the only way we’re going to raise wages, grow the economy and improve American competitiveness is by investing in our people ― especially their educations.Yet we’re falling behind. In a recent survey of 34 advanced nations by the Organization for Economic Cooperation and Development, our kids came in 25th in math, 17th in science, and 14th in reading. The average 15-year-old Am

In his desperate challenge to the opposition-dominated city council over the school free lunch issue, Seoul Mayor Oh Se-hoon has proposed a referendum in the capital city. Thus he is offering himself as the gladiator for the conservative forces in what can be a preview of the 2012 presidential election. The 50-year-old mayor in his second term said he could not tolerate the lives of the 10 million

Kang Hee-rak was the chief of the National Police until half a year ago. He is known for strong emphasis on clean service of the entire 150,000 members of the force. Kang now faces arrest in connection with a lobbying scandal in which a catering service businessman bribed a large number of police officers, administration officials and politicians.Yu Sang-bong, 65, who was indicted under arrest lat

On Christmas day, China’s central bank raised interest rates for the second time in 2010 to check rising consumer prices and the heated real estate market. It would not be surprising to see the central bank lift the rates again in the near future. The move has left me wondering whether allowing interest rates to play their due role in the economy through liberalization, as opposed to raising them

With the Obama-Hu Jintao summit meeting slated for Jan. 19, Washington and Beijing are looking forward to the state visit with all sorts of positive preludes. Washington is preparing a “state dinner” for the Chinese leader for the first time in 13 years, to be covered with the Chinese flags and diplomatic compliments. China has also responded in kind by announcing the other day that its government