South Korea’s political circle is yet to reach a compromise over the Yoon Suk-yeol administration’s supplementary budget proposal made earlier this month, with prospects remaining unclear whether the proposal will pass the final vote at the National Assembly this month. Floor leaders of the ruling People Power Party and the main opposition Democratic Party of Korea announced Friday that the two failed to reach a deal on the budget proposal despite holding a two-hour discussion over

The outlook of the election for Seoul’s education superintendent remains blurry for the conservative bloc, as candidates have failed to form a merger while continuing to attack each other. With less than a week left to the local elections, Cho Hee-yeon, the current superintendent of education for Seoul, and Kang Shin-man, who are considered liberal-leaning candidates, announced they have formed a merger Thursday. “Seeing some candidates demonize and assault certain groups for t

US says China poses ‘serious, long-term threat’ to global order in policy speech

Naver's founding member Kim Jeong-ho to replace Kakao founder at Brian Impact foundation

The Bank of Korea raised its key policy rate by a quarter percentage point Thursday and revised down the country’s growth outlook, amid runaway inflation accelerated by soaring energy prices. The rate hike itself was widely expected in the market. More significant is the revised outlook the central bank projected for the country going forward, and the figures are far from rosy. The central bank’s latest move put the benchmark seven-day repo rate to 1.75 percent, up from 1.5 percen

The speaker of the National Assembly and chairperson of its legislation and judiciary committee play essential roles in the process of passing bills. The chairperson of the committee has authority to preside over meetings, which are the last hurdle to the assembly plenary session. The speaker has the right to introduce a bill and put it to a vote in the plenary session. In past assemblies, a majority party member of the parliament was elected as the speaker while a member of the second-largest