Impeachment sparks debate over extra budget

SEOUL, December 16 (AJP) - South Korea’s central bank has called for parliamentary discussion for approval of a supplementary budget as the government convenes emergency meetings to address economic concerns following the impeachment of President Yoon Suk Yeol. In a report released Sunday, the Bank of Korea stressed the importance of bipartisan cooperation to mitigate economic uncertainties exacerbated by domestic political instability and global market volatility. “T

December 16, 2024

S. Korean government pledges swift action to stabilize financial markets

SEOUL, December 16 (AJP) - The South Korean government vowed on Monday to accelerate key economic policies aimed at bolstering financial markets, which have shown signs of stabilization following the impeachment of President Yoon Suk Yeol on Dec. 14. Finance Minister Choi Sang-mok addressed the nation’s top financial officials during an emergency meeting that included Bank of Korea Governor Rhee Chang-yong. These meetings, held daily since the economic turmoil triggered by Y

December 16, 2024

Ruling party chief resigns following Yoon's impeachment

SEOUL, December 16 (AJP) - Han Dong-hoon, leader of the ruling People Power Party (PPP), resigned on Monday, two days after President Yoon Suk Yeol's impeachment over his aborted declaration of martial law earlier this month. "I am stepping down from my position as party leader," Han said during a press conference. Han, who had initially vowed to remain in his position despite mounting pressure to step down, was forced to resign after all five of the PPP's elect

December 16, 2024

Joint investigation team to summon Yoon again for questioning

SEOUL, December 16 (AJP) - A joint investigation team, tasked with probing President Yoon Suk Yeol's abrupt declaration of martial law earlier this month, announced on Monday that it will summon Yoon for questioning on Wednesday over accusations of rebellion and abuse of power. Once held, the questioning is set to take place four days after the National Assembly passed a motion to impeach the president, suspending him from his duties immediately. The impeachment motion was appro

December 16, 2024

Constitutional Court holds first meeting on Yoon's impeachment trial

SEOUL, December 16 (AJP) - The Constitutional Court of Korea held its first meeting on Monday to begin deliberations on the impeachment trial of President Yoon Suk Yeol who has been suspended from his duties since last Saturday over his abrupt declaration of martial law early this month. Focusing on the constitutional review of Yoon's short-lived martial law attempt on Dec. 3 and its legality, all six justices are set to outline the key issues and procedural steps required to pr

December 16, 2024

Korea Zinc claims MBK Partners violated confidentiality agreement

SEOUL, December 16 (AJP) - Korea Zinc has filed a complaint to the Financial Supervisory Service (FSS) against private equity firm MBK Partners, alleging violations of a non-disclosure agreement (NDA) in a potential hostile takeover attempt. The complaint centers on accusations that MBK Partners misused confidential information from a 112-page consulting document about Korea Zinc's "Troika Drive" strategy and corporate value forecasts, which was provided during an inve

December 16, 2024

North Korean media covers Yoon's impeachment

SEOUL, December 16 (AJP) - North Korea's state media reported Monday on the impeachment of South Korean President Yoon Suk Yeol, two days after the National Assembly passed a motion to impeach him over his short-lived declaration of martial law earlier this month. The North first reported on South Korea's political turmoil on Dec. 11, about a week after Yoon's botched martial law gambit. Describing him as the "ringleader of the rebellion," the official state

December 16, 2024

OPINION: Trump wants China's help in making peace in Ukraine

SEOUL, December 16 (AJP) - U.S. president-elect Donald Trump has invited China's president Xi Jinping to his inauguration on Jan. 20 in a surprise move which appears to be part of a plan to involve Beijing in ceasefire negotiations in Ukraine. Just after his recent meeting with Ukrainian president Volodymyr Zelensky in Paris, Trump posted, "There should be an immediate ceasefire and negotiations should begin," and "China can help." That latter remark has sudd

December 16, 2024

Democratic Party leader proposes bipartisan body to stabilize country

SEOUL, December 15 (AJP) - Lee Jae-myung, leader of South Korea’s biggest Democratic Party, on Sunday proposed the creation of a bipartisan policy consultative body to stabilize the nation quickly following the impeachment of President Yoon Suk Yeol. Lee also announced a temporary pause on impeachment proceedings against Prime Minister Han Duck-soo, who became acting president automatically after Yoon's impeachment. Speaking at a press conference at the National Assem

December 15, 2024

Young Koreans lead vibrant, energetic new era of protests

Participants of a rally demanding the impeachment of President Yoon Suk Yeol display their protest items in Yeouido, Seoul, on Dec. 14, 2024. AJP Im Yoon-seo SEOUL, December 15 (AJP) - Singing and dancing with K-pop light sticks became one of the most captivating scenes at rallies against South Korean President Yoon Suk Yeol in Yeouido, western Seoul, where the National Assembly is located. The purpose of these rallies was reminiscent of the 2016 demonstrations that called for the impe

December 15, 2024