Presidential impeachment forces adjustments to school academic calendar
The Constitutional Court's removal of President Yoon Suk Yeol from office Friday has had many schools in South Korea adjusting their academic calendars.
The reason? The nation must hold a snap election to select the next president, likely between late May and early June, and schools are used as polling stations.
According to the Seoul Metropolitan Office of Education, schools will have two options: canceling scheduled discretionary holidays, such as Labor Day on May 1 and Memorial Day on June 6, or delaying the start of vacation by one day. The specific method of adjustment is to be decided by each school.
On top of this, high schools nationwide are closely monitoring the possibility that the snap election date will be set for June 3, which will then coincide with a mock exam date for the upcoming Suneung, or Korea's state-administered college entrance exam.
The exact date of the presidential election is undecided as of now. Acting President Han Duck-soo is obligated to announce it by April 14.
South Korean law stipulates that in the case of a president being incapacitated, a successor must be chosen within 60 days, which, in the case of Yoon's replacement, would be June 3.
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Korea Herald
9 hours ago
- Korea Herald
[Yoo Choon-sik] President Lee should look beyond market cheers
The South Korean stock market soared on each of the first two trading days following President Lee Jae-myung's official inauguration after securing a decisive victory in the early election held on June 3, winning by a substantial margin over his opponents. The peaceful transition of power and the political clarity it brings have been met with visible enthusiasm. Undoubtedly, Lee and his party, together with the people of South Korea, have every reason to relish the celebratory honeymoon phase of their administration. The stock market's benchmark Kospi posted a remarkable combined gain of 4.2 percent over those two days to end at 2,812.05 points on Friday, representing the highest closing level in nearly a year since July 18 last year. During the same period, foreign investors made net purchases totaling 2.07 trillion won ($1.52 billion) on the main board, marking the most net inflow from overseas investors in a year. This sharp uptick in buying activity reflected renewed confidence in the Korean market under the new leadership. The rise in stock prices is widely interpreted as a reflection of relief across the investor community, stemming from the peaceful resolution of the monthslong political impasse, triggered by the former president's controversial declaration of martial law last December. With stability now restored, there is cautious hope that Lee's administration will introduce pragmatic, market-friendly reforms. Contributing to the rally are also favorable external factors: a persistent weakening of the US dollar against major global currencies and the announcement that the US and China intend to resume trade negotiations —developments that typically benefit emerging markets like South Korea. Historically, traditional markets served as informal forums where policymakers could gather sentiment from the people, as citizens exchanged views and insights while trading goods. In our current era, financial markets serve a parallel — yet far more complex and consequential — role. They function as barometers of public and investor sentiment, allowing market participants around the globe to continuously evaluate a nation's economic performance, policy direction and future outlook. From that perspective, the recent rally in the stock market, alongside the strengthening of the Korean won, can be read as a strong initial endorsement of the promises and rhetoric offered by President Lee during the campaign. His campaign period, however, was notably brief, offering limited time for his team to flesh out fully detailed policy plans. Nonetheless, the messaging struck a chord, especially among investors and market observers eager for reform and modernization. One of Lee's key campaign priorities is addressing the "Korea Discount" — a persistent and well-documented phenomenon that refers to the comparatively low valuation of Korean-listed companies relative to their international peers. It is largely attributed to weaknesses in corporate governance, low shareholder returns and systemic inefficiencies in South Korea's regulatory and economic framework. To address this issue, Lee has pledged to revise Article 382-3 of the Commercial Act. The proposed amendment would obligate directors of listed companies to act not just in good faith but specifically in the interest of both the company and all its shareholders. The current version of the act requires directors to act for the benefit of the company, but lacks explicit emphasis on shareholder interests. Lee has also vowed to introduce the cumulative voting system. Many view this as a powerful tool for enhancing minority shareholder rights, as it allows shareholders to pool votes to elect at least one representative to a board, in contrast to the traditional system of one vote per share per director. Deliberative policymaking In addition, he supports other measures aimed at prompting companies to return a greater portion of earnings to shareholders and limiting the negative effects of corporate spinoffs that often disadvantage minority investors. While these governance-focused reforms are grabbing headlines, Lee has also promised fiscal stimulus on a massive scale. Though not explicitly intended to push stock prices higher, a major supplementary budget is expected to provide a strong economic stimulus to offset faltering domestic demand. This comes at a time when South Korea, an export-driven economy, is grappling with declining overseas sales due mainly to the US government's imposition of steep tariffs on most of its trading partners. It is worth noting that the previous administration had already introduced a 13.8 trillion won supplementary budget back in May, aimed to assist those affected by weak consumer spending, fund recovery in wildfire-stricken regions and support the development of national artificial intelligence infrastructure. The new extra budget being considered under Lee's administration is reportedly about three times the size of the previous one, signaling a bold fiscal approach. Taken together, these initiatives have offered a strong psychological boost to the stock market. They enhance the growth outlook for shares in a wide range of South Korean companies, many of which have long underperformed relative to their counterparts in other advanced economies. The anticipation of pro-growth reforms, combined with short-term liquidity injections, has widened the upside potential for equities. Yet, such optimism must be tempered with realism. The market lift resulting from policy announcements and fiscal measures may not be sustainable unless underpinned by genuine improvements in economic fundamentals. Corporate earnings, gross domestic product growth and export competitiveness — particularly in light of evolving global trade dynamics and tariff uncertainties — remain the true drivers of long-term performance. Furthermore, the risk of unintended consequences looms large. Even the best-intentioned policy can yield adverse results. Business leaders and major corporations have already voiced concerns that overly aggressive changes to the Commercial Act might deter boards from making bold, strategic investments, out of fear of legal entanglements or shareholder activism. Similarly, the large supplementary budget, if not crafted with precision and expertise, risks missing its mark. Without broad consultation and careful planning, the spending could end up inefficiently allocated, raising government debt while failing to generate meaningful economic uplift. That would not only disappoint voters but also strain public finances further. These concerns are especially pertinent in today's political landscape, where the Democratic Party of Korea holds a commanding majority across both the executive and legislative branches. This political dominance could enable the administration to push forward its agenda swiftly, but also tempt it to bypass the kind of open, deliberative policymaking that democracy requires. President Lee must remain aware that while voters handed him a clear mandate, they did not grant him unchecked authority. The people expect reform, yes — but they also expect balance, consultation and accountability. As the proposed revision of the Commercial Act implicitly acknowledges, those in power have a duty to act not just in their party's interest, but in the collective interest of the entire nation. Yoo Choon-sik worked for nearly 30 years at Reuters, including as the chief Korea economics correspondent, and briefly worked as a business strategy consultant. The views expressed here are the writer's own. — Ed.
Korea Herald
a day ago
- Korea Herald
With G7 on horizon, Lee Jae-myung races to fill key posts at home
President Lee Jae-myung is set to enter his second week in office focused on filling key Cabinet posts and secretariat appointments, as he gears up for his diplomatic debut at the Group of Seven summit in Canada. Lee took the oath of office on Wednesday, immediately after the election victory and without a transition period, as his conservative predecessor, Yoon Suk Yeol, was impeached in mid-December last year for his brief imposition of martial law and removed from office in April. The new president is now tasked with addressing the fallout from the monthslong leadership void in South Korea while Washington's deadline on the pause of US President Donald Trump's "reciprocal" tariffs is about a month away. There are speculations that Lee's in-person meeting with US President Donald Trump and Japanese Prime Minister Shigeru Ishiba could materialize on the occasion of Lee's visit to Canada. Earlier this week, both Seoul and Washington confirmed that Lee had held phone talks with his US counterpart Friday night Seoul time. A day after the 20-minute phone call, Lee's spokesperson Kang Yu-jung said in a briefing Saturday that Lee has "made the decision to attend" the Group of Seven summit scheduled on June 15-17 in Canada. Lee's office has yet to unveil Lee's itinerary for the summit. Regarding Lee's potential meeting with Trump, an official from the presidential office said it was "faithfully preparing" for the meeting. The official added that phone talks with world leaders, such as Chinese President Xi Jinping, were also being arranged. Lee would become the first South Korean president to attend the G7 summit in two years, after his disgraced predecessor Yoon attended one in Hiroshima, Japan, in 2023. The surprising announcement over Lee's G7 summit attendance came a few weeks after Lee, then-presidential candidate of the liberal Democratic Party of Korea, said in a news conference on May 18 that he believed South Korea had not received an invitation for the summit. At the same news conference, Lee said that he prioritizes domestic issues over his presence at the NATO summit scheduled for June 24-26 in the Netherlands, unless the event "specifically addresses current issues" of concern. On his first day in office, the first executive order Lee issued was to establish a body for the emergency economic review to address the faltering national economy. Meanwhile, Lee's office on Sunday announced more of Lee's secretary nominations, signaling a boost to resolve a social division and igniting a reform drive targeting the prosecution. Woo Sang-ho, a former four-term lawmaker, was nominated presidential secretary for political affairs. Woo has also formerly served in key leadership roles in the major liberal party, and is deemed a right fit for the position to revive bipartisanship and resolve social conflict in South Korea, given his lifelong experience in politics, Chief of Staff Kang Hoon-sik said in a briefing Sunday. Former prosecutor Oh Kwang-soo was named presidential secretary for civil affairs. Kang said Oh has a "deep understanding of Lee's initiatives to reform South Korea's prosecution." Referring to multiple criminal cases for which Lee was indicted, the presidential office said Lee had fallen victim to politically motivated prosecution, which often sought to remove political opponents of then-President Yoon. Also, Lee Kyu-youn, a career journalist and former CEO of JTBC, was picked as presidential secretary for public relations and communication. This follows the announcement of Lee's nominations of key figures in his first week of presidency, including prime minister nominee Rep. Kim Min-seok, Chief of Staff Kang, National Security Adviser Wi Sung-lac, Director of National Policy Kim Yong-beom, and others. While the two more senior presidential secretary seats remain vacant as of press time, alongside deputy director posts at the presidential National Security Office, the presidential office was "still reviewing" future nominations, according to an official who asked for anonymity. Another official of the presidential office said that Lee's future nominations for Cabinet ministers will not come into shape in the near future. The official said, "The prime minister nominee is now preparing for the parliament's confirmation hearing. We need to wait and see how the hearing proceeds." The official also hinted at introducing the national system in the future, which would allow ordinary people to recommend public official nominations, as promised during Lee's presidential campaign.
Korea Herald
2 days ago
- Korea Herald
Lee, Trump agree to meet soon, tee up ‘golf for alliance': Seoul
Trump and Lee share experiences of surviving assassination attempts in their first call South Korean President Lee Jae-myung and US President Donald Trump agreed to meet as soon as possible — and play a round of golf — with Trump inviting Lee to visit the US, Seoul's presidential office said Friday. The first phone call between Lee and Trump occurred around 10 p.m. Friday, two days after Lee was inaugurated president on Wednesday after his confirmed victory in Tuesday's early presidential election. The 20-minute phone conversation drew heightened attention in Seoul as the alliance faces a laundry list of pending issues on multiple fronts, from security to trade. 'The two presidents agreed to work toward reaching a tariff agreement between the US and South Korea that would be satisfactory to both countries,' said Kang Yu-jung, the presidential spokesperson, in a written statement. To that end, Lee and Trump agreed to 'encourage tangible results from the working-level negotiations.' Seoul and Washington have been engaged in working-level negotiations ahead of the expiration of a 90-day self-imposed moratorium on Trump's reciprocal tariffs, which are scheduled to take effect for each country on July 9. The deadline set by the Trump administration for all US trading partners to submit their best offers on a trade deal expired Wednesday. According to Lee's office, 'President Trump invited President Lee to visit the US, and President Lee responded that he hopes to meet and consult frequently with the US as part of their special alliance.' 'The two presidents agreed to meet at the earliest possible time — either on the sidelines of a multilateral meeting or on the occasion of a bilateral visit — to further discuss the development of the alliance," the statement added. Lee's office confirmed Saturday morning that he will attend the G7 Summit in Alberta, Canada, on June 16–17 as an observer state—setting the stage for his first face-to-face meeting with Trump. Another possible opportunity for the two leaders to meet is the upcoming NATO Summit in The Hague on June 24–25, where South Korea has been invited as one of four Indo-Pacific partners, alongside Australia, Japan, and New Zealand. However, when asked on Saturday whether Lee would participate in the NATO summit, a presidential official speaking on condition of anonymity said, 'That issue has not been discussed yet.' Golf, parallel experience connect leaders Meanwhile, Lee's office highlighted Friday that the phone call between Lee and Trump took place in a 'friendly and informal atmosphere.' Notably, the presidential office in Seoul shared that Lee and Trump 'introduced their respective golfing skills and agreed to play a round for the alliance whenever possible.' Trump is well known for his passion for golf. 'The two presidents also shared various anecdotes and experiences from their presidential campaigns, particularly concerning the risks of assassination and the political challenges they faced,' the presidential office said. 'They agreed that strong leadership comes from overcoming such difficulties.' Lee was stabbed in the neck with a knife while visiting the construction site of a new airport in the southeastern port city of Busan in January 2024. In July last year, Trump's right ear was grazed by a bullet while he was campaigning for the 2024 presidential election in Pennsylvania. Delayed call draws political fire The Korea Herald has learned that South Korea's Foreign Ministry sought to arrange the first phone call between the two leaders on Lee's inauguration day. However, the call occurred later than his predecessors. President-elect Yoon Suk Yeol held his first phone call with then-US President Joe Biden about five hours after his election on March 10, 2022. Similarly, President Moon Jae-in spoke with his US counterpart on the day of his inauguration, May 10, 2017, despite the absence of a traditional transition period following the early presidential election. Then President-elect Park Geun-hye held a phone call with US President Barack Obama two days after her victory on December 19, 2012. The protracted phone call drew criticism in Seoul, mainly from the opposition People Power Party — especially after the White House issued an unusual response to the presidential election, expressing US concern and opposition to "Chinese interference and influence in democracies around the world."
