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First Post
8 hours ago
- Business
- First Post
South Korea's presidential election: A look at the pivotal issues
This election, prompted by the impeachment of former President Yoon Suk Yeol following his controversial declaration of martial law in December 2024, is set to redefine the country's political landscape read more A South Korean soldier casts his early vote for the upcoming presidential election at a polling station in Seoul, South Korea. Reuters As South Korea approaches its snap presidential election on June 3, the nation grapples with a complex mix of domestic and international challenges. This election, prompted by the impeachment of former President Yoon Suk Yeol following his controversial declaration of martial law in December 2024, is set to redefine the country's political landscape. Restoring democratic stability The abrupt removal of President Yoon has intensified political polarisation. Leading candidate Lee Jae-myung of the Democratic Party has proposed constitutional amendments to prevent future abuses of power, such as requiring parliamentary approval within 24 hours for any declaration of martial law. STORY CONTINUES BELOW THIS AD His approach aims to fortify democratic institutions and restore public trust. Economic recovery amid global pressures South Korea's economy faces headwinds from global trade tensions and domestic challenges. The Bank of Korea recently cut its benchmark interest rate to 2.50% to stimulate growth, amid concerns over US tariffs and a slowdown in exports. Candidates are focusing on policies to address youth unemployment, housing affordability, and income inequality. Foreign Policy Reorientation The election outcome could significantly impact South Korea's foreign relations . Lee Jae-myung advocates for a balanced approach, maintaining strong ties with the US while engaging diplomatically with North Korea and improving relations with China and Russia. His stance reflects a shift towards pragmatic diplomacy in a complex geopolitical environment. Social issues and youth engagement Social policies, particularly those affecting younger demographics, are central to the election discourse. Lee Jun-seok of the Reform Party has gained attention with his proposals to dismantle the gender ministry, arguing against what he perceives as 'reverse discrimination.' His platform resonates with certain segments of the youth, highlighting generational divides on issues of gender and equality. Urban development and decentralization Lee Jae-myung has proposed relocating the nation's administrative capital from Seoul to Sejong City to promote balanced regional development and reduce congestion in the capital. This move aims to decentralize political power and stimulate growth in other regions. As voters prepare to cast their ballots, the election's outcome will shape South Korea's trajectory on multiple fronts, from democratic governance and economic policy to foreign relations and social cohesion. STORY CONTINUES BELOW THIS AD
Dubai Eye
2 days ago
- Politics
- Dubai Eye
South Koreans turn out in record numbers for early voting in presidential election
South Koreans began turning out in record numbers for early voting on Thursday in the country's snap presidential polls set to take place next week, election commission data showed, as both of the leading candidates cast their ballots. The June 3 election comes after months of political turmoil and a power vacuum following the botched attempt by former leader Yoon Suk Yeol to impose martial law. The liberal Democratic Party's candidate Lee Jae-myung, the frontrunner in the polls before a blackout period banning opinion polls began on Wednesday, cast his ballot in Seoul. "In order to overcome the current crisis... and start again as a Korea of recovery and growth, please vote," Lee said after casting his ballot at a university district in the city. His comment came after the Bank of Korea cut interest rates on Thursday and slashed its 2025 growth forecast for Asia's fourth-largest economy to 0.8 per cent from 1.5 per cent previously. On Wednesday, Lee pledged to establish a new Ministry of Climate and Energy to "respond to the climate crisis", and expand and reorganise the Ministry of Gender Equality and Family to promote equal rights and deal with any reverse discrimination. Some 3,107,164 people, or 7.00 per cent of total eligible voters, had voted as of around 11:00 am (0200 GMT), according to National Election Commission data, the highest turnout for the equivalent period in a presidential poll and compared with 5.38 per cent in the 2022 vote. South Korea has 44.39 million eligible voters and early voting is allowed on Thursday and Friday. The top three candidates based on the last published Gallup Korea poll before the blackout period put Lee at 49 per cent public support, followed by his main conservative rival Kim Moon-soo of the People Power Party with 35 per cent and another conservative candidate, the New Reform Party's Lee Jun-seok, on 11 per cent. Kim and Lee Jun-seok also voted on Thursday. Kim had eroded what was a more than 20 percentage point gap with Lee Jae-myung at the start of the campaign on May 12, but has failed to convince Lee Jun-seok to drop out and back him to improve his chances.
India Today
2 days ago
- Politics
- India Today
Record early voting in South Korea as it heads to snap polls amid turmoil
South Koreans turned out in record numbers for early voting on Thursday ahead of next week's snap presidential election, official data showed, as both leading candidates urged voters to back them to change a country in June 3 election comes after months of political turmoil and a power vacuum following the ouster of former leader Yoon Suk Yeol over a botched attempt to impose martial liberal Democratic Party's candidate Lee Jae-myung, the frontrunner in the polls before a blackout period banning opinion polls began on Wednesday, cast his ballot in Seoul. "In order to overcome the current crisis... and start again as a Korea of recovery and growth, please vote," Lee said after casting his ballot alongside young voters in a university comment came after the Bank of Korea cut interest rates on Thursday and slashed its 2025 growth forecast for Asia's fourth-largest economy to 0.8 per cent from 1.5 per cent Wednesday, Lee pledged to establish a new Ministry of Climate and Energy to "respond to the climate crisis", and expand and reorganise the Ministry of Gender Equality and Family to promote equal rights and address any reverse 8.7 million people, or 19.6 per cent of total eligible voters, had voted as of 6 p.m. (0900 GMT), according to National Election Commission data, the highest turnout for the equivalent period in a presidential poll and compared with 17.6 per cent in the 2022 Korea has 44.39 million eligible voters and early voting is allowed on Thursday and last published Gallup Korea poll before the blackout period put Lee at 49 per cent public support, followed by Kim Moon-soo of the conservative People Power Party with 35 per cent and the New Reform Party's Lee Jun-seok on 11 per and Lee Jun-seok also voted on Thursday."Without voting, there is no hope for the country," Kim said after voting in Democratic Party frontrunner Lee's constituency."If you vote for (Lee), there will be no freedom for the country," he said, warning his main opponent would abuse his party's parliamentary had narrowed a gap of more than 20 percentage points with Lee Jae-myung at the start of the campaign on May 12, but has failed to convince Lee Jun-seok to drop out and back him to improve his chances.
Nahar Net
2 days ago
- Business
- Nahar Net
Markets welcome court ruling against Trump's tariffs as shares, US dollar and oil gain
by Naharnet Newsdesk 29 May 2025, 12:50 Financial markets welcomed a U.S. court ruling that blocks President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law. U.S. futures jumped early Thursday and oil prices rose more than $1. The U.S. dollar rose against the yen and euro. The court found the 1977 International Emergency Economic Powers Act, which Trump has cited as his basis for ordering massive increases in import duties, does not authorize the use of tariffs. The White House immediately appealed and it was unclear if Trump would abide by the ruling in the interim. The long term outcome of legal disputes over tariffs remains uncertain. But investors appeared to take heart after the months of turmoil brought on by Trump's trade war. The future for the S&P 500 was up 1.5% while that for the Dow Jones Industrial Average gained 1.2%. In early European trading, Germany's DAX gained 0.5% to 24,160.75. The CAC 40 in Paris jumped 0.9% to 7,860.67. Britain's FTSE was nearly unchanged at 8,722.63. Japan's Nikkei 225 index jumped 1.9% to 38,432.98. American's largest ally in Asia has been appealing to Trump to cancel the tariffs he has ordered on imports from Japan and to also stop 25% tariffs on steel, aluminum and autos. The ruling also pushed the dollar sharply higher against the Japanese yen. It was trading at 145.40 yen early Thursday, up from 144.87 yen late Wednesday. A three-judge panel ruled on several lawsuits arguing Trump exceeded his authority, casting doubt on trade policies that have jolted global financial markets, frustrated trade partners and raised uncertainty over the outlook for inflation and the global economy. Many of Trump's double-digit tariff hikes are paused for up to 90 days to allow time for trade negotiations, but the uncertainty they cast over global commerce has stymied businesses and left consumers wary about what lies ahead. "Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific," Stephen Innes of SPI Asset Management said in a commentary. The ruling was, at the least, "a brief respite before the next thunderclap," he said. Elsewhere in Asia, Hong Kong's Hang Seng added 1.3% to 23,561.86, while the Shanghai Composite index gained 0.7% to 3,363.45. Australia's S&P/ASX 200 gained 0.2% to 8,409.80. In South Korea, which like Japan relies heavily on exports to the U.S., the Kospi surged 1.9% to 2,720.64. Shares also were helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75%, to ease pressure on the economy. Taiwan's Taiex edged 0.1% lower, and India's Sensex lost 0.2%. On Wednesday, U.S. stocks cooled, with the S&P 500 down 0.6% but still within 4.2% of its record after charging higher amid hopes that the worst of the turmoil caused by Trump's trade war may have passed. It had been roughly 20% below the mark last month. The Dow industrials lost 0.6% and the Nasdaq composite fell 0.5%. Trading was relatively quiet ahead of a quarterly earnings release for Nvidia, which came after markets closed. The bellwether for artificial intelligence overcame a wave of tariff-driven turbulence to deliver another quarter of robust growth thanks to feverish demand for its high-powered chips that are making computers seem more human. Nvidia's shares jumped 6.6% in afterhours trading. Like Nvidia, Macy's stock also swung up and down through much of the day, even though it reported milder drops in revenue and profit for the latest quarter than analysts expected. Its stock ended the day down 0.3%. The bond market showed relatively little reaction after the Federal Reserve released the minutes from its latest meeting earlier this month, when it left its benchmark lending rate alone for the third straight time. The central bank has been holding off on cuts to interest rates, which would give the economy a boost, amid worries about inflation staying higher than hoped because of Trump's sweeping tariffs. In other dealings early Thursday, the yield on the 10-year Treasury rose to 4.52% from 4.47% late Wednesday. U.S. benchmark crude oil gained $1.06 to $62.90 per barrel. Brent crude, the international standard, added $1.00 to $65.32 per barrel. The euro slipped to $1.1280 from $1.1292.
Daily Maverick
2 days ago
- Politics
- Daily Maverick
South Koreans turn out in record numbers for early voting as presidential hopefuls vow change
South Koreans turned out in record numbers for early voting on Thursday ahead of next week's snap presidential election, official data showed, as both leading candidates urged voters to back them to change a country in crisis. The June 3 election comes after months of political turmoil and a power vacuum following the ouster of former leader Yoon Suk Yeol over a botched attempt to impose martial law. The liberal Democratic Party's candidate Lee Jae-myung, the frontrunner in the polls before a blackout period banning opinion polls began on Wednesday, cast his ballot in Seoul. 'In order to overcome the current crisis… and start again as a Korea of recovery and growth, please vote,' Lee said after casting his ballot alongside young voters in a university district. His comment came after the Bank of Korea cut interest rates on Thursday and slashed its 2025 growth forecast for Asia's fourth-largest economy to 0.8% from 1.5% previously. On Wednesday, Lee pledged to establish a new Ministry of Climate and Energy to 'respond to the climate crisis', and expand and reorganise the Ministry of Gender Equality and Family to promote equal rights and address any reverse discrimination. About 8.7 million people, or 19.6% of total eligible voters, had voted as of 6 p.m. (0900 GMT), according to National Election Commission data, the highest turnout for the equivalent period in a presidential poll and compared with 17.6% in the 2022 vote. South Korea has 44.39 million eligible voters and early voting is allowed on Thursday and Friday. The last published Gallup Korea poll before the blackout period put Lee at 49% public support, followed by Kim Moon-soo of the conservative People Power Party with 35% and the New Reform Party's Lee Jun-seok on 11%. Kim and Lee Jun-seok also voted on Thursday. 'Without voting, there is no hope for the country,' Kim said after voting in Democratic Party frontrunner Lee's constituency. 'If you vote for (Lee), there will be no freedom for the country,' he said, warning his main opponent would abuse his party's parliamentary majority. Kim had narrowed a gap of more than 20 percentage points with Lee Jae-myung at the start of the campaign on May 12, but has failed to convince Lee Jun-seok to drop out and back him to improve his chances.
