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The Star
3 days ago
- Business
- The Star
South Korea's new President Lee begins moves to tackle economic 'crisis'
South Korea's new president Lee Jae-myung and his wife Kim Hye-gyeong following his inauguration ceremony at the National Assembly in Seoul, South Korea, on June 4, 2025. - Bloomberg SEOUL: South Korea's new President Lee Jae-myung held his first cabinet meeting on Thursday (June 5) focused on devising an emergency package to address stagnating economic growth and aid households, moving swiftly to start tackling a top campaign pledge. Lee took office on Wednesday just hours after riding a wave of anger over a brief martial law imposed by Yoon Suk-yeol to win the snap election. The attempt at military rule led to Yoon's ouster and sent shockwaves through Asia's fourth-largest economy. In brief remarks open to the media, Lee told the cabinet carried over from the caretaker government put in place following Yoon's impeachment in December that there was no time to waste in getting to work as the people were facing hardship. Lee has so far only nominated a close political ally and legislative veteran as prime minister and is racing to form a cabinet and staff his office to maintain continuity in administration. The new leader expressed bewilderment on Wednesday after walking into the presidential office to find it stripped of computers, printers and even pens and was quiet like "a graveyard" with government officials who had been assigned there sent back to their posts. Most of the officials have been ordered back, Lee's spokesperson said on Thursday. Lee has made economic recovery one of his top priorities and vowed to immediately unleash fiscal spending of at least 30 trillion won (US$22 billion) to boost growth, which was projected by the central bank in May to be almost half of its earlier estimate this year at 0.8%, down from 1.5% in February. Kim Min-seok, whose appointment as prime minister requires parliamentary approval, said on Wednesday the country was facing even more economic turmoil than during the Asian financial crisis of 1997, complicated by unfavourable external factors. "Today, the economy is heading downward and stagnating, which is why I believe it's much more difficult," he told reporters. The previous government had made little progress in trying to assuage crushing US. tariffs that would hit some of the country's major export-reliant industries, including autos, electronics and steel. Lee faces what could be the most daunting set of challenges for a South Korean leader in decades, analysts said, ranging from healing a country deeply scarred by the martial law attempt to tackling unpredictable protectionist moves by the United States. On Thursday, Lee withdrew the nomination of two judges to the Constitutional Court, made by acting President Han Duck-soo before the election, his office said. Lee previously said Han had no power to nominate judges as an unelected acting leader. The ruling Democratic Party-controlled parliament also passed on Thursday special counsel acts to investigate former President Yoon on insurrection charges and his wife Kim Keon-hee over corruption allegations. The party had previously passed the special counsel acts on multiple occasions, but they were repeatedly vetoed by Yoon and then the acting president. Yoon is currently facing a separate trial on insurrection charges. - Reuters
Straits Times
3 days ago
- Business
- Straits Times
South Korea's new President Lee begins moves to tackle economic ‘crisis'
Mr Lee has made economic recovery one of his top priorities. PHOTO: REUTERS SEOUL - South Korea's new President Lee Jae-myung held his first cabinet meeting on June 5 focused on devising an emergency package to address stagnating economic growth and aid households, moving swiftly to start tackling a top campaign pledge. Mr Lee took office on June 4 just hours after riding a wave of anger over a brief martial law imposed by Yoon Suk Yeol to win the snap election. The attempt at military rule led to Yoon's ouster and sent shockwaves through Asia's fourth-largest economy. In brief remarks open to the media, Mr Lee told the Cabinet carried over from the caretaker government put in place following Yoon's impeachment in December 2024 that there was no time to waste in getting to work as the people were facing hardship. Mr Lee has so far only nominated a close political ally and legislative veteran as prime minister and is racing to form a Cabinet and staff his office to maintain continuity in administration. The new leader expressed bewilderment on June 4 after walking into the presidential office to find it stripped of computers, printers and even pens and was quiet like 'a graveyard' with government officials who had been assigned there sent back to their posts. Most of the officials have been ordered back, Mr Lee's spokesperson said on June 4. Mr Lee has made economic recovery one of his top priorities and vowed to immediately unleash fiscal spending of at least 30 trillion won (S$28.3 billion) to boost growth, which was projected by the central bank in May to be almost half of its earlier estimate this year at 0.8 per cent, down from 1.5 per cent in February. Mr Kim Min-seok, whose appointment as prime minister requires parliamentary approval, said on June 4 the country was facing even more economic turmoil than during the Asian financial crisis of 1997, complicated by unfavourable external factors. 'Today, the economy is heading downward and stagnating, which is why I believe it's much more difficult,' he told reporters. The previous government had made little progress in trying to assuage crushing US tariffs that would hit some of the country's major export-reliant industries, including autos, electronics and steel. Mr Lee faces what could be the most daunting set of challenges for a South Korean leader in decades, analysts said, ranging from healing a country deeply scarred by the martial law attempt to tackling unpredictable protectionist moves by the United States. On June 4, Mr Lee withdrew the nomination of two judges to the Constitutional Court, made by acting President Han Duck-soo before the election, his office said. Mr Lee previously said Mr Han had no power to nominate judges as an unelected acting leader. The ruling Democratic Party-controlled parliament also passed on June 5 special counsel acts to investigate former president Yoon on insurrection charges and his wife Kim Keon Hee over corruption allegations. The party had previously passed the special counsel acts on multiple occasions, but they were repeatedly vetoed by Yoon and then the acting president. Yoon is currently facing a separate trial on insurrection charges. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
RTHK
3 days ago
- Business
- RTHK
S Korean cabinet meets amid Lee race on economy
S Korean cabinet meets amid Lee race on economy Lee Jae-myung, seen here on TV at a railway station in Seoul, says the South Korean economy is stagnating in a challenging global environment. Photo: Reuters South Korea's new President Lee Jae-myung held his first cabinet meeting on Thursday focused on devising an emergency package to address stagnating economic growth and aid households, moving swiftly to start tackling a top campaign pledge. Lee took office on Wednesday just hours after riding a wave of anger over a brief martial law imposed by Yoon Suk-yeol to win the snap election. The attempt at military rule led to Yoon's ouster and sent shockwaves through Asia's fourth-largest economy. In brief remarks open to the media, Lee told the cabinet carried over from the caretaker government put in place following Yoon's impeachment in December that there was no time to waste in getting to work as the people were facing hardship. Lee has so far only nominated a close political ally and legislative veteran as prime minister and is racing to form a cabinet and staff his office to maintain continuity in administration. The new leader expressed bewilderment on Wednesday after walking into the presidential office to find it stripped of computers, printers and even pens and was quiet like "a graveyard" with government officials who had been assigned there sent back to their posts. Most of the officials have been ordered back, Lee's spokesperson said on Thursday. Lee has made economic recovery one of his top priorities and vowed to immediately unleash fiscal spending of at least 30 trillion won to boost growth, which was projected by the central bank in May to be almost half of its earlier estimate this year at 0.8 percent, down from 1.5 percent in February. Kim Min-seok, whose appointment as prime minister requires parliamentary approval, said on Wednesday the country was facing even more economic turmoil than during the Asian financial crisis of 1997, complicated by unfavourable external factors. "Today, the economy is heading downward and stagnating, which is why I believe it's much more difficult," he said. The previous government had made little progress in trying to assuage crushing US tariffs that would hit some of the country's major export-reliant industries, including autos, electronics and steel. Lee faces what could be the most daunting set of challenges for a South Korean leader in decades, analysts said, ranging from healing a country deeply scarred by the martial law attempt to tackling unpredictable protectionist moves by the United States. On Thursday, Lee withdrew the nomination of two judges to the Constitutional Court, made by acting president Han Duck-soo before the election, his office said. Lee has said Han had no power to nominate judges as an unelected acting leader. The ruling Democratic Party-controlled parliament also passed on Thursday special counsel acts to investigate former president Yoon on insurrection charges and his wife Kim Keon-hee over corruption allegations. The party had previously passed the special counsel acts on multiple occasions, but they were repeatedly vetoed by Yoon and then the acting president. Yoon is currently facing a separate trial on insurrection charges. (Reuters)
Korea Herald
01-05-2025
- Politics
- Korea Herald
Korean politics in disarray as Choi Sang-mok, who was to become acting president, resigns amid impeachment vote
Deputy Prime Minister and Finance Minister Choi Sang-mok, who was to replace outgoing Prime Minister Han Duck-soo Friday, stepped down as the Democratic Party-controlled National Assembly moved to impeach him in a move widely perceived as retaliation over the Supreme Court's ruling against its presidential candidate. Choi offered to resign at 10:28 p.m. Thursday and his resignation was quickly accepted by Han, who offered to step down Thursday afternoon in an apparent bid to run for president. Han's role as acting president is to end at midnight. In a note to reporters, Choi said he "felt sorry for being unable to continue his official duties in the face of grave economic challenges at home and abroad." Choi's resignation follows the National Assembly's move to impeach him. The Democratic Party had filed a motion to impeach Choi in March citing his "selective" appointment of Constitutional Court justices recommended by the National Assembly. The Constitutional Court's eight justices in April unanimously upheld former President Yoon Suk Yeol's impeachment over his botched self-coup attempt. Upon learning of Choi's resignation — minutes after putting the impeachment motion to the vote — National Assembly Speaker Rep. Woo Won-shik halted voting by lawmakers. Following Thursday night's debacle, Deputy Prime Minister and Education Minister Lee Joo-ho is set to take over as acting president in accordance with the order of succession. Earlier on Thursday, the Supreme Court found in a 10-2 ruling that Rep. Lee Jae-myung, the Democratic Party's presidential nominee for the June 3 election, was guilty of making false claims during the 2022 presidential election as a candidate and sent the case back to the Seoul High Court. Describing the ruling as an "unfair intervention" by the Supreme Court in the election, the Democratic Party pushed ahead with its plan to impeach Choi, as well as Shim Woo-jung, chief of the Supreme Prosecutors' Office, after holding an emergency meeting later Thursday.
Yahoo
17-03-2025
- Politics
- Yahoo
South Korea's opposition says delay of Yoon impeachment ruling is irresponsible
SEOUL (Reuters) - South Korea's opposition Democratic Party on Monday urged the country's Constitutional Court to swiftly rule on President Yoon Suk Yeol's impeachment, saying keeping the country waiting is "irresponsible" and deepening social division. As the eight-member court continued deliberations well into the third week, political tensions have surged between those who demand Yoon's ouster for declaring a short-lived martial law in December and supporters who want him reinstated. The court had wrapped up arguments on February 25, where Yoon said his martial law declaration was needed to root out "anti-state" elements but he never intended to fully impose emergency military rule. "The country and the people have come to the breaking point," a Democratic Party leadership member Kim Min-seok said. "We wait for the court's responsible decision. Further delay is not normal and irresponsible," he told a party meeting. In 2017, former president Park Geun-hye was removed from office 11 days after the final arguments in the Constitutional Court in her impeachment trial. South Koreans have gathered in huge numbers in the capital Seoul supporting and backing the conservative leader's removal, saying the delay has been frustrating and made confusion worse. Yoon was impeached by the Democratic Party-controlled parliament in December for violating his constitutional duty. He committed acts that are a grave threat to rule of law and more than disqualify him from office, the impeachment motion said. Yoon is on a separate criminal trial on charges of leading insurrection, which is punishable by death or life in prison. The fallout of Yoon's martial law declaration has widened the rifts between the conservatives and liberals and those in the public, adding stress on institutions and putting much of the government policy making in limbo. Some of the country's top military commanders have been taken off duty and face criminal trials for their roles in the martial law decree. Arguments in the trial of former defence minister Kim Yong-hyun on insurrection charges begin on Monday. Prime Minister Han Duck-soo, who was briefly acting president after Yoon was impeached and suspended from power on December 14, has also been impeached and the country is now led by the Finance Minister Choi Sang-mok.
