Latest news with #KoreanPeninsula
Korea Herald
17 hours ago
- Business
- Korea Herald
Controversy grows over Jim Rogers' ‘endorsement' of Lee Jae-myung
Investor tells The Korea Herald he does not support or endorse anyone Rival parties on Monday bickered over the authenticity of the Democratic Party of Korea's claims of veteran US investor Jim Rogers' letter of "endorsement" of its presidential candidate Lee Jae-myung. The controversy snowballed Monday after Rogers denied his endorsement of Lee in several interviews with local media from late Sunday. In an email inquiry from The Korea Herald, Rogers replied, "I do not support or endorse or anything any candidate there," when asked whether he supports or has endorsed Lee. The Democratic Party refuted the investor's remarks in a joint statement released to the press by Kim Jin-hyang, the former head of the Kaesong Industrial Complex, and Song Kyung-ho, a professor at Pyongyang University of Science and Technology, who is based in London. The two were closely involved in the process of receiving the letter from Rogers and announcing it to the public. Song explained in the statement that Rogers did express his 'support' for Lee, which was interpreted as his endorsement of the candidate, which he said he regretted. Kim said Rogers' 'support of candidate Lee Jae-myung' was real, while admitting that there were 'some mistakes' made in the communication between Song and the US investor. The two also included screen captures of the conversation between Rogers and Song regarding Rogers' 'support' of Lee on the messenger app WeChat from May 26 to May 29. The screen-captured images showed that Rogers replied 'Thanks! This is fine' to a document titled 'A Message from Jim Rogers: Peace and Opportunity on the Korean Peninsula' drafted by Song. Song has asked for confirmation on whether he could release the document under Rogers' name, according to the images. However, the version shared on WeChat showed a toned-down version of the document later released to the public by the Democratic Party. The version drafted by Song and confirmed by Rogers said "That is why I recognize the pragmatic approach of Lee Jae-myung, a leader who is focused not on ideology or political distractions." The version of the document released by the Democratic Party shows Rogers saying, "That is why I strongly support Lee Jae Myung," instead of "I recognize the pragmatic approach." Rogers then says "Let us invest in peace. Let us invest in the future. Let us invest in Korea. So now. ... The choice is Lee Jae-myung." He calls Lee "a leader with the courage and vision to end the era of confrontation and open a new chapter of peace, growth, and global leadership for Korea." The People Power Party denounced the Democratic Party's claims as 'an international fraud' and called for Lee to drop out of the presidential race. People Power Party Interim Chair Kim Yong-tae said during the party's election committee meeting held Monday morning that the Democratic Party's claims are 'incorrect stories spread by a person who met (Rogers) briefly a few years ago.' On Thursday, several members of the Democratic Party's central election committee announced in a press conference that Rogers decided to 'endorse' Lee. The 8-minute press conference was entirely dedicated to Rogers. mkjung@
Korea Herald
18 hours ago
- Business
- Korea Herald
Controversy grows over Jim Rogers' ‘endorsement' of Lee Jae-myung
Investor tells The Korea Herald he does not support or endorse anyone Rival parties on Monday bickered over the authenticity of the Democratic Party of Korea's claims of veteran US investor Jim Rogers' letter of "endorsement" of its presidential candidate Lee Jae-myung. The controversy snowballed Monday after Rogers denied his endorsement of Lee in several interviews with local media from late Sunday. In an email inquiry from The Korea Herald, Rogers replied, "I do not support or endorse or anything any candidate there," when asked whether he supports or has endorsed Lee. The Democratic Party refuted the investor's remarks in a joint statement released to the press by Kim Jin-hyang, the former head of the Kaesong Industrial Complex, and Song Kyung-ho, a professor at Pyongyang University of Science and Technology, who is based in London. The two were closely involved in the process of receiving the letter from Rogers and announcing it to the public. Song explained in the statement that Rogers did express his 'support' for Lee, which was interpreted as his endorsement of the candidate, which he said he regretted. Kim said Rogers' 'support of candidate Lee Jae-myung' was real, while admitting that there were 'some mistakes' made in the communication between Song and the US investor. The two also included screen captures of the conversation between Rogers and Song regarding Rogers' 'support' of Lee on the messenger app WeChat from May 26 to May 29. The screen-captured images showed that Rogers replied 'Thanks! This is fine' to a document titled 'A Message from Jim Rogers: Peace and Opportunity on the Korean Peninsula' drafted by Song. Song has asked for confirmation on whether he could release the document under Rogers' name, according to the images. The document released by the Democratic Party shows Rogers saying, "Let us invest in peace. Let us invest in the future. Let us invest in Korea. So now. ... The choice is Lee Jae-myung." Rogers then adds he "strongly supports" Lee Jae Myung, calling him "a leader with the courage and vision to end the era of confrontation and open a new chapter of peace, growth, and global leadership for Korea." The People Power Party denounced the Democratic Party's claims as 'an international fraud' and called for Lee to drop out of the presidential race. People Power Party Interim Chair Kim Yong-tae said during the party's election committee meeting held Monday morning that the Democratic Party's claims are 'incorrect stories spread by a person who met (Rogers) briefly a few years ago.' On Thursday, several members of the Democratic Party's central election committee announced in a press conference that Rogers decided to 'endorse' Lee. The 8-minute press conference was entirely dedicated to Rogers.
New York Times
18 hours ago
- Business
- New York Times
South Korea's New Leader Will Inherit a Divided Country in an Unstable World
The presidential election in South Korea on Tuesday will be a big step toward stabilizing the country after months of political turbulence. But whoever wins — the left-wing front-runner Lee Jae-myung or his conservative rival Kim Moon-soo — will lead a nation in crisis. South Korea's economic growth has sputtered to a snail's pace. Its income gap is wider than ever. Its suicide rates are among the highest, and its birthrates the lowest, in the world. Yet, the country has never been more politically divided — between the left and right, between generations and between young men and women. Whoever becomes the president will not be accepted by a large swath of the polarized society. South Korea also faces formidable challenges from abroad. North Korea is threatening to use its expanding nuclear arsenal against South Korea. Russia has signed a mutual defense treaty with the North and is helping modernize its military. But President Trump has asked why the United States should spend so much money to keep its troops in South Korea. He has also slapped steep tariffs on cars, steel and other products that are crucial for South Korea's export-driven economy. South Korea needs to repair strained diplomatic ties with China, its largest trade partner, to help spur exports and economic growth. But the United States, its only military ally, is asking it to join efforts to contain China. 'A daunting and complex crisis is buffeting us,' said Mr. Lee, the Democratic Party candidate who is leading in the polls. 'We must turn the crisis into opportunities.' Want all of The Times? Subscribe.
Japan Times
a day ago
- Business
- Japan Times
South Korea's presidential front-runner backs nuclear power — for now
South Korea's presidential front-runner Lee Jae-myung has pledged to keep nuclear power "for the time being,' but plans a long-term shift to renewables if elected on Tuesday — a stance that could undermine the nation's atomic energy expansion plans at home and abroad. Lee, a member of the opposition Democratic Party, unveiled an "energy expressway' policy framework that relies on renewables, such as offshore wind, to supply industrial hubs. His strategy calls for phasing out coal by 2040, curbing consumption of natural gas, and forming a ministry tasked with meeting South Korea's 2050 net zero goal. Lee supports extending the life of existing nuclear plants, but opposes new reactors, citing land constraints and waste management issues. "Nuclear power is inherently dangerous and there are sustainability issues,' Lee said in a May 18 debate. "Let's utilize it, but not too much. And we should transition to renewable energy.' At stake is South Korea's pro-nuclear policy enacted by impeached former President Yoon Suk Yeol, who doubled down on atomic power as a long-term means to boost energy security and curb emissions. Yoon also sought to accelerate the export of South Korea's nuclear technology in a bid to supercharge its industries. Kim Moon-soo, the nominee for the conservative People Power Party and Lee's main rival, had previously vowed to eventually raise nuclear's share to 60% of the mix — up from about 32% in 2024 — but later walked it back after criticism. Kim currently supports the addition of six new reactors, a policy that mirrors Yoon's. Kim also promised greater support for offshore wind, hydro and other renewables, but highlighted that any such programs should benefit local firms and be balanced with atomic power. South Korea's latest energy blueprint aims for nuclear to make up 35% of the power mix by 2038, with renewables at 29%. If elected, Lee is expected to focus on renewables, potentially aiming to lift the energy source to more than 30% of the power mix by 2030, according to Han Byung-Hwa, an analyst at Eugene Investment & Securities. Meanwhile, Kim is likely to retain the current push for nuclear power, said Han. Both Lee and Kim support the development and export of small modular nuclear reactors. Lee is pushing for more profitability in foreign deals, after criticism that South Korea's overseas contracts are underpriced. Still, potentially higher power requirements from the AI boom means that nuclear's current role in the electricity mix likely won't change too drastically in the short term. "One of the hurdles to entering the AI era is power,' said Jaeseung Kim, an analyst at Hyundai Motor Securities. "Whoever wins will have no choice but to accept and use nuclear power for the time being.'
CNA
a day ago
- Business
- CNA
East Asia Tonight - Fri 30 May 2025
50:11 Min Spotlight on East Asia, a region steeped in history and now helping to write the future of our world. We'll break down the key stories and explain why they matter. East Asia Tonight About the show: 'East Asia Tonight' shines a spotlight on a region steeped in history and now helping to write the future of our world. Greater China, Japan, and the Korean Peninsula have economic and political might, and are major drivers of daily news and business. We'll break down the key stories and explain why they matter.
