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South Korean President Yoon Suk Yeol faces impeachment calls after his failed martial law declaration, which sparked the worst constitutional crisis in decades. Opposition lawmakers and protesters demand his resignation, citing a grave violation of the constitution, while financial authorities work to stabilize the economy amid market turmoil. If impeached, Yoon would be suspended from duties, with a new election required within 60 days.
In a historic move, South Korean President Yoon Suk Yeol invoked martial law for the first time in nearly 40 years, citing threats from "anti-state forces" and North Korean sympathizers. The decree sparked a political crisis and a swift public backlash, leading to its rescindment just six hours later following a unanimous parliamentary vote.
Parliament is currently debating the 2025 budget, with CHF 86 billion in planned expenditures, including increased funding for the army. In sports, Mikaela Shiffrin faces an uncertain return after a serious injury, while René Benko has an arrest warrant issued in Italy for real estate fraud. South Korean President Yoon Suk-yeol has declared martial law amid political tensions.
South Korean President Yoon Suk Yeol faces a leadership challenge as the opposition seeks to control the annual budget. Yoon's government proposed a 677.4 trillion won budget, aiming for a 3.2% increase to support a cooling economy, but the Democratic Party has cut 4.1 trillion won from the total.
South Korea"s stock market faces a "Korea Discount," where shares trade at lower valuations compared to global peers, largely due to poor corporate governance and the geopolitical risk from North Korea. President Yoon Suk Yeol aims to enhance board accountability to attract retail investors, but he must navigate entrenched business interests that benefit from the current system. Major firms like Samsung and Hyundai are often undervalued despite comparable profitability to international competitors.
South Korean President Yoon Suk Yeol has announced a significant increase in the nation"s contribution to the World Bank"s International Development Association fund. The contribution will rise by 45%, exceeding $600 million, as stated by the finance ministry.
South Korean shipbuilding stocks surged on Thursday, defying a broader market decline, following a congratulatory call from President Yoon Suk Yeol to Donald Trump. Hanwha Ocean Co. shares rose by 15%, while HD Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. saw increases of 16% and 8.4%, respectively, making them top gainers on the MSCI Asia Pacific Index.
North Korea's Foreign Minister Choe Son Hui visited Moscow amid reports of Pyongyang deploying about 10,000 troops to support Russia in the Ukraine conflict. Choe expressed North Korea's backing for Russia's military efforts, while concerns grow over potential military technology exchanges that could enhance North Korea's nuclear capabilities.
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05:55 04.12.2024
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11:27 01.11.2024
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