The Democratic Party would need to get 8 votes from President Yoon’s People Power Party to impeach him. It will be interesting to see what the PPP does because its leadership has clashed with Yoon as well. If the PPP decides to support impeachment they are essentially handing the Presidency to Lee Jae-myung and the Korean left. However if the PPP does decide to support impeachment I can’t really blame them because the martial law attempt was preposterous:
President Yoon Suk Yeol has come under growing attacks from the main opposition party to face impeachment or charges of treason, in the wake of his short-lived attempt to impose martial law that was blocked by the National Assembly. (Yonhap)
You can read more at the link, but any treason charges is going to depend on if the Constitutional Court finds that what Yoon did was Constitutional or not.
South Korea's semiconductor exports remain resilient, reaching $12.5 billion again in November. Still year-over-year growth is slowing to levels seen late last year. https://t.co/aWIhiNNqQPpic.twitter.com/bkRxz9lIk2
Car-train collision in Seoul A sedan remains crashed into the front of a subway train near Geumcheon-gu Office Station on Line 1 on Dec. 1, 2024, in this photo provided by a reader. The car broke through the dividing wall into the track at 6:46 a.m. No casualties were reported as the two passengers in the car evacuated before the collision. (Yonhap)
I don’t get what Yoon was thinking declaring martial law knowing full well the Democratic Party who holds a majority in the National Assembly can just vote to end it. We all know the DP is conducting the impeachments in effort to protect their leader Lee Jae-myung from prosecution, but their had to be better response options than martial law:
President Yoon Suk Yeol declared emergency martial law, accusing the nation’s opposition of paralyzing the government with “anti-state activities,” but the National Assembly voted to lift the decree hours later.
“Martial law is aimed at eradicating pro-North Korean forces and to protect the constitutional order of freedom,” Yoon said in an emergency national address televised live in late Tuesday.
It marks the first declaration of emergency martial law in South Korea since 1979.
The surprise announcement came after the opposition Democratic Party (DP) railroaded a downsized budget bill in the parliamentary budget committee, and submitted impeachment motions against a state auditor and the chief prosecutor.
Under the Constitution, the president can declare martial law in response to military needs during times of war, armed conflict, a national emergency, or when public safety and order require it.
Following the address, Army Chief of Staff Gen. Park An-su, who was named as leader of martial law command, announced a decree banning all political activities, including protests and activities by political parties.
At at around 1 a.m, Wednesday, the 300-member National Assembly convened a plenary session to demand that Yoon lift martial law, with the resolution approved with 190 members present and 190 votes in favor.
With the motion’s passage, the martial law declaration is void, according to the parliamentary speaker’s office. (Yonhap)
You can read more the link, but Yoon was already very unpopular and this martial law decree will likely make him even more deeply disliked in Korea.
This is a heck of a collateral that is being offered by the Lotte Group:
Lotte Group said Thursday that it provided Seoul’s landmark Lotte World Tower as collateral to strengthen the creditworthiness of corporate bonds issued by its struggling chemical unit, Lotte Chemical. The move is part of the group’s efforts to reassure investors about its financial prudence.
Lotte Group said in a statement that it will offer Lotte World Tower to banks as collateral to enhance the creditworthiness of its corporate bonds through bank guarantees related to the bond agreements.
The 123-story, 555-meter Lotte World Tower is the world’s sixth-tallest building and the highest in Korea. Owned by Lotte Property & Development, its current value exceeds 6 trillion won ($4.3 billion).
The statement came after Lotte Chemical revealed last week that it was in a position where creditors could declare an event of default and demand early repayment of its corporate bonds, valued at 2.05 trillion won. This development arose from the company’s inability to comply with the predetermined terms of the bonds.
I guess we will see if China tries to conduct any provocations against Taiwan while its President is visiting Hawaii and Guam:
Taiwanese President Lai Ching-te will stop over in Hawaii and Guam during his trip to the South Pacific, drawing criticism from China. Lai is to leave Taiwan on Saturday on a weeklong trip to visit the Marshall Islands, Tuvalu and Palau — three diplomatic allies of the self-governed island. Asked by the AP, Lai’s office on Friday confirmed reports that he would make stopovers in the U.S. state of Hawaii and the U.S. territory of Guam. Under pressure from China, which claims Taiwan as its own territory, the island has just 12 formal diplomatic allies.
However, it retains strong contacts with dozens of other nations, including the U.S., its main source of diplomatic and military support. Lai’s planned stopovers drew criticism from Beijing. Chinese Foreign Ministry spokesperson Mao Ning said if the U.S. wants to maintain peace in the Taiwan Strait, it is important for it to handle the Taiwan issue “with utmost caution, clearly opposing Taiwan independence and supporting China’s peaceful reunification.” Mao said China firmly opposes any form of official interaction between the U.S. and Taiwan, and visits by Taiwan’s leaders to the U.S. for any reason.
YouTuber Dalgeun Yu, a former Underwater Demolition Team/SEAL soldier, punched Somali out in front of police and is now facing jail time for the assault.
Winter skiers Skiers wait in long lines for lifts at a ski resort in Pyeongchang, Gangwon Province, on Dec. 1, 2024, the first weekend after its opening for the season. (Yonhap)
I wonder if Seoul will ever see this money paid back to them:
Ukrainian Prime Minister Denys Shmyhal confirmed Friday that Ukraine has received a US$100 million loan from South Korea aimed at supporting the social sector.
In a post on social media X, Shmyhal said the loan is “the first budget assistance” from South Korea to support the social sector.
He said Ukraine also signed an agreement with South Korea granting access to up to $2.1 billion in funding earlier this year.
It appears the authoritarian block is sending a message to South Korea about supporting Ukraine:
South Korea scrambled fighter jets Friday after six Russian and five Chinese military aircraft entered the country’s air defense identification zone. The foreign aircraft approached the zone between 9:35 a.m. and 1:53 p.m., crossing into the buffer near the southern and eastern coasts, according to a statement from the South’s Joint Chiefs of Staff. Air defense identification zones are buffers designed by some nations to monitor and identify approaching aircraft before they enter national airspace.
