S Korea's main opposition party moves to impeach Yoon after night of turmoil

China

S Korea's main opposition party moves to impeach Yoon after night of turmoil

2024-12-04 13:46 Last Updated At：12-05 00:07

The Republic of Korea (ROK)'s main opposition party on Wednesday said it is pushing for the impeachment of President Yoon Suk-yeol following a night of chaos in Seoul after the president declared and then lifted an emergency martial law order.

Jo Seoung-lae, chief spokesman of the Democratic Party of Korea, made the announcement at a press conference, adding that the impeachment bill would be proposed on Wednesday.

It came after Yoon shocked the nation in a late night televised address on Tuesday, in which he said he had issued the emergency order to "eradicate anti-state forces." It marked the first such declaration of martial law since the country's military dictatorship ended in the late 1980s.

The move sparked protests and saw lawmakers rush to the National Assembly building in the capital, with the decree eventually being unanimously rejected in a vote early on Wednesday. Several hours later, Yoon said he would lift the martial law order.

The Democratic Party said it would now file insurrection charges against President Yoon, Defense Minister Kim Yong-hyun, and Minister of the Interior and Safety Lee Sang-min.

The leadership of the ruling People Power Party has also demanded Yoon's resignation from the party, according to South Korean television network JTBC on Wednesday.

Senior members of the cabinet, including the chief of staff and all senior secretaries, have offered to resign en masse after holding a meeting to discuss the situation, according to the presidential office.

This marks the second collective resignation of senior officials at the presidential office since Yoon came to power in 2022.

Although the martial law has been lifted, people were still seen gathering outside the National Assembly on Wednesday morning. Police remained stationed in front of the building, but traffic in the area has resumed.

South Korea's stock and foreign exchange markets have also been severely impacted by the turmoil, with the Korean won falling sharply against the U.S. dollar to hit a 15-year low.

Nepali prime minister stresses importance of stronger business ties with China

2024-12-04 23:20 Last Updated At：23:37

Nepali Prime Minister KP Sharma Oli on Wednesday highlighted the importance of stronger business ties with China at the Nepal-China Business Forum in Beijing, calling for joint efforts of the business community from both sides to achieve mutual benefit.

Oli is in China for a four-day official visit, during which he met with Chinese President Xi Jinping and Premier Li Qiang on Tuesday.

On Wednesday afternoon, he delivered a keynote speech at the forum, in which he spoke highly of the close relationship between the two nations.

"We are not only linked by mountains and rivers, but we are also connected by culture and situation on economic relations, respect for sovereign equality, territory integrity, political independence as well as mutual trust," said the prime minister.

Oli also encouraged businesses from both countries to deepen cooperation.

"I encourage the business community from both countries to work together for mutual benefit. Your increased collaboration and partnership will contribute to further enhancing our economic cooperation. I believe the private sector is the real engine of economic growth and prosperity," he said.

India, as Nepal's largest trading partner, accounts for two-thirds of Nepal's international trade, whereas China, as the second largest, now accounts for about 14 percent. Nine agreements have been signed between China and Nepal, with some of them focusing on enhancing business ties.

According to some participants in the forum, there is still much room for the two countries to expand cooperation in trade and investment.

"Our export is very much low, if we compare with the lot of import from China. So we need to export more items to China. Border connectivity also needs to be improved [more] than what we already have," said Chandra Prasad Dhakal, president of the Federation of Nepalese Chambers of Commerce and Industry.

"From January to September this year, the trade volume between China and Nepal reached 1.58 billion U.S. dollars, marking an 8.7-percent year-on-year increase, showcasing the great potential of bilateral economic and trade cooperation," said Zhang Shaogang, vice chairman of the China Council for the Promotion of International Trade.