Yoon says inflation is biggest problem in first secretary meeting

President Yoon Suk-yeol on Wednesday raised concerns about rising inflation and economic difficulties in his first meeting with senior aides, telling them to keep a close eye on economic indicators and find measures to combat inflation. “The economy is challenging right now. The biggest problem is the price,” Yoon said at the meeting in the morning. His remarks come as Finance Minister Choo Kyung-ho on the same day outlined price stability as a top priority policy task. In rec

May 11, 2022

Outnumbered ruling party faces difficult challenges

South Korea’s conservative People Power Party has become the ruling political party as of Tuesday with President Yoon Suk-yeol starting his five-year term, but the party faces a steep uphill battle at the parliament with weak legislative power and comparatively small foothold. The People Power Party is outnumbered and essentially has no power to push any legislative agenda on its own. It was only since last year that the conservative party recovered enough to start staging comebacks in cr

May 11, 2022

Govt. to submit extra budget bill to National Assembly this week: finance minister

The government has drawn up an extra budget bill aimed at compensating pandemic-hit small merchants and will submit it to the National Assembly later this week, Finance Minister Choo Kyung-ho said Wednesday. Choo made the remarks at the first consultative meeting between the ruling People Power Party (PPP) and the government, a day after President Yoon Suk-yeol took office. Choo said the extra budget plan is mainly aimed at compensating financial damage of pandemic-hit small merchants and stabil

May 11, 2022

Xi invites Yoon to visit China at convenient time

Chinese President Xi Jinping invited President Yoon Suk-yeol to visit China at a mutually convenient time, a Chinese official said Tuesday. Chinese Vice President Wang Qishan extended the invitation during a meeting with Yoon after attending Yoon's inauguration ceremony earlier in the day. "President Xi Jinping welcomes and invites the president to visit China at a mutually convenient time," he said through an interpreter. "President Xi Jinping told me specially to attend the p

May 10, 2022

Constitution bars presidents from seeking reelections in S. Korea: Why?

The history of Korean people spans across thousands of years, but the Republic of Korea, aka, South Korea, is relatively young, with its history punctuated by military dictatorships and struggles to establish a truly democratic system. The presidential system itself has undergone multiple changes along the way, and several of the nation’s leaders have had less-than-fortunate endings. Here are four facts about the South Korean presidency that you may not have known before. 1) “2

May 10, 2022

Yoon makes diplomatic debut with delegates at inauguration

President Yoon Suk-yeol on Tuesday made his diplomatic debut following his inauguration ceremony, holding a summit meeting and greeting delegates from key neighbors. Foreign dignitaries at the ceremony included Chinese Vice President Wang Qishan -- the highest-level official Beijing has sent to a Korean president’s inauguration -- Douglas Emhoff, the husband of US Vice President Kamala Harris, and Japan’s Foreign Minister Yoshimasa Hayashi. Other foreign dignitaries included Sing

May 10, 2022

Weak, fragile support base threatens Yoon administration’s successful start

President Yoon Suk-yeol, a political novice who rose to the nation’s top post less than a year after entering politics, faces the tough task of bridging the divide in public sentiment. But his relatively weak and fragile support base makes an already difficult task more daunting. Seemingly reflecting the close-fought race between Yoon and his rival Lee Jae-myung, surveys reveal a lack of public optimism about the next five years under the Yoon administration. Yoon beat his election op

May 10, 2022

President Yoon begins term with fist bumps

President Yoon Suk-yeol was sworn into office Tuesday with the kind of large inauguration ceremony that his predecessor missed out on. The event was held at the National Assembly, with some 41,000 people in attendance, including former President Moon Jae-in and his wife Kim Jung-sook, former President Park Geun-hye, officials from the government and National Assembly, diplomatic delegations and more. After paying his respects at Seoul National Cemetery in the morning, Yoon arrived at the N

May 10, 2022

[Newsmaker] Five things about S. Korea’s new president

Yoon Suk-yeol was officially sworn in as the 20th president of South Korea on Tuesday, kicking off his five-year term with the inauguration ceremony at 11 a.m. at the National Assembly in the nation’s capital. He has some distinct features that make him a unique leader in a number of ways. Here are five facts about the country’s new leader. 1) The first president since the 50s to work outside Cheong Wa Dae Yoon’s presidency has brought about a noticeable change to South K

May 10, 2022

Full text of President Yoon Suk-yeol’s inauguration speech

My fellow Koreans, seven and a half million fellow compatriots living overseas, fellow citizens around the world, I stand before you today, humbled by the trust and responsibility that you have given me and mindful of my solemn duty to rebuild this great nation. It is our generation’s calling to build a nation that espouses liberal democracy and ensures a thriving market economy, a nation that fulfills its responsibility as a trusted member of the international community, and a nation tha

May 10, 2022

Yoon stresses freedom, growth as he begins 5-year term

President Yoon Suk-yeol prioritized liberal democracy and market economy, believing freedom and rapid growth can resolve the multiple challenges the nation faces in his inaugural address on Tuesday. He also pledged to strengthen North Korea’s economy if it embarks on the denuclearization process. The inauguration ceremony was held at the National Assembly at 11 a.m. and had around 41,000 people in attendance, including former presidents and the family members of deceased former leaders,

May 10, 2022

Yoon to formally ask National Assembly to approve PM nominee

President Yoon Suk-yeol plans to formally ask the National Assembly to approve Prime Minister nominee Han Duck-soo on Tuesday after he takes the oath of office, the floor leader of the ruling People Power Party (PPP) said. PPP floor leader Rep. Kweon Seong-dong told CBS radio that Yoon plans to file his first motion to ask the National Assembly to approve Han later in the day. "Under the National Assembly law, the National Assembly should hold a plenary session as soon as possible to approv

May 10, 2022

Yoon pays tribute at national cemetery ahead of inauguration ceremony

President Yoon Suk-yeol on Tuesday visited Seoul National Cemetery to pay his tribute to fallen patriots before attending his inauguration ceremony. Yoon was accompanied by his wife Kim Keon-hee and aides, including presidential chief of staff designate Kim Dae-ki, at the Seoul National Cemetery, where he laid flowers and burned incense for the national heroes. Yoon wrote a message in the guestbook that read, "Upholding the sacrifice and the devotion of the patriotic martyrs, I will make th

May 10, 2022

Yoon govt. to hold 1st policy consultative meeting with ruling party this week: official

The Yoon Suk-yeol administration's first ruling party-government consultative meeting is expected to take place Wednesday to discuss an extra budget bill aimed at compensating pandemic-hit small merchants, an official with the now ruling People Power Party (PPP) said Tuesday. The meeting between the PPP and the new government is likely to be held at 7:30 a.m. at the National Assembly one day after Yoon takes office, according to the official. "Since the extra budget bill is the most urgent

May 10, 2022

Cheong Wa Dae to open to public at noon

Cheong Wa Dae was set to open to the public later Tuesday, immediately after incoming President Yoon Suk-yeol's inauguration ceremony, ending its 74-year-old role as the site for the presidential office and residence in line with Yoon's pledge to relocate the top office. The compound, including the main office building, the Nokjiwon garden and the state guest house of Yeongbin-gwan, will be open to visitors who have made online reservations in advance from noon to 8 p.m. and then from 7 a.m. to

May 10, 2022

Yoon to take oath of office as S. Korea's new president

Yoon Suk-yeol is set to be sworn in as South Korea's new president Tuesday, marking the start of a tough battle to avert an economic crisis, win the cooperation of an opposition-controlled parliament and rein in an increasingly menacing North Korea. Yoon kicked off his five-year term at midnight in the underground bunker of the new presidential office building in Yongsan by receiving a briefing from the Joint Chiefs of Staff. "President Yoon Suk-yeol expressed his appreciation for the hard

May 10, 2022

US looks forward to continued cooperation with S. Korea under Yoon: State Dept.

WASHINGTON -- The United States looks forward to continuing to work with South Korea under President Yoon Suk-yeol in tackling various challenges facing the US-South Korea alliance, a state department spokesperson said Monday. "The US-ROK alliance is the linchpin of peace, security and prosperity in the Indo-Pacific and we look forward to continuing US-ROK cooperation in tackling the most pressing global challenges," the spokesperson told Yonhap News Agency, asking not to be identified

May 10, 2022

Yoon begins term at midnight with military briefing

New South Korean President Yoon Suk-yeol began his five-year term at the start of Tuesday in an underground bunker set up at his office building by receiving a briefing from the Joint Chiefs of Staff as the commander-in-chief. Yoon was briefed at midnight in the situation room of the national crisis management center of the new presidential office in Yongsan, joined by top security officials, including new National Security Adviser Kim Sung-han and Defense Minister nominee Lee Jong-sup. Outgoing

May 10, 2022

Moon appeals for resumption of inter-Korean dialogue in farewell speech

Outgoing President Moon Jae-in appealed for the resumption of inter-Korean dialogue Monday as he delivered a farewell address on his last day in office amid heightened tensions over North Korea's repeated tests of weapons. "Peace is a condition of survival for us, a condition of prosperity," Moon said. "I sincerely hope that efforts for denuclearization and institutionalization of peace will continue with the resumption of dialogue between the South and the North." Taking

May 9, 2022

Moon calls for national unity in his final speech as president

As he steps down from his five-year term, President Moon Jae-in said in his retirement speech Monday that he “put down his heavy burden” but hoped to see the momentum his administration had created continue. He also called on the incoming Yoon Suk-yeol government to resume dialogue efforts with the North and “move toward national unity” shattered since the election. The Moon Jae-in administration began in May 2017 with overwhelming support from the public after form

May 9, 2022