South Korea's top court formally ousts President Park Geun-hye

March 10, 2017

Seoul, Mar 10: In a historic, unanimous ruling Friday, South Korea's Constitutional Court formally removed impeached President Park Geun-hye from office over a corruption scandal that has plunged the country into political turmoil, worsened an already serious national divide and prompted calls for sweeping reforms.

GeunIt was a stunning fall for Park, the country's first female leader and the daughter of a dictator who rode a lingering conservative nostalgia for her father to victory in 2012, only to see her presidency descend into a scandal.

The ruling by the eight-member panel opens her up to possible criminal proceedings and makes her South Korea's first democratically elected leader to be removed from office since democracy came in the country in the late 1980s.

Park's "acts of violating the constitution and law are a betrayal of the public trust," acting Chief Justice Lee Jung-mi said. "The benefits of protecting the constitution that can be earned by dismissing the defendant are overwhelmingly big. Hereupon, in a unanimous decision by the court panel, we issue a verdict: We dismiss the defendant, President Park Geun-hye."

South Korea must hold an election within two months to choose Park's successor. Liberal Moon Jae-in, who lost to Park in the 2012 election, currently enjoys a comfortable lead in opinion surveys. Whoever becomes the next leader will take over a country facing a hostile North Korea, a stagnant economy and deep social and political divides.

Pre-verdict surveys showed that 70 to 80 percent of South Koreans had wanted the court to approve Park's impeachment. But there have been worries that Park's ouster would further polarize the country and cause violence between her supporters and opponents.

Sensing history, thousands of people — both pro-Park supporters, many of them dressed in army-style fatigues and wearing red berets, and those who wanted Park gone — gathered around the Constitutional Court building and a huge public square in downtown Seoul.

A big television screen was set up near the court so people could watch the verdict live. Hundreds of police were on hand for any protests, wearing helmets with visors and black, hard-plastic breastplates and shin guards. The streets near the court were lined with police buses and barricades.

Park's parliamentary impeachment in December came after weeks of Saturday rallies that drew millions who wanted her resignation. Overwhelmed by the biggest rallies in decades, the voices of Park supporters were largely ignored. But they've recently regrouped and staged fierce pro-Park rallies since.

People on both sides have threatened not to accept a Constitutional Court decision that they disagree with. One of Park's lawyers told the court last month that there will be "a rebellion and blood will drench the asphalt" if Park is booted from office. Many participants at anti-Park rallies had said they would stage a "revolution" if the court rejected Park's impeachment.

"If Park accepts the ruling and soothes those who opposed her impeachment, things will be quiet," said Yoon Tae-Ryong, a political scientist at Seoul's Konkuk University. "But looking at what she's done so far, I think that might be wishful thinking."

Others disagreed, saying violent protests won't be supported by the general public.

Prosecutors have arrested and indicted a slew of high-profile figures over the scandal, including Park's confidante Choi Soon-sil, top Park administration officials and Samsung heir Lee Jae-yong. But Park has avoided a direct investigation thanks to a law that gives a sitting president immunity from prosecution for most of the alleged crimes.

Since she's now no longer in power, prosecutors can summon, question and possibly arrest her. Her critics want to see Park appear on TV while dressed in prison garb, handcuffed and bound like others involved in the scandal. But some analysts worry that could create a backlash by conservatives.

Even after the election, imprisoning Park could still be a burden for a new government, which must pursue national unity to overcome security, economic and other problems, said Chung Jin-young, a professor at Kyung Hee University. Others say it won't be difficult.

Among the most serious problems facing South Korea is China's retaliation against the deployment of a US high-tech missile defense system in the South. Ties with North Korea are terrible, with Pyongyang seeking to expand its nuclear and missile arsenal. Japan hasn't sent back its ambassador, which it recalled two months ago over history disputes. South Korea also worries about the Trump administration asking for a greater financial contribution for US troop deployment in the South.

Park rose to power in 2012 largely thanks to the support of voters who believed her father guided the country out of poverty after the 1950-53 Korean War and that his daughter would show the same charismatic leadership to revive the economy.

But her father was also a burden because there are many who remember the senior Park as a ruthless thug. These critics have linked her alleged unclear and high-handed decision-making and attempts to infringe upon freedom of speech to her father's high-handed style.

"The nostalgia for Park Chung-hee's developmental dictatorship, which has existed as a sort of myth since the '60s, has been shattered along with Park Geun-hye's impeachment," said Lim Jie-Hyun, a professor at Sogang University. "When people voted for Park Geun-hye, they didn't do so because of her."

Park Geun-hye has offered a public apology several times and acknowledged she got some help from Choi for editing speeches and on the issue of public relations. But Park has denied any legal wrongdoing.

The two women became friends in the 1970s, around the time when Park began serving as first lady after her mother was killed during a failed 1974 assassination attempt on her father. Park Geun-hye said Choi helped her "when I had difficulties" in the past. The two women had 573 phone calls between 18 April, 2016 and 26 October, 2016, according to an investigation report by prosecutors.

Prime Minister Hwang Kyo-ahn has led the government as acting leader since Park's impeachment and he will continue to do so until South Korea elects a new president by May. Some media reports said Hwang might run for the presidency as a conservative candidate. If that happens, he should resign to run and a deputy prime minister will serve as another interim leader.

In 2004, then President Roh Moo-hyun was impeached by parliament for alleged election law violations and incompetence, but the Constitutional Court later reinstated his power.

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News Network
June 15,2020

Jun 15: Oil prices fell on Monday, with U.S. oil dropping more than 2%, as a spike in new coronavirus cases in the United States raised concerns over a second wave of the virus which would weigh on the pace of fuel demand recovery.

Brent crude futures fell 66 cents, or 1.7%, at $38.07 a barrel as of 0016 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 81 cents, or 2.2%, to $35.45 a barrel.

Both benchmarks ended down about 8% last week, their first weekly declines since April, hit by the U.S. coronavirus concerns: More than 25,000 new cases were reported on Saturday alone as more states, including Florida and Texas, reported record new infection highs.

"Concerns about the recent uptick in COVID-19 infections in the U.S. and a potential 'second wave' are weighing on oil at the moment," said Stephen Innes, chief global market strategist at AxiCorp.

Meanwhile, an OPEC-led monitoring panel will meet on Thursday to discuss ongoing record production cuts to see whether countries have delivered their share of the reductions, but will not make any decision, according to five OPEC+ sources.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have been reducing supplies by 9.7 million barrels per day (bpd), about 10% of pre-pandemic demand, and agreed in early June to extend the cuts for a month until end-July.

Iraq, one of the laggards in complying with the curbs, agreed with its major oil companies to cut crude production further in June, Iraqi officials working at the fields told Reuters on Sunday.

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News Network
March 30,2020

Geneva, Mar 30: The number of confirmed COVID-19 cases worldwide has reached 634,835, among them 29,957 fatalities, the World Health Organization (WHO) said on Sunday.

Over the past 24 hours, 63,159 people were confirmed to be infected with the novel coronavirus and 3,464 people died, the WHO said.

According to the latest situation report, the majority of the confirmed cases - more than 361,000 - are presently concentrated in Europe, with Italy leading the tally with over 92,000 cases, followed by Spain with over 72,000 cases, and Germany with over 52,000 cases.

Italy and Spain are also the countries that top the worldwide death toll from COVID-19, with 10,023 and 5,690 fatalities, respectively.

The second most affected region is currently the Americas with over 120,000 verified COVID-19 cases, of which the majority - over 103,000 - have been found in the United States. The US is also the country with the highest single tally of COVID-19 cases at the moment.
The WHO declared COVID-19 a pandemic on March 11.

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News Network
March 11,2020

Rome, Mar 11: Italy has recorded its deadliest day of the coronavirus crisis despite locking down the entire country, as New York deployed the National Guard to contain a disease that has sown worldwide panic.

The hardest-hit country in Europe said its death toll from the COVID-19 virus had risen Tuesday by a third to 631, with the surging epidemic taking its toll on global sporting, cultural and political events.

While authorities in China, where the outbreak began, have declared it "basically curbed", cases are multiplying around the world, sparking panic buying in shops, and wild swings on financial markets.

China remains the hardest-hit overall with more than 80,000 cases and over 3,000 deaths, out of a global total of 117,339 cases and 4,251 deaths across 107 countries and territories, according to an AFP tally.

The virus is infecting all walks of life, including politics, with US Democratic presidential hopefuls Bernie Sanders and Joe Biden both cancelling campaign rallies and British health minister Nadine Dorries saying she had tested positive.

And amid criticism of the US authorities' response, New York deployed the National Guard for the first time during the crisis to help contain the spread of the disease from an infection-hit suburb.

There have been 173 confirmed cases in New York state, including 108 in Westchester County, home to New Rochelle where the majority of infections have been detected.

"It is a dramatic action, but it is the largest cluster in the country. This is literally a matter of life and death," said state governor Andrew Cuomo.

"People are scared, it's an unusual situation to be in," Miles Goldberg, who runs a New Rochelle bar, told AFP.

"It makes people nervous to be around others, it makes people nervous to get inside into businesses and such," he said.

In an unprecedented move, Italian Prime Minister Giuseppe Conte has told the 60 million residents of his country they should travel only for the most urgent work or health reasons.

And while squares in Milan and Rome were emptied of their usual bustle and traffic, some residents appeared uncertain if they were even allowed to leave their homes for everyday tasks like shopping.

The virus has battered tourism around the world, as people scrap travel plans, and a restaurant owner in Florence in northern Italy said that the impact on business had been catastrophic.

"We hope that we will see the end of it, because from around 140 covers a day, this afternoon, we've gone down to 20-25," Agostino Ferrara told AFP.

Pope Francis also seemed to muddy the waters, holding a mass in which he urged priests to go out and visit the sick -- something Conte has specifically discouraged.

Sporting events continued to fall victim to the virus as authorities urge people to avoid large gatherings.

Arsenal's game at Manchester City was postponed after players from the London club were put into quarantine, making it the first Premier League fixture to be called off because of the virus.

The virus has sparked doubts about the Olympics due to open in Tokyo on July 24 and the traditional flame lighting ceremony in Greece is set to be held without spectators.

In the United States, organisers rescheduled the two-week Coachella music festival for October.

The virus and the response to the crisis has prompted pandemonium on global markets with volatility not seen since the world financial crisis in 2008.

After suffering its worst session in more than 11 years at the beginning of the week, the Dow Jones Index in New York bounced back significantly, rising five percent on Tuesday.

Politicians around the world have scrambled to put together emergency packages to ease the significant financial hardships the virus is expected to cause for households and businesses.

US President Donald Trump, who is relying on a strong economy to boost his re-election hopes, promised to announce "major" economic measures on Tuesday.

The biggest item on his wish list is a cut in payroll taxes. But even allies in Congress and reportedly some aides in the White House are sceptical, questioning the cost.

Italy prepared Tuesday to let families skip mortgage and some tax payments while Japan unveiled a second emergency package to tackle economic woes stemming from the outbreak, including $15 billion in loan programmes to support small businesses.

Analysts warned of further volatility ahead however.

"It's like winding up a rubber band. The more you wind it, when you let go, the more it pops," said LBBW's Karl Haeling.

"A lot of the uncertainty goes to the root of the virus itself."

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