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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Agencies
July 3,2020

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

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Agencies
August 8,2020

Washington, Aug 8: The United States has reported 58,173 new coronavirus cases on Friday, bringing the total past 4.9 million, according to Johns Hopkins University.

"The first case of COVID-19 in the US was reported 198 days ago on 22.01.2020.Yesterday, the country reported 58,173 new confirmed cases and 1,243 deaths," it said.

The country is expected to cross the 5 million thresholds in the coming days. It leads the world both in terms of coronavirus cases and deaths estimated at over 161,300.

Overall, there have been 19.4 million cases confirmed globally and almost 721,800 people have died from virus-related complications. Another 11.7 million have recovered.

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Agencies
July 21,2020

Washington, Jul 21: Some half-a-dozen influential Republican lawmakers on Monday introduced a legislation in the Senate to allow Americans to sue China in federal court for its role in causing the coronavirus pandemic.

The Civil Justice for Victims of Covid Act gives federal courts authority to hear claims that China has caused or substantially contributed to the Covid-19 pandemic.

Introduced by senators Martha McSally, Marsha Blackburn, Tom Cotton, Josh Hawley, Mike Rounds and Thom Tillis, the bill strips China of its sovereign immunity for reckless actions that caused the pandemic and creates a cause of action. It also authorises federal courts to freeze Chinese assets.

The legislation is closely modelled after the 2016 Justice Against Sponsors of Terrorism Act (JASTA) that gave more legal remedies to victims of terrorism, particularly the 9/11 victims.

“Americans who have been victimised by the lies and deceit of the Chinese Communist Party-to include those who lost loved ones, suffered business losses, or were personally harmed due to Covid-19-deserve the opportunity to hold China accountable and to demand just compensation,” McSally said.

As the death toll and financial losses of Covid-19 mount, China should be forced to pay the costs of these damages to the American people, he said.

Blackburn said that China's Communist Party must face consequences for concealing and now profiting off the Covid-19 pandemic they enabled.

“The costs are devastating: trillions of dollars in economic damage, millions of American jobs lost, and over a half million deaths worldwide – and counting. Business owners and families who have lost loved ones deserve justice,” he said.

By silencing doctors and journalists who tried to warn the world about the coronavirus, the Chinese Communist Party allowed the virus to spread quickly around the globe, Cotton said, adding their decision to cover up the virus led to thousands of needless deaths and untold economic harm.

Rounds said that China must be held accountable for its failure to contain Covid-19 and alleged that the country's delay in sharing the seriousness of the virus with the rest of the world isn't just negligence— it is criminal in nature.

“If China would have been transparent from the start, many more lives would have been saved in all parts of the world. Our legislation provides the tools necessary for American citizens to sue the Chinese Communist Party in federal court for financial losses incurred because of Covid-19,” he said.

Tillis alleged that the Chinese Communist Party lied to the world about Covid-19 and allowed it to become a global pandemic, causing many Americans to tragically lose their loved ones and face immense financial hardship.

“The American people deserve the right to hold the Chinese government accountable for its malicious actions, and I'm proud to join my colleagues in introducing this commonsense bill,” he said.

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