South Korea’s Political Crisis Deepens as Arrest Attempt on Yoon Suk Yeol Fails
South Korea’s political turbulence continues as anti-corruption investigators failed to arrest impeached President Yoon Suk Yeol. The attempt was thwarted by Yoon’s security team and approximately a thousand protesters outside his residence. Safety concerns prompted investigators to abandon their efforts by the afternoon.
South Korea Fails To Arrest President After Stand-off
South Korea Fails To Arrest President After Stand-off date 01,03,2025. Earlier, 2,700 police officers were deployed near Yoon’s residence, per Yonhap News, as supporters gathered to prevent the unprecedented arrest of a sitting president. Yoon’s representative denounced the arrest plan as illegal and vowed legal action, while the president signaled his intention to contest the charges in court. This development prolongs the political crisis sparked by Yoon’s controversial martial law declaration last month.
South Korean investigators have suspended efforts to enforce an arrest warrant for embattled President Yoon Suk Yeol on Friday, hours into a standoff in which authorities tried to detain the leader following his short-lived martial law declaration.
China’s Measures to Revive Consumer Spending
In response to weak domestic consumption, China’s government is expanding a national trade-in subsidy program to include smartphones, tablets, and smartwatches. Previously limited to home appliances and vehicles, this initiative aims to stimulate consumer spending amid concerns over potential new US tariffs on Chinese exports. Additionally, China’s central bank allowed the yuan to depreciate beyond a previously defended threshold, marking its weakest level against the US dollar since 2023 at over 7.3 per dollar.
Huawei Launches Mate XT Tri-Fold Phone
Huawei has officially started sales of its Mate XT tri-fold phone, showcasing its latest innovation in foldable technology. This comes amid allegations that Chinese state-sponsored hackers breached the computers of senior US Treasury Department leaders, accessing unclassified materials. Investigators have identified around 100 compromised government computers. Chinese officials have consistently denied involvement in state-sponsored cyberattacks.
Thailand’s Prime Minister Declares $402 Million in Assets
Thailand’s Prime Minister Paetongtarn Shinawatra disclosed assets worth 13.85 billion baht ($402 million) to the National Anti-Corruption Commission. Her declaration includes two properties in London, multiple investments, luxury watches, handbags, and over a billion baht in cash and bank deposits. This public record underscores the wealth of the Shinawatra family, a prominent political dynasty in Thailand.
Euro Declines as Hedge Funds Bet on Parity with Dollar
The euro has started the year on a downturn, with hedge funds speculating it could fall to parity with the US dollar. Traders reduced their euro positions as the currency hit its lowest level since November 2022, dropping 1.5% this week. Concerns over Europe’s economic growth and potential new US tariffs have fueled the decline.
Biden Blocks US Steel Sale to Nippon Steel
US President Joe Biden has decided to block the $14.1 billion sale of United States Steel to Japan’s Nippon Steel. The controversial decision, expected to be formally announced soon, has sparked debate over the future of the American industrial giant. Both companies have signaled intentions to pursue legal action if the deal is officially prohibited.
India’s Ketan Parekh Banned Again for Market Violations
Ketan Parekh, infamous for one of India’s worst financial scandals, has been banned again by the Securities and Exchange Board of India. The regulator accused Parekh of front-running trades involving a US-based fund and prohibited him from trading or associating with registered entities for two years. This comes after an investigation into trades over a two-year period.
SenseTime Scales Down Singapore Operations
Chinese AI firm SenseTime is scaling back its Singapore presence, reflecting challenges in staying competitive in the post. The company is moving from a prime downtown location to a smaller, less central office, reducing its footprint in the region.
Key Stories for Tomorrow
- UBS Wealth: Advises Chinese stock investors to adopt defensive strategies.
- Alibaba’s Holiday Deals: Highlights of a busy shopping season.
- Gold Trends: Positioned for a weekly gain amid risk-off sentiment.
- Oil Prices: Crude oil rally breaks out of a tight trading range.
- India’s IPO Boom: Seven billionaires emerge in 2024.
- China’s Lithium Dominance: Plans to curb tech exports.
- Australia Wealth Fund: Documents reveal efforts to soften mandates.
For Your Commute
China’s pension system faces a looming crisis, with projections suggesting it could run out of money in a decade. A growing number of young workers are boycotting contributions, citing lack of trust and systemic inefficiencies. Many foresee working indefinitely, fueling anxiety about the nation’s social security future.
