The Minute to Read (Weekend) series provides a quick overview of significant events in Korea from the week, conveniently condensed into a one-minute read. Here’s a recap of what happened this week: Dec.1-6.
President Yoon declares martial law in political standoff
South Korean President Yoon Suk-yeol declared emergency martial law late on Dec. 3 in a televised address from the Yongsan presidential office, citing the need to “eradicate pro-North Korean forces” and “protect the liberal democratic order.” The declaration marks the first imposition of martial law in South Korea since 1979, when it was enacted following the assassination of then-President Park Chung-hee, and signals a sharp escalation in tensions between the executive branch and opposition lawmakers. Just hours later, at 1 a.m. on Dec. 4, 190 lawmakers from both ruling and opposition parties convened an emergency session, unanimously passing a resolution demanding its repeal. Under the Constitution, the president must revoke martial law if a legislative majority votes for its termination.
In his address, Yoon framed the measure as an “unavoidable step” to address what he described as an “existential crisis” for the nation. He stressed that the move was essential to “rebuild and safeguard” the country, which he claimed was on the brink of collapse, vowing to eliminate “adversaries and anti-state forces” while ensuring South Korea’s freedom, sustainability, and future security.
S. Korean opposition files impeachment motion against Yoon after martial law
Six opposition parties, led by the Democratic Party of Korea, filed an impeachment motion against President Yoon Suk-yeol on Dec. 4 following his martial law declaration and its repeal. The Democratic Party announced plans to present the motion during a National Assembly plenary session on Dec. 7 at 7 p.m., with a vote expected between Dec. 6 and Dec. 7. The party also intends to file rebellion charges against Yoon and others involved in the martial law order.
Backed by 191 opposition lawmakers, the impeachment motion accuses Yoon of violating constitutional and legal principles, asserting that the martial law declaration failed to meet legal standards and was invalid from the outset. The document claims Yoon’s actions infringed on constitutional principles, including popular sovereignty, separation of powers, public officials’ political neutrality, freedom of association and expression, and his duty to uphold the rule of law. The opposition coalition characterized the violations as a severe breach of constitutional and democratic norms.
S. Korean labor unions push for Yoon’s ouster
Labor strikes in South Korea are escalating into political protests, spreading from railways to private companies and school lunch programs. Following President Yoon Suk-yeol’s controversial martial law declaration and subsequent repeal, labor unions have shifted their focus from workplace demands to calls for the administration’s removal. The Hyundai Motor Company labor union, affiliated with the Korean Confederation of Trade Unions (KCTU) and its Metal Workers Union, began a two-day partial strike on Dec. 5. Union members paused work for two hours during both morning and afternoon shifts to attend a rally at Taehwagang Station Square in Ulsan, where participants chanted slogans such as “Out with Yoon Suk-yeol’s regime.” Union leaders have also confirmed plans to join the third rally demanding Yoon’s ouster, set to take place on Dec. 7 at Gwanghwamun Square in Seoul.Similarly, the GM Korea labor union, also under the Korean Metal Workers Union, launched a strike on the same day, underscoring the growing political dimension of the labor movement.
S. Korean stocks, won slide for second day after martial law declaration
South Korea’s stock market and currency extended losses for a second consecutive session on Dec. 5, following the country’s first declaration of martial law in 45 years. The KOSPI fell 0.9% to close at 2,441.85, while the KOSDAQ declined 0.92% to 670.94. Despite a rally in U.S. markets—where the Dow, Nasdaq, and S&P 500 all reached record highs the previous day—positive global trends failed to buoy domestic investor sentiment. Foreign investors net sold 320 billion won ($241 million) worth of shares on the main bourse, continuing their sell-off from the previous session, which saw outflows of 407 billion won. Global credit rating agencies weighed in on the escalating situation. Moody’s cautioned that prolonged political turmoil could hinder the government’s ability to pass essential legislation and address critical issues, potentially jeopardizing South Korea’s credit standing. Standard & Poor’s called the martial law declaration “highly unexpected for a sovereign nation with an AA credit rating” and noted that restoring investor confidence and fully evaluating the implications for South Korea’s economy, financial markets, and credit metrics will require time.
Political upheaval sparks wild swings in South Korea’s stock market
The South Korean stock market experienced sharp fluctuations as President Yoon Suk-yeol’s martial law declaration, its subsequent reversal by the National Assembly, and an impeachment push created significant uncertainty among investors. Stocks associated with Lee Jae-myung, leader of the Democratic Party of Korea, including ATEC and Dongshin Construction, surged to their upper trading limits for a second consecutive session on Dec. 5. In contrast, shares tied to President Yoon’s policy initiatives, such as the “deep-sea gas exploration project,” faced setbacks amid fears the program could be disrupted. Korea Gas Corporation and other related companies posted losses, while nuclear energy stocks declined on concerns over potential budget cuts. Shares linked to Han Dong-hoon, leader of the People Power Party, initially rallied on Dec. 4 but reversed on Dec. 5 after Han vowed to oppose the impeachment efforts. Market analysts observed that the volatility underscores investors’ heightened sensitivity to the unfolding political developments.
SK group unveils 2025 leadership revamp, focuses on AI and U.S. expansion
SK Group has announced its 2025 executive appointments, promoting two executives to president-level roles and enhancing its U.S. government relations team in preparation for a possible second term for U.S. President-Elect Donald Trump. The conglomerate also reorganized its structure to focus on artificial intelligence (AI). The changes were finalized during the SUPEX Council meeting on Dec. 5, after approval from subsidiary boards, with the aim of boosting competitiveness in technology, operational excellence, and global market leadership. The group noted earlier leadership transitions at its subsidiaries this year, including SK Innovation appointing three CEOs with engineering expertise in October and executive changes at SK Square and SK Ecoplant in July and May, respectively. Among the latest promotions, Son Hyun-ho, Vice President of the SUPEX Council’s Strategy Support Team, was named CEO and president of SK Discovery. Renowned for his strategic and financial expertise, Son will lead the company’s next growth phase. New executive appointments across SK Group declined for a third consecutive year, from 164 in 2022 to 145 in 2023, and 82 in 2024.
Seoul’s Gwanghwamun Square gears up for media hub transformation
Seoul’s Gwanghwamun Square is poised to become a major media and advertising hub, akin to New York’s Times Square, by 2026, according to the Jongno-gu Office. On Dec. 5, the district office announced the establishment of a public-private joint council with nine local building owners to transform the area into a center for digital billboards and media displays. In January, the Ministry of the Interior and Safety designated Gwanghwamun Square as an “Outdoor Advertisement Free Display Zone,” relaxing regulations on the size, shape, and color of digital billboards. This initiative is part of a broader strategy to create iconic advertising spaces comparable to Times Square. Gwanghwamun Square is one of four such zones in South Korea, alongside COEX in Gangnam, Myeongdong, and Haeundae Beach in Busan.
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