• Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
Close Search
00
GBAF LogoGBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
GBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Wealth
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2024 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Uma Rajagopal

    Posted on December 26, 2024

    Featured image for article about Top Stories

    By Joyce Lee

    SEOUL (Reuters) -Prime Minister Han Duck-soo, who became South Korea’s acting president after Yoon Suk Yeol’s impeachment, is a career technocrat whose wide-ranging experience and reputation for rationality may not be enough to stem the country’s deepening political crisis.

    Since parliament’s impeachment vote against Yoon passed on Dec. 14 after his short-lived martial law declaration on Dec. 3, Yoon has been suspended from exercising presidential powers and the prime minister took over in an acting role.

    In a country sharply divided by partisan rhetoric, Han has been a rare official whose varied career transcended party lines.

    He has been facing the challenging task of keeping government functioning through its gravest political crisis in four decades, while also dealing with threats from nuclear-armed neighbour North Korea, and a slowing economy at home.

    However, his tenure as acting president may be cut short as the main opposition Democratic Party, which controls parliament, plans to vote to impeach Han as well on Friday over a battle on Constitutional Court appointments.

    The move comes as the country is still reeling from Yoon’s martial law, which he partly blamed on the opposition’s propensity to impeach government officials.

    Han, 75, has served in leadership positions for more than three decades under five different presidents, both conservative and liberal.

    His roles have included ambassador to the United States, finance minister, trade minister, presidential secretary for policy coordination, prime minister, ambassador to the OECD and head of various think-tanks and organisations.

    With a Harvard doctorate in economics, Han’s expertise in the economy, trade and diplomacy as well as a reputation for rationality, a moderate demeanour and hard work had made him a regular go-to man in South Korean politics.

    Han has been prime minister since Yoon’s term began in 2022, his second time serving in the role after a stint as prime minister under former president Roh Moo-hyun in 2007-2008.

    “He has served in key posts in state affairs solely through recognition of his skills and expertise, unrelated to political factions,” Yoon said when appointing Han in 2022, echoing words used to describe him when previous administrations tapped him for key positions.

    Han has experience working with South Korea’s key ally the United States, having been deeply involved in the process of signing the U.S.-South Korea Free Trade Agreement.

    Fluent in English, he was appointed South Korea’s ambassador to the United States in 2009, working in Washington at a time when current U.S. President Joe Biden was vice president, and contributed to Congress approving the Free Trade Agreement in 2011.

    “He is a civil servant through and through who didn’t take on a political colour despite working under (five presidents),” said a former high-ranking government official who declined to be identified.

    Han’s acting presidency was expected to last for months until the Constitutional Court decides whether to remove Yoon or restore his powers. If Yoon is removed, a presidential election must be held in 60 days, until which Han will stay at the helm.

    If parliament votes to impeach Han, the finance minister is next in line among cabinet members to serve as acting president.

    South Korea’s Constitution does not specify how much the acting president is empowered to do in carrying out the leadership role.

    Most scholars say the prime minister must exercise limited authority to the extent of preventing paralysis of state affairs and no more, although some say he can exercise all the powers of the president, as the constitution imposes no restrictions.

    (Reporting by Joyce Lee; Editing by Michael Perry and Jamie Freed)

    Recommended for you

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe