National Assembly confirms PM nominee Han (Ld)

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Seoul, May 20 | The National Assembly confirmed Prime Minister nominee Han Duck-soo on Friday after the main opposition Democratic Party (DP) holding a majority in the parliament decided to approve the nomination.

Han’s nomination was approved in a 208-36 vote, 47 days after he was nominated by President Yoon Suk-yeol, Yonhap news agency reported.

In South Korea, the prime minister is the only Cabinet post that requires parliamentary approval.

The result came after the DP decided to confirm Han in a general meeting of its lawmakers amid concern that rejecting the nomination could backfire and hurt its chances in next month’s local elections.

The party had the ultimate say in confirming Han as the country’s No. 2 official, as it holds 167 seats in the 300-seat National Assembly. The ruling People Power Party, meanwhile, has 109 seats.’

The DP has been mulling for weeks on whether to approve Han, with hardliners insisting the party should veto the nomination, because Yoon showed no willingness to cooperate with the opposition, as seen by the appointment of Justice Minister Han Dong-hoon.

Despite the DP’s strong objections, Yoon pressed ahead and appointed the justice minister Tuesday.

The DP’s confirmation hearing committee has declared Han as “unqualified,” citing his post-retirement career at a law firm and other suspected irregularities.

But others in the DP claimed the party should endorse Han, since the rejection could backfire and undermine the DP’s chances in the upcoming local elections, with criticism that the party is hindering the operation of the new government from the start.

With the approval, Han will take the country’s No. 2 job for the second time. The 72-year-old already served as the prime minister during the liberal Roh Moo-hyun administration from 2007 to 2008.

During his confirmation hearing, Han said stabilising the economy for ordinary people’s livelihoods will be his top priority.

The parliamentary endorsement for Han is expected to provide much-needed momentum to the Yoon administration in dealing with the recovery from the COVID-19 crisis and rising tensions on the Korean Peninsula sparked by a series of provocations from North Korea.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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