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tv   Business Today  BBC News  December 5, 2024 2:30am-2:46am GMT

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after a botched attempt to impose martial law. his party has vowed to oppose a move to impeach him, throwing the entire process into question. the impeachment vote is set to take place on saturday evening. the country's finance ministry says the government will activate more than $28 billion in a bid to stabilise financial markets. the benchmark kospi stock index is trading less than 1% lower at the moment. for a closer look at the impact on south korea's prospects, and speak to the former us ambassador. thank you for joining me today. how would you characterise a situation you are seeing play out in south korea at the moment? very surprising- _ korea at the moment? very surprising- i— korea at the moment? very surprising. i have _ korea at the moment? very surprising. i have been - korea at the moment? - surprising. i have been dealing with south korea for the last 20 years or so, 30 years, and i never thought i would hear the
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word martial law again in south korea because south korean democracy has been, has actually been good since that time. i was shocked to learn about the result and tonight my impression is that the people of south korea were also shocked. of south korea were also shocked-— of south korea were also shocked. , . . , shocked. yes, certainly has been a fascinating - shocked. yes, certainly has been a fascinating thing - shocked. yes, certainly has been a fascinating thing to | shocked. yes, certainly has i been a fascinating thing to see play out over the last two days. what are the implications of what you have seen when it comes to businesses and foreign investors looking at south korea? i investors looking at south korea? ., �* ~' , korea? i don't think there is auoin to korea? i don't think there is going to be _ korea? i don't think there is going to be a _ korea? i don't think there is going to be a huge - korea? i don't think there is going to be a huge impact i korea? i don't think there is | going to be a huge impact on business and investors. i think we are seeing a very short—term episode of political drama that will be resolved over the next few weeks, the next few months, and in some way i think we
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should take heart that the democratic process in south korea worked. the president very unwisely decided to declare martial law, deal with a live political impasse between the two parties, and there is originalityjust my reality in south korea, very divided public, very fragmented political, not fragmented, but very divided political scene in which parties have been alternating in power, they've been alternating in their control of the assembly and the presidency. now we have an unusual situation in which a korean president would have been, may still be the only grand president to serve only
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with an opposition in control of the parliament and been confrontations in elections but i think they will work their way through it. essentially the most likely right now they are entering into an impeachment process with the opposition pushing for impeachment. ijust learned from you that the government party seems to be resisting that, but in some fashion, they will work through this impeachment process and some point have another election, and the democracy will live on, and i think... 0ne will live on, and i think... one of the things i take heart from is realising that the current prime minister of south korea, who is appointed by the president, is a very stable man, a very steady hand on the
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process, a long—time civil senior seventh and ambassador to the united states, and i feel very confident that he will manage this, this process better than almost anyone else could. ,, ., ., ., could. the us and south korea are allies _ could. the us and south korea are allies and _ could. the us and south korea are allies and they _ could. the us and south korea are allies and they have - could. the us and south korea are allies and they have a - could. the us and south korea are allies and they have a lot l are allies and they have a lot of areas of collaboration from trade to security as well. does this shake the us's confidence in south korea at all? m0. this shake the us's confidence in south korea at all?- in south korea at all? no, i don't think— in south korea at all? no, i don't think so. _ in south korea at all? no, i don't think so. president i in south korea at all? no, i i don't think so. president yoon has been very active in developing the alliance and directions it hasn't gone before. he has been particularly cooperative with us, building the cultural relationship with relation # japan he has taken the lead and
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courageously in some important things, but i think the korean public is united in supporting the alliance with the united states. we have a new president coming in who will shake things up coming in who will shake things up a bit as he did in the past, but also, those issues with how thoseissues but also, those issues with how those issues with president from the first time. it will take a while to stabilise the domestic situation in south korea, but i'm very confident that it will take time for the two governments to get used to the incoming us president, but we have had that experience before. so i don't think this diminishes at all the value of south korea as a us ally, the importance of our relationship and dealing only north korea, but with china, what arises
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from that, and i think it will happen relatively quickly. fik. happen relatively quickly. 0k. thomas, thank _ happen relatively quickly. 0k. thomas, thank you _ happen relatively quickly. 0k. thomas, thank you so much for your thoughts. thomas, thank you so much for yourthoughts. i thomas, thank you so much for your thoughts. i appreciate it. it is notjust the markets and also business economic impact we have been keeping an eye on here in south korea, also giving bakers on the korean one. it reversed much of his losses on wednesday after funding the night before after that martial law was declared. the bank of korea stepped into stabilise markets. the bank of korea has stepped up. the bank of korea has stepped u -. , the bank of korea has stepped u . _ , , ., , the bank of korea has stepped up. the very prompt response to be the liquidity _ up. the very prompt response to be the liquidity provider- up. the very prompt response to be the liquidity provider of - be the liquidity provider of last resort has helped shore up markets. while we recognise the knee—jerk drop in the markets when the martial law
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implication came through, when underappreciated lovers downside, so the they will continue to play that role very dynamically and judiciously, so that will help to shore up some of the confidence, but at the same time, they found the south in the greater dilemma this time, the reason being i think that the be ok just got into a position where they are more comfortable cutting rates to give some economic relief, economic stimulus as the housing prices have started to cool housing prices have started to cool. nevertheless, if the korean won is going to face more downward pressures, particularly stocks amidst political uncertainty, the be ok might be somewhat more 0k might be somewhat more constrained in its ability to cut rates just in case they end “p cut rates just in case they end up exacerbating downside in the korean won. the bok have direction of travel of policy
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is more, they have scope to cut down they will be providing ample liquidity, but these things come at a fairly high cost and the trade—offs will be sharp with markets sentiments are not holding up and volatility is accentuated. i volatility is accentuated. i will have more on the business economic impact of the political classes we are seeing unfold here in south korea throughout the morning here on business today. you can keep up with the latest on our website. our live page for south korea 0ur live page for south korea is up and running there. in the meantime, i will send you back to singapore where it is a much warmer than it is here in seoul. back to you. the attacker lay police in new york are searching for a gunman who shot dead a top medical insurance executive outside a hotel. the attacker lay in wait for brian thompson, who was the head of united healthcare. the bbc�*sjohn sudworth has more. laughed last reno officially is
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that —— the last we officially is the video footage itself, it was on cctv camera outside the hilton hotel, the gundeman ran up hilton hotel, the gundeman ran up six avenue and then got onto an e—bike and was last seen moving through central park. we don't know whether the police have any further leads, but they say that they are determined to track him down. this was of course a shocking killing, only to mr thompson's family in the wider company he works for, but for new york as well. central manhattan is not normally the scene of this kind of thing in the police say they are determined to catch the suspect. significantly perhaps mr thompson's wife, paulette, gave a shawl —— short interviewed nbc news earlier today saying that her husband had been facing threats of some kind. there was very little further detail given in that interview, but clearly that is a case that is likely to be a
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focus of the investigation. some breaking news before we 9°“ some breaking news before we go— bitcoin has crossed the 100,000 dolomite for the first time. we will bring you the latest as and when we get it. many thanks for watching business today.
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iam i am ashton with the catch up. tonight, russian money—laundering operation, euro successful wales and spotify raft. first, relationship red flags. whatever you learn about them in the classroom?— in the classroom? took our social media _ in the classroom? took our social media passwords, i social media passwords, constantly asking for locations, contacting siblings and friends.— and friends. she had every riiht and friends. she had every right and _ and friends. she had every right and that _ and friends. she had every right and that relationship| right and that relationship slop— right and that relationship stop these other life—saving lessons _ stop these other life—saving lessons the parents of the murdered energy holly newton the parthenon. a murdered energy holly newton the parthenon.— the parthenon. a study are today found _ the parthenon. a study are today found on _ the parthenon. a study are today found on the - the parthenon. a study are today found on the south l the parthenon. a study are | today found on the south of the parthenon. a study are i today found on the south of 13 today found on the south of 13 to 17 —year—olds who have been in a relationship has suffered physical violence or controlling behaviour from a partner. a multibillion pounds russian money laundering operation has been taken down in a sting. 71 people have been arrested in the uk alone, but the network stretches across 30 countries. the moscow base operation headed by this woman
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swapped cash from street gangs in the west for untraceable cryptocurrencies. some other stories now. you say porridge, crumpets and pancakes are junk food? certain types of now fall under a newjunk food under a new junk food advertising ban. under a newjunk food advertising ban. it also glasses news unsweetened yoga y°93 glasses news unsweetened yoga yoga has less healthy food. and it is celebration time for wales. women made history, qualifying for the euros. time now for ten seconds spotify wrapped. taylor swift is not part of the year with more than 26.6 million streams globally, but sabrina currently espresso with a song that comes out on top. you are all caught up now. have a great night.
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hello and welcome to sportsday. iam 0lly i am 0lly foster. the slot machine's winning run comes to a halt, leaders liverpool are held at newcastle. after a seven—game itch, manchester city are back in the groove, the champions taste victory for the first time since october. and sumo's grand tournament is returning to grand setting of the royal albert hall next year. hello there. it was a thrilling night in the premier league, 25 goals scored across the six matches. let's start at st james park where leaders liverpool dropped points for only the third
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time this season. they came from behind twice at newcastle and then led 3—2 in the 90th minute only for fabian shar to capitalise on a goalkeeping error to equalise from a tight angle. newcastle had led 1—0 at half—time thanks to a brilliant strike from alexander isak and then led again through anthony gordon after curtis jones had equalised. mo salah thought he'd won it for liverpool, scoring twice to put them ahead for the first time, only for schar�*s late strike to get a share of the points — 3—3 it finished. it was again a great game to watch. this is what we do. with the exception of us not winning today because the last few times we won. but there were moments in the game that i thought, ok, if we go away with the draw, i am happy about it, but of course it is a disappointment. there was a feeling when you play — there was a feeling when you play liveable need as many
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goals — play liveable need as many goals as _ play liveable need as many goals as you can, as big a lead as you — goals as you can, as big a lead as you can— goals as you can, as big a lead as you can probably get

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