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SEOUL, South Korea (AP) — Most ruling party lawmakers were boycotting a parliamentary vote Saturday to deny a two-thirds majority sought by the opposition to impeach President Yoon Suk Yeol over his short-lived imposition of martial law , as protests grew nationwide calling for his removal. The likely defeat of the motion is expected to intensify public protests calling for Yoon’s ouster and deepen political chaos in South Korea, with a survey suggesting a majority of South Koreans support the president’s impeachment. Yoon’s martial law declaration drew criticism from his own ruling conservative party, but it is also determined to oppose Yoon's impeachment apparently because it fears losing presidency to liberals. Impeaching Yoon would require support from two-thirds of the National Assembly, or 200 of its 300 members. The opposition parties who brought the impeachment motion have 192 seats, meaning they need at least eight additional votes from Yoon’s People Power Party. The opposition-controlled parliament began a vote earlier Saturday, but only three lawmakers from PPP took part with opposition members. If the number of lawmakers who cast ballots doesn't reach 200, the motion will be scrapped at midnight, according to National Assembly. Opposition parties could submit a new impeachment motion after a new parliamentary session opens next Wednesday. National Assembly Speaker Woo Won Shik urged ruling party members to return to the chamber to participate in the vote, stressing that it was closely watched by the nation and also the world. “Don’t make a shameful judgment and please vote based on your convictions,” Woo said. “I plead to you, for the future of the Republic of Korea.” Earlier Saturday, Yoon issued a public apology over the martial law decree, saying he won’t shirk legal or political responsibility for the declaration and promising not to make another attempt to impose martial law. He said would leave it to his party to chart a course through the country's political turmoil, “including matters related to my term in office." “The declaration of this martial law was made out of my desperation. But in the course of its implementation, it caused anxiety and inconveniences to the public. I feel very sorry over that and truly apologize to the people who must have been shocked a lot,” Yoon said. Since taking office in 2022, Yoon has struggled to push his agenda through an opposition-controlled parliament and grappled with low approval ratings amid scandals involving himself and his wife. In his martial law announcement on Tuesday night, Yoon called parliament a “den of criminals” bogging down state affairs and vowed to eliminate “shameless North Korea followers and anti-state forces.” The turmoil resulting from Yoon’s bizarre and poorly-thought-out stunt has paralyzed South Korean politics and sparked alarm among key diplomatic partners, including neighboring Japan and Seoul’s top ally the United States, as one of the strongest democracies in Asia faces a political crisis that could unseat its leader. Tuesday night saw special forces troops encircling the parliament building and army helicopters hovering over it, but the military withdrew after the National Assembly unanimously voted to overturn the decree, forcing Yoon to lift it before daybreak Wednesday. The declaration of martial law was the first of its kind in more than 40 years in South Korea. Eighteen lawmakers from the ruling party voted to reject Yoon's martial law decree along with opposition lawmakers. The passage of Yoon’s impeachment motion appeared more likely Friday when the chair of Yoon’s party called for his removal on Friday, but the party remained formally opposed to impeachment. On Saturday, tens of thousands of people packed streets near the National Assembly, waving banners, shouting slogans and dancing and singing along to K-pop songs with lyrics changed to call for Yoon’s ouster. A smaller crowd of Yoon’s supporters, which still seemed to be in the thousands, rallied in separate streets in Seoul, decrying the impeachment attempt they saw as unconstitutional. Lawmakers on Saturday first voted on a bill appointing a special prosecutor to investigate stock price manipulation allegations surrounding Yoon’s wife. Some lawmakers from Yoon’s party were seen leaving the hall after that vote, triggering angry shouts from opposition lawmakers. If Yoon is impeached, his powers will be suspended until the Constitutional Court decides whether to remove him from office. If he is removed, an election to replace him must take place within 60 days. Opposition lawmakers say that Yoon’s attempt at martial law amounted to a self-coup, and drafted the impeachment motion around rebellion charges. Lee Jae-myung, the leader of the main liberal opposition Democratic Party, told reporters that Yoon’s speech was “greatly disappointing” and that the only way forward is his immediate resignation or impeachment. On Friday, PPP chair Han Dong-hun, who criticized Yoon's martial law declaration, said he had received intelligence that during the brief period of martial law Yoon ordered the country’s defense counterintelligence commander to arrest and detain unspecified key politicians based on accusations of “anti-state activities." Hong Jang-won, first deputy director of South Korea’s National Intelligence Service, told lawmakers in a closed-door briefing Friday that Yoon called after imposing martial law and ordered him to help the defense counterintelligence unit to detain key politicians. The targeted politicians included Han, Lee and Woo, according to Kim Byung-kee, one of the lawmakers who attended the meeting. The Defense Ministry said it had suspended the defense counterintelligence commander, Yeo In-hyung, who Han alleged had received orders from Yoon to detain the politicians. The ministry also suspended the commanders of the capital defense command and the special warfare command over their involvement in enforcing martial law. Former Defense Minister Kim Yong Hyun, who has been accused of recommending Yoon enforce martial law, has been placed under a travel ban and faces an investigation by prosecutors over rebellion charges. Vice Defense Minister Kim Seon Ho has testified to parliament that it was Kim Yong Hyun who ordered troops to be deployed to the National Assembly after Yoon imposed martial law. Kim Tong-hyung And Hyung-jin Kim, The Associated PressSEOUL, South Korea (AP) — Most ruling party lawmakers were boycotting a parliamentary vote Saturday to deny a two-thirds majority sought by the opposition to impeach President Yoon Suk Yeol over his short-lived imposition of martial law , as protests grew nationwide calling for his removal. The likely defeat of the motion is expected to intensify public protests calling for Yoon’s ouster and deepen political chaos in South Korea, with a survey suggesting a majority of South Koreans support the president’s impeachment. Yoon’s martial law declaration drew criticism from his own ruling conservative party, but it is also determined to oppose Yoon's impeachment apparently because it fears losing presidency to liberals. Impeaching Yoon would require support from two-thirds of the National Assembly, or 200 of its 300 members. The opposition parties who brought the impeachment motion have 192 seats, meaning they need at least eight additional votes from Yoon’s People Power Party. The opposition-controlled parliament began a vote earlier Saturday, but only three lawmakers from PPP took part with opposition members. If the number of lawmakers who cast ballots doesn't reach 200, the motion will be scrapped at midnight, according to National Assembly. Opposition parties could submit a new impeachment motion after a new parliamentary session opens next Wednesday. National Assembly Speaker Woo Won Shik urged ruling party members to return to the chamber to participate in the vote, stressing that it was closely watched by the nation and also the world. “Don’t make a shameful judgment and please vote based on your convictions,” Woo said. “I plead to you, for the future of the Republic of Korea.” Earlier Saturday, Yoon issued a public apology over the martial law decree, saying he won’t shirk legal or political responsibility for the declaration and promising not to make another attempt to impose martial law. He said would leave it to his party to chart a course through the country's political turmoil, “including matters related to my term in office." “The declaration of this martial law was made out of my desperation. But in the course of its implementation, it caused anxiety and inconveniences to the public. I feel very sorry over that and truly apologize to the people who must have been shocked a lot,” Yoon said. Since taking office in 2022, Yoon has struggled to push his agenda through an opposition-controlled parliament and grappled with low approval ratings amid scandals involving himself and his wife. In his martial law announcement on Tuesday night, Yoon called parliament a “den of criminals” bogging down state affairs and vowed to eliminate “shameless North Korea followers and anti-state forces.” The turmoil resulting from Yoon’s bizarre and poorly-thought-out stunt has paralyzed South Korean politics and sparked alarm among key diplomatic partners, including neighboring Japan and Seoul’s top ally the United States, as one of the strongest democracies in Asia faces a political crisis that could unseat its leader. Tuesday night saw special forces troops encircling the parliament building and army helicopters hovering over it, but the military withdrew after the National Assembly unanimously voted to overturn the decree, forcing Yoon to lift it before daybreak Wednesday. The declaration of martial law was the first of its kind in more than 40 years in South Korea. Eighteen lawmakers from the ruling party voted to reject Yoon's martial law decree along with opposition lawmakers. The passage of Yoon’s impeachment motion appeared more likely Friday when the chair of Yoon’s party called for his removal on Friday, but the party remained formally opposed to impeachment. On Saturday, tens of thousands of people packed streets near the National Assembly, waving banners, shouting slogans and dancing and singing along to K-pop songs with lyrics changed to call for Yoon’s ouster. A smaller crowd of Yoon’s supporters, which still seemed to be in the thousands, rallied in separate streets in Seoul, decrying the impeachment attempt they saw as unconstitutional. Lawmakers on Saturday first voted on a bill appointing a special prosecutor to investigate stock price manipulation allegations surrounding Yoon’s wife. Some lawmakers from Yoon’s party were seen leaving the hall after that vote, triggering angry shouts from opposition lawmakers. If Yoon is impeached, his powers will be suspended until the Constitutional Court decides whether to remove him from office. If he is removed, an election to replace him must take place within 60 days. Opposition lawmakers say that Yoon’s attempt at martial law amounted to a self-coup, and drafted the impeachment motion around rebellion charges. Lee Jae-myung, the leader of the main liberal opposition Democratic Party, told reporters that Yoon’s speech was “greatly disappointing” and that the only way forward is his immediate resignation or impeachment. On Friday, PPP chair Han Dong-hun, who criticized Yoon's martial law declaration, said he had received intelligence that during the brief period of martial law Yoon ordered the country’s defense counterintelligence commander to arrest and detain unspecified key politicians based on accusations of “anti-state activities." Hong Jang-won, first deputy director of South Korea’s National Intelligence Service, told lawmakers in a closed-door briefing Friday that Yoon called after imposing martial law and ordered him to help the defense counterintelligence unit to detain key politicians. The targeted politicians included Han, Lee and Woo, according to Kim Byung-kee, one of the lawmakers who attended the meeting. The Defense Ministry said it had suspended the defense counterintelligence commander, Yeo In-hyung, who Han alleged had received orders from Yoon to detain the politicians. The ministry also suspended the commanders of the capital defense command and the special warfare command over their involvement in enforcing martial law. Former Defense Minister Kim Yong Hyun, who has been accused of recommending Yoon enforce martial law, has been placed under a travel ban and faces an investigation by prosecutors over rebellion charges. Vice Defense Minister Kim Seon Ho has testified to parliament that it was Kim Yong Hyun who ordered troops to be deployed to the National Assembly after Yoon imposed martial law.
Upstart (NASDAQ:UPST) Shares Down 6.2% – Here’s Why
Billionaires have seen their combined wealth shoot up 121 percent over the past decade to $14 trillion, Swiss bank UBS said Thursday, with tech billionaires' coffers filling the fastest. Switzerland's biggest bank, which is among the world's largest wealth managers, said the number of dollar billionaires increased from 1,757 to 2,682 over the past 10 years, peaking in 2021 with 2,686. The 10th edition of UBS's annual Billionaire Ambitions report, which tracks the wealth of the world's richest people, found that billionaires have comfortably outperformed global equity markets over the past decade. The report documents "the growth and investment of great wealth, as well as how it's being preserved for future generations and used to have a positive effect on society", said Benjamin Cavalli, head of strategic clients at UBS global wealth management. Between 2015 and 2024, total billionaire wealth increased by 121 percent from $6.3 trillion to $14.0 trillion -- while the MSCI AC World Index of global equities rose 73 percent. The wealth of tech billionaires increased the fastest, followed by that of industrialists. Worldwide, tech billionaires' wealth tripled from $788.9 billion in 2015 to $2.4 trillion in 2024. "In earlier years, the new billionaires commercialised e-commerce, social media and digital payments; more recently they engineered the generative AI boom, while also developing cyber-security, fintech, 3D printing and robotics," UBS said. The report found that since 2020, the global growth trend had slowed due to declines among China's billionaires. From 2015 to 2020, billionaire wealth grew globally at an annual rate of 10 percent, but growth has plunged to one percent since 2020. Chinese billionaire wealth more than doubled from 2015 to 2020, rising from $887.3 billion to $2.1 trillion, but has since fallen back to $1.8 trillion. However, North American billionaire wealth has risen 58.5 percent to $6.1 trillion since 2020, "led by industrials and tech billionaires". Meanwhile billionaires are relocating more frequently, with 176 having moved country since 2020, with Switzerland, the United Arab Emirates, Singapore and the United States being popular destinations. More from this section In 2024, some 268 people became billionaires for the first time, with 60 percent of them entrepreneurs. "The year's new billionaires were mainly self-made," said UBS. The report said US billionaires accrued the greatest gains in 2024, reinforcing the country's place as the world's main centre for billionaire entrepreneurs. Their wealth rose 27.6 percent to $5.8 trillion, or more than 40 percent of billionaire wealth worldwide. Billionaires' wealth from mainland China and Hong Kong fell 16.8 percent to $1.8 trillion, with the number of billionaires dropping from 588 to 501. Indian billionaires' wealth increased 42.1 percent to $905.6 billion, while their number grew from 153 to 185. Western Europe’s total billionaire wealth rose 16.0 percent to $2.7 trillion -- partly due to a 24 percent increase in Swiss billionaires. UAE billionaires' aggregate wealth rose 39.5 percent to $138.7 billion. UBS said billionaires faced an "uncertain world" over the next 10 years, due to high geopolitical tensions, trade barriers and governments with mounting spending requirements. Billionaires will therefore need to rely on their previous distinctive traits: "smart risk-taking, business focus and determination". "Risk-taking billionaires are likely to be at the forefront of creating two technology-related industries of the future already taking shape: generative AI and renewables/electrification," UBS predicted. And more flexible wealth planning will be needed as billionaire families move country and spread around the world. The heirs and philanthropic causes of baby boom billionaires are set to inherit an estimated $6.3 trillion over the next 15 years, UBS said. rjm/gv
New AD Eric Roedl comes home, seeking to build ‘championship culture’ at Villanova
Immigration measures announced as part of Canada's border response to president-elect Donald Trump's 25 per cent tariff threat are starting to be implemented, beginning with a ban on what's known as "flagpoling." This is when someone who was in Canada on a temporary visa leaves for the U.S. then quickly re-enters Canada to access immigration services at a port of entry. The restriction on providing work and study permits to flagpolers takes effect today. Last week, Immigration Minister Marc Miller said that going forward temporary visa holders will have to apply online to extend their stay in Canada. The Canadian Border Services Agency processed more than 69,300 people who engaged in flagpoling in the 2023-24 fiscal year. There are still rare exceptions where a person will be granted a work or study permit even though they meet the definition of flagpoling, including international truck drivers with a work permit, professionals under certain free trade agreements and American citizens. Miller first announced the plan to ban the practice on Dec. 17, alongside Finance Minister Dominic LeBlanc who promised a border control package worth $1.3 billion. This includes removing the point value for having a job offer in Canada's express entry immigration system. The stated goal of this change is to reduce and prevent immigration fraud. In a social media post, Miller said this will take effect in the spring and that it will be a temporary measure. A broader review of the express entry program is being conducted, and a future decision on the value of a job offer in that system will be made at that time. A labour market impact assessment, a key document required for an employer to hire a foreign worker, is currently worth 50 to 200 points in the express entry system. Applicants are not supposed to pay for these, but a black market has emerged where people are charging tens of thousands of dollars for these documents. Applications that are already in progress won't be affected once this change takes effect. Miller also said the government is looking at ways to streamline Canada's asylum system at that Dec. 17 press conference. This includes exploring options to "quickly deal with" illegitimate claims. The government's broader border measures plan to respond to Trump's 25 per cent tariff threat also includes enhanced aerial surveillance and drug detection efforts. This report by The Canadian Press was first published Dec. 24, 2025.
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