Who is South Korean first lady Kim Keon-hee? From Dior bag scandal to martial law fallout
By Amy Sood
Kim Keon-hee, South Korea’s first lady, has become a lightning rod for controversy amid the chaos caused by her husband’s failed attempt to impose martial law last week, with scandals tied to her wealth and influence seen as a major factor in his political misfortunes.
There has also been widespread speculation that Yoon Suk-yeol declared martial law to protect Kim from investigations by the political opposition
However, the controversies surrounding Kim started long before her husband’s shocking decree on December 3.
Before becoming the first lady, Kim was a businesswoman, heading an art event-planning company. She married Yoon in 2012, and while they have no children, they frequently share photos of their pet dogs and cats online.
An advocate for animal rights, Kim has worked to end dog meat consumption in South Korea. She has also been admired for her fashion choices and for breaking the mould of previous first ladies, who typically maintained low profiles.
However, Kim emerged as a contentious figure as early as Yoon’s campaign trail.
In 2021, the first lady apologised for exaggerating her academic credentials when applying for a professorship after the education ministry found she had falsely claimed to hold a master’s degree in business administration from the prestigious Seoul National University.
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By Amy Sood
Kim Keon-hee, South Korea’s first lady, has become a lightning rod for controversy amid the chaos caused by her husband’s failed attempt to impose martial law last week, with scandals tied to her wealth and influence seen as a major factor in his political misfortunes.
There has also been widespread speculation that Yoon Suk-yeol declared martial law to protect Kim from investigations by the political opposition
However, the controversies surrounding Kim started long before her husband’s shocking decree on December 3.
Before becoming the first lady, Kim was a businesswoman, heading an art event-planning company. She married Yoon in 2012, and while they have no children, they frequently share photos of their pet dogs and cats online.
An advocate for animal rights, Kim has worked to end dog meat consumption in South Korea. She has also been admired for her fashion choices and for breaking the mould of previous first ladies, who typically maintained low profiles.
However, Kim emerged as a contentious figure as early as Yoon’s campaign trail.
In 2021, the first lady apologised for exaggerating her academic credentials when applying for a professorship after the education ministry found she had falsely claimed to hold a master’s degree in business administration from the prestigious Seoul National University.
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China urged to anchor yuan to non-US dollar currencies to empower domestic tools
By Sylvia Ma
China’s policymakers should consider anchoring the yuan exchange rate to a basket of non-US dollar currencies to create more flexibility for domestic monetary policies aimed at boosting demand, according to a prominent Beijing-based think tank.
The proposal by the China Finance 40 Forum, which is made up of senior Chinese regulatory officials and financial experts, comes as Beijing is struggling to balance the need for looser monetary policies to stimulate the economy, while also maintaining an interest rate spread with the US dollar amid rising external risks.
“Given the stronger dollar and tariff threats posed by Donald Trump’s re-election, intensified external uncertainties could limit the space for domestic monetary policies aimed at maintaining internal and external balance,” the forum said on its official social media account on Tuesday.
To counter the pressures, the think tank suggested temporarily anchoring the yuan to a basket of currencies, particularly the euro, which it said would grant “greater flexibility against the dollar”.
“This would free the exchange rate from tight fluctuation bands, so that it can better reflect shifts in the domestic and international economic environment, and create more room for adjustments in domestic monetary policy,” the forum added.
Financial News, a publication supervised by the People’s Bank of China, said on Wednesday that the yuan’s exchange rate had a “solid foundation” to “remain basically stable”, and was poised to stabilise or strengthen by the end of the year, following a Reuters report that Beijing was considering allowing the yuan to depreciate next year – possibly to 7.5 per US dollar – to offset the impact of the tariffs proposed by Trump.
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By Sylvia Ma
China’s policymakers should consider anchoring the yuan exchange rate to a basket of non-US dollar currencies to create more flexibility for domestic monetary policies aimed at boosting demand, according to a prominent Beijing-based think tank.
The proposal by the China Finance 40 Forum, which is made up of senior Chinese regulatory officials and financial experts, comes as Beijing is struggling to balance the need for looser monetary policies to stimulate the economy, while also maintaining an interest rate spread with the US dollar amid rising external risks.
“Given the stronger dollar and tariff threats posed by Donald Trump’s re-election, intensified external uncertainties could limit the space for domestic monetary policies aimed at maintaining internal and external balance,” the forum said on its official social media account on Tuesday.
To counter the pressures, the think tank suggested temporarily anchoring the yuan to a basket of currencies, particularly the euro, which it said would grant “greater flexibility against the dollar”.
“This would free the exchange rate from tight fluctuation bands, so that it can better reflect shifts in the domestic and international economic environment, and create more room for adjustments in domestic monetary policy,” the forum added.
Financial News, a publication supervised by the People’s Bank of China, said on Wednesday that the yuan’s exchange rate had a “solid foundation” to “remain basically stable”, and was poised to stabilise or strengthen by the end of the year, following a Reuters report that Beijing was considering allowing the yuan to depreciate next year – possibly to 7.5 per US dollar – to offset the impact of the tariffs proposed by Trump.
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Syria’s rebel leader vows to dissolve Assad regime security forces, close prisons
By Reuters
The main commander of the fighters who toppled Bashar al-Assad said that he would dissolve the security forces of the former regime, close its prisons and hunt down anyone involved in the torture or killing of detainees.
Syrian rebel leader Ahmad al-Sharaa – better known as Abu Mohammed al-Golani – said in a statement to Reuters he will “dissolve the security forces of the previous regime and close the notorious prisons”.
Syria ran one of the most oppressive police states in the Middle East during five decades of Assad family rule.
Sharaa, whose former al-Qaeda affiliate Hayat Tahrir al-Sham (HTS) is now the country’s most powerful force, must balance demands for justice from victims with the need to prevent violent reprisals and secure international aid.
Syrians have flocked to the infamous prisons where the Assad regime is estimated to have held tens of thousands of detainees, desperately looking for their loved ones. Some have been released alive, others were identified among the dead and thousands more have not yet been found.
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By Reuters
The main commander of the fighters who toppled Bashar al-Assad said that he would dissolve the security forces of the former regime, close its prisons and hunt down anyone involved in the torture or killing of detainees.
Syrian rebel leader Ahmad al-Sharaa – better known as Abu Mohammed al-Golani – said in a statement to Reuters he will “dissolve the security forces of the previous regime and close the notorious prisons”.
Syria ran one of the most oppressive police states in the Middle East during five decades of Assad family rule.
Sharaa, whose former al-Qaeda affiliate Hayat Tahrir al-Sham (HTS) is now the country’s most powerful force, must balance demands for justice from victims with the need to prevent violent reprisals and secure international aid.
Syrians have flocked to the infamous prisons where the Assad regime is estimated to have held tens of thousands of detainees, desperately looking for their loved ones. Some have been released alive, others were identified among the dead and thousands more have not yet been found.
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China prepared to keep talking to US, Xi assures Washington business group
By Kawala Xie
Chinese President Xi Jinping said Beijing is “prepared to stay in communication” with the US, calling on proper management of trade differences when US president-elect Donald Trump returns to the White House in January.
In written remarks to the US-China Business Council on Wednesday, Xi said Beijing and Washington should choose dialogue instead of confrontation, and called for market openness from both countries in the face of Trump’s tariff threats.
“Openness is a key driving force for human civilisation and progress,” Xi said. “We both stand to gain from cooperation and lose from confrontation … the success of one side should be an opportunity rather than a challenge for the other.”
“China is prepared to stay in communication with the United States to expand cooperation, manage differences, continuing exploring the right way for our two countries to get along with each other in the new year and realise long-term peaceful coexistence on this planet to the benefit of the two countries and the world.”
Xi’s remarks were delivered by Xie Feng, China’s top envoy to the US, at the US-China Business Council’s annual gala in Washington on Wednesday, amid uncertainty about what Trump’s return means for relations between the two superpowers.
In his message, Xi stressed to the attending business executives that China remains committed to opening up and reform, and will continue to provide “market-oriented, law-based, and world-class business environment” for companies from all countries.
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By Kawala Xie
Chinese President Xi Jinping said Beijing is “prepared to stay in communication” with the US, calling on proper management of trade differences when US president-elect Donald Trump returns to the White House in January.
In written remarks to the US-China Business Council on Wednesday, Xi said Beijing and Washington should choose dialogue instead of confrontation, and called for market openness from both countries in the face of Trump’s tariff threats.
“Openness is a key driving force for human civilisation and progress,” Xi said. “We both stand to gain from cooperation and lose from confrontation … the success of one side should be an opportunity rather than a challenge for the other.”
“China is prepared to stay in communication with the United States to expand cooperation, manage differences, continuing exploring the right way for our two countries to get along with each other in the new year and realise long-term peaceful coexistence on this planet to the benefit of the two countries and the world.”
Xi’s remarks were delivered by Xie Feng, China’s top envoy to the US, at the US-China Business Council’s annual gala in Washington on Wednesday, amid uncertainty about what Trump’s return means for relations between the two superpowers.
In his message, Xi stressed to the attending business executives that China remains committed to opening up and reform, and will continue to provide “market-oriented, law-based, and world-class business environment” for companies from all countries.
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China’s Wolf Warrior Lu Shaye heads home from France in shadow of controversy
By Shi JiangtaoYuanyue Dang
China’s ambassador to France, Lu Shaye, whose remarks about Ukraine and other former Soviet states caused uproar across Europe last year, is wrapping up his tenure in Paris.
Lu, 60, one of the country’s most prominent Wolf Warrior diplomats who is famed for his abrasive style, is expected to return to Beijing next month, according to French media.
At a farewell reception at Beijing’s embassy in Paris on Monday, Lu said he would continue to support the Chinese community in France “no matter where I am in the future”.
“Economic and trade relations have always been the ballast of China-France relations. Cultural exchanges are the driving force. And Chinese people in France are a bridge that connects our hearts,” he said in comments that appeared in videos on social media.
In a video interview with the official China News Service on Sunday, Lu said he had seen China-France relations evolve over the past five years while he was ambassador, as the “friendly atmosphere” became marked by “more intricate issues” in the fields of politics, the economy and trade.
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By Shi JiangtaoYuanyue Dang
China’s ambassador to France, Lu Shaye, whose remarks about Ukraine and other former Soviet states caused uproar across Europe last year, is wrapping up his tenure in Paris.
Lu, 60, one of the country’s most prominent Wolf Warrior diplomats who is famed for his abrasive style, is expected to return to Beijing next month, according to French media.
At a farewell reception at Beijing’s embassy in Paris on Monday, Lu said he would continue to support the Chinese community in France “no matter where I am in the future”.
“Economic and trade relations have always been the ballast of China-France relations. Cultural exchanges are the driving force. And Chinese people in France are a bridge that connects our hearts,” he said in comments that appeared in videos on social media.
In a video interview with the official China News Service on Sunday, Lu said he had seen China-France relations evolve over the past five years while he was ambassador, as the “friendly atmosphere” became marked by “more intricate issues” in the fields of politics, the economy and trade.
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South Korea’s first lady Kim Keon-hee sparks memes amid martial law controversy
By Park Chan-kyong
Kim Keon-hee, the wife of South Korea’s embattled President Yoon Suk-yeol, has been absent from public view for weeks, sparking speculation that his controversial decision to declare martial law was made to shield her from investigation.
A parody meme captioned “Yoon, the greatest lover who declared martial law for his wife,” has gone viral, reflecting the widespread public suspicion about Kim’s role in the crisis.
Another popular meme reads: “Fill in the blank: I’ve done everything to protect my love, even [martial law].”
Yoon’s martial law declaration on December 3 came just hours before the opposition-dominated National Assembly was set to vote on a special investigation targeting allegations of corruption and misconduct by the first lady.
Kim, 52, has not appeared publicly since October, when she accompanied her husband on a presidential trip to Southeast Asia.
Critics claim Yoon, 63, resorted to extraordinary measures to protect his wife, who has been dogged by allegations ranging from stock market manipulation and influence peddling to fabricated academic credentials and plagiarism.
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By Park Chan-kyong
Kim Keon-hee, the wife of South Korea’s embattled President Yoon Suk-yeol, has been absent from public view for weeks, sparking speculation that his controversial decision to declare martial law was made to shield her from investigation.
A parody meme captioned “Yoon, the greatest lover who declared martial law for his wife,” has gone viral, reflecting the widespread public suspicion about Kim’s role in the crisis.
Another popular meme reads: “Fill in the blank: I’ve done everything to protect my love, even [martial law].”
Yoon’s martial law declaration on December 3 came just hours before the opposition-dominated National Assembly was set to vote on a special investigation targeting allegations of corruption and misconduct by the first lady.
Kim, 52, has not appeared publicly since October, when she accompanied her husband on a presidential trip to Southeast Asia.
Critics claim Yoon, 63, resorted to extraordinary measures to protect his wife, who has been dogged by allegations ranging from stock market manipulation and influence peddling to fabricated academic credentials and plagiarism.
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South Korea’s Yoon defends martial law decree, vows to ‘fight to the end’
By Park Chan-kyongAgencies
South Korean President Yoon Suk-yeol on Thursday defended his martial law decree as an act of governance and denied rebellion charges.
Yoon also vowed to “fight to the end” and refused to step down, accusing opposition parties of seeking to cause “instability”.
“I will fight to the end, to prevent the forces and criminal groups that have been responsible for paralysing the country’s government and disrupting the nation’s constitutional order from threatening the future of the Republic of Korea,” he said in a televised statement.
The address came hours before the main liberal opposition Democratic Party submits a new impeachment motion against him after he survived an impeachment bid in parliament last Saturday.
Yoon’s December 3 martial law decree has generated political chaos and protests calling for his ouster.
On Wednesday, police said that they raided Yoon’s office, as the investigation into his declaration of martial law gathers pace.
“The Special Investigation Team has conducted a raid on the presidential office, the National Police Agency, the Seoul Metropolitan Police Agency, and the National Assembly Security Service,” the unit stated in a message.
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By Park Chan-kyongAgencies
South Korean President Yoon Suk-yeol on Thursday defended his martial law decree as an act of governance and denied rebellion charges.
Yoon also vowed to “fight to the end” and refused to step down, accusing opposition parties of seeking to cause “instability”.
“I will fight to the end, to prevent the forces and criminal groups that have been responsible for paralysing the country’s government and disrupting the nation’s constitutional order from threatening the future of the Republic of Korea,” he said in a televised statement.
The address came hours before the main liberal opposition Democratic Party submits a new impeachment motion against him after he survived an impeachment bid in parliament last Saturday.
Yoon’s December 3 martial law decree has generated political chaos and protests calling for his ouster.
On Wednesday, police said that they raided Yoon’s office, as the investigation into his declaration of martial law gathers pace.
“The Special Investigation Team has conducted a raid on the presidential office, the National Police Agency, the Seoul Metropolitan Police Agency, and the National Assembly Security Service,” the unit stated in a message.
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China abductee declines gifts of 3 flats, car from birth family to avoid altering ‘mindset’
By Yating Yang
A Chinese man, who was abducted as an infant and reunited with his birth family last year, has recently made headlines again for declining three flats and a car gifted by his wealthy father, choosing not to become a “rich second-generation”.
Xie Qingshuai, 26, from Xingtai, Hebei province in northern China, was kidnapped on January 20, 1999, when he was just three months old.
His biological parents, successful owners of several construction companies, embarked on a decade-long search, spending over one million yuan (US$140,000) to find him.
He was finally reunited with his family on December 1 last year. His life transformed overnight, leading many netizens to joke that he had gone from an “orphan” to a “wealthy second-generation”.
However, in a December 5 interview with Shandong Radio and TV station, Xie publicly revealed that he had declined the flats and car offered by his father.
Xie expressed concerns that suddenly accepting such wealth could alter his mindset and lead to reckless spending.
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By Yating Yang
A Chinese man, who was abducted as an infant and reunited with his birth family last year, has recently made headlines again for declining three flats and a car gifted by his wealthy father, choosing not to become a “rich second-generation”.
Xie Qingshuai, 26, from Xingtai, Hebei province in northern China, was kidnapped on January 20, 1999, when he was just three months old.
His biological parents, successful owners of several construction companies, embarked on a decade-long search, spending over one million yuan (US$140,000) to find him.
He was finally reunited with his family on December 1 last year. His life transformed overnight, leading many netizens to joke that he had gone from an “orphan” to a “wealthy second-generation”.
However, in a December 5 interview with Shandong Radio and TV station, Xie publicly revealed that he had declined the flats and car offered by his father.
Xie expressed concerns that suddenly accepting such wealth could alter his mindset and lead to reckless spending.
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Hong Kong’s Cathay hires 3,400 pilots this year, with low resignation rate of 2.9%
By Cannix Yau
Hong Kong’s Cathay Group has hit its target of hiring 3,400 pilots this year and expects to recruit 100 more by the end of January, with the company reiterating it is on track to fully return to pre-pandemic flight capacity by then.
“We are pleased to inform you that in the area of pilot recruitment, we have achieved the 2024 target of reaching 3,400 pilots in total. It’s a new milestone,” a Cathay spokesman told the Post this week.
He added the group had a low resignation rate of 2.9 per cent this year.
“We expect that by end-January 2025 to reach almost 3,500 pilots on board across Cathay Pacific and [budget arm] HK Express to meet our current and forthcoming operational needs,” the spokesman said.
The company had announced on November 26, two days before the launch of the city’s new three-runway system, that it would reach pre-pandemic capacity by the end of January 2025.
The company told the Post in early December it remained “very confident” of meeting its projection and had “robust plans” for recruitment despite its pilots’ union expressing doubts.
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By Cannix Yau
Hong Kong’s Cathay Group has hit its target of hiring 3,400 pilots this year and expects to recruit 100 more by the end of January, with the company reiterating it is on track to fully return to pre-pandemic flight capacity by then.
“We are pleased to inform you that in the area of pilot recruitment, we have achieved the 2024 target of reaching 3,400 pilots in total. It’s a new milestone,” a Cathay spokesman told the Post this week.
He added the group had a low resignation rate of 2.9 per cent this year.
“We expect that by end-January 2025 to reach almost 3,500 pilots on board across Cathay Pacific and [budget arm] HK Express to meet our current and forthcoming operational needs,” the spokesman said.
The company had announced on November 26, two days before the launch of the city’s new three-runway system, that it would reach pre-pandemic capacity by the end of January 2025.
The company told the Post in early December it remained “very confident” of meeting its projection and had “robust plans” for recruitment despite its pilots’ union expressing doubts.
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HSBC, IFC sign US$1 billion facility to support trade financing in emerging markets
By Cheryl Arcibal
HSBC and the International Finance Corporation (IFC) signed a US$1-billion partnership to help banks in emerging markets increase their lending to support trade.
The risk-sharing facility between one of Hong Kong’s currency-issuing banks and the private sector financing arm of the World Bank will cover trade-related assets held by banks in 20 countries in Africa, Asia, Latin America and the Middle East.
The facility has been set up under IFC’s global trade liquidity programme (GTLP), which was established to address the growing trade finance gap in emerging markets.
“Trade finance is the fuel that powers the global economic engine,” said Aditya Gahlaut, co-head of global trade solutions for Asia-Pacific at HSBC. “Our partnership with IFC will help ensure that trade finance gets to where it is needed [and] that funding is directed to a segment crucial to job creation and economic growth in many emerging markets.”
Reducing the trade finance gap and improving access to finance will be central to fostering growth and sustainability across Asia and the region’s supply chains, he added.
Over the last three decades, global trade has increased by an average of 5 per cent a year, but demand for trade finance has outpaced supply, particularly in emerging markets.
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By Cheryl Arcibal
HSBC and the International Finance Corporation (IFC) signed a US$1-billion partnership to help banks in emerging markets increase their lending to support trade.
The risk-sharing facility between one of Hong Kong’s currency-issuing banks and the private sector financing arm of the World Bank will cover trade-related assets held by banks in 20 countries in Africa, Asia, Latin America and the Middle East.
The facility has been set up under IFC’s global trade liquidity programme (GTLP), which was established to address the growing trade finance gap in emerging markets.
“Trade finance is the fuel that powers the global economic engine,” said Aditya Gahlaut, co-head of global trade solutions for Asia-Pacific at HSBC. “Our partnership with IFC will help ensure that trade finance gets to where it is needed [and] that funding is directed to a segment crucial to job creation and economic growth in many emerging markets.”
Reducing the trade finance gap and improving access to finance will be central to fostering growth and sustainability across Asia and the region’s supply chains, he added.
Over the last three decades, global trade has increased by an average of 5 per cent a year, but demand for trade finance has outpaced supply, particularly in emerging markets.
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Baidu-backed Chinese EV maker Jiyue to cut operations, payroll to survive brutal race
By Daniel Ren
Jiyue, a premium electric vehicle (EV) maker backed by Chinese search-engine firm Baidu, will downsize its operations while pursuing fresh capital to withstand vicious competition.
Projects that do not improve the company’s financial health will be scrapped, and some business units will be merged to avoid redundancy of human resources, the Shanghai-based carmaker said in a statement on Wednesday.
“We will make all-out efforts to focus on our goals to improve efficiency in operation and management,” the statement said. “All measures will be taken to adapt to the new situations amid the rebirth of the company.”
The statement came after speculation on social media in mainland China that Jiyue had edged closer to liquidation due to poor sales in the world’s largest EV market, which is crowded with more than 50 major players.
In a letter to employees on Wednesday, CEO Xia Yiping admitted that the company was under pressure to stay afloat, and said that a drastic revamp of existing operating units would be pivotal to Jiyue’s fate.
“The management will do its best to overcome difficulties,” he said in the letter seen by the Post. “The restructuring plan has received full understanding and full support from the shareholders.”
The CEO did not elaborate on which business units would cease or how many employees would be affected.
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By Daniel Ren
Jiyue, a premium electric vehicle (EV) maker backed by Chinese search-engine firm Baidu, will downsize its operations while pursuing fresh capital to withstand vicious competition.
Projects that do not improve the company’s financial health will be scrapped, and some business units will be merged to avoid redundancy of human resources, the Shanghai-based carmaker said in a statement on Wednesday.
“We will make all-out efforts to focus on our goals to improve efficiency in operation and management,” the statement said. “All measures will be taken to adapt to the new situations amid the rebirth of the company.”
The statement came after speculation on social media in mainland China that Jiyue had edged closer to liquidation due to poor sales in the world’s largest EV market, which is crowded with more than 50 major players.
In a letter to employees on Wednesday, CEO Xia Yiping admitted that the company was under pressure to stay afloat, and said that a drastic revamp of existing operating units would be pivotal to Jiyue’s fate.
“The management will do its best to overcome difficulties,” he said in the letter seen by the Post. “The restructuring plan has received full understanding and full support from the shareholders.”
The CEO did not elaborate on which business units would cease or how many employees would be affected.
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Singapore’s Tada launches in Hong Kong, driving fresh competition with Uber
By Oscar Liu
A Singapore-based ride-hailing service provider has launched in Hong Kong ahead of a government plan to regulate operators, with the newcomer providing fresh competition for market leader Uber.
Tada, which touts a zero-commission model for drivers, began operating in the city on Thursday and will allow customers to pay by cash or credit card in its beta launch covering Hong Kong Island, Kowloon and the airport.
The platform will not serve the New Territories.
The Transport and Logistics Bureau in July proposed to establish regulations for ride-hailing services next year, which would focus on overseeing online platforms and strengthening penalties for violations.
Newly appointed transport minister Mable Chan said on Sunday she would prioritise residents’ needs when designing regulations.
She noted that residents valued the convenience and service provided by point-to-point transport and said she hoped to bring about positive changes by listening to different industries and the public.
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By Oscar Liu
A Singapore-based ride-hailing service provider has launched in Hong Kong ahead of a government plan to regulate operators, with the newcomer providing fresh competition for market leader Uber.
Tada, which touts a zero-commission model for drivers, began operating in the city on Thursday and will allow customers to pay by cash or credit card in its beta launch covering Hong Kong Island, Kowloon and the airport.
The platform will not serve the New Territories.
The Transport and Logistics Bureau in July proposed to establish regulations for ride-hailing services next year, which would focus on overseeing online platforms and strengthening penalties for violations.
Newly appointed transport minister Mable Chan said on Sunday she would prioritise residents’ needs when designing regulations.
She noted that residents valued the convenience and service provided by point-to-point transport and said she hoped to bring about positive changes by listening to different industries and the public.
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Trump invites China’s Xi Jinping to attend his inauguration, US news report says
By Reuters
US president-elect Donald Trump has invited Chinese President Xi Jinping to attend his inauguration next month, CBS News reported on Wednesday, citing multiple sources.
The report said it is not clear if Xi has accepted the invitation.
More to follow …
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By Reuters
US president-elect Donald Trump has invited Chinese President Xi Jinping to attend his inauguration next month, CBS News reported on Wednesday, citing multiple sources.
The report said it is not clear if Xi has accepted the invitation.
More to follow …
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