
New PM meets protesting farmers on first day in office
A total of eight groups of farmers were holding a rally across the presidential office in Yongsan-gu, Seoul, opposing Lee's reappointment of Song, who had criticized the four agricultural bills drafted by the liberal Democratic Party of Korea and passed the National Assembly in November last year. The four bills, including amendments to the Grain Management Act, which requires the government to purchase surplus rice to stabilize prices during market fluctuations, were vetoed and scrapped by former Prime Minister and then-acting President Han Duck-soo, few weeks after it passed an Assembly plenary session. The bills had earned widespread support from farmers across the country.
Kim, who met with the protesters around 11 a.m., urged them to understand the president's decision, citing the need to 'unify the people,' while reassuring them that the four bills would be floated again and passed under the current administration.
He added that the president considered 'how much Song was involved in (Yoon's) insurrection case,' implying she had little involvement in the matter compared to other members of Yoon's Cabinet.
'I believe there were considerations of appointing a new minister (with the candidate) having been someone who has often cooperated with farmers' groups,' Kim told the protesters. 'But it seemed meaningful (for Song to be reappointed) in terms of unification of the people.'
Song was tapped by impeached President Yoon Suk Yeol to lead the Ministry of Agricultural, Food and Rural Affairs in late 2023. In November last year, she denounced the four agricultural bills as 'the four disaster bills" during a press briefing, after the Assembly's Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee approved for a plenary vote.
Song, on June 30, backtracked on her earlier stance saying that 'the conditions are now met' to pass the agricultural bills.
She stressed that the new bill, which would be drafted by the Democratic Party, would focus on preventing the production of surplus rice through data and forecasts, rather than purchasing it afterward. The Democratic Party announced Thursday to float the bills again and put them to a plenary vote by the end of this month.
'(The current administration) holds one of the strongest views of supporting the rights of farmers among governments so far — I am certain that (the bills) will pass (the Assembly),' Kim told the protesters.
In the afternoon, Kim met with Assembly Speaker Woo Won-shik at the National Assembly in western Seoul.
Woo advised Kim to 'lead state affairs by prioritizing the people's livelihoods.'
Kim in response said he would give his full efforts to focus on improving the economy and the people's lives.
The ruling party-led Assembly on Thursday passed the motion to confirm Lee's choice to tap Kim as prime minister in a 173-3 vote with three invalid ballots. All lawmakers from the main opposition People Power Party boycotted the vote, citing several scandals surrounding his wealth and family.
The endorsement came 29 days after Lee nominated Kim, a four-term liberal lawmaker, as prime minister.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Korea Herald
10 hours ago
- Korea Herald
New PM meets protesting farmers on first day in office
Prime Minister Kim Min-seok on Friday met with groups of farmers protesting against President Lee Jae Myung's decision to reappoint Agricultural Minister Song Mi-ryung, on his first day in office. A total of eight groups of farmers were holding a rally across the presidential office in Yongsan-gu, Seoul, opposing Lee's reappointment of Song, who had criticized the four agricultural bills drafted by the liberal Democratic Party of Korea and passed the National Assembly in November last year. The four bills, including amendments to the Grain Management Act, which requires the government to purchase surplus rice to stabilize prices during market fluctuations, were vetoed and scrapped by former Prime Minister and then-acting President Han Duck-soo, few weeks after it passed an Assembly plenary session. The bills had earned widespread support from farmers across the country. Kim, who met with the protesters around 11 a.m., urged them to understand the president's decision, citing the need to 'unify the people,' while reassuring them that the four bills would be floated again and passed under the current administration. He added that the president considered 'how much Song was involved in (Yoon's) insurrection case,' implying she had little involvement in the matter compared to other members of Yoon's Cabinet. 'I believe there were considerations of appointing a new minister (with the candidate) having been someone who has often cooperated with farmers' groups,' Kim told the protesters. 'But it seemed meaningful (for Song to be reappointed) in terms of unification of the people.' Song was tapped by impeached President Yoon Suk Yeol to lead the Ministry of Agricultural, Food and Rural Affairs in late 2023. In November last year, she denounced the four agricultural bills as 'the four disaster bills" during a press briefing, after the Assembly's Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee approved for a plenary vote. Song, on June 30, backtracked on her earlier stance saying that 'the conditions are now met' to pass the agricultural bills. She stressed that the new bill, which would be drafted by the Democratic Party, would focus on preventing the production of surplus rice through data and forecasts, rather than purchasing it afterward. The Democratic Party announced Thursday to float the bills again and put them to a plenary vote by the end of this month. '(The current administration) holds one of the strongest views of supporting the rights of farmers among governments so far — I am certain that (the bills) will pass (the Assembly),' Kim told the protesters. In the afternoon, Kim met with Assembly Speaker Woo Won-shik at the National Assembly in western Seoul. Woo advised Kim to 'lead state affairs by prioritizing the people's livelihoods.' Kim in response said he would give his full efforts to focus on improving the economy and the people's lives. The ruling party-led Assembly on Thursday passed the motion to confirm Lee's choice to tap Kim as prime minister in a 173-3 vote with three invalid ballots. All lawmakers from the main opposition People Power Party boycotted the vote, citing several scandals surrounding his wealth and family. The endorsement came 29 days after Lee nominated Kim, a four-term liberal lawmaker, as prime minister.


Korea Herald
11 hours ago
- Korea Herald
Seoul shares fall nearly 2% on profit taking
South Korean stocks finished markedly lower Friday, as investors took a breather following recent gains while watching developments in tariff talks with the United States. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 61.99 points, or 1.99 percent, to close at 3,054.28. Trade volume was moderate at 511.83 million shares worth 13.25 trillion won ($9.93 billion), with losers beating winners 738 to 160. Institutional investors net sold 444.03 billion won worth of stocks, while individuals and foreigners purchased a net 257.06 billion won and 162.27 billion won worth of shares, respectively. The index opened slightly higher, tracking Wall Street gains, but soon turned negative and extended losses. The decline came one day after the index jumped to the highest level in nearly four years, driven by the National Assembly's passage of the shareholder-friendly Commercial Act revision and progress in tariff talks between the United States and Vietnam. Eyes are now on Seoul's tariff talks with Washington as just a week remains until the July 8 deadline set by US President Donald Trump. Trade Minister Yeo Han-koo is scheduled to visit the US this week for last-minute negotiations. According to foreign media reports, Trump said that his government will start sending out letters to trading partners on Friday setting unilateral tariff rates ranging from 10 percent up to 70 percent, which countries would have to pay starting August. Most large-cap shares lost ground. Market bellwether Samsung Electronics fell 0.78 percent to 63,300 won, while chip giant SK hynix sank 2.87 percent to 270,500 won. Major battery maker LG Energy Solution lost 2.51 percent to 310,500 won, and leading biotech firm Samsung Biologics went down 0.57 percent to 1,038,000 won. Top financial firm KB Financial sank 4.11 percent to 112,100 won, and nuclear power plant manufacturer Doosan Enerbility dipped 3.07 percent to 60,000 won. Carmakers lost ground. Top carmaker Hyundai Motor retreated 1.86 percent to 210,500 won, and its sister Kia Motors fell 1 percent to 99,100 won. Top online portal operator Naver decreased 1.58 percent to 249,000 won, and Kakao, the operator of the country's dominant mobile messenger, tumbled 1.85 percent to 58,400 won. But No. 1 steelmaker POSCO Holdings surged 1.44 percent to 316,500 won, and major chemical firm LG Chem advanced 2.92 percent to 264,500 won. The local currency was quoted at 1,362.3 won against the greenback at 3:30 p.m., down 2.9 won from the previous session. (Yonhap)


Korea Herald
15 hours ago
- Korea Herald
Democratic Party of Korea to pass W31tr extra budget bill without opposition
The ruling Democratic Party of Korea on Friday said it would pass a supplementary budget bill for universal cash handouts in the absence of the opposition, the People Power Party. The Democratic Party's floor leader, Rep. Kim Byung-kee, said that his party, which has 56 percent of the National Assembly's seats, could no longer delay passing the supplementary budget bill of 31 trillion won to "support the government's efforts to revive the economy." The People Power Party opposed the supplementary budget, which includes distributing direct payments of up to 520,000 won in the form of digital vouchers to every South Korean. The People Power Party said the supplementary budget proposed by the ruling party and President Lee Jae Myung's administration could hurt fiscal sustainability and lead to greater debt. Explaining his cash handout policy, President Lee said in his press briefing Thursday that for struggling families, the extra income could give them an opportunity to eat out. "We are one of the world's top 10 economies. I hope people don't have to worry about what to eat," Lee said. Lee also said universal cash handouts proved effective as an economic stimulus policy during the COVID-19 pandemic.