PM Modi congratulates Lee Jae-Myung on being elected South Korean President, looks to deepen India-ROK
In a post on X, he said, 'Congratulations to Mr Lee Jae-Myung on being elected as the President of the Republic of Korea. Look forward to working together to further expand and strengthen the India-ROK Special Strategic Partnership.'
https://x.com/narendramodi/status/1930094970850902079
Lee Jae-myung's hardscrabble path to the South Korean presidency mirrors his country's rise from grinding poverty to one of the world's leading economies, Al Jazeera reported.
When Lee, a scandal-prone school dropout-turned-lawyer who was elected in a landslide on Tuesday, was born in 1963, South Korea's gross domestic product (GDP) per capita was comparable to sub-Saharan African nations.
Known for his populist and outspoken style, Lee, the standard bearer for the left-leaning Democratic Party, has often credited his humble beginnings with moulding his progressive beliefs.
'Poverty is not a sin, but I was always particularly sensitive to the injustices I experienced because of poverty,' Lee said in a speech in 2022, as quoted by Al Jazeera.
'The reason I am in politics now is to help those still suffering in the pit of poverty and despair that I managed to escape, by building a fair society and a world with hope,' he said.
As president, Lee has pledged to prioritise the economy, proposing, among other things, a major boost in investment in artificial intelligence, the introduction of a four-and-a-half-day work week, and tax deductions for parents in proportion to the number of children they have, as per Al Jazeera.
On foreign affairs, he has promised to mend relations with North Korea while pushing for its ultimate denuclearisation - in keeping with the traditional stance of his Democratic Party - and maintain the US-Korea security alliance without alienating China and Russia. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Deccan Herald
10 minutes ago
- Deccan Herald
North Korea rejects new South Korean leader's peace overtures
She cited the South Korean government's ongoing alliance with the United States and the countries' plans to continue holding annual joint military drills as evidence of little change under the new administration.
&w=3840&q=100)
Business Standard
17 minutes ago
- Business Standard
FPI selloff, result woes drag Indian equity markets down for a third day
Indian equity benchmarks slumped on Monday, weighed down by stalled India-US trade talks, sustained foreign portfolio investor (FPI) selling, and sharp declines in banking and IT heavyweights. The Sensex plunged 572 points (0.7 per cent) to close at 80,891, while the Nifty fell 156 points (0.6 per cent )to 24,681. The selloff erased ₹3.8 trillion from the total market capitalisation of BSE-listed firms, now at ₹448 trillion. Monthly losses stand at ₹13.3 trillion, with both benchmarks down nearly 6 per cent from September peaks. Investors were wary of taking positive bets amid reports that trade talks between India and the US remained deadlocked and dimmed hopes of an interim deal before US President Donald Trump's deadline. On the contrary, the deal between the US and EU eased concerns of a bigger trade tiff that could have hurt the global economy. US President Donald Trump and European Commission President Ursula von der Leyen announced a trade deal on Sunday, which will see the bloc face 15 per cent tariffs on most of its exports. FPIs were net sellers on Monday, worth approximately ₹ 6,083 crore, marking their sixth consecutive day of selling and the largest single-day sale since May 30. Kotak Mahindra Bank was the largest contributor to the decline in the Sensex, followed by Bharti Airtel and Bajaj Finance. Kotak Mahindra Bank's shares declined 7.5 per cent, their biggest one-day fall since April 25, 2024, after the private lender posted a 40 per cent year–on–year (Y-o-Y) decline in its consolidated net profit to ₹4,472 crore in the April–June quarter. A rise in provisions and contingencies due to higher slippages also weighed on profits for the recently concluded quarter. TCS ended the session with a loss of 1.76 per after it announced on Sunday that it would lay off approximately 2 per cent, or around 12,260 employees, of its global workforce of 613,069 this financial year. "Domestic market sentiment has remained cautious, weighed down by a disappointing set of Q1 earnings, delays in the India-US trade agreement, and continued FII outflows. In contrast, global markets remain broadly positive, supported by US-EU trade developments that are perceived as less concerning than anticipated,' said Vinod Nair, head of research of Geojit Investments. In the future, the remainder of corporate earnings and the trajectory of the trade deal with the US will determine the market movement. "Markets are currently grappling with headwinds on both domestic and global fronts. In the banking space, earlier resilience had helped limit the decline; however, renewed pressure across the sector — except for heavyweights ICICI Bank and HDFC Bank — is adding to participants' concerns. We now view the 24,450 – 24,550 zone as a critical support area, while the 24,900 – 25,000 range is likely to act as a resistance zone in case of a rebound. Traders should maintain a cautious stance and adjust their positions accordingly,' said Ajit Mishra, SVP-Research of Religare Broking. Market breadth was weak with 2,951 declines and 1,200 advances.
The Print
31 minutes ago
- The Print
Sensex, Nifty tumble for 3rd day, dragged by Kotak Bank, US trade deal uncertainty
The 50-share NSE Nifty declined 156.10 points or 0.63 per cent to close at a nearly two-month low of 24,680.90. As many as 35 Nifty shares declined, and 15 advanced. The 30-share BSE barometer tanked 572.07 points or 0.70 per cent to settle at 80,891.02, a level not seen since June 4. During the day, it slumped 686.65 points or 0.84 per cent to 80,776.44. Mumbai, Jul 28 (PTI) Falling for the third straight session on Monday, benchmark Sensex tumbled by 572 points to close at nearly a two-month low due to heavy selling in Kotak Mahindra Bank, forex outflows and uncertainty related to the India-US trade deal. Analysts said disappointing quarterly results and continued selling by FIIs dragged stock markets down for the third session in a row. Nifty has tanked over 2 per cent or 539 points while Sensex retreated by 1,835 points or 2.2 per cent to trade at near two-month low levels. Among Sensex firms, Kotak Mahindra Bank tumbled the most by 7.31 per cent after the company reported a consolidated net profit of Rs 4,472 crore for the June quarter, and flagged stress on the retail commercial vehicle portfolio due to adverse macroeconomic conditions. The profit in the year-ago period was Rs 7,448 crore, but it had included gains of over Rs 3,000 crore on its stake sale in the general insurance arm, while the net profit for the March quarter stood at Rs 4,933 crore. Bajaj Finance dropped 3.64 per cent amid asset quality concerns, while Bharti Airtel fell by 2.35 per cent. Tata Consultancy Services dropped 1.76 per cent amid reports that the IT major has decided to lay off over 12,000 employees. Sources said that the IT Ministry is keeping a close watch on the entire situation and is in touch with the tech company over the matter. Titan, HCL Tech and State Bank of India were also among the laggards. However, Hindustan Unilever, Asian Paints, ICICI Bank, Power Grid, HDFC Bank and ITC were the gainers. 'Domestic market sentiment has remained cautious, weighed down by a disappointing set of Q1 earnings, delays in the India-US trade agreement, and continued FII outflows. In contrast, global markets remain broadly positive, supported by US-EU trade developments that are perceived as less concerning than anticipated. 'The upcoming monetary policy decisions from the Fed and BoJ, along with the trajectory of domestic quarterly earnings, are expected to play a pivotal role in shaping market direction in the near term,' Vinod Nair, Head of Research, Geojit Investments Limited, said. The BSE smallcap gauge tumbled 1.31 per cent and midcap index fell by 0.73 per cent. Among BSE sectoral indices, realty tanked 4.11 per cent, followed by telecommunication (1.56 per cent), capital goods (1.49 per cent), BSE industrials (1.40 per cent), teck (1.21 per cent) and metal (1.06 per cent). FMCG and utilities were the gainers. A total of 2,874 stocks declined while 1,264 advanced and 161 remained unchanged on the BSE. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,979.96 crore on Friday, according to exchange data. In Asian markets, Japan's Nikkei 225 index settled lower while South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng ended in positive territory. Markets in Europe were trading in the green. The US markets ended higher on Friday. Global oil benchmark Brent crude climbed 0.91 per cent to USD 69.05 a barrel. The rupee pared initial gains and settled 15 paise lower at 86.67 (provisional) against the US dollar due to month-end dollar demand from importers. PTI SUM MR MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
