Connect with us

News

South Korean investigators attempt to arrest President Yoon Suk Yeol

Published

on

South Korean investigators attempt to arrest President Yoon Suk Yeol

Unlock the Editor’s Digest for free

South Korean investigators were attempting to arrest President Yoon Suk Yeol as part of a probe into alleged treason and abuse of power after his failed attempt last month to impose martial law.

About 30 investigators from the Corruption Investigation Office for High-ranking Officials and 120 police officers entered Yoon’s residence in central Seoul early on Friday, state-run Yonhap News said.

Police officers were clashing with the president’s security officers, according to YTN News. Hundreds of Yoon’s supporters rallied outside his residence, shouting “impeachment invalid” and “protect Yoon”.

Advertisement

If arrested, Yoon will be the first incumbent South Korean president to be detained.

Yoon unleashed an acute political crisis in South Korea with his failed effort to impose martial law. He was impeached by parliament last month, but the move has to be approved by the country’s constitutional court.

The independent anti-corruption agency is expected to question Yoon over possible insurrection after he allegedly dispatched troops to the national assembly in an attempt to prevent lawmakers from rejecting his shortlived martial law decree.

Yoon’s lawyers said on Friday that the agency’s attempt to arrest the president was “illegal and invalid” and they would take a legal action against the move.

On Wednesday Yoon sent a letter to hundreds of his supporters rallying outside his residence. “The country is in jeopardy due to anti-state forces. I’ll fight until the end to protect the nation together with you,” he wrote.

Advertisement

Under South Korea’s constitution, the president is immune from criminal prosecution, except when facing allegations of rebellion or treason. Acting president Choi Sang-mok on Tuesday appointed two justices to the court, filling two of the vacancies at the nine-member constitutional court.

The court’s eight sitting justices will hold a second hearing on Friday on whether to remove Yoon from office. The court has until June to reach a verdict though this deadline could be extended. A minimum six votes are required to approve Yoon’s impeachment. If he is removed from office, a presidential election must be held within 60 days.

The political turmoil has weighed on the South Korean economy, which is facing higher US tariffs in Donald Trump’s second term in the White House. The government on Thursday revised down this year’s growth forecast to 1.8 per cent from 2.2 per cent and is considering drawing up an extra budget to boost sluggish domestic consumption.

Choi on Friday ordered officials to take measures to stabilise financial markets “swiftly and boldly” in case of heightened volatility. He said he would continue to meet high-ranking financial officials including Bank of Korea governor Rhee Chang-yong every week to monitor market conditions. Rhee on Thursday warned of growing downside risks for the Korean economy and said the bank would be “flexible” with the pace of rate cuts in the face of “unprecedented” political and economic uncertainties. 

South Korea’s stocks and currency were among the worst performers in Asia last year, in part because of the political chaos, with the Kospi stock index down nearly 10 per cent and the won trading near its lowest level since 2009. The country’s stock market opened slightly higher on Friday.

Advertisement

News

Amazon accused of listing products from independent shops without permission

Published

on

Amazon accused of listing products from independent shops without permission

Unlock the Editor’s Digest for free

Amazon has been accused of listing products from independent retailers without their consent, even as the ecommerce giant sues start-up Perplexity over its AI software shopping without permission.

The $2.5tn online retailer has listed some independent shops’ full inventory on its platform without seeking permission, four business owners told the Financial Times, enabling customers to shop through Amazon rather than buy directly.

Two independent retailers told the FT that they had also received orders for products that were either out of stock or were mispriced and mislabelled by Amazon leading to customer complaints.

Advertisement

“Nobody opted into this,” said Angie Chua, owner of Bobo Design Studio, a stationery store based in Los Angeles.

Tech companies are experimenting with artificial intelligence “agents” that can perform tasks like shopping autonomously based on user instructions.

Amazon has blocked agents from Anthropic, Google, OpenAI and a host of other AI start-ups from its website.

It filed a lawsuit in November against Perplexity, whose Comet browser was making purchases on Amazon on behalf of users, alleging that the company’s actions risked undermining user privacy and violated its terms of service.

In its complaint, Amazon said Perplexity had taken steps “without prior notice to Amazon and without authorisation” and that it degraded a customer shopping experience it had invested in over several decades.

Advertisement

Perplexity in a statement at the time said that the lawsuit was a “bully tactic” aimed at scaring “disruptive companies like Perplexity” from improving customers’ experience.

The recent complaints against Amazon relate to its “Buy for Me” function, launched last April, which lets some customers purchase items that are not listed with Amazon but on other retailers’ sites.

Retailers said Amazon did not seek their permission before sending them orders that were placed on the ecommerce site. They do not receive the user’s email address or other information that might be helpful for generating future sales, several sellers told the FT.

“We consciously avoid Amazon because our business is rooted in community and building a relationship with customers,” Chua said. “I don’t know who these customers are.”

Several of the independent retailers said Amazon’s move had led to poor experiences for customers, or hurt their business.

Advertisement

Sarah Hitchcock Burzio, the owner of Hitchcock Paper Co. in Virginia, said that Amazon had mislabelled items leading to a surge in orders as customers believed they were receiving more expensive versions of a product at a much lower price.

“There were no guardrails set up so when there were issues there was nobody I could go to,” she said.

Product returns and complaints for the “Buy for Me” function are handled by sellers rather than Amazon, even when errors are produced by the Seattle-based group.

Amazon enables sellers to opt out of the service by contacting the company on a specific email address.

Amazon said: “Shop Direct and Buy for Me are programmes we’re testing that help customers discover brands and products not currently sold in Amazon’s store, while helping businesses reach new customers and drive incremental sales.

Advertisement

“We have received positive feedback on these programmes. Businesses can opt out at any time.”

Continue Reading

News

Trump says Venezuela will turn over 30 million to 50 million barrels of oil to US | CNN Business

Published

on

Trump says Venezuela will turn over 30 million to 50 million barrels of oil to US | CNN Business

President Donald Trump said Tuesday night that Venezuela will turn over 30 million to 50 million barrels of oil to the United States, to be sold at market value and with the proceeds controlled by the US.

Interim authorities in Venezuela will turn over “sanctioned oil” Trump said on Truth Social.

The US will use the proceeds “to benefit the people of Venezuela and the United States!” he wrote.

Energy Secretary Chris Wright has been directed to “execute this plan, immediately,” and the barrels “will be taken by storage ships, and brought directly to unloading docks in the United States.”

CNN has reached out to the White House for more information.

Advertisement

A senior administration official, speaking under condition of anonymity, told CNN that the oil has already been produced and put in barrels. The majority of it is currently on boats and will now go to US facilities in the Gulf to be refined.

Although 30 to 50 million barrels of oil sounds like a lot, the United States consumed just over 20 million barrels of oil per day over the past month.

That amount may lower oil prices a bit, but it probably won’t lower Americans’ gas prices that much: Former President Joe Biden released about four to six times as much — 180 million barrels of oil — from the US Strategic Petroleum Reserve in 2022, which lowered gas prices by only between 13 cents and 31 cents a gallon over the course of four months, according to a Treasury Department analysis.

US oil fell about $1 a barrel, or just under 2%, to $56, immediately after Trump made his announcement on Truth Social.

Selling up to 50 million barrels could raise quite a bit of revenue: Venezuelan oil is currently trading at $55 per barrel, so if the United States can find buyers willing to pay market price, it could raise between $1.65 billion and $2.75 billion from the sale.

Advertisement

Venezuela has built up significant stockpiles of crude over since the United States began its oil embargo late last year. But handing over that much oil to the United States may deplete Venezuela’s own oil reserves.

The oil is almost certainly coming from both its onshore storage and some of the seized tankers that were transporting oil: The country has about 48 million barrels of storage capacity and was nearly full, according to Phil Flynn, senior market analyst at the Price Futures Group. The tankers were transporting about 15 million to 22 million barrels of oil, according to industry estimates.

It’s unclear over what time period Venezuela will hand over the oil to the United States.

The senior administration official said the transfer would happen quickly because Venezuela’s crude is very heavy, which means it can’t be stored for long.

But crude does not go bad if it is not refined in a certain amount of time, said Andrew Lipow, the president of Lipow Oil Associates, in a note. “It has sat underground for hundreds of millions of years. In fact, much of the oil in the Strategic Petroleum Reserve has been around for decades,” he wrote.

Advertisement
Continue Reading

News

Video: Nvidia Shows Off New A.I. Chip at CES

Published

on

Video: Nvidia Shows Off New A.I. Chip at CES

new video loaded: Nvidia Shows Off New A.I. Chip at CES

transcript

transcript

Nvidia Shows Off New A.I. Chip at CES

At the annual tech conference, CES, Nvidia showed off a new A.I. chip, known as Vera Rubin, which is more efficient and powerful than previous generations of chips.

This is the Vera CPU. This is one CPU. This is groundbreaking work. I would not be surprised if the industry would like us to make this format and this structure an industry standard in the future. Today, we’re announcing Alpamayo, the world’s first thinking, reasoning autonomous vehicle A.I.

Advertisement
At the annual tech conference, CES, Nvidia showed off a new A.I. chip, known as Vera Rubin, which is more efficient and powerful than previous generations of chips.

By Jiawei Wang

January 6, 2026

Continue Reading

Trending