SOUTH-KOREA – South Korea’s opposition has initiated impeachment proceedings against President Yoon Suk-yeol over his martial law declaration. If impeached, he could face trial for high treason. South Korea’s President Yoon Suk-yeol has replaced Defence Minister Kim Yong-hyun amid efforts by opposition parties to impeach both men for briefly imposing martial law this week – a move that was overturned by parliament. Kim offered his resignation and apologised for the disruption and concern caused to the public by the incident, admitting that troops acted under his orders and taking full responsibility. Yoon announced on Thursday that Kim will be replaced by retired General Choi Byung-hyuk, currently South Korea’s ambassador to Saudi Arabia. Vice Defence Minister Kim Seon-ho will serve as acting minister until Choi assumes the role after a parliamentary hearing.

The hearing is largely symbolic, as the president can appoint ministers without requiring parliamentary approval. A joint motion to impeach Yoon has been submitted to the National Assembly and will be voted on this Saturday evening. Meanwhile, in the wake of the martial law incident, large crowds gathered outside the parliament for a candlelit vigil in protest against the president. Yoon, who faces potential prosecution for high treason, has not appeared in public since announcing the lifting of martial law on television. Opposition lawmakers also voted on Thursday to impeach the chairman of South Korea’s auditing board and three senior prosecutors. The prosecutors are accused of watering down an investigation into suspected stock manipulation involving Yoon’s wife.  (Euronews)

FRANCE – French President Emmanuel Macron will address the nation on Thursday night, a day after Prime Minister Michel Barnier was ousted in a no-confidence vote. The presidency said on Thursday that Barnier had resigned his post, but would remain in office on a caretaker basis with his ministers until a new government was appointed. Names for a new prime minister have been swirling, including Defence Minister Sébastien Lecornu, Interior Minister Bruno Retailleau and centrist former presidential candidate François Bayrou. But finding a name that would not immediately be shot down by one of the large parliamentary factions could take some time, as it did in the summer, when former PM Gabriel Attal stayed on as caretaker for two months. Barnier’s government collapsed after MPs voted overwhelmingly in support of the motion against him, just three months after he was appointed by Macron.  Wednesday night’s vote was the first time a French government had been voted down by parliament in more than 60 years.

Marine Le Pen’s far right and the left-wing New Popular Front both united to censure Barnier’s government after the former Brexit negotiator used special powers to force through his budget without a vote. A total of 331 voted in support of the motion, far more than the 288 required for it to pass. Barnier presented the resignation of his government after the vote, while the budget which triggered his downfall was automatically withdrawn. As president, Macron is constitutionally unaffected by Barnier’s resignation. But many opposition politicians are increasingly open about wanting to force him to resign and call early presidential elections – something Macron has insisted is off the cards. (BBC)

Photo: The French government fell after parliament backed a motion of no-confidence in Prime Minister Michel Barnier. (Getty Images)

LONDON/MOSCOW/DUBAI – OPEC+ on Thursday pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026, due to weak demand and booming production outside the group. OPEC+, which pumps about half the world’s oil, had been planning to start unwinding cuts from October 2024 but a slowdown in global demand and rising output elsewhere forced it to postpone the plans on several occasions.

OPEC+ groups the Organization of the Petroleum Exporting Countries and allies such as Russia. Despite the group’s supply cuts, global oil benchmark Brent crude has mostly stayed in a $70 to $80 per barrel range this year. On Thursday it traded near $72 a barrel, having hit a 2024 low below $69 in September. “They have been talking about this (output hike) since June but they are still delaying,” said Bjarne Schieldrop, chief commodities analyst at SEB. “This means there is no upside to the oil price in the next couple of years.”

Schieldrop said the oil market will now shift focus to the actions of U.S. President-elect Donald Trump, who could impose new sanctions on Iran, tariffs on China and has pledged an end to the war in Ukraine. Amrita Sen from Energy Aspects said the OPEC+ decision was bullish as it removed the bulk of oversupply for next year: “But the market believes Trump wants low oil prices and hence remains bearish despite the OPEC+ announcement”. During his previous term as U.S. President in 2017-2021, Trump repeatedly attacked OPEC+ for high oil prices and asked Saudi Arabia to release more oil if the kingdom wanted U.S. support against its arch-rival Iran. (Reuters)

Photo: A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria. (Reuters)

Dharm Mungra recently advised Dinotha Vorswijk, minister of Land Affairs and
Forest Management (GBB), to take legal action against the presidential decree
which appointed Sieuwkoemar Ramsukul as deputy minister because certain
things that are in violation of the constitution were included in the decree. The
deputy minister who has been given a higher authorization must sign all of the
land deeds before Minister Vorswijk can also sign them.
Mungra who is the chairman of a political party namely De Nieuwe Leeuw told
Times of Suriname that if he were in her place, he would take legal actions against
the presidential decree. He explained that the GBB minister has been stripped of
her powers and that this is in violation of Article 124 of the Constitution. Mungra
pointed out that he does not disagree with the president but that he should replace
the minister if he is not pleased with her performance. He also pointed out
that “the constitution must not be ignored.” “The constitution must be respected
at all times.”

GHANA – Illegal gold mining in Ghana picked up this year following an almost 30% rise in global gold prices, despite military operations to shut them down. Around 70-80% of small mines are unlicensed in the country, and this year so far they have produced 1.2 million ounces of gold. Also known as Galamsey in Ghana, it’s become an important topic in the lead up to the country’s election.