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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Cabinet Reshuffle Aims To Deflect Criticism From President Moon
President Moon Jae-in announced a Cabinet reshuffle earlier today, in what is being viewed as an attempt to arrest the decline in his approval ratings in recent weeks.
- Moon has replace his Interior, Health, Land, and Housing ministers, with their replacements due to be in place following confirmation hearings in the National Assembly.
- Approval ratings for the president have reached multi-year lows in recent weeks, down to 37.4% in the first week of December according to Realmeter, from 43.8% in the previous week. Moon's popularity has plummeted amidst an ongoing housing crisis in the country and an ongoing row in the Justice Ministry that has overshadowed South Korea's strong response to the COVID-19 pandemic.
- It is important to note that South Korean presidents are limited to one five-year term, meaning Moon is not looking to boost his approval ahead of the 2022 presidential election. Instead, the reshuffle is likely an attempt to present something of a fresh image in an effort to get his existing policy objectives implemented in his time left in office.
- The most controversial of these has been attempts to reform the country's top prosecutor's office. This led to a major row between Moon's new Justice Minister Choo Mi-ae and Prosecutor General Yoon Seok-youl. The former attempted to have the latter removed from office last week on corruption charges, but this week a court held up an injunction barring his dismissal. Yoon is viewed by some as a potential presidential candidate in 2022.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.