Conservative wins South Korea’s presidential elections

Opposition conservative Yoon Suk-yeol has been elected South Korean president, after rival Lee Jae-myung from the ruling Democratic Party conceded defeat.

“With 98 percent of the vote counted, Yoon had 48.59 percent of the vote against Lee of the liberal Democratic Party (DP)’s 47.79 percent,” the official Yonhap news agency reported on Thursday.

Yoon, 60, is from the main opposition People Power Party. He called the election a “victory of the great people.”

A formal announcement is expected to be made later on Thursday.

“Our competition is over for now,” he said in an acceptance speech, thanking and consoling Lee and other rivals. “We have to join hands and unite into one for the people and the country.”

Conceding and congratulating his opponent, Lee said, “I did my best, but failed to live up to your expectations.”

“President-elect, I desperately ask you to overcome divisions and conflicts and open an era of integration and unity.”

Yoon’s five-year term will begin this month to replace incumbent President Moon Jae-in, who is constitutionally barred from seeking re-election.