South Korea's Park names new prime minister, finance minister

[SEOUL] South Korean President Park Geun Hye named a new prime minister and finance minister on Wednesday as she seeks to stem the fallout from an influence-peddling scandal threatening her grip on power.

Ms Park nominated Kim Byong Joon, a policy adviser under the administration of former President Roh Moo Hyun, as prime minister to take over from Hwang Kyo Ahn. Yim Jong Yong, chairman of the nation's Financial Services Commission, will take over from Yoo Il Ho in the top finance role.

The scandal has sent Ms Park's approval ratings tumbling and led her ruling party to call for a neutral government. The nomination of a new prime minister marks Ms Park's latest effort to restore confidence in her government after she accepted the resignation of her chief of staff. Her ruling party has been calling on her to agree to a coalition government.

Ms Park's moves follow a nationally televised address on Oct 25 where she acknowledged she had consulted her friend, Choi Soon Sil, on "some documents" for a certain period after she took office in 2013.

BLOOMBERG