S Korea names new PM as scandal grows

South Korea's presidential office yesterday named a new prime minister and finance minister, the highest-level shake-up since President Park Geun-hye's administration was rocked by a scandal involving a friend accused of meddling in state affairs.

But opposition parties denounced the reshuffle as a bid by Park to divert attention from the political crisis, which has dragged her approval rating to an all-time low.

The Blue House named Financial Services Commission Chairman Yim Jong-yong as finance minister and deputy prime minister. Yim, who replaces incumbent minister Yoo Il-ho, has been well-regarded by policy-makers and market participants in his current role.