South Korea

    President Lee Myung-bak has nominated Kim Tae-ho as the country’s new prime minister, replacing Chung Un-cha who offered to resign last month. Kim will still need the Korean parliament’s confirmation, which is largely ceremonial, before he can formally assume the post. A spokesperson for Lee said they expect Kim to easily earn the confirmation, the New York Times says. If confirmed, Kim, who turns 48 on Aug. 21, will be Korea’s youngest prime minister in 39 years. Majority of the country’s previous prime ministers were in their 50s and 60s. Kim has served as governor of South Korea’s Kyongsang province for six years.

    Meanwhile, South Korean food prices rose 4.1 percent in June 2010, from their levels in the same month last year. This growth rate is the third highest this month among all members of the Organization for Economic Cooperation and Development. The high growth was mostly caused by abnormal changes in the country’s weather, the Ministry of Strategy and Finance said according to Arirang.

    About the author

    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.