• Latest
  • Trending
South Korea President sacks finance minister, policy chief

South Korea President sacks finance minister, policy chief

November 9, 2018
appointments:-enugu-north-unfairly-treated-–-buhari-movement

Appointments: Enugu North unfairly treated – Buhari Movement

July 13, 2020
federal-legislator-advocates-cancellation-of-annual-recess-over-critical-bills

Federal legislator advocates cancellation of annual recess over critical bills

July 13, 2020
covid-19:-bill-gates-is-linked-to-666-–-pastor-chris-okotie-reveals-satan’s-plans

COVID-19: Bill Gates is linked to 666 – Pastor Chris Okotie reveals Satan’s plans

July 13, 2020
ogun-nnpp-fires-abiodun-as-bridge-collapses-less-than-one-year-after-construction

NNPP fires Abiodun as bridge collapses less than one year after construction

July 13, 2020
efcc:-magu-worked-for-osinbajo,-tinubu,-they-are-his-godfathers-–-fani-kayode

EFCC: Magu worked for Osinbajo, Tinubu, they are his godfathers – Fani-Kayode

July 13, 2020
covid-19:-ncdc-announces-discharge-of-13,447-patients,-571-new-cases

COVID-19: NCDC announces discharge of 13,447 patients, 571 new cases

July 13, 2020
magu:-buhari,-apc-against-corruption-–-spokesman,-nabena

Magu: Buhari, APC against corruption – Yekini Nabena

July 13, 2020
malami-breaks-silence-on-approving-auctioning-of-seized-oil-vessels

Malami breaks silence on approving auctioning of seized oil vessels

July 12, 2020
nigerian-troops-kill-scores-of-bandits,-rescue-kidnapped-victims-in-sokoto,-zamfara

Nigerian troops kill scores of bandits, rescue kidnapped victims in Sokoto, Zamfara

July 12, 2020
kwara-deputy-governor’s-staff-contract-covid-19

Kwara Deputy Governor’s staff contract COVID-19

July 12, 2020
how-nigerian-govt,-states,-lgs-shared-n7.8-trn-in-2019-[breakdown]

How Nigerian govt, States, LGs shared N7.8 trn in 2019

July 12, 2020
covid-19:-guidelines-for-school-reopening-in-akwa-ibom-unrealistic,-tough-–-proprietors

COVID-19: Guidelines for school reopening in Akwa Ibom unrealistic, tough – Proprietors

July 12, 2020
  • About Us
  • Contact Us
  • Disclaimer
  • Home
  • Privacy Policy
Friday, December 1, 2023
Nigerian News
  • Home
  • News
  • World
  • Business
  • Entertainment
  • Politics
  • Sports
  • Tech
  • Security
No Result
View All Result
Nigerian News
  • Home
  • News
  • World
  • Business
  • Entertainment
  • Politics
  • Sports
  • Tech
  • Security
No Result
View All Result
Nigerian News
No Result
View All Result

South Korea President sacks finance minister, policy chief

by Olalere Abolore
November 9, 2018
0
South Korean President Moon Jae-in

South Korean President Moon Jae-in

782
SHARES
6.5k
VIEWS
Share on FacebookShare on Twitter

President of South Korea, Moon Jae-in has sacked his Finance Minister Kim Dong-yeon and Presidential Chief of Staff for Policy Jang Ha-sung, as the country struggles with slowing growth, rising unemployment and persistent income gaps.

The two top economy officials have already been replaced, top Blue House spokesman Yoon Young-chan said in a televised statement.

ReadAlso

Why Sanwo-Olu needs to wake-up and find his spine – Gbadamosi

Minimum Wage: Organised labour commends stakeholders

The pair had reportedly been at odds with each other over how to address the situation in South Korea which is the world’s 11th-largest economy.

Moon’s global profile has been dominated by his role in the rapid diplomatic rapprochement with nuclear-armed North Korea but at home his handling of the economy has become increasingly controversial, contributing to falling poll ratings.

Web Hosting in Nigeria

His administration has steeply raised South Korea’s minimum wages, cut working hours and converted temporary staff to permanent in a series of redistributive moves it says will lead to what it calls “income-led growth”.

It is a marked change from the growth model of the past, driven by exports and investments by the South’s major companies, that has seen the South rise to become Asia’s fourth-biggest economy.

And critics say the moves have had the opposite effect to what was intended, worsening the situation of many low-income earners and seeing small businesses cut staff, while big firms hold back investment in the face of tougher regulation.

Last month, the central Bank of Korea cut its growth forecast for this year to 2.7 per cent, down from the 3.1 per cent achieved in 2017.

And unemployment jumped 0.4 percentage points to 3.8 per cent in the third quarter, with youth joblessness at its highest since 1999 at 9.4 per cent.

Finance minister Kim had called for redistributive policies to be rowed back, including minimum wage hikes, while Jang wanted to stick with pursuing equality.

Kim was replaced by Hong Nam-ki, a veteran bureaucrat, while Jang was succeeded by Kim Soo-hyun, currently Moon’s top social affairs adviser.

Nigerians news

Email us @ info[at]nigerians.news
Previous Post

Car companies invest in scooters, bikes, as vehicles of the future

Next Post

Buhari, three governors leave for Paris peace forum

Related Posts

coronavirus:-6-month-old-baby-recovers-after-testing-positive
Health

Coronavirus: 6-month-old baby recovers after testing positive

April 25, 2020
covid-19:-coronavirus-cases-in-uk-hit-38,168,-kills-3,605-people
World

COVID-19: Coronavirus cases in UK hit 38,168, kills 3,605 people

April 3, 2020
covid-19:-saudi-arabia-stops-tax,-disburses-n910bn-to-private-sector-workers
World

COVID-19: Saudi Arabia stops tax, disburses N910bn to private sector workers

April 3, 2020
6-week-old-baby-dies-of-coronavirus-in-us
World

6-week-old baby dies of coronavirus in US

April 2, 2020
‘star-wars’-actor-dies-of-coronavirus-two-days-after-being-diagnosed
Entertainment News

‘Star Wars’ actor dies of coronavirus two days after being diagnosed

April 1, 2020
coronavirus-patient-escapes-isolation-facility-in-ghana
Featured

Coronavirus: Death toll in US exceeds China

April 1, 2020
Next Post
President Buhari departs for Paris Peace Forum

Buhari, three governors leave for Paris peace forum

Cheap Web hosting in Nigeria

Popular News

Nigeria to become third world largest exporter of gas – Tayo Ogini

Subscribe to Nigerian's news Alert

Enter your email address to subscribe to Nigerian's news and receive notifications of new posts by email.

Join 245 other subscribers

Nigerian News

© 2019 Nigerian's news | Designed by Afeeshost

Quick Links

  • About Us
  • Contact Us
  • Disclaimer
  • Home
  • Privacy Policy

Follow Us

  • Home
  • News
  • World
  • Business
  • Entertainment
  • Politics
  • Sports
  • Tech
  • Security

© 2019 Nigerian's news | Designed by Afeeshost

Posting....