Minister of Knowledge Economy Youn-ho Lee of Korea, South

Minister Lee said the government has set up a three-tier warning system to check the health of nine key industries -- autos, shipbuilding, petrochemicals, semiconductors, steel, textiles, displays, mobile phones and general machinery.

Lee had originally planned to designate Euh Yoon-dae, a former president of Korea University, to head the education ministry.

Lee had originally considered former commerce and industry minister Yoon Jin-shik as the minister of finance and economy.

Won Se-hoon, who served as vice-mayor of Seoul for two-and-a-half years when Lee was mayor, was named administration and security.

Kang was also a close confidant of President Lee in 2005 when Lee was mayor of Seoul.

Won Se-hoon, 57, served as vice-mayor of Seoul when Lee was mayor for two and half years.

Their friendship is very strong as Lee has often attended performances by Yu unannounced.

But aides to Lee said on the contrary it would be good for him to conduct a neutral policy.

She first met Lee when she became a member of the Green Committee of Seoul City when Lee was mayor.

This is the need of the times imposed on the Lee Myung-bak Government,¡± Lee said in a recent public address.

Speaking to reporters on Saturday, Lee said that KEPCO had incurred a $2.

Reaching the target may not be easy, but there needs to be a concerted effort by the government and local officials to make changes that can help attract overseas investment," Lee was quoted by the local daily newspaper.

Lee said electric charges would be unlikely to come down before oil prices stabilised and the won currency strengthened further.

prices stabilised and the won currency strengthened further.

Lee said that the measures announced by Hynix Semiconductor were pertinent and it is something that a company that is distressed must do.