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Lee Hyo-sik

Korea Times Finance Reporter

Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.

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South Korea

Alcohol ads banned in theaters

Posters and other advertisements promoting alcoholic beverages will be banned from theaters and subway stations from May as part of government efforts to discourage young people from drinking. Owners of buildings designated as non-smoking will also be hit with large financial penalties if they permit people to smoke inside them. These and other changes to the National Health Promotion Act were approved in a Cabinet meeting, the Ministry of Health and Welfare said Tuesday. Under the revision, theater operators will be not be allowed to show alcohol commercials before and after movies rated for people of all ages. But they will still be able to air the commercials prior to screenings for moviegoers aged over 19. Additionally, subway operators across the nation’s large cities will be banned from showing commercials for alcoholic drinks on electronic displays installed in stations. Screen doors will also be off-limits to alcohol advertisements. “We decided to change the health act, which was revised in June, once again to further strengthen regulations on alcohol commerci

Nov 22, 2011By Lee Hyo-sik
South Korea

Korea’s per capita income to reach at $40,000 by 2040

Average Korean expected to live until 90 By Lee Hyo-sik Koreans can look forward to living until 90 on average in 2040, with a per capita income reaching close to $40,000, a private institute projected in a report submitted to the government Monday. The country’s record-low birthrate is forecast to stop its downward trend and eventually rise in the decades to come. These are some of the projections made by the Hybrid Culture Institute at Sungkyunkwan University. In a report titled ``Koreans’ Quality of Life in 2040,’’ the institute said Koreans will live to be 89.38 years old on average in 2040, up from 80.1 years in 2008, thanks to improved healthcare and nutrition. The nation’s per capita income is projected to jump to $38,408 from $17,175 in 2009. Its birthrate, or the average number of babies expected per woman aged 15 to 49, will rise to 1.42 from 1.15 during the 30-year period. ``The era of $40,000 per-capita income will likely come around 2040 if the nation continues to nurture growth engines by innovating its major industries and opening its economy in the

Nov 21, 2011By Lee Hyo-sik
South Korea

Man sets himself on fire at foreigner-only casino

By Lee Hyo-sik An unidentified man believed to have set himself on fire was found dead late Friday night in front of the Seven Luck Casino at the Millennium Seoul Hilton Hotel in central Seoul. According to the Namdaemun Police Station, a taxi driver reported at 11:50 p.m. Friday that a man on fire was lying on a path to the foreigner-only casino, located at the foot of Mt. Nam. The casino is operated by the state-run Grand Korea Leisure (GKL). When firefighters arrived at the scene, the man was already dead having sustained severe burns all over his body. Police officers found a plastic bottle believed to have contained highly flammable paint thinner and a lighter on the roof of the casino. The man was believed to have jumped off the roof after setting himself on fire, they said. Witnesses said two or three explosions were heard at the time. When they tried to identify what caused the blast, they found something was burning on an access path to the casino from the main road. Investigators are currently trying to confirm the man’s identity. But they face difficu

Nov 20, 2011By Lee Hyo-sik
South Korea

Illegal fishing by Chinese

5 officers wounded during crackdown on trawlers By Lee Hyo-sik Five Korea Coast Guard (KCG) officers sustained injuries while rounding up Chinese fishing boats illegally operating in South Korean waters Saturday, according to the KCG Sunday. This is the latest in a series of recent incidents in which officers enforcing the law were injured by violent Chinese fishermen. There have been growing calls for the Korean government to take a tougher stance against these trawlers unlawfully fishing in the country’s Exclusive Economic Zone (EEZ). According to the Jeju Coast Guard, a 1,500-ton patrol vessel seized a Chinese boat illegally fishing in the waters 12 kilometers northwest of the resort island at 4:25 a.m. Saturday. While towing the trawler to Jeju, about 25 Chinese boats illegally operating in nearby waters approached the ship and demanded the release of the captured trawler. Soon after the patrol vessel called for reinforcements, 12 more Coast Guard vessels and two helicopters arrived at the scene and began rounding up the Chinese trawlers. Two more Chinese boats w

Nov 20, 2011By Lee Hyo-sik
Travel & Food

Jeju’s selection as natural wonder a boon for Lotte, Shilla

By Lee Hyo-sik Lotte and Shilla, the country’s two largest local hotel chains, are rushing to take advantage of Jeju Island’s designation as one of the New Seven Wonders of the World last Saturday by launching a marketing campaign for special promotional packages. The two expect the selection, which puts Jeju on par with the Amazon rainforest in Brazil and Halong Bay in Vietnam, among others, will bring more Korean and non-Korean tourists into the southern resort island, further boosting the bottom line of their hotel chains. Lotte and Shilla hotels have been screaming for joy in recent months as their business is never better now than ever on the back of surging Chinese and other foreign guests. To get an upper hand in an increasingly-competitive hospitality business surrounding the island, the two hotels are poised to initiate aggressive marketing campaigns and unload a series of attractive travel packages. Lotte Hotel Jeju Lotte Hotel Jeju has decided to offer a special airtel (airline + hotel) package called ``New Seven Wonders Airtel Package’’ for those who

Nov 17, 2011By Lee Hyo-sik
South Korea

Online social networks becoming rumor mill

Calls mount for gov’t to take tougher stance against rumormongers By Lee Hyo-sik Twitter and other social networking service (SNS) tools have enabled young people and others marginalized by mainstream media outlets to express their opinions on various social issues. SNS users have brought a great deal of political and social change here by pressuring politicians and other decision makers to reflect their views. But this newly-emerging media tool is increasingly turning into a hotbed for rumormongers who spread unfounded and malicious stories about entertainers, businessmen and celebrities. Some SNS users have also circulated groundless rumors about the Korea-U.S. free trade agreement (KORUS FTA) and government policies, compromising Korea’s national interest. There are growing calls for the administration to take a tougher stance against those who spread ill-natured rumors via SNS and other Internet media to defame someone else’s reputation and derail government policies. They say this trend shows many adolescents and young people here don’t have a clear sense

Nov 17, 2011By Lee Hyo-sik
South Korea

Court rules against ’shameless’ doctor demanding dowry

By Lee Hyo-sik A court ruled Thursday against a doctor seeking a dowry from his wife’s family while also filing to divorce her. The Seoul High Court called the doctor’s behavior “indecent,” “shameless,” and that he broke basic social etiquette in human relations. According to the court, the doctor in his 30s met his wife through a marriage broker in 2005. The bride’s father told the doctor that if he marries his daughter, he would give him 500 million won ($450,000) in cash and an apartment worth 500 million won. The father even wrote and signed a note promising him a 1-billion-won dowry. In 2006, the two married and the bride’s family spent 240 million won to pay for wedding gifts for the groom’s family, a honeymoon trip and a sedan. But the bride’s father could not buy his son-in-law an apartment nor give him the rest of the promised money after failing to receive money from a buyer of his real estate properties. After the marriage, the doctor did not give his wife living expenses and refused to have sex with her. He then began cheating on her by dating women he used to

Nov 17, 2011By Lee Hyo-sik
Society

Dulwich College begins its 2nd year

Dulwich College Seoul, a new addition to the Korean international education landscape, has just started its second school year. With direct links to the 400 year-old Dulwich College in London and located in Seocho-gu, Dulwich College Seoul provides an enhanced English National Curriculum to students from 35 different nationalities. This year the school has proved to be so popular that it has expanded its enrolment from 250 to over 400 students, which is all part of its commitment to provide a continuous education for Dulwich students from 18 months to 18 years, including plans to open a new Senior School. Despite just completing its first year, the school has already brought a rich educational and co-curricular offering to its young students. Boasting an experienced and highly qualified international teaching staff, the school is well positioned to deliver on its promise of a truly inspiring and rich education. The Dulwich Colleges have a proven model of success particularly in terms of academic excellence; recent Dulwich Senior School graduates from Beijing and S

Nov 16, 2011By Lee Hyo-sik
South Korea

Dismissal of officer cheating on wife upheld

A local court has rejected an appeal filed by a 55-year-old former police officer who was dismissed after his wife committed suicide as a result of his extramarital affair. The Busan District Court said Wednesday that it upheld a decision by the Busan Metropolitan Police Aency to dismiss the officer, surnamed Kim, in December last year after Kim’s wife killed herself. The officer began having an affair with a 40-year-old woman in 2008. He then started neglecting his duties and assaulting his wife. As a result, the wife suffered severe depression and committed suicide. The agency then decided to relieve him of duties, saying he neglected his job and wielded violence against his wife. “The officer filed a suit against the police agency to nullify its decision against him. But we do not think the agency overstepped its authority concerning the case,” the court said. It said the plaintiff is the one who should be blamed for not looking after his wife.

Nov 16, 2011By Lee Hyo-sik
South Korea

Excessive cadmium found in internal organs of crabs

By Lee Hyo-sik Excessive amounts of cadmium, a heavy metal known as a carcinogen, were found in the internal organs of blue and snow crabs caught in waters surrounding the Korean Peninsula, the Busan Federation for Environmental Movements (BFEM) said Wednesday. The civic group said its researchers examined nearly 90 samples of 20 marine products from August to October. The levels of mercury in all sea foods were found to be below the legally-allowed limit, but crabs and octopus showed levels of cadmium above the standard-permitted. “Out of four blue crab samples, the three showed cadmium levels exceeding the legal limit by 1.15 to 10 times. One in three snow crab samples had levels above the standard, while two out of four octopus samples were found to contain high levels of the heavy metal,” a BFEM official said. But besides their internal organs, cadmium levels in other parts were below the legal limit. “We decided to test the organs of marine products because many Koreans consume them. The government should introduce a comprehensive package of measures to better

Nov 16, 2011By Lee Hyo-sik
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