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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

Inter-city bus fare to rise to 2,000 won

Those who commute to Seoul from Incheon and satellite cities in Gyeonggi Province, or vice versa, by bus will have to pay more for their ride, beginning from the end of this month. The Ministry of Land, Transport and Maritime Affairs said Thursday that inter-city bus fares will go up to 2,000 won ($1.8) from the current 1,700 won for passengers settling the charge with credit cards. It said the higher rate reflects bus operators’ rising labor and fuel costs. Those who settle the fare in cash will have to pay 2,100 won from the current 1,800 won. From Dec. 26, the fare will increase further as riders who travel a longer distance will be required to pay more. Those who travel to destinations within 30 kilometers from departure points only need to pay the basic fare. But those who go longer will be charged with 100 won more for each 5 kilometers. The maximum amount is set at 2,700 won.

Nov 10, 2011By Lee Hyo-sik
Travel & Food

Grande Bleu offers luxury yacht voyage

By Lee Hyo-sik Many travelers dream of being aboard a luxury yacht while drinking a glass of champagne with their partner or family. They might think it is only possible in the Mediterranean and Caribbean waters, not here in Korea. Think again. Travelers can now enjoy high-quality yachting at affordable prices in the southern waters of Jeju Island, thanks to Grande Bleu. The company, which opened on Oct. 15, is a newcomer to the island’s booming marine-based leisure industry, but in less than a month since the beginning of the operation, Grande Bleu has already emerged as a key player in Jeju’s tourism industry. The company currently operates one mid-sized yacht, which is 17-meters-long and 9.5-meters-wide. The vessel, priced at 2 billion won ($1.8 million), is equipped with two bedrooms, a wine bar, a shower, a singing machine and other facilities that cater to passengers’ every need. The yacht operates out of Daepo Port in Seogwipo, which can accommodate up to 50 passengers. Its one-hour voyage allows passengers to view the southern coastal line of Jeju Island.

Nov 10, 2011By Lee Hyo-sik
Travel & Food

Outdoor camping zone at Lotte Jeju attracts guests

By Lee Hyo-sik If you want to go camping and cook your own meals while enjoying outdoor activities, you have to buy pots, tents and a lot of other gear. These camping items can cost a small fortune for items that won’t be used often. But there is good news for you if you would like to enjoy a barbecue once in a while. The Lotte Hotel Jeju offers a perfect venue where guests can enjoy outdoor barbecues while sleeping in a luxury hotel at affordable prices. The hotel’s outdoor camping zone, which opened in August, is equipped with every possible item needed such as pots, pans, portable tables, chairs and most importantly barbeques. ``Guests can sleep in a comfortable hotel room and at the same time try camping, dining and relaxing outdoors. They can choose among three trailers, three cabins and five tents for prices ranging from 70,000 to 100,000 won per person, which includes barbeque food choices such as sausages, seafood, beef and lobster,’’ a hotel spokesman said. European-style camping trailers lavishly equipped with a private bedroom, kitchen and living room, whi

Nov 10, 2011By Lee Hyo-sik
South Korea

Jeju in last pitch for 7Wonders of Nature

By Lee Hyo-sik With only two days to go before the Nov. 12 (KST) announcement, the country’s southern resort island of Jeju is making last-minute efforts to be selected as one of the New Seven Wonders of Nature by appealing for both Koreans and foreigners to vote. Hopes are running high for the island to come out as a winner as it is currently among the top 10. In anxious anticipation, Jeju campaigners say it is too early to be confident, asking Koreans here and overseas, as well as foreign nationals to cast a ballet for the island. The contest has been organized by a Swiss-based nonprofit organization, New7Wonders, since 2007 in an attempt to raise awareness of environmental preservation under the campaign “Our Heritage Is Our Future.” The organization announced Sunday that Jeju is one of the top 10 candidates that received the most votes, along with the Grand Canyon in the United States, the Great Barrier Reef off Australia and seven other destinations around the globe. On Dec. 31, the island made it to the final round by becoming one of the 28 finalists out of 440 pre

Nov 9, 2011By Lee Hyo-sik
South Korea

PyeongChang Olympics, Pororo promoters of Korea

By Lee Hyo-sik Nearly six out of 10 foreign visitors and residents here picked the 2018 PyeongChang Winter Olympics and homegrown animation character “Pororo” as the biggest contributor to improving Korea’s image overseas this year, a survey showed Wednesday. According to a survey of 211 foreigners and 303 Koreans from Oct. 10 to Nov.7 conducted by the Corea Image Communication Institute (CICI), 56.4 percent of foreign respondents said PyeongChang’s successful bid to host the Winter Olympics in 2018 promoted the country’s image the most worldwide. K-pop came second with 19 percent of foreign visitors and expats here saying that Girls’ Generation and other idol groups have made non-Koreans view the nation more positively. Shin Kyung-sook, whose novel “Please Look After Mom” has been published around the world, was cited as the third largest promoter with 17.1 percent. When asked to choose the country’s most influential figure among those under the age of 20, 39.8 percent of foreigners picked Pororo, a popular animation character from “Pororo the Little Penguin,” as the

Nov 9, 2011By Lee Hyo-sik
South Korea

Prosecution raids SK Group headquarters

Alleged creation of slush funds under probe By Lee Hyo-sik Investigators raided SK Group headquarters and offices of group executives Tuesday as part of an investigation into the alleged creation of slush funds and other irregularities. Group Chairman Chey Tae-won and his younger brother Jae-won are suspected of having been deeply involved in the misappropriation of corporate funds. The Seoul Central District Prosecutors’ Office said Tuesday it sent about 20 investigators to SK’s headquarters in downtown Seoul at 6:30 a.m. and searched the offices of SK Holdings and SK Gas. They seized hundreds of accounting documents and computer hard disks containing records of corporate financial transactions. Prosecutors also searched the homes and offices of SK Group executives suspected of playing key roles in business irregularities orchestrated by the founding family. But the homes of the Chey brothers were spared from Tuesday’s search and seizure operation. Investigators also raided the Seoul Regional Tax Office, SK Telecom and SK C&C to secure documents related to bribery

Nov 8, 2011By Lee Hyo-sik
South Korea

Blind TV news anchor makes debut

Lee Chang-hoon, the country’s first disabled news anchor, made a successful debut on the state-run broadcaster KBS Monday. Lee, a disabled man with grade-1 visual impairment, hosts a section called “Lee Chang-hoon’s Life News” on “KBS News 12” aired at noon from Monday to Friday. Before the much-awaited debut, he underwent a three-month training program as a cub anchor. The 25-year-old was recruited in July after receiving high scores from all the judges during a news reading test. A total of 523 people applied for the job. “I am glad that I performed better in a real setting than in practice. It should have been perfect but I made a few mistakes. But still I feel pretty good about how I did my job,” Lee said at an interview held after he completed his first live news program on Monday. The anchorman then said he had a hard time pronouncing words correctly and understanding the content of the news. “I studied various social issues during the training session. I also pronounced the same words again and again until I said them correctly. I would like to become a successful

Nov 8, 2011By Lee Hyo-sik
South Korea

Designation of smoking areas in parks withheld

By Lee Hyo-sik Seoul has suspended its plan to establish smoking areas in public parks after a leading anti-tobacco activist complained directly to Mayor Park Won-soon. The Seoul Metropolitan Government said Monday that Park Jae-gahb, a professor at the College of Medicine in Seoul National University, sent a protest letter addressed to the mayor on Nov. 1, demanding the city abolish the planned establishment of smoking zones inside city parks. On Oct. 18, Seoul announced a plan to set up a total of 34 smoking areas in 15 out of its 20 public parks by the end November. Park, the civic activist-turned mayor was elected on Oct. 28. The professor, widely known as Korea’s most hardcore anti-tobacco crusader, recently learned of the city’s plan and sent a letter of complaint to the newly-elected mayor. In the letter, Park said, “As representative of the Movement Headquarters against the Production and Sale of Tobacco in Korea, I am urging you to reconsider the city’s move to set space aside for smokers in its parks.” He said it makes no sense to set up smoking zones in n

Nov 7, 2011By Lee Hyo-sik
South Korea

Bogus online shopping malls thriving

By Lee Hyo-sik A growing number of consumers are falling victim to scams involving bogus online shopping sites, prompting the police to launch an extensive investigation. Fraudsters usually open shopping malls in cyberspace promoting that they sell running shoes, camping gear and imported luxury brand items at cheaper than market prices. They lure Internet shoppers to send payment before the delivery of goods. But the swindlers do not mail the promised merchandise. They then close the websites and disappear with the money. With such dubious schemes emerging as a serious social problem, police have decided to launch an investigation into three online shopping sites that milked millions of won from online consumers in recent days. The Cyber Terror Response Center at the National Police Agency said investigators are currently looking into an Internet shopping mall called www.ebayOOOOOOOOO.com, whose operators cheated online shoppers by advertizing the site would sell Nike and other brand-name running shoes at lower than market prices. The operators said the delivery

Nov 7, 2011By Lee Hyo-sik
South Korea

Police officer stole data from human rights agency

By Lee Hyo-sik A senior police officer dispatched to the state human rights agency was found to have stolen an internal document concerning the torture of suspects by detectives at a Seoul police station last year. The officer then passed the paper to police headquarters which later pressured the rights agency to tone down its assessment of the torture cases. In response, the National Human Rights Commission (NHRC) did not lodge a criminal charge against the officer, but instead asked the police to reprimand him. He returned to the force without facing any disciplinary action. According to the NHRC Sunday, the police inspector stole an investigation report on a series of complaints filed against Yangcheon Police Station in southwest Seoul in September last year. At the time, the rights panel was looking into possible police brutality against dozens of suspects after a 45-year-old man who was arrested on theft charges filed a petition against the police station. He insisted that he was tortured into confessing his crime. The inspector delivered the NHRC report to the N

Nov 6, 2011By Lee Hyo-sik
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