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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

Tongyeong split over composer Yun

Residents differ on campaign to free Shin Suk-ja family By Lee Hyo-sik Yun I-sang, a famous South Korean-German composer who died in 1995, is attracting public attention once again for his pro-North Korean activities while alive in the light of a recent campaign to free three women believed to be held in a North’s concentration camp. The small port city of Tongyeong in South Gyeongsang Province is split over how to evaluate the Tongyeong-native whom conservative organizations claim was responsible for sending a South Korean family residing in Germany to the communist state 26 years ago. They say the late composer should not be treated as a celebrity representing the city because of his pro-North Korean activities. But Yun’s support groups argue that his artistic achievements should be recognized, adding that his political views need to be regarded separately from what he accomplished as a composer. The ongoing controversy began when churches and conservative civic groups in the city launched a petition campaign calling for the release of a Tongyeong native —

Oct 31, 2011By Lee Hyo-sik
South Korea

Korea, Japan, China colleges plan joint degree

The government announced Sunday the 10 Korean universities that will start a joint degree program with leading schools in Japan and China. Beginning next year, among the Korean schools to participate in the “Campus Asia” program are Seoul National University, Korea University, Sungkyunkwan University, POSTECH, Dongseo University and Busan National University, the Ministry of Education, Science and Technology said. The program follows an agreement formulated at the end of a conference between South Korea, China and Japan in May, 2010. “This project, designed to boost exchanges among the universities in the region, is the East Asian version of the Erasmus Project, a European Union (EU) student exchange program,” a ministry official said. Peking University, Fudan University and Shanghai Jiao Tong University are among the seven Chinese universities participating in the program. In Japan, the University of Tokyo, Ritsumeikan University, Kyushu University, Tohoku University and Nagoya University will be affiliated. chojh@koreatimes.co.kr

Oct 30, 2011By Lee Hyo-sik
South Korea

Memorial service for three climbers to be held in Seoul

The family members of the three missing mountaineers and rescue workers held a memorial service for climber Park Young-seok and two other mountaineers at a base camp on the Himalayas, Sunday, three weeks after they disappeared. To pay condolences locally, the memorial ceremony will also be held here from Tuesday through Thursday at Seoul National University Hospital, the Korean Alpine Federation (KAF) said. Rescue workers have decided to suspend search operations. Rescue workers dispatched from South Korea and locals there engaged in intense rescue operations but failed to find traces of the climbers who lost contact while trying to climb a Himalayan peak earlier this month. Whether to resume the operations will be decided after talks with family members, officials said. Park, Kang Ki-seok and Shin Dong-min were on a mission to Annapurna when their base lost contact with them on Oct. 18. Annapurna is one of the world’s 14 highest peaks, which are collectively called the “eight-thousanders,” since each is at least 8,000 meters above sea level. Park, 47, is one of th

Oct 30, 2011By Lee Hyo-sik
South Korea

Bodies of 2 missing Asiana pilots found

By Lee Hyo-sik More than three months after the plane carrying industrial goods crashed into waters off Jeju Island, the bodies of the two missing Asiana cargo plane pilots were found Sunday. The Jeju Maritime Police Agency said a private salvage team, hired by the airline, discovered the bodies of the two missing pilots — Choi Sang-ki, 52, and Lee Jung-woong, 43. The bodies were found in a fuselage believed to be the cockpit, which was lifted from the sea bottom in waters 104 kilometers west of Jeju at 11 a.m. Sunday. At the time of the discovery, the two were wearing Asiana Airlines pilot uniforms and their bodies were severely decomposed. The bodies were transferred to Jeju University Hospital. “The bereaved family members flew to the island upon hearing the news. Their identity will be verified through DNA testing. We will then arrange a funeral for them,” a company official said. Asiana and aviation authorities made an all-out effort over the past few months to locate the bodies of missing pilots and the cargo plane’s black box. The salvage operation was

Oct 30, 2011By Lee Hyo-sik
South Korea

Pro-NK sites, SNS accounts surging abroad

By Lee Hyo-sik Websites and social networking service (SNS) accounts promoting North Korean propaganda have been mushrooming abroad over the past few years. Meanwhile, a crackdown on the operators of pro-North Korean websites overseas remains elusive. According to data submitted by the National Police Agency (NPA) to Rep. Shin Hak-yong of the main opposition Democratic Party Sunday, 58 pro-North Korean websites with servers in foreign countries have been detected since January 2007. Police have blocked access to 37 of the 58 sites. On top of the websites, 141 Twitter and other SNS accounts posting messages and other material promoting the communist nation’s political and social systems have sprouted the past few years. All the pro-North Korean SNS accounts have been blocked. Those involved in such activities are subject to prosecution under the country’s National Security Law. Police here face difficulty in prosecuting such website operators and SNS users because their servers and accounts were opened abroad. ``If someone here uploads pro-North Korean informat

Oct 30, 2011By Lee Hyo-sik
South Korea

Student rights ordinance causes stir

By Lee Hyo-sik Seoul education office’s plan to include a clause banning discrimination against homosexuality at school in a student rights ordinance is drawing criticism from conservative civic groups. The Seoul Metropolitan Office of Education has argued that its ordinance on students’ human rights, which includes a clause of prohibiting discrimination against homosexuals, does not violate any laws, saying the office will forward it to the Seoul Metropolitan Council for approval. In contrast, parents’ groups say the students’ human rights rules should be scrapped altogether, claiming that the controversial clause will promote homosexuality among students and negatively impact ideas of sexual identity. Despite this, an advisory committee to Seoul education office said Wednesday that it completed revising an ordinance on students’ human rights and submitted it to the office. After the committee unveiled the preliminary version of the ordinance on Sept. 7, it held a series of public hearings to gather opinions from teachers, parents and students. At the center of

Oct 26, 2011By Lee Hyo-sik
South Korea

Libraries support multicultural families

By Kim Tae-jong For Kim Gyeong-hwa, a migrant wife from China, a library is not just a place to read books, but a great conduit to a smooth adjustment to Korean society. “I usually spend a lot of time here reading and learning Korean. I can also get reading material and information in Chinese, which I find is great for my kids when I want to teach them about their mother’s country,” she said. She is a regular visitor of the Pyeongnae Library in Namyangju, Gyeonggi Province and also has a job as a story teller to kids during a culture program at the library, which she says helps her interact with the community. “By telling Chinese fairy tales, I can share my Chinese culture with people from various countries, which I think is great,” she said. “I think multicultural libraries are a great idea to support people like me.” The library was opened last year, with the aim of helping multicultural families in the region. It houses tens of thousands of books in Korean and various other languages and other multimedia material. It also offers various cultural and learning

Oct 25, 2011By Lee Hyo-sik
South Korea

Police to actively use firearms against gangs

By Lee Hyo-sik The nation’s top police officer mandated Tuesday police officers to use pistols more actively to crackdown on gangsters. National Police Agency (NPA) Commissioner Cho Hyun-oh told reporters that the way Incheon police dealt with a violent clash between rival gangs last Friday showed how inadequately officers are prepared both physically and mentally. ``We declared a war against organized crime rings Monday. Police officers should not be afraid of gangsters. If they are, they are no longer law enforcement officials. Officers should use firearms if necessary to prevent crime and apprehend criminals,’’ Cho said. The agency announced a day earlier that it will set up special teams at 16 regional police agencies nationwide to arrest gangsters in a new battle to drive out criminal gangs. ``We will check what 5,451 members of organized crime rings, who are under police watch, have been doing to make a living. If they break the laws and cause harm to innocent citizens, we will apprehend them by mobilizing all possible means and prosecute them in accordance with

Oct 25, 2011By Lee Hyo-sik
South Korea

Rights agency recommends dissolution of riot police

By Lee Hyo-sik The state human rights agency recommended Tuesday that the government abolish an alternative military service scheme under which young conscripts serve as riot police, following a series of abuses in the unit. The National Human Rights Commission said leaders in the police force have failed to implement measures to prevent physical and emotional abuse of junior police officers by their seniors. It suggested that the government should instead increase the number of career police officers in riot squads so conscripts no longer have to serve. “We think the National Police Agency should do more to stop subordinates from being harassed by their seniors. It has to step up monitoring of what happens inside the barracks, impose harsh punishment on abusers and pay more attention to the well-being of the victims,” the commission said. “In the long run, the riot police system should be abolished.” This is the first time that a state organization has suggested the removal of the riot police. It submitted its suggestion to the National Police Agency and the Ministry

Oct 25, 2011By Lee Hyo-sik
People & Events

Gimje selected as world festival and event city

By Lee Hyo-sik Gimje City in North Jeolla Province has been selected as a world festival event city by the International Festival & Event Association (IFEA), thanks to the Gimje Horizon Festival and others held in one of Korea’s agricultural heartlands. The city was officially designated as a World Festival Event City during IFEA’s 56th Convention & Expo held in Fort Worth, Texas, on Oct. 3. It received a plaque and World Festival Event City flag. Gimje said the association highly evaluated the competitiveness of the city’s festivals and the support it gets from both public and private sectors. ``Particularly, the Gimje Horizon Festival, held from late September to early October, has been selected the best event for the seventh consecutive year. Nearly 1.4 million people visited the event each year and it creates an average of 56 billion won in revenue for the regional economy,’’ Gimje Mayor Lee Gun-sik said. Lee said the festival is the perfect opportunity for those who want to see and experience what Korea’s agricultural industry was like in the past. ``It has g

Oct 24, 2011By Lee Hyo-sik
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