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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

Oriental doctor held liable for side effects

The Supreme Court upheld a high court ruling ordering an Oriental medicine doctor to compensate a patient who suffered liver damage from taking herbal medicine due to the doctor’s failure to warn of possible side effects. It ruled Monday that the 46-year-old Oriental medicine doctor, surnamed Kim, should pay the patient surnamed Park, also 46, 20 million won ($19,000) in compensation for prescribing him herbal medicine that damaged his liver. ``Oriental medicine can cause a range of side effects. If patients take both regular and Oriental medicine at the same time, this could result in more serious side effects. Kim was obliged to warn Park of this when he prescribed the medicine. But he didn’t,’’ the court said in its ruling. In 2005, Kim prescribed Park Oriental medicine without considering the latter’s medical history. Since Park was diagnosed with diabetes in 2002, he has been taking drugs to lower his blood sugar level. But the patient developed hepatic insufficiency, a type of liver failure, after taking the herbal medicine for some time, and underwent a liver tran

Oct 17, 2011By Lee Hyo-sik
South Korea

Anti-tobacco civic group gathers steam

By Lee Hyo-sik Medical doctors and others opposing the manufacture and sale of cigarettes will launch a civic group today to press government officials and lawmakers for the ban on what they believe are ``cancer-causing and highly-addictive’’ products. The organization will stage a public signature-collecting campaign and file a petition with the Constitutional Court to have tobacco products banned from being made and sold here. Park Jae-gahb, professor of College of Medicine at Seoul National University, is leading the anti-cigarette movement. ``We set up the Clean Air & Good Health Society in 2009 to create a world without cigarettes. It is more like a friendly society, not a well-organized civic organization,” Park said. “To more effectively pursue our goals, we have decided to launch a full-scale organization, tentatively named ``Movement Headquarters against Production & Sale of Tobacco in Korea.’’ Over the years, some civic groups have jointly appealed to the President and lawmakers to prohibit the production and sale of tobacco goods, but to no avail. It will

Oct 17, 2011By Lee Hyo-sik
South Korea

‘Itaewon murder’ evidence sought by investigators

By Lee Hyo-sik The prosecution said Friday that investigators are trying to verify the existence of a tape that allegedly has a recording of a prime American suspect admitting to the “Itaewon murder” of a Korean collegian in 1997. According to the Seoul Central District Prosecutors’ Office, a man surnamed Choi reportedly said that he recorded Arthur Patterson on tape in the United States admitting to stabbing Cho Jung-pil, 23, to death in a restroom at a Burger King outlet in Itaewon in April, 1997. Choi is known to be a friend of Edward Lee who was at the crime scene with Patterson. The two teenagers at the time — Patterson, a U.S. military serviceman’s son, and Korean-American Lee — were named as suspects, following the murder. Lee was indicted and received a heavy jail sentence from lower courts, but the Supreme Court ordered him to be acquitted in September 1999. Patterson, indicted for possessing an illegal weapon, was imprisoned for about eight months and released on Aug. 15, 1998. Following Lee’s acquittal, Patterson was accused of the murder, b

Oct 14, 2011By Lee Hyo-sik
South Korea

SLS chairman Lee faces libel charges

By Na Jeong-ju The prosecution is considering indicting SLS Group Chairman Lee Kook-chul on defamation charges regarding allegations that he provided money to presidential aides, prosecutors said Friday. It also plans to file bribery charges against former Vice Culture Minister Shin Jae-min for taking money and gifts from the businessman in return for favors. The remarks indicate that the investigation into the high-profile bribery scandal that erupted following Lee’s revelations, is in its final stages. The prosecution has called in Lee and Shin for questioning several times and raided Lee’s house and office to secure evidence. Prosecutors suspect that the former vice minister used SLS’s corporate credit cards and received cash as well as gift certificates from Lee from 2002 to 2009. However, they concluded that the allegations involving other presidential aides, including Lim Jae-hyun, presidential secretary for policy publicity, and Kwak Seung-joon, head of the Presidential Council for Future and Vision, are not true. They also said there is no evidence supporting

Oct 14, 2011By Lee Hyo-sik
South Korea

SNU to set up Japanese studies program in 2012

By Lee Hyo-sik Seoul National University (SNU) has decided to establish a Japanese studies department next year for the first time in its history. Since its foundation in 1946, the school has not offered an academic course related to Japan, in consideration of the widespread anti-Japanese sentiment here as a result of Japan’s 1910-1945 colonization of the Korean Peninsula. SNU said Friday that deans of its colleges held a meeting concerning the 2012 curriculum a day earlier and decided to set up a new undergraduate studies department, named the Department of East Asian Language and Civilization Studies. It said a board of trustees’ meeting will make the final decision on the issue. The envisioned academic unit will cover a comprehensive study of the languages, literature and culture of two countries and two regions _ Japan, India and Southeast Asia and the Middle East. In 2012, it is expected to enroll 10 students, five each for Japanese and Southeast Asian majors. From 2013, 20 students will be recruited annually, five each for four majors. The school plans to assig

Oct 14, 2011By Lee Hyo-sik
Travel & Food

Jeonju to host Korean food feast on Oct. 20-24

By Lee Hyo-sik If you want to know how traditional Korean dishes are made and what ingredients are used, you don’t want to miss the upcoming two festivals. They are the 2011 Korean Food Festival in Jeonju, North Jeolla Province, and the 2011 Icheon Rice Cultural Festival in Icheon, Gyeonggi Province. In Jeonju, widely known for its traditional housing and cuisine, visitors will able to see how bibimbap and other traditional dishes are cooked by chefs from across the country from Oct. 20 to 24. Bibimbap is a mixed dish of cooked white rice, vegetables, beef, garnishes and red pepper paste. Guests will also get to sample ``hansik,’’ or Korean cuisine, and take part in culinary classes to hone their cooking skills. To go with the food, a wide array of traditional performances will be organized throughout event venues. The 2011 Icheon Rice Cultural Festival presents the perfect opportunity for those who want to see and experience what Korea’s agricultural industry was like in the past. Event organizers plan to offer a wide range of programs which visitors can take part in and

Oct 13, 2011By Lee Hyo-sik
South Korea

Plan to build for-profit hospitals in FEZs gets green light

By Lee Hyo-sik The government will ease rules in the nation’s free economic zones (FEZs) to allow foreign medical institutes to more easily set up and operate for-profit hospitals in them. Allowed in FEZs since 2003, no foreign investors have shown any serious interest due to various legal hurdles. Many progressive civic groups strongly oppose the move, arguing that relaxing regulations are preparatory steps towards the full-scale, nationwide establishment of for-profit hospitals. Ordinance revision Despite the underlying disapproval from the groups, the Ministry of Knowledge Economy said Wednesday that the ordinance governing the country’s six free economic zones will be amended by the end of the year to welcome foreign hospitals to establish and manage medical facilities here. Under the revision, the ministry will permit foreign medical institutes to manage for-profit hospitals in FEZs and hire a certain number of doctors with licenses acquired overseas. Rules on recognizing foreign medical licenses will also change to accept more foreign doctors, dentists and nur

Oct 13, 2011By Lee Hyo-sik
South Korea

Lee, Shin summoned together

SLS Group chief complains about direction of investigation By Lee Hyo-sik SLS Group Chairman Lee Kook-chul and Shin Jae-min, former vice culture minister, turned themselves in to the prosecution at the same time Thursday to present their respective accounts concerning a bribery scandal. Lee has claimed that he gave Shin, who is also a close aide to President Lee Myung-bak, more than 1 billion won ($850,000) from June 2002 to August 2009. He also insisted other presidential aides and a senior prosecutor received money from him. In response, Shin, a former journalist, only admitted to receiving department store gift certificates on several occasions from the chairman and has done nothing wrong in exchange. He insists he received no cash from Lee. “We summoned both individuals to find out who is lying. We will question them about Lee’s claim that he had provided money to Shin and other influential figures. We will also ask them about whether the businessman lobbied senior prosecutors,” a prosecution official said. The simultaneous summons of the two is seen as the fin

Oct 13, 2011By Lee Hyo-sik
South Korea

K-1 fighter Choi booked for assaulting woman

By Lee Hyo-sik Martial arts fighter Choi Hong-man has been booked for assaulting a female customer at a pub he owns after arguing with her over the bill, police said Wednesday. According to the Gwangjin Police Station, the former ssirum, or traditional Korean wrestling, champion allegedly punched a female customer in her 20s in the head at his bar on Oct. 8. The two argued over the bill with the customer complaining that she was over-charged. Choi then allegedly hit the customer with his fist after she cursed at him. The woman posted a message on a local Internet portal site the following day that she was beaten up by the K-1 fighter. Police said officers summoned Choi and questioned him about what happened. They are currently questioning those present at the bar at the time of the incident. On Wednesday, Choi posted a message on his homepage stating that he never punched the customer. ``She verbally insulted me. I just could not take it anymore. I just pushed her a little bit. I swear that I never punched her,’’ he wrote. Choi then said he will take all possi

Oct 12, 2011By Lee Hyo-sik
South Korea

Michelle Wie’s father accused of fraud

By Lee Hyo-sik The father of Michelle Wie, a 22-year-old Korean-American golfer, has been implicated in a fraud where he allegedly colluded with another person to make false promises that his daughter would appear in commercials for a local real estate developer. According to the Seocho Police Station, Wednesday, City Want, a property consulting and development firm, signed a 300-million-won contract with a 56-year-old man, surnamed Choi, in 2009 ensuring that the golfer would model for the company. Choi claimed he was an agent representing Wie in Korea. Under the agreement, City Want paid Choi 200 million won and gave him a luxury bag worth 8 million won, asking him to deliver it to Wie. But the advertizing deal never materialized. In May 2010, the company sued Choi, claiming he caused financial damage amounting to 800 million won. A year later, the firm also accused Wie’s father, Byung-wook, of being Choi’s accomplice. But the 49-year-old professor at the University of Hawaii told police that Choi helped his daughter several times with her public relations activities

Oct 12, 2011By Lee Hyo-sik
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