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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

Compensation sought for ’occupational cancer’

By Lee Hyo-sik A group of factory workers diagnosed with cancer and other illnesses have requested compensation from the government, claiming their health problems were caused by hazardous materials present at their places of work. The Korean Metal Workers’ Union said Wednesday that 16 workers at Hyundai Motor, Kia Motors, GM Korea and Kumho Tires recently contracted cancer and asked the state-invested Korea Workers’ Compensation and Welfare Service to recognize their poor health as workplace-related thereby requiring them to cover incurred medical and living expenses. The umbrella labor organization is affiliated with the unions of the four firms. The argument is that they are all factory workers who were constantly exposed to a wide range of toxic chemicals used in the production of cars and tires, adding another group of employees will seek state coverage for occupational illnesses in late September. In April, 14 workers at Hyundai Motor, Kia Motors and Hanjin Heavy Industries and Construction also filed a similar application. “Workers pay part of their monthly wages t

Aug 17, 2011By Lee Hyo-sik
South Korea

Smugglers of NK paintings busted

By Lee Hyo-sik Police booked four fraudsters Wednesday on suspicion of smuggling over 1,300 North Korean paintings and selling them through art galleries here and on the Internet. They are suspected of sending some illegal gains to the North, police said. An international crime unit at the Seoul Metropolitan Police Agency said a 46-year-old Korean-Chinese woman, surnamed Kim, illegally brought 1,308 paintings by some well-known North Korean artists into the country from May 2010 through July this year. A 47-year-old art gallery CEO, surnamed Lee, and two other individuals colluded with Kim and sold the paintings at Lee’s gallery or through Internet sites. They were found to have raked nearly 30 million won ($28,000) in illegal profits by selling 1,139 pieces, mostly landscape paintings, in breach of the law governing exchanges between the two Koreas. Kim’s husband, who is a North Korean national and living in China, smuggled the paintings out of the North into China during the last 14 months. Kim then delivered the pictures via international mail or brought th

Aug 17, 2011By Lee Hyo-sik
South Korea

Refugee seekers surge in 1st half

By Lee Hyo-sik The number of non-Koreans seeking refugee status here is expected to hit a new record-high this year, as more and more displaced people from Central and South Asia apply. A total of 386 foreign nationals sought refugee status from the government in the first six months of the year, the NANCEN, or Center for Refugee Rights, said Tuesday, citing data from the Ministry of Justice. Of the 386 refugee seekers, 90 were Pakistanis, followed by Kyrgyzstanis at 82 and Afghans at 13. In 2007, a record-high 717 non-Koreans came to settle as refugees in Korea, with large numbers of Nepalese fleeing civil war in their home country. In 2010, 423 foreigners filed for refugee status, up from 324 a year earlier. ``The continuing violence in Pakistan and Afghanistan resulting from armed conflicts between the Taliban and U.S. military forces pushes many to leave their home countries. Some of them came here in search of a better life,’’ said Choi Won-geun, program manager at NANCEN, or Center for Refugee Rights. Elsewhere, the political turmoil gripping Kyrgyzstan an

Aug 16, 2011By Lee Hyo-sik
South Korea

’Mini rest areas’ to be built on highways

By Lee Hyo-sik The Korea Highway Corp. said Tuesday that it will spend 74 billion won ($70 million) to construct 164 “mini rest areas” on the nation’s highways through 2013, giving motorists a space to rest and reduce traffic accidents caused by drowsy driving. The small-sized rest stops are aimed to avert accidents caused by broken-down vehicles or those making emergency stops on the side of the road. The country’s expressway operator plans to set up the first 15 mini service stations between existing rest areas on the Kyungbu (Seoul-Busan) Expressway in September. There are currently a total of 168 service areas on 27 expressways. The mini stops will accommodate up to 10 vehicles at a time. They will also be equipped with bathrooms, picnic benches, and vending machines selling snacks and beverages. “We will build 164 small-sized rest areas on the highways over the next two years to reduce the distance between service stops so that drivers can more easily take a break in a secure location when they feel tired. It will help reduce traffic accidents resulting from sle

Aug 16, 2011By Lee Hyo-sik
South Korea

‘Kick his groin to avoid sexual assault’

By Lee Hyo-sik “Kick a man’s groin if he attempts to sexually assault you.’’ This is among the instructions that will be given to elementary and secondary school students here as a way to cope with rapidly increasing sex crimes. The education ministry said Sunday that it will distribute a new sex education manual to teachers in elementary, middle and high schools across the country Tuesday. Under the new guidelines, teachers will be encouraged to teach more proactive techniques to help students effectively defend themselves as more minors are the victims of sexually assaults in recent years. “In the current sex education manual, students are advised only to run away from sex offenders. But in reality, this ‘passive’ approach does not help deter sexual assaults. We think students should learn more aggressive and effective ways to deter an assailant,” a ministry official said. For instance, the new manual advises students to scream loud so people nearby can come and help them. They are also encouraged learning how to kick sexual assaulters in the groin and carr

Aug 14, 2011By Lee Hyo-sik
South Korea

Smuggling of luxury bags, watches surges

By Lee Hyo-sik A growing number of Korean travelers have been caught attempting to sneak luxury brand bags and high-end watches through Incheon International Airport to avoid paying duty and much higher domestic prices. Incheon Airport Customs said Sunday that there have been 361 cases of smuggling in the first six months of the year, up 36 percent from 266 cases during the same period last year. Under Customs Law, the allowed amount of purchases abroad must be equal to or less than $400, and when Koreans and non-Koreans enter with items exceeding that amount, they are obliged to declare them and pay due taxes. Those caught smuggling the items without properly filing a customs report will see their possessions confiscated. The seized products are sold through a public bid and the earnings go to the state coffers. In order to recover their goods, violators must pay fines on top of due taxes. If the items are subject to an import ban, they will be destroyed. “In the past, many travelers tried to smuggle pills and other stamina-boosting items from China and other Asi

Aug 14, 2011By Lee Hyo-sik
South Korea

Another tremor reported in Techno-Mart

By Lee Hyo-sik An employee of a tenant in Techno-Mart, a 39-story shopping mall and office building complex in Gwangjin-gu, Seoul, reported experiencing a vertical tremor Thursday to 119 emergency call centers, officials said. The call to the emergency services, which came more than one month after a jolt forced thousands of shoppers and residents to evacuate the building, once more caused a nearby fire station to dispatch rescue vehicles and dozens of personnel to the scene. At around 11:04 a.m., the worker on the 33rd floor called 119 emergency services, reporting that he felt the building moved up and down. People between the 24th and 34th floors reportedly felt the vibration. But the Gwangjin Fire Station, which answered the call, said its rescue workers did not discover anything out of the ordinary at the building. The Gwangjin District Office also did not issue an evacuation order. At the time of the reported shaking, about 10 people were riding exercise bikes at a sports center located on the 12th floor. Prime Development, the management firm of Techno-M

Aug 11, 2011By Lee Hyo-sik
South Korea

Cyber war looming between Korea, Japan

Frictions fuel hostilities ahead of Aug. 15 Liberation Day By Lee Hyo-sik A fresh round of cyber war looms large between Korea and Japan on the Aug. 15 Liberation Day, triggering concerns that the emotional tit-for-tat would further damage bilateral ties. Thousands of Internet users here are plotting a large-scale attack against Japanese websites that disparage Korea, following a series of recent events that have fueled anti-Japanese sentiment. Japanese netizens are also expected to stage a counterattack against the websites of state agencies and civic groups here that promote Korea’s sovereignty over the Dokdo islets. However, some civic group members express concerns over the upcoming battle in cyberspace, saying that Korea will not gain much from paralyzing several Japanese websites. They say the planned attack will not solve any pending issues between the two neighboring countries, stressing that Korea should take a cool-headed approach to countering Japan’s systematic plot to claim Dokdo. Organized attack planned According to the Korea Network United (ht

Aug 11, 2011By Lee Hyo-sik
Travel & Food

Hotels offer one-more-night promotion

This is the 10th in a series featuring hotels that are offering a ``one-more-night promotion’’ to guests who make a reservation for three or four nights with a complimentary one-night stay. 36 hotels located all over the country will be presented during a six-month period. The series will introduce three hotels at a time biweekly and is in conjunction with the nationwide campaign to promote the ``2010-2012 Visit Korea Years.’’ ― ED. Hamilton Hotel In celebration of the ``2010-2012 Visit Korea Years,’’ foreign guests at the Hamilton Hotel in Itaewon will stay their fifth night for free with a four-night reservation. The hotel’s location in the center of Itaewon, a popular tourist district, makes it convenient for guests to engage in business, sightseeing and shopping. Also equipped with an outdoor swimming pool, sauna and other luxurious amenities the hotel is a popular choice for tourists visiting Seoul. The offer, valid through Dec. 31, 2011, is available for those who make hotel reservations by email or phone. For more information and further inquiries, call 82-2-6393-12

Aug 11, 2011By Lee Hyo-sik
Society

Student Corner True story of Dokdo

By Lee Eun-jeong In 1910, Korea fell into the hands of the Japanese forces. The colonization brought about huge cultural genocide. Many cultural artifacts were relocated to Japan and Koreans were banned from using their language. They were also educated under the Japanese system, and forced to change their Korean names into Japanese ones. A century later in 2010, Japan apologized for this tragic event. Although they did not apologize for taking Korean women as sex slaves of the Japanese military or for the unlawfulness of the colonization, the apology seemed to mark the beginning of a warm relationship between the two countries. Japan, however, once again turned its back on Korea a year after the apology. In March, 2011, the Japanese government strengthened its ‘Takeshima policies’ amid the earthquake crisis by approving new textbooks for Japanese middle school students that claim Japan’s sovereignty over Takeshima (the Japanese name for Dokdo). The textbooks claim that Korea is illegally occupying Dokdo. This act is unjustifiable and intolerable because history te

Aug 10, 2011By Lee Hyo-sik
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