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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

’Communication skills key to globalization’

By Yun Suh-young The level of English proficiency among Korean students has improved greatly over the years, but their communication skills are still not good enough to compete on the global stage, according to an American professor who has taught at the Korea Advanced Institute of Science and Technology (KAIST) for the past 11 years. “In the late ’80s and early ’90s, there were concerns in Korea that if you learned another language when you were really young, it would interfere with properly learning to speak Korean and learning Korean culture,” said Joe Dewberry, director of the International Center at KAIST’s Business School. “But the financial crisis in 1997 was a turning point. People were open to becoming global and were much more willing to let their kids learn languages when they were young.” But in order to become a proficient English speaker, much more than “willingness” is required. One has to become a good “communicator” rather than a good listener, the professor said. “Communication is like playing tennis. You learn it by playing,” he said. “With English,

Aug 10, 2011By Lee Hyo-sik
South Korea

Prosecutor indicted for ties to political parties

By Lee Hyo-sik An incumbent prosecutor has been indicted for his affiliation with progressive political parties and a refusal to voluntarily resign from his post. It is the first time an active prosecutor has been indicted in the nation’s history. The Supreme Prosecutors’ Office said Wednesday that a 33-year-old prosecutor, surnamed Yoon, was indicted without physical detention on charges of breaching the National Public Service Law, which prohibits public officials from engaging in political activities. Yoon, who has been working at the Busan District Prosecutors’ Office since February, was also charged with violating the Political Party Law by having memberships to two different political parties. According to the prosecution, he became a member of the Uri Party, the predecessor of the main opposition Democratic Party, and the Democratic Labor Party (DLP) in March 2004. Yoon paid membership fees until June when he withdrew from the parties as investigators began looking into civil servants political ties. “Yoon left the two political parties in June when the investi

Aug 10, 2011By Lee Hyo-sik
South Korea

Former Paju mayor to head casino firm

By Lee Hyo-sik Former Paju Mayor Ryoo Hwa-sun, 63, has been selected as the new head of the state-run Grand Korea Leisure, the operator of Seven Luck Casino. The company said Wednesday that it held a shareholders’ meeting and appointed Ryoo the new CEO. He replaces Kwon Oh-nam, who finished his three-year term on July 22. Ryoo served as a managing editor of the Korea Economic Daily and president of Korea Economic TV. He graduated from Seoul National University with a degree in sociology. GKL, 51 percent of which is owned by the Korea Tourism Organization, is the country’s largest foreigner-only casino chain. It operates a casino at the Millennium Seoul Hilton at the foot of Mt. Nam in Seoul, another in southern Seoul and a third in Busan.

Aug 10, 2011By Lee Hyo-sik
South Korea

Incheon Airport to introduce facial recognition system

By Lee Hyo-sik Incheon International Airport is considering introducing a system capable of verifying the identities of travelers through facial recognition early next year in a bid to quicken the immigration process. The operator of Korea’s main gateway said Wednesday that it is currently working on minimizing the error rate of the facial recognition system, adding if the ongoing trial operation goes well, the latest technology will likely be introduced within the first half of 2012. “We are actively thinking about adding the facial recognition technology to the to-be-installed auto-gates next year. But we have not made a final decision yet,” said an official of Incheon International Airport Corp. Under the envisioned system, travelers scan their passport photos at an unmanned auto-gate. Then, the facial recognition software compares passport photos with those taken on the spot to check whether they are the same individuals. “We are currently trying to bring an error rate down. We are positive that systemic errors will be addressed by the year’s end. If the syste

Aug 10, 2011By Lee Hyo-sik
South Korea

Vietnamese wife attempts to poison mother-in-law

By Lee Hyo-sik A 23-year-old migrant wife from Vietnam has been booked without physical detention on charges of attempting to poison her mother-in-law, police said Tuesday. According to the police in Gwangju, the Vietnamese woman, who settled in the southwestern city after marrying in 2008, is suspected of seeking to murder her 69-year-old mother-in-law Friday by putting poison into the older woman’s bowl of rice. A police officer said the migrant wife decided to kill her mother-in-law because she was verbally abused and constantly ignored by her. But the wife’s murder attempt failed when the mother-in-law discovered the meal was poisoned and reported it to the police. The mother-in-law later appealed for leniency from law enforcement officials after her daughter-in-law asked for forgiveness, the officer said. Experts say this incident shows how problematic interracial marriages have become between Korean men and Asian women. “I seriously doubt that the Vietnamese woman actually attempted to poison her mother-in-law. I think it was more likely that she was framed by

Aug 9, 2011By Lee Hyo-sik
South Korea

Change of resident registration numbers sought after leak

By Lee Hyo-sik A progressive civic group is campaigning to force the government to change the resident registration numbers of all Koreans whose private information was leaked in the hacking of widely-used websites. Jinbo Net said Tuesday that it has been collecting petitions from those who seek to have their resident registration numbers changed over growing concerns that their private information may be misused by identity thieves and others. “We have been asking Internet users whose personal information has been leaked to join our cause. We will receive petitions and submit them to the Ministry of Public Administration and Security, demanding our registration numbers be changed in order to prevent them from being misused by criminals,” Jinbo Net activist Chang Yeo-kyung said. She also said dozens of citizens filed a petition individually with the ministry, adding that the petitioners are willing to join the group’s planned legal action. “We will definitely file a suit against the government if it refuses to accept our demands. We cannot just sit idle, and suffer f

Aug 9, 2011By Lee Hyo-sik
South Korea

Women still sterotyped in TV ads

By Lee Hyo-sik Male celebrities these days are increasingly taking on roles to promote home appliances, groceries and other items on TV commercials, once dominated by their female counterparts. This shift, concerning who advertizes what, is intended to increase appeal to women, who wield greater buying power in Korea. It also reflects changes to the patriarchal image of Korean men, at least on TV, according to a study released Monday by the National Human Rights Commission. However, women were found to have largely maintained their stereotypical roles on television commercials as housewives displaying motherhood or as younger women emanating sex appeal. After studying 2,046 television commercials aired on the country’s three terrestrial broadcasters — KBS, MBC and SBS — last year, the commission concluded that male actors portrayed characters that deviate from the patriarchal image of Korean men. On the other hand, actresses continued to play their traditional roles as either a housewife or a sex object. The study introduced the so-called “stereotype i

Aug 8, 2011By Lee Hyo-sik
South Korea

Kyongeun savings suspended

By Lee Hyo-sik The Financial Services Commission (FSC) has suspended the operation of Kyongeun Mutual Savings & Finance, a small-sized savings bank headquartered in Ulsan, the southeastern industrial town, for six months, citing its worsening financial condition. It was the ninth such suspension this year, due to capital shortages as a result of soaring bad loans. The secondary banking sector is being overhauled for its poor financial state, raising worries about it becoming a new flashpoint for an economic crisis. Also being considered is an inspection by the National Assembly to investigate how political influence was peddled and bought, worsening the sector’s financial sickness. The financial regulator said Friday that Kyongeun Mutual Savings & Finance, operating three branches in South Gyeongsang Province with 22,645 customers, failed to meet a regulatory capital requirement, adding the bank will be suspended until Feb. 4, 2012. The move came despite the FSC assurance that no drastic action will be taken until September when the assessment about the financial state

Aug 5, 2011By Lee Hyo-sik
South Korea

EBS blamed for errors in student workbooks

By Kim Tae-jong The state-sponsored education-oriented broadcaster, EBS, said Friday that they have published a free replacement supplementary booklet for televised lectures due to many typos and mistakes in the original workbook. According to the firm, the workbook for the English Section in the College Scholastic Aptitude Test (CSAT), released last May, contains over 60 typos and mistakes in the answer sheets and in the answer explanation part. The incorrect information in the workbook has confused students and teachers as over 70 percent of the college entrance exam must reflect the contents of the EBS lectures in a bid to curb private education fees. It is the latest controversy surrounding the broadcaster. Last week, conservative groups claimed that it has aired lectures by those with an ideological bias on Korean modern history, negatively influencing students. EBS said it will be more scrupulous in vetting lecturers. Upon releasing the supplementary book, the firm expressed regret. “We sincerely apologize for the inconvenience we have caused due to the

Aug 5, 2011By Lee Hyo-sik
South Korea

SK Comm. faces flurry of compensation suits

By Lee Hyo-sik Users of Cyworld, the country’s most popular social networking site, and Nate, the third-most visited Web portal, are expected to file compensation suits against the operator of the two sites over the leakage of their personal information. The Seoul Central District Court said Friday that a 40-year-old lawyer, surnamed Lee, filed a lawsuit against SK Communications on July 29, demanding the company pay him 3 million won ($2,800) in compensation for psychological damage he suffered as a result of the leakage of his private information. It was the first legal action taken by any of around 35 million users after their ID, password, resident identification number, phone number, home address and other personal information stored on the two sites was leaked by hackers using an Internet protocol address based in China. On July 28, SK Communications announced that its network was hacked into by criminals who stole the private information of more than 35 million users, the country’s worst security breach ever. Nate has 33 million users, and Cyworld has 25 million.

Aug 5, 2011By Lee Hyo-sik
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