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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

Korea sees subtropical weather

Past month of rainfall equals entire yearly average By Lee Hyo-sik The torrential rain that has soaked the country’s central regions over the past month are the equivalent to an average annual rainfall according to the Korea Meteorological Administration (KMA) Thursday. Tragic landslides and flooding causing human casualties and property damage have resulted. A growing number of rainy days in spring and summer are also fueling a debate on whether the four seasons here should be reclassified into two — rainy and dry seasons, like in Thailand and other subtropical countries. The weather agency said 1,259.5 millimeters of rain fell in Seoul from June 22 to July 27, accounting for 86 percent of an annual average precipitation of 1,450 millimeters during the past 30 years. In Yangpyeong, Gyeonggi Province, the cumulative rainfall amounted to 1,252.8 millimeters, 84.7 percent of the annual average. The situation is the same for other cities in the central region. As more rain is forecast to come down in Seoul, Incheon, Gyeonggi and Gangwon provinces through Fri

Jul 28, 2011By Lee Hyo-sik
South Korea

Korean Air preaching spirit of sharing

By Lee Hyo-sik Korean Air, the nation’s largest flagship carrier, has been conducting a range of employee-initiated community service programs both at home and abroad, setting an example of how corporate social responsibility should be put into work. The airline sets a new campaign slogan each year for its volunteer work to better coordinate resources and more effectively implement goodwill activities. This year, under the theme of ``Excellence in Flight, Excellence in Community,’’ the company has been introducing a wide array of community service schemes here and overseas to improve the learning environment for students, assist those in need after natural disasters and conserve nature. In February, Korean Air employees and executives held a ceremony at the company headquarters in western Seoul to pledge their commitment to a company-wide social contribution campaign. They said the airline has been able to emerge as one of the world’s top air carriers thanks to a growing number of devoted Korean and non-Korean customers, stressing the firm is eager to share the fruit

Jul 28, 2011By Lee Hyo-sik
Travel & Food

Hotels offer one-more-night promotion

This is the ninth in a series featuring hotels that are offering a ``one-more-night promotion’’ to guests who stay for three or four nights with a one-night complementary stay. A total of 36 hotels across the country will be presented over 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. Hotel Inter-Burgo Wonju In commemoration of the ``2010-2012 Visit Korea Year,’’ Hotel Inter-Burgo Wonju presents an exceptional offer to long-term staying foreign guests. If guests stay at the hotel for three nights, they will get a fourth night free from Aug. 1 through Dec. 31 2011. The room rate is available upon request. The offer is not valid in conjunction with other promotion packages such as group, travel agency and special corporate rates. For further inquiries or reservations, call 82-33-769-8171 or visit http://wonju.inter-burgo.com. Gyeongju Concorde Hotel In celebration of the ``2010-2012 Visit Korea Years,’’ The Gyeongju Concorde Hote

Jul 28, 2011By Lee Hyo-sik
South Korea

Police probe online sales of poison, explosives

By Lee Hyo-sik Police are conducting an investigation into dealings of toxic materials and homemade explosive materials in cyberspace in a bid to prevent potential terrorist attacks, following a bomb blast and mass killing in Norway last Friday. The Cyber Terror Response Center said Wednesday that district police agencies across the country are looking into individuals who have posted messages concerning toxic materials and easy-to-make explosives on online bulletin boards and blogs The center said the “Nuri Cops,” honorary cyber police officers who monitor potential criminal activity on the Internet, detected a total of 6,932 online postings from June 13 to July 26, which promoted suicide, the use of explosives and other illicit acts. Of the 6,932 postings, 139 were related to the sale of toxic substances and homemade explosives. “In light of what happened in Norway, the public has become more concerned about possible terrorist attacks. Police have beefed up efforts to check whether there are people who are planning similar attacks here,” a police officer said. On Ju

Jul 27, 2011By Lee Hyo-sik
South Korea

More downpours expected in Seoul

By Lee Hyo-sik Seoul and its surrounding areas will receive up to 250 millimeters of rain through Friday, the Korea Meteorological Administration (KMA) said Wednesday. In particular, up to 60 millimeters of rain per hour could fall between Wednesday night and Thursday morning, accompanied by lightning and thunder. “We advise people to keep getting updates on the latest weather information. We caution those who are camping to pay extra attention to rapidly changing conditions,” a KMA official said. Residents in the central region should take all possible preventative measures to minimize casualties and property damage from potential flooding and mudslides, he said. Seoul, Gyeonggi and Gangwon provinces have been bombarded with record rainfall since Tuesday afternoon, with heavy rains submerging roads built along rivers and disrupting the operation of subways and other public transportation. Hundreds of homes and buildings located in low-lying districts were flooded. The weather agency attributed the recent strong downpour to a collision between low and high pressur

Jul 27, 2011By Lee Hyo-sik
Society

Student Corner Miracles in life

By Daniel Kim "Resonance" is a new word to me. The architects and engineers who have recently investigated the tremor that occurred in the 39-story Techno Mart building in Seoul tentatively concluded that it was caused by a form of aerobic exercise performed by dozens of people. The vibration caused on the 12th floor coincided with the resonance frequency unique to the building, they say. Frankly, I don't understand the scientific reasoning but fortunately the tall building did not collapse with thousands of people in it. I am puzzled at the fact that buildings collapse and bridges fall into the water. It happens quite often all over the world. I thought they were supposed to be permanent structures, or at least semi-permanent. I'm sure everyone wants to stay in a safe building but my own concern about safety in construction is much keener than others because I almost lost the chance to be born. My father's miraculous story of his once-in-a-life-time experience goes like this. "It was one of those beautiful days before the rainy season. June 29, 1995. I had a d

Jul 27, 2011By Lee Hyo-sik
South Korea

Public concerns over KTX safety grow following China accident

By Lee Hyo-sik A fatal collision between China’s high-speed trains last Saturday has stoked public concern over the safety of the KTX-Sancheon, Korea’s indigenous bullet train, which has been plagued with a series of malfunctioning and breakdowns over the past year. The government and Korail, the state-run railroad operator, have unveiled a range of safety-boosting steps, including replacing old train parts, to counter growing negative public sentiment. However, both public and private experts are not convinced, expressing concerns that high speed trains in Korea, if more fundamental steps are not taken, might face a disaster like what took place in China, which killed at least 35 and injured 210. Last Saturday, a China Railway High-speed (CRH) train from Beijing to Fuzhou smashed into a stalled CRH train, which lost power due to a lightening strike, in eastern China. ``When I heard of the incident in China, I was really terrified because something like that could happen while I am on the problem-riddled KTX-Sancheon. I am now more worried about taking the high-spee

Jul 26, 2011By Lee Hyo-sik
South Korea

Mud Festival rakes in income

By Lee Hyo-sik The Boryeong Mud Festival, one of Korea’s most popular festivals among international visitors, earned 157 million won ($148,000) in revenue this year by charging visitors for using some of its rides and other entertainment facilities, Boryeong City said Monday. It was the first time for the festival to generate income in its 14 year history. The event took place on Daecheon Beach in Boryeong City, South Chungcheong Province, on July 16 to 24. The city said it spent a total of 1.8 billion won to organize the 9-day festival this year, down 43 percent from 3.2 billion won in 2010, attracting nearly 2.2 million Korean and non-Korean tourists. During the festival, visitors enjoyed mud wrestling, mud slides and even swimming in the mega-mud tub. Other programs included a special exhibition and sale and a yacht parade. “This year, we set up an area called “Paid Zone” where visitors pay 5,000 won per person and enjoy 10 of our most entertaining rides and programs, including an air-bounce ride. For the first time, we decided to charge fees to raise funds to i

Jul 25, 2011By Lee Hyo-sik
South Korea

No. of senior citizens with STDs jumps 61%

By Lee Hyo-sik As more elderly men and women engage in unsafe sexual practices, the number of senior citizens who have contracted a range of sexually-transmitted diseases (STDs) has increased by 61 percent over the past four years. The National Health Insurance Corp. said Friday that the number of Koreans aged over 65, treated at least once for syphilis and other STDs, stood at 17,265 across the country in 2010, up 61 percent from 10,713 in 2006. In reality, the number is likely to be much higher as many sufferers are reluctant to actively seek treatment. “I think many senior citizens dealing with STDs are hesitant to come to the hospital because they feel ashamed. It is a generally-accepted social norm that the elderly are not interested in having sex,” said Lee Yoon-soo, urologist and director of the Korea Institute for Sexology. Lee said, thanks to the availability of Viagra and other impotence drugs, more elderly men can be sexually active. “But in many cases, their wives are not interested. Or the men are without partners. So, they go to prostitutes. The problem

Jul 22, 2011By Lee Hyo-sik
South Korea

Lack of safety measures causing fatal accidents

By Lee Hyo-sik A series of fatal industrial accidents have occurred in recent weeks, ringing an alarm for both employers and employees over deteriorating workplace safety. Experts say the lack of safety awareness is the main culprit behind a growing number of man-made tragedies, stressing that the government should enforce stricter safety regulations at construction sites and other workplaces vulnerable to various accidents. They also say workers themselves should take all possible safety precautions and abide by rules, with management paying more attention to their employee’s well-being. At 1 a.m. Friday, one worker was found dead inside a manhole in Yongsan, central Seoul, while two others were discovered unconscious. The two workers were immediately taken to a nearby hospital. They went down the manhole to survey the structure three meters underground as part of a project to create an up-to-date city-wide geographical information system. It is suspected that they suffocated from toxic gases generated by various organic and chemical substances in the sealed spac

Jul 22, 2011By Lee Hyo-sik
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