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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

Chinese hold key to attaining goal of 10 million tourists

By Lee Hyo-sik The number of Chinese tourists travelling to Korea this year will determine whether it achieves its ambitious goal of drawing over 10 million foreign visitors, up sharply from last year’s 8.8 million, a state-run tourism promotion body said Tuesday. The Korea Tourism Organization (KTO) said the number of inbound tourists grew at a slower rate in the first six months of 2011, due to Japan’s earthquake and other unfavorable external conditions, but expects to bounce back sharply in the latter half. It said it will place top priority on attracting visitors from the mainland, Taiwan and Hong Kong for the remainder of the year, expressing cautious optimism that unless new external risks emerge, the nation will reach 10 million visitors. However, private tourism industry experts say it will be impossible. They project that foreign visitors will continue to increase at a sluggish pace for the remainder of the year as radiation leaks in Japan and the persistent geopolitical risks associated with North Korea continue to weigh heavily. Additionally, a shortage

Jul 21, 2011By Lee Hyo-sik
Travel & Food

Seven Luck enjoys boom with foreign gamblers

By Lee Hyo-sik The state-run Grand Korea Leisure (GKL), the operator of Seven Luck Casino, is enjoying brisk business this year, with record numbers of Japanese, Chinese and other tourists visiting its three outlets. GKL, 51 percent of which is owned by the Korea Tourism Organization (KTO), attracted a total of 697,381 visitors in the first six months of 2011, up from 653,010 during the same period last year. It expects to draw nearly 1.5 million non-Korean gamblers for the whole year if the current trend continues, and post record-high revenues of 500 billion won. The company had 1.3 million customers in 2010, earning revenues of 473.4 billion won. Korea’s largest casino-chain operates a casino at the Millennium Seoul Hilton at the foot of Mt. Nam in central Seoul, another in southern Seoul and a third in Busan. ``We do not expect the number of foreign tourists this year to increase at last year’s pace. But still, we will manage to attract more visitors than in 2010. It means that more foreigners, particularly Chinese tourists who are famous for their love of gambl

Jul 21, 2011By Lee Hyo-sik
South Korea

48 OTC drugs to be sold at supermarkets from Thursday

By Lee Hyo-sik People will be able to buy 48 non-prescription drugs such as digestive drinks and antiseptic lotions at supermarkets and convenience stores, beginning Thursday, the Ministry of Health and Welfare said Wednesday. Currently, these and other over-the-counter (OTC) medicines are only available at pharmacies. But the government has decided to allow these 48 relatively safe OTC drugs to be sold outside pharmacies to improve consumer access to widely-used medicines in case of an emergency. The health ministry posted and announced the change on its state bulletin, Wednesday, making it possible for the sale of the drugs at retail stores, without having to revise the law banning the sale of OTC medicines outside pharmacies. “Members of the Central Pharmaceutical Affairs Council have been engaged in a series of intense discussions over the past few months on how many and what types of OTC medicines should be available at supermarkets and other retail shops,” a ministry official said. “On July 1, the council selected a list of 48 medicines. Following the change in

Jul 20, 2011By Lee Hyo-sik
South Korea

Expedia launches Korean language website

By Lee Hyo-sik Expedia, the world’s largest online travel agency, has launched its Korean language website (expedia.co.kr), making it official that the U.S.-based firm has entered one of Asia’s fastest growing travel markets. Daniel Lynn, Expedia Asia CEO, said Wednesday that the cyber-based travel agency will provide Korean travelers with a comprehensive set of products including hotels, plane tickets, rental cars and more. “As the world’s largest online travel company, we provide a wide selection of hotels across the globe. We are in partnership with over 130,000 hotels in 35 countries. On top of an unrivaled selection of hotels worldwide, we offer the lowest prices,” Lynn said during a press conference. Expedia operates in 23 countries and plans to add 10 more by 2012, with about 75 million people visiting its websites worldwide each month. The firm opened its Korean language website earlier this month, making the country its eighth operational base in the Asia-Pacific region. Lynn said there is no online travel agency here offering a comprehensive set of trave

Jul 20, 2011By Lee Hyo-sik
South Korea

Salesman rips off women in sex-for-money scam

By Lee Hyo-sik A 27-year-old salesman at a manufacturing firm in Seoul, surnamed Joo, was indicted for violating the Special Law on Sex Trade and committing fraud against women he met through an online cafe, the Seoul Central District Prosecutors’ Office said Tuesday. Joo became a member of a “sponsorship” cafe in June last year where men seek women who are willing to sleep with them in return for money. He faked his identity by saying that he ran a luxury goods shop in southern Seoul to attract the attention of female members. But in real life, he was an ordinary salaried worker earning 1.5 million ($1,400) won a month. He made an offer to female members that he would give up to 2.5 million won to women who slept with him three-four times a month. From June last year through April this year, a total of 11 women agreed to this. Over the period, he slept with all the women more than once but did not give them any money. In one instance, he ran away after having sex with a woman in a motel in August last year. Joo also filmed having sex with another woman and extort

Jul 19, 2011By Lee Hyo-sik
South Korea

’Nude forest bath’ to open in Jangheung

By Lee Hyo-sik Jangheung county in South Jeolla Province will open the nation’s first nudist area, the “nude forest bath,” on July 30 where people are allowed to walk through the trees naked, officials said Monday. The county has been building the area, called Vivi Ecotopia, inside the Jangheung Woodland, famous for hundreds of 40-year-old cypress trees on 33 hectares of land. Tens of thousands of visitors are expected to experience the forest bath each year where they will be exposed to phytoncides released by the trees. The antimicrobial, allelochemic, volatile organic compounds are known to relax the human body. “We will open Korea’s first nude forest bath area to the public on July 30,” a Jangheung county official said. Another official at the Jangheung Woodland management office said there will be a dozen huts built with tables and other facilities necessary for outdoor relaxation at Vivi Ecotopia. “We will charge those who want to experience the forest bath nude an entrance fee. But we have not yet decided on the amount. The visitors will receive disposable

Jul 18, 2011By Lee Hyo-sik
South Korea

`Threatening to write unfavorable story not blackmail’

By Lee Hyo-sik A reporter indicted for “blackmailing” an uncooperative source by writing an unfavorable story was cleared of the charge by the Supreme Court on Sunday as it ruled that his act was within the scope of a reporter’s normal duty. The highest court found the 50-year-old reporter of a weekly newspaper not guilty on charges of threatening to write an unfavorable story on a source. The Seoul Northern District Court had earlier declared the reporter, surnamed Chun, innocent. But the Seoul High court later sentenced him to an eight-month imprisonment suspended for two years, saying that Chun used an unacceptable coverage method, while digging into the source’s private life. He was also sentenced to 120 hours of community service. “Chun demanded a judicial scrivener, surnamed Cho, accept the request for an interview. Otherwise, the reporter would write a story based only on his findings. We do not think his behavior conforms to blackmail,” a judge said in the verdict. “It is part of the routine work of newspaper reporters and does not break any of society’s e

Jul 17, 2011By Lee Hyo-sik
South Korea

’Slut Walk’ protest held in Seoul

By Kim Tae-jong A “Slut Walk” protest took place in downtown Seoul, Saturday, with some participants dressing provocatively, arguing women should not be blamed for sexual assaults simply because of the way they dress or behave. “There is no one who deserves any kind of sexual assault anywhere in the world,” participants at the rally said in a statement. “We have the right not only to dress freely as we want to but also to live without fear of sex crimes.” It was the first time that such a rally has been held in Korea. Similar protests have taken place in cities such as Chicago, Edinburgh, Amsterdam, Copenhagen, London and Sydney since the first Slut Walk protest on April 3 this year in Toronto, Canada. The protests began after Michael Sanguinetti, a Toronto police officer, said, “Women should avoid dressing like sluts” to remain safe. The Korean version of the Slut Walk protest was initiated by a woman who suggested the rally on her Twitter account after the alleged sexual assault by three male medical school students at Korea University on a female colleague durin

Jul 17, 2011By Lee Hyo-sik
South Korea

Students to promote beauty of Jeju

By Yun Suh-young More than 40 college students from around the world gathered in Jeju last week to work under the common goal to internationally promote the beauty of Jeju Island so it can be named one of the New7Wonders of Nature. The students participated in a four-day workshop, which ended Saturday, to share ideas about ways to raise awareness around the world of the scenic Korean resort island and call for votes. “I hope this global campaign to promote Jeju, a land where nature, humans, history and culture coexists, will be successful,” said former Prime Minister Chung Un-chan, chairman of the National Commission for Jeju New7Wonders of Nature, at the closing ceremony. The workshop titled Jeju Global Student Council Workshop for New7Wonders of Nature, was hosted by the commission and sponsored by Jeju’s municipal government. The workshop drew scores of overseas Korean students, foreign students in Korea and students from Seoul and Jeju. A group of Korean students in the U.S. played a key role in organizing the event. The student members plan to distribute

Jul 17, 2011By Lee Hyo-sik
South Korea

KTX high-speed train malfunctions again

By Kim Tae-jong A KTX high-speed train made an emergency stop inside a tunnel Sunday morning, apparently due to a glitch in its motor system, paralyzing Seoul-bound railway traffic for about an hour, railway officials said. It is the latest in a series of stoppage and delays for the bullet train due to technical problems. The problem occurred at around 11 a.m. as a KTX-Sancheon bound for Seoul from Busan came to a halt inside Hwanghak Tunnel in Gimcheon, North Gyeongsang Province, according to train operator Korail. “We immediately dispatched our emergency repair team to fix the motor system. We have resumed operation of the train,” a Korail spokesman said. Due to the breakdown, all KTX services bound for Seoul were also delayed one hour. While the repair crew fixed the problem, some 400 passengers aboard the train were forced to wait without being properly informed about the situation. “We only heard an announcement saying the train had stopped due to a problem with the motor,” a passenger said. “We didn’t know what was going on for about an hour.” He al

Jul 17, 2011By Lee Hyo-sik
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