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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

Jeju Air criticized for pilot error

By Lee Hyo-sik Jeju Air, the country’s largest budget carrier, is facing a public relations disaster after one of its pilots did not turn on a pressurization device after takeoff, causing severe pain to some passengers. Jeju Air flight 107, bound for Jeju Island, took off from Gimpo International Airport in western Seoul at 9:00 a.m., Thursday carrying 190 passengers and crew. But the captain of the airplane forgot to switch on a pressurization device, which increases pressure inside the cabin so that those on the plane feel like they are flying at a lower altitude. Five minutes after takeoff, passengers sitting in the rear end of the plane began complaining about severe pain in their ears. The pilot turned the device on only after being notified by flight attendants of the situation. However, some 20 passengers continued to suffer the pain in their eardrums throughout the flight, which lasted for nearly an hour. After the airplane landed at Jeju International Airport, five passengers were taken to a nearby hospital for treatment. Some 20 passengers demanded the airli

Jul 10, 2011By Lee Hyo-sik
South Korea

KBS reporters house raided

By Lee Hyo-sik The police raided the home of a KBS reporter Friday on allegations that he might have wiretapped a closed-door meeting of the main opposition Democratic Party (DP) held at the National Assembly last month. The Yeongdeungpo Police Station said police officers searched the house of the reporter, surnamed Jang, and confiscated his computer hard discs, cellular phone and other materials that might be related to the alleged bugging. The search and seizure came two weeks after the opposition party filed a complaint with the police, claiming its private meeting on TV subscription charges was bugged by outsiders. The party had initially insisted that the governing Grand National Party (GNP) bugged the meeting where Chairman Sohn Hak-kyu and other members of the parliamentary committee discussed party strategies on the GNP’s move to raise the subscription fee. But later, it pointed a finger at the state-funded broadcaster KBS as the culprit. The scandal erupted on June 24 when Rep. Han Sun-kyo of the GNP criticized DP’s opposition to raising the TV subscripti

Jul 10, 2011By Lee Hyo-sik
South Korea

Theresa Rah: rising star out of Durban

By Lee Hyo-sik Theresa Rah, 38, communications director of the PyeongChang 2018 Winter Games Bid Committee, rose to stardom overnight for her good looks and fluent English after she appeared on air Wednesday to open the bid committee’s final presentation to IOC delegates in Durban. During the presentation aired live via the IOC website throughout the world, Rah said in fluent English that PyeongChang is prepared to organize the Winter Olympic Games, stressing the Korean government and the small rural town in Gangwon Province have been making all-out efforts to ready themselves for the successful hosting of the world’s largest winter sports festival. Not only IOC members and others presented at the scene, but viewers around the world paid keen attention to Rah’s speech, wondering who she really is. Rah delivered the presentation in a confident manner, helping to give a positive impression of PyeongChang on the delegates and others watching. She said over the past 10 years, Korea has improved conditions for the Winter Games with a high-speed train and the ``Best of Kor

Jul 7, 2011By Lee Hyo-sik
South Korea

63 to be indicted for football match-fixing

By Lee Hyo-sik Prosecutors said Thursday that a total of 63 players and brokers have either been, or will be, indicted for their alleged roles in a scam to manipulate the outcome of football matches they had bet on. They will indict 37 former and incumbent K-League football players, and 11 brokers and fundraisers on charges of violating the National Sports Promotion Act, while putting six individuals on the wanted list. Military prosecutors have indicted nine footballers playing for the Korea Armed Forces Athletic Corps, including Kim Dong-hyun and Choi Sung-kuk. Among others, Kim was found to have actively taken part in match fixing in eight games and reaped illegal gains of more than 400 million won ($370,000) by betting on manipulated games. The Changwon District Prosecutors’ Office said investigators will continue to look into other football matches held last year and this year to check whether more footballers were involved in the scheme. “A player could receive up to 31 million won, depending on how deeply they were involved in the match-fixing scam. Broker

Jul 7, 2011By Lee Hyo-sik
South Korea

Incheon Airport stake sale drawing protests

By Lee Hyo-sik The Lee Myung-bak administration’s plan to sell a 49-percent stake in Incheon International Airport, backed by the governing Grand National Party (GNP), is drawing protests from opposition parties, civic groups and the airport operator’s union. As part of a government-wide effort initiated in July 2008 to “advance” hundreds of state-run enterprises, the Lee administration tried to dispose of its stake in the airport. But the drive came to a virtual halt due to negative public sentiment. But the privatization scheme has recently picked up fresh steam, with the GNP moving to pass a revised bill on the Incheon International Airport Corp., initiated by Rep. Park Sang-eun of the GNP in March 2010. Under the revision, up to 49-percent of the government’s holdings will be sold to private investors, with foreign ones not allowed to secure more than a combined 30 percent. The GNP tried to pass the bill in the National Assembly extraordinary session in June, but failed to do so due to strong protests from opposition parties. Government and ruling party offici

Jul 6, 2011By Lee Hyo-sik
South Korea

Govt seeks surcharge on alcohol, cigarette

By Lee Hyo-sik The government is considering imposing a surcharge on cigarettes, alcohol and junk food in a bid to improve public health and secure funds to boost the national healthcare system. If realized, the cost of cigarettes, alcohol and fast foods will be raised to reduce consumption. An ad-hoc committee, set up in April by the Ministry of Health and Welfare to draw up measures to overhaul the country’s public healthcare and medical systems, held a meeting Wednesday and decided to push ahead with the plan. The committee said medical expenses here have jumped at an explosive pace over the years as more Koreans suffer from high blood pressure, diabetes and other chronic illnesses, stressing that the nation’s healthcare system should focus more on implementing preventative measures against diseases. With the aim to boost Koreans’ average lifespan further, the committee said the government should introduce a range of health-promotion programs and seek to reduce the consumption of alcohol, cigarettes and high-calorie junk foods by making them more expensive. It sugg

Jul 6, 2011By Lee Hyo-sik
Society

Branksome Hall of Canada pledges to continue tradition on Jeju campus

By Kim Tae-jong The principal of Branksome Hall, a private girls’ boarding school in Canada, pledges to share the school’s culture and tradition with students in Asia at its new campus in Jeju. “Branksome Hall Asia will reflect the very best of Branksome’s programs and philosophy,” Karen Murton said in her speech during a ceremony to break ground for the construction of the school on the nation’s largest island. The establishment of a branch campus of the Canadian school is part of a government-led development project to turn the island into a leading English education hub in Asia. Scheduled to open next September it will be the first sister campus of Branksome Hall School since its foundation in 1903. “Branksome Hall Asia will share the mission and traditions, of its sister school. At the same time, it will honor the unique culture and environment of Jeju. Students here will enjoy the same benefits and honors as their counterparts in Toronto,” Murton said. Murton introduced the school’s old tradition and global approach to education, embedded in its international

Jul 6, 2011By Lee Hyo-sik
South Korea

Animal abusers face harsher punishment

By Lee Hyo-sik The government will toughen penalties for those who mistreat dogs and other animals from next year amid growing cases of animal cruelty in recent months. People who either kill or inflict severe injuries on animals will be put behind bars from next year, while pet owners will be required to register them with municipal administrations from 2013 as part of government efforts to prevent animals from being abused or abandoned. These and other measures, designed to better protect animal rights, are included in a revised Animal Protection Act, which was approved last week by the National Assembly’s plenary session, the Ministry of Food, Agriculture, Forestry and Fisheries said Monday. Under the revision, animal abusers will face up to one year in prison or a maximum fine of 10 million won ($9,100) from 2012. Currently, those caught mistreating animals are subject to only up to 5 million won in fines. “We think the current punishment is not harsh enough to prevent people from mistreating dogs and other pets. So, we decided to toughen the penalty and make it p

Jul 5, 2011By Lee Hyo-sik
South Korea

Chinese tourists rescued from isolated restaurant on Han River

By Lee Hyo-sik A group of Chinese tourists were rescued from a restaurant built on a barge floating on the Han River, Sunday night, after a walkway connecting the restaurant with the bank was submerged by rising waters. Seoul received about 120 millimeters of rain Sunday. Mapo Fire Station said Monday that rescue workers evacuated 88 Chinese tourists and three Korean tour guides from a Chinese restaurant built on a barge moored at a marina at 9:40 p.m., Sunday. The tour guides risked the tourists’ lives for the meal at the floating restaurant, with the guides signing a written pledge that they would not hold the restaurant owner accountable for any accident. As the river swelled with heavier rain than expected, 20 rescue workers rushed to the scene for the rescue operation, which took little more than an hour. “We received a rescue call that people could not get ashore from a boat restaurant on the Han River, due to rising waters. We immediately sent a rescue team with a lifeboat. After an hour into the operation, we were able to rescue three local guides and 88 Chine

Jul 5, 2011By Lee Hyo-sik
South Korea

Internship offered at overseas hotels

The Korea Tourism Organization (KTO) is currently receiving applications from individuals seeking internships at hotels, travel agencies and other hospitality-related businesses in the United States, Australia, Singapore, Japan, Germany and other advanced countries. Up to 47 interns will be selected for a six-month program. Korea’s tourism promoter will provide them with a range of financial subsidies to support their vocational training, living costs and airfare. Those interested are encouraged to log onto the website globalintern.visitkorea.or.kr and download and complete the application form. Applicants should then email it along with a letter of introduction to globalintern@knto.or.kr by July 18. For more information about the program, call 02-729-9655.

Jul 5, 2011By Lee Hyo-sik
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