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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

Over 10 footballers under probe for match-rigging scam

By Lee Hyo-sik The prosecution is expanding its investigation into a football match-fixing scam in which nearly a dozen professional football players were allegedly bribed by brokers to manipulate game outcomes for the winning of sports bets. The Changwon District Prosecutors’ Office said Thursday that the number of professional footballers suspected of being involved in the scam has increased to over 10 from two unidentified teams. Prosecutors said they have completed questioning Kim Dong-hyun, a 27-year-old player for the Korea Armed Forces Athletic Corps, about whether he attempted to fix match results in return for money. On May 21, prosecutors arrested a broker, identified only by his last name Kim, and a former football player, also surnamed Kim, on charges of bribing a midfielder of a professional football team and a goalkeeper of another team to have them fix match outcomes so that they could win bets operated by Sports Toto. The two players were apprehended Wednesday on charges of attempting to fix match results. The midfielder received 100 million wo

May 26, 2011By Lee Hyo-sik
South Korea

South Koreas peace ranking drops

By Lee Hyo-sik South Korea has become a less peaceful place in the eyes of non-Koreans over the past year, following the North’s sinking of one of its naval ships and the shelling of an island near the maritime border in 2010. The Institute for Economics and Peace, an Australia-based research institute, said the nation earned 1.829 points out of 5 in its global peace index (GPI) this year, ranking it 50th among 153 countries. Its ranking has kept falling — from 32nd in 2008 to 33rd in 2009 and 43rd last year. Out of a total score of 5, one indicates the most peaceful level. The index is composed of 23 qualitative and quantitative indicators from respected sources, which combine internal and external factors ranging from a nation’s military expenditure to its relations with neighboring countries and the level of respect for human rights. North Korea also saw its peace ranking drop sharply this year to 149th from 139th in 2010 by earning 3.092 points. It was classified as one of the 10 least peaceful countries, along with Somalia, Iraq, Sudan, Afghanistan, Russia

May 26, 2011By Lee Hyo-sik
South Korea

Football game fixing ring busted

By Lee Hyo-sik A broker and a former football player were arrested for bribing current players to manipulate match outcomes in a scam to win sports lotteries, the prosecution said Wednesday. The news comes as multiple rumors have long circulated that footballers and other professional athletes here colluded with brokers to rake in illegal gains through sports lotteries by fixing matches. It is the first time that such a scam has come to light, sending shock waves through the local professional sporting world. The Changwon District Prosecutors Office said investigators arrested a broker, identified only by his last name Kim, and a former football player, also surnamed Kim, on charges of bribing a midfielder of a professional football team and a goalkeeper of another team to have them fix match results so that they could win lotteries operated by Sports Toto. The two players were also taken into custody on charges of attempting to fix match results in return for money. The midfielder received 100 million won ($90,000) and the goalie 120 million won, the prosecution sa

May 25, 2011By Lee Hyo-sik
South Korea

Prosecutor general in hot seat

By Lee Hyo-sik The nation’s top prosecutor has caused a stir after making sexist remarks toward female prosecutors, drawing strong criticism from women’s rights groups. In a lecture given to law school students at Seoul National University, Tuesday, Prosecutor General Kim Joon-gyu said, “Male prosecutors devote themselves 100 percent to work, regardless of what happens at home, while female prosecutors leave work unfinished to go home when their children are ill.” Kim took issue with female prosecutors’ work ethics. “I am not saying that (female prosecutors) do not work. But in some extreme cases, their work attitude is different (from that of male prosecutors). From the man’s point of view, we can say there is a problem (with female prosecutors’ work ethics),” Kim said. He then said women account for about 30 percent of prosecutors. “About 50 percent of newly-recruited prosecutors in recent years are women. As far as I know, male prosecutors put top priority on climbing the career ladder and achieving social recognition. In contrast, female prosecutors primarily pursu

May 25, 2011By Lee Hyo-sik
South Korea

Asiana credit rating up on financial soundness

By Lee Hyo-sik Korea’s three major credit rating agencies have elevated credit worthiness of Asiana Airlines by one notch to BBB+ from BBB, citing its improving financial soundness amid growing air travel demand. Asiana said Tuesday that the three ratings agencies, NICE, Korea Ratings and Korea Investors Service, upgraded the status of the airline’s corporate bond, making it cheaper for the firm to raise capital when issuing notes. BBB+ is the highest credit level that the company has received since the 1997-98 Asian Financial crisis. Its corporate rating was raised to BBB- from BB+ in January 2005. In June 2007, it was again upgraded to BBB. ``The latest ratings hike, the first in four years, reflects our improved bottom line over the past year in the wake of surging air travel demand. Additionally, our efforts to cut costs and boost the company’s financial standing was recognized by ratings agencies,’’ an Asiana Airlines spokesman said. In 2010, Asiana achieved its most impressive performance since its foundation in 1988 as a result of the economic rebound, as well

May 24, 2011By Lee Hyo-sik
South Korea

Police disperse striking Yoosung workers

Week-long strike disrupts production of major automakers By Lee Hyo-sik Thousands of riot police raided a regional auto parts manufacturing plant, Tuesday, to put an end to a week-long “illegal” strike that disrupted the production of Hyundai Motor and other major automakers. More than 2,500 police entered the factory of Yoosung Enterprise in Asan, South Chungcheong Province, at 4:00 p.m., where hundreds of unionized workers have been holed up over the past week, according to South Chungcheong Provincial Police Agency. Police met little resistance from the workers while dispersing them. About 500 unionists were apprehended. “We had to use force to disperse the striking workers and hand control of the facility back to the management. The raid was unavoidable as last-minute talks between management and the employees on strike fell apart,” a police officer said. Police will decide whether to detain the workers or not after looking into their involvement in the walkout. Police obtained arrest warrants for two union leaders and a search warrant for union offices fro

May 24, 2011By Lee Hyo-sik
South Korea

A teens battle against National Assembly library

By Lee Hyo-sik The National Assembly Library has drawn complaints from elementary and secondary students over the years for its user policy banning those under 18 from gaining access to its books and other printed materials. Officials from the library claim the minors’ entry would hinder lawmakers and their aides from carrying out research and legislative work. However, they may find it hard to keep the doors of the library closed to them, following the National Human Rights Commission’s recent decision against the library’s “discriminative” policy. The fight to lift the age restrictions was initiated by a 14-year-old middle school girl backed by a 22-year-old collegian. In October last year, Shin Hye-rim, a senior at the law department of Soonchunghyang University in Asan, South Chungcheong Province, and Ahn Min-ah whom the university student tutored at the time visited the National Assembly Library for research materials. But Ahn was stopped from entering the facility by library officials because she was only 14. The middle school student had to wait outside, while

May 23, 2011By Lee Hyo-sik
South Korea

Government neglects environment protection

By Lee Hyo-sik The government rejected only one of every 100 construction and other development projects through an environment review system last year, data showed Sunday, drawing criticism that it puts higher priorities on construction at the expense of the environment. Under the review system, the government examines whether or not development schemes are appropriate from the viewpoint of environment protection. Those seeking to develop agricultural and wilderness areas larger than 5,000 square meters are subject to the review. The government has initiated most of the proposed development schemes such as the four-river refurbishment project, and has even allowed more houses and plants to be built on greenbelts across the country. The Ministry of Environment, an administration branch created to protect the environment, has also made it easier for public and private enterprises to implement business projects over the past three years by applying lighter environment regulations. In 2001, the ministry opposed 6.4 percent of all development projects initiated by state a

May 22, 2011By Lee Hyo-sik
South Korea

Korea, US to co-probe Agent Orange dumping

By Lee Hyo-sik South Korea and the United States have agreed to launch a joint investigation into allegations of the massive dumping of a chemical defoliant here by the United States Forces Korea (USFK) more than 30 years ago, an official said Sunday. Investigators from both Korea and the U.S. will work together to probe the alleged dumping of Agent Orange at a U.S. military base, Camp Carroll, in Chilgok, North Gyeongsang Province, in order to cope with the matter in an effective and quick manner, Yook Dong-han, a senior official from the Prime Minister’s Office, said. The Ministry of Environment said the investigation team will collect samples of the underground water and streams surrounding the compound to check for contamination by Agent Orange. Four tributaries of the Nakdong River, the main source of potable water for Daegu, Busan and other Gyeongsang regions, flow through the compound. The ministry also said that it will drill 24 tube wells in the areas surrounding the camp to collect underground water samples, today as well as gather soil samples to check f

May 22, 2011By Lee Hyo-sik
South Korea

Travel fair to attract foreign tourists

By Lee Hyo-sik Hundreds of representatives from travel agencies around the world will gather for a large-scale international travel fair next month to share with ideas and strategies to lure more travelers to Korea. The Visit Korea Committee, an organization leading the drive, said it will hold the 2011 Korea International Travel Mart (KITM) at the COEX and Lotte Hotel World in southern Seoul from June 1 to 5. It will invite tourism officials and heads of travel agencies not only from China and other Asian countries, but also from North America, Oceania and Europe. The committee expects the fair to provide a fresh impetus to enliven the local industry. “Typical travel fairs here have been targeting mainly outbound Korean travelers by providing them with information on overseas tour destinations and travel packages. But 2011 KITM is designed to attract foreign tourists by promoting the domestic tourism industry,” said Han Kyung-ah, executive director of the committee. With 200 heads of travel agencies abroad scheduled to take part in the upcoming event, the committee p

May 22, 2011By Lee Hyo-sik
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