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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

Army under fire for improper medical care of new recruits

By Lee Hyo-sik The Army has come under criticism for its inadequate medical care of new soldiers at its training camp, following the death of a 23-year-old conscript who was forced to go on a 20-kilometer march at night and other strenuous activities under poor health conditions. According to the Korean Army Training Center in Nonsan, South Chungcheong Province, Friday, the recruit, identified only by his surname Noh, died from meningitis which caused blood poisoning and acute respiratory distress. He had been given only two tablets of Tylenol by the training center for his illness. Noh’s bereaved family is considering filing a compensation suit against the government for his wrongful death, arguing that their son would still be alive if the army training center had accurately diagnosed his health problems and treated him with proper medical attention. The Army said Noh and other recruits returned to the base in the early hours of April 22 after completing a 20-kilomter night march, which lasted over seven hours. Shortly afterwards he began running a fever and was moved

May 13, 2011By Lee Hyo-sik
South Korea

Who’s going to pay?

Payment unsettled yet for Captain Seok, Libya evacuees By Lee Hyo-sik Seok Hae-kyun, the wounded captain of the Samho Jewelry, has miraculously recovered from multiple gunshot wounds but is struggling to overcome another mundane hurdle: settlement of medical costs. Seok became a national hero for his courageous role in helping South Korean Navy commandos retake the kidnapped ship from a group of Somali pirates in the Arabian Sea on Jan. 21. But during the rescue operation Seok was caught in the crossfire, sustaining life-threatening injuries. The 58-year-old captain underwent surgery at an Omani hospital to remove bullets, and since being flown back here on Jan. 29 has been treated at Ajou University Hospital. With Seok’s hospitalization at one of the Korea’s best trauma treatment centers entering its fourth month, the question has been raised over who is going to pay for his snowballing medical costs of nearly 200 million won ($180,000). His employer, Samho Shipping, is obliged to pay Seok’s medical bill. But the company is now under court receivership due to m

May 12, 2011By Lee Hyo-sik
South Korea

KTX-Sancheon recalled after series of breakdowns

Public concern mounts over bullet train By Lee Hyo-sik Korail, the state-run railroad operator, has asked Hyundai Rotem, the manufacturer of the problem-ridden KTX-Sancheon, to recall Korea’s indigenous bullet train after a series of breakdowns over the past year. The latest move is expected to further deepen public concern over the safety of the nation’s bullet train system, as well as negatively affect Korea’s efforts to win multi-billion-dollar projects in Brazil, the United States and other countries. Korail officials had previously maintained that the KTX-Sancheon had no fundamental problems, insisting the train’s frequent malfunctioning in recent months was part of self-correction procedures, and that it had fewer glitches compared to other bullet trains manufactured in other countries. But with the Sancheon breakdowns making headlines over the past several weeks, the railroad operator had no other choice but to stop operating the train and ask Hyundai to investigate the causes. Korail said Wednesday it had requested Hyundai to recall all 19 Sancheon trains in

May 11, 2011By Lee Hyo-sik
South Korea

Korean Airs refusal of cancer patient causes stir

By Lee Hyo-sik Korean Air, the nation’s largest flagship carrier, is causing a stir in the United States after refusing to let a cancer patient board its flight from Seattle to Incheon. According to KING5-TV, a Seattle-based broadcaster, Crystal Kim, 62, went to Korean Air’s check-in counter in a wheelchair at Sea-Tac Airport on April 8 for a plane heading to Korea. But a ticket agent refused to issue a boarding pass for Kim, diagnosed with stage-four breast cancer, saying she looked too sick to fly. “I wanted to take my mom to Korea for Mother’s Day. But when we went to check in, the Korean Air ticket agent asked whether she is okay to fly. They then said they need a doctor’s note,” Crystal’s daughter, Mimi, told the TV station. Mimi said she showed a doctor’s note clearing Crystal to fly. But the airline wouldn’t allow it. “We went back to a hospital Monday morning to get another note. But Korean Air still wasn’t satisfied. They said the matter is up to the home office in Seoul to decide. Monday’s flight left without us,” Mimi said. They planned to go to Korea for

May 11, 2011By Lee Hyo-sik
South Korea

Controversy erupts over police gun use

By Kim Rahn Controversy is brewing over a plan to encourage police officers’ use of guns in emergencies. Proponents say it will provide a measure of self-defense for policemen who sometimes have to deal with criminals wielding weapons, while opponents believe it may cause accidents and an overuse of firearms. The debate comes after National Police Agency (NPA) Commissioner General Cho Hyun-oh ordered officers to actively use firearms in coping with violent acts by armed citizens. In a meeting with senior police officials Monday, Cho said, “Many policemen avoid using firearms in fear of punishment or civil or criminal lawsuits which are likely to follow. I’ll kick cowards who don’t use their guns properly in emergencies out of the police organization.” His comment followed an incident on May 1 when a drunken man with a knife attacked an officer at a police station in southern Seoul. The officer, who tried to defend himself with a chair, in order to not use a weapon, sustained minor injuries. A surveillance camera recording showed another officer running away. “Peo

May 10, 2011By Lee Hyo-sik
South Korea

Alarm sounded over malaria

By Lee Hyo-sik South Koreans, particularly those living close to the border with North Korea, should exercise extra caution this summer as the risk of malaria heightens, the Korea Centers for Disease Control and Prevention (KCDC) said Sunday. It said mosquitoes carrying the malaria parasite will likely be more aggressively biting humans as large numbers of livestock, estimated at some 3.5 million, were culled and buried underground due to the nationwide foot-and-mouth disease epidemic last winter. Mosquitoes usually attack cows, pigs and other domesticated animals in summer and spawn eggs in a pond and other stagnant waters. According to the World Health Organization’s definition, malaria is caused by a parasite called plasmodium, which is transmitted via the bites of infected mosquitoes. In the human body, the parasites multiply in the liver, and then infect red blood cells. The patients suffer exhaustion, anemia and several other symptoms. They usually appear between 10 and 15 days after the mosquito bite. “Humans normally can get infected with malaria from May t

May 10, 2011By Lee Hyo-sik
South Korea

Extended peak season sends airfares higher

By Lee Hyo-sik Koreans planning an overseas trip will have to pay more for plane tickets this year, with airlines lengthening the peak season during which air travelers are charged over 10 percent more for seats. Those taking domestic trips by air are also facing higher prices. Airline firms say that they have no choice but to extend the peak seasons because there are more public holidays than in 2010, insisting there is nothing wrong with charging travelers more when air travel demand is high. But many consumers complain that airlines’ extended peak season is tantamount to hiking airfares, arguing air carriers should shorten the length of the busy season and make efforts to lower ticket prices. Korean Air and Asiana Airlines, the nation’s two flagship carriers, said Tuesday that the number of peak season days this year reached 76, up from 57 in 2010. The busy period includes the Lunar New Year holiday (Feb. 1-7), the summer vacation (July 15 to Aug. 27) and the Chuseok holiday (Sept. 10-14). Is it okay, if notified earlier? The number of Sundays and public holiday

May 10, 2011By Lee Hyo-sik
South Korea

Bottled water feared to be tainted with FMD virus

By Lee Hyo-sik Bottled water produced in northern Gyeonggi Province could be contaminated with the foot-and mouth disease (FMD) virus and other harmful organic substances as tens of thousands of culled livestock were buried in the vicinity of manufacturers, an environmental group claimed Sunday. The Citizens’ Institute for Environmental Studies said 32 burial sites for over 23,000 cows and pigs were created near four drinking water plants in Pocheon and Yeoncheon, Gyeonggi Province. A total of 21 burial sites accommodating 11,300 dairy cows and other animals were found in areas of Pocheon from which one bottled water maker collects its natural water. Two other drinking water factories in Pocheon and one in Yeoncheon were also found to have produced bottled water by purifying underground water collected from areas in which dozens of FMD burial sites were created. A member of the environment group said it is feared contaminated fluid leaked from burial sites into the underground water zone. “Many burial sites were created recklessly in areas close to drinking water p

May 8, 2011By Lee Hyo-sik
South Korea

High school students shun German, French, Spanish

By Lee Hyo-sik Most high schools in Seoul teach Chinese or Japanese, or both, as a second foreign language, shying away from other more exotic languages, as fluency in either of the two Asian languages could be more helpful to students in finding a job. The Seoul Metropolitan Office of Education said Sunday that 196 Seoul high schools out of 222, or 88.3 percent, currently offer a Chinese language course for 11th graders in the ongoing spring semester. In 176 schools, or 79.3 percent, students can learn Japanese, while those studying at 169 schools are able to choose either Chinese or Japanese. In contrast, only 41 high schools, or 18.5 percent, teach French as a second foreign language. German and Spanish are taught in 27 and six schools, respectively, with no schools offering Russian or Arabic language courses. Teachers say that schools opt to teach students Chinese or Japanese because they are easier since all three use similar Chinese characters. They also say Korean companies prefer to hire those fluent in Chinese or Japanese due to the nation’s growing busin

May 8, 2011By Lee Hyo-sik
Travel & Food

Hotels offer one more night promotion

This is the third in a series of introductions featuring hotels that offer a ``one-more-night promotion,’’ under which guests who stay for three or four nights are given one-night complementary accommodation. The series will introduce three hotels each at a time biweekly. A total of 36 hotels across the country will be presented over the next six months. This is part of a nationwide campaign to promote the ``2010-2012 Visit Korea Years.’’ — ED. Grand Ambassador Seoul Grand Ambassador Seoul associated with Pullman celebrates the ``2010-2012 Visit Korea Years’’ and presents a special promotion exclusively for foreigners through end of 2011. The ``One-More-Night’’ promotion features a 3+1 free night (4 room nights for the price of 3) with online reservation via http://www.visitkoreayear.com. This offer is valid for superior rooms, deluxe rooms and suites and includes free access to the swimming pool and the fitness club as well as free in-room Nespress coffee and many more benefits. This promotion cannot be combined with any other offers and is subject to a

May 5, 2011By Lee Hyo-sik
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