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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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Opinion

Asian highway: Cornerstone for Asian and Eurasian connectivity

Yuwei LiBy Yuwei LiThe Asian Highway Network, which will serve 60 percent of the world’s population and contribute to 30 percent of the world’s GDP if completed, was first conceived in 1959 to resurrect the dream of wider trade and travel and to bring the world closer.In the 1990s, the Asia-Pacific region as a whole emerged as a dynamic arena of economic growth. Demand increased for reliable and efficient road transport to move large numbers of people and goods across borders. Recognizing such need, the governments of Asian countries worked collaboratively under the auspices of UNESCAP to identify a network of international highways best suited for the purpose. This collaboration culminated in the 2004 signing of the intergovernmental agreement on the Asian Highway Network, which ushered in a new chapter for connectivity in the region and laid the bedrock for intra and inter-regional connectivity.The 141,000-kilometer Asian Highway Network spans 32 Asian countries, with linkages to Europe. Its main route, Asian Highway 1, starts in Tokyo and passes through the Korean Peni

Nov 13, 2015By Lee Hyo-sik
Asian highway: Cornerstone for Asian and Eurasian connectivity
Companies

Who will get the 3 duty-free licenses?

Lotte, SK, Doosan, Shinsegae desperate to own retail’s ‘golden goose’By Lee Hyo-sikLotte, SK, Doosan and Shinsegae are all making a last pitch to retain or take on three expiring duty-free licenses in Seoul, one day before the government decides on to whom it will grant the lucrative right.With many possible scenarios, duty-free industry watchers are still scratching their heads over who will come out victorious in the four-way competition for the “golden goose” of the retail industry.The Korea Customs Service (KCS) will hold a presentation session at its training center in Cheonan, South Chungcheong Province, on Saturday before it decides who will get the three expiring licenses.The CEOs of Lotte Duty Free, SK Networks, Doosan Corp. and Shinsegae Duty Free will likely make a final pitch amid presentations before the judging panel consisting of KCS officials and private sector experts.At stake are Walkerhill Duty Free in eastern Seoul, Lotte Duty Free in downtown Seoul and Lotte Duty Free in southeastern Seoul. The five-year licenses will expire between

Nov 12, 2015By Lee Hyo-sik
Who will get the 3 duty-free licenses?
Companies

Rivals oppose Asiana's 2nd budget carrier

By Lee Hyo-sikKim Soo-cheonAsiana Airlines CEOLow-cost carriers (LCCs) here are opposing Asiana Airlines’ plan to set up its second budget carrier, according to the transport ministry and airline industry officials, Thursday.The objection is widely expected as a newcomer into the highly competitive LCC market will likely fan excessive competition and put further downward pressure on budget carriers’ bottom lines.Asiana Airlines, which already operates Air Busan based at Gimhae International Airport, is seeking to set up the second LCC based in Seoul, named Air Seoul, by March of next year.On Oct. 19, Asiana submitted an application to the Ministry of Land, Infrastructure and Transport for a business license. After receiving the license, Air Seoul plans to lease Airbus 321-200 planes and operate on Asiana’s short-distance routes, connecting Korea with destinations in China, Japan and Southeast Asian countries.However, Jeju Air, Jin Air, T’way Airlines and Eastar Jet have raised objections against Asiana’s plan, arguing that the newcomer will further fuel

Nov 12, 2015By Lee Hyo-sik
Rivals oppose Asiana's 2nd budget carrier
Companies

POSCO's noise-proof floor plate earns top grade

By Lee Hyo-sikPOSCO, the world’s fourth-largest steelmaker, says its noise-proof floor plate made of high manganese steel has earned the top grade from a state-run test agency.The company expects construction firms here will rush to use the product, the first of its kind, when building apartments and other structures, because reducing noise between floors has become a priority.The Korea Institute of Civil Engineering and Building Technology issued the first-grade certificate to the steelmaker for its latest noise-proof floor plate, which it says can reduce noise between floors by as much as 90 percent compared with conventional non-iron plate.“Builders now have to pour concrete on top of the floor plate in order to reduce floor noise,” a POSCO spokesman said. “But if they use our manganese steel floor plate, they won’t have to do that anymore, which will shorten the construction period by at least five days per floor. The builders can also lessen the floor thickness by 15 millimeters. Our product will save them money and time.”POSCO said it will su

Nov 12, 2015By Lee Hyo-sik
Companies

Innocean wins most ad awards

By Lee Hyo-sikInnocean Worldwide, an advertising unit of Hyundai Motor Group, said Thursday that it won the most advertising awards at the 2015 Korea Advertising Awards ceremony that took place a day earlier.The company claimed five grand prix out of eight categories in addition to one silver and three gold awards, setting a new record for winning the most awards since its foundation in 2005.Innocean said it won three grand prix and one gold award for Hyundai Motor’s global brand campaign, “a message to space,” which was highly praised by consumers and industry watchers across the globe.The company also won a grand prix in the film category for the Ministry of Environment’s public campaign, “I am your father,” a viral film series promoting the ministry’s recycling initiative. The campaign portrays the relationship between waste and recycled goods as that of a father and son with comic elements.“It is extremely rare for a viral video to create such buzz without a lot of effort at publicity and then go on to win a prestigious award like t

Nov 12, 2015By Lee Hyo-sik
Companies

Kangwon Land praised for corporate sustainability

Kangwon Land CEO Ham Seung-huie, left, poses with Hong Soon-jick, CEO of the Korea Productivity Center, after receiving the Dow Jones Sustainability Award at the Grand Hyatt Hotel, downtown Seoul, on Oct. 28./ Courtesy of Kangwon LandBy Lee Hyo-sikKangwon Land, the country’s only casino for Koreans, has been recognized as one of Korea’s most sustainable enterprises for its corporate social responsibility (CSR) and community-friendly business practices.The state-run company was included in this year’s Dow Jones Sustainability Indices (DJSI) World for the third consecutive year. Globally, only 317 businesses were chosen to receive DJSI awards and only 21 of them are Korean firms.Beside Kangwon Land, Korea Gas Corp., Korea Electric Power Corp. (KEPCO) and KEPCO KPS were the only state entities named.“We are proud that we have been recognized as a globally sustainable company for three straight years,” a Kangwon Land spokesman said. “Our diverse CSR activities and corporate growth potential enabled us to earn high scores from the global audience.&rdquo

Nov 11, 2015By Lee Hyo-sik
Companies

Cargill opens $100 mil. livestock feed plant

By Lee Hyo-sikLee Bo-kyeun, CEO of Cargill Agri Purina, speaks during a press conference at the Westin Chosun Hotel, downtown Seoul, Wednesday. The Korean unit of Cargill, a U.S. grain and livestock feed producer, has opened a $100 million plant, capable of producing 870,000 tons of feed annually, in Pyeongtaek, Gyeonggi Province./ Courtesy of Cargill Agri PurinaCargill, a U.S. grain and livestock feed producer, has opened a $100 million livestock feed mill here, capable of producing 870,000 tons of feed annually, putting it in a better position to compete with market leader the National Agricultural Cooperative Federation, or Nonghyup.Cargill Agri Purina, Cargill’s Korean unit, will operate the plant built on a 52,610 square-meter site in Pyeongtaek, Gyeonggi Province, to capitalize on the country’s rapidly-growing animal food market in line with Koreans’ increasing meat consumption.“It took more than three years to complete our Pyeongtaek plant. It marks one of the most significant milestones in Cargill’s long history in Korea,” Lee Bo-kyeun, CEO

Nov 11, 2015By Lee Hyo-sik
Cargill opens $100 mil. livestock feed plant
Companies

Youth job fund: another form of tax

By Lee Hyo-sikIs a youth job fund, set up in September under President Park Geun-hye’s initiative, a new form of tax targeting chaebol owners and corporate executives?High-profile figures in the business world, including the heads of the country’s family-controlled conglomerates, have been rushing to donate money to the Youth Hope Fund over the past month. The envisioned state-run Youth Hope Foundation is expected to use the donations to implement a wide range of programs to help young people find jobs at home and abroad.The question now is whether the business tycoons are providing the money solely to improve job market conditions for young people. Or are they doing so in a bid to curry favor with President Park who wields absolute power over who gets what?When contacted by The Korea Times, companies only say that their owners and salaried CEOs have made the donations to the fund in good faith.However, what business circle insiders are saying is different. They say most donors, particularly those who have reaped benefits under the incumbent administration, offered the mo

Nov 10, 2015By Lee Hyo-sik
Companies

BMW vehicles catch fire on road

By Lee Hyo-sikFour BMW vehicles caught fire here over the past week while being driven, raising concerns among owners of cars made in Germany. The incidents will likely further raise concerns about the safety and reliability of German automobiles, following Volkswagen’s recent emissions cheating scandal.BMW Korea said Tuesday that the four vehicles caught fire while on the road. The cause is yet to be known, according to the carmaker.On Nov. 3, a BMW 520d sedan became engulfed in flames in Goyang, Gyeonggi Province. Firefighters were dispatched to the scene to extinguish the burning vehicle. Two days later, another 520d sedan was destroyed by fire on the road near the World Cup Stadium in western Seoul.On Nov. 7, a BMW 5 Series sedan also caught fire in Guri, Gyeonggi Province, and a day later, a BMW 7 Series car was destroyed by fire on the Seoul Ring Expressway near Gwacheon, Gyeonggi Province.BMW Korea said it is doing everything it can to find the cause of the fires, adding that all the vehicles were manufactured in the early 2000s.“We first would like to apologize fo

Nov 10, 2015By Lee Hyo-sik
Companies

Korea to export beef to Hong Kong

By Lee Hyo-sikKorea is widely expected to export “hanwoo” beef to Hong Kong as early as December, according to the Ministry of Agriculture, Food and Rural Affairs, Tuesday. If this happens, it will be the first overseas shipment of beef from the country’s indigenous cattle.The ministry said Hong Kong authorities are about to complete its 8-month-long quarantine procedure of hanwoo, adding that breeders will soon be able to ship local beef to the city.Korea and Hong Kong began negotiations in March this year about the shipment of hanwoo. Hong Kong authorities completed a risk assessment in April and reached a consensus with their Korean counterparts on details of quarantine and sanitary rules in June.In August, local farms seeking to export beef completed their registrations with the Hong Kong government.Last month, Hong Kong quarantine officials came here to conduct field inspections on hanwoo farms, slaughter houses, feed plants and other related facilities.“Hong Kong authorities are now evaluating the results of their field inspections. If they find no probl

Nov 10, 2015By Lee Hyo-sik
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