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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

KAIST professor found dead

By Lee Hyo-sik A 54-year-old professor of the Korea Advanced Institute of Science and Technology (KAIST), identified only by his surname Park, was found dead at his residence in Daejon, Sunday. A bandage was tied around his neck, according to the police. After discovering Park whose body was found hanging from a gas pipe in the kitchen, his wife called the police. She said she came to the house as her husband could not be reached over the weekend. Park always came to Seoul and spent the weekend with his family, the wife told police. Park’s suicide note was found at the scene, addressed to his wife. It read ``Take good care of the children. I am sorry. I love you.’’ A police officer at Daejon Dunsan Police Station said Park’s suicide did not appear to have anything to do with a series of recent suicides by KAIST students because he did not mention them. ``We are currently questioning the bereaved family members about what might have prompted Park to take his own life.’’ The incident came at a time when one of Korea’s elite universities was under siege, following a seri

Apr 10, 2011By Lee Hyo-sik
South Korea

Distrust of government lingers over radiation risks

By Lee Hyo-sik The majority of Koreans remain wary of radiation risks to human health or the environment, despite government assurances that the Korean Peninsula has not been and will not be exposed to any serious radiation threats from the crippled nuclear reactors in Japan. It’s been already one month since a 9-magnititude earthquake and huge tsunami devastated Japan on March 11, causing a series of explosions at the Fukushima nuclear power plant. However, many Koreans are still worried about the possible contamination of imported fish and other produce from the neighboring country, with public concern showing no signs of abating amid distrust of government’s announcements about radiation risks. The Korean government initially said that no radioactive materials would end up here from Japan, thanks to the wind direction blowing toward the Pacific Ocean. But radioactive iodine and cesium have been detected in the atmosphere all over the country, increasing public concerns over radiation risks. Many housewives raising children and elderly people express worries about di

Apr 10, 2011By Lee Hyo-sik
South Korea

Industrial technology leaks surging

By Lee Hyo-sik A growing number of Korean companies, particularly small-and medium-sized ones, deal with leaks of their industrial technology and other corporate secrets to rivals at home and abroad. According to the National Police Agency on Sunday, 82 individuals were caught in the first three months of the year on charges of orchestrating a total of 17 illegal industrial technology transfers. With only six cases the previous year, this is a large leap. Police said non-Korean enterprises were involved in seven in which employees of Korean firms stole business secrets and passed them onto rival companies overseas in return for cash and other personal gains. Domestic firms and their staff were involved in the remaining 10 incidents. A police officer said investigators have made more efforts over the years to crack down on the illegal transfer of industrial technology and other confidential corporate information engineered by employees. “Thanks to our increased efforts, we were able to clamp down on more industrial espionage and apprehend those responsible. But

Apr 10, 2011By Lee Hyo-sik
South Korea

Internship available at overseas hotels

By Lee Hyo-sik 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 and other advanced countries. A total of 35 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 April 18.

Apr 10, 2011By Lee Hyo-sik
South Korea

Japan’s Dokdo claim puts brakes on quake donation drive

By Lee Hyo-sik A nationwide campaign to raise donations for Japanese earthquake and tsunami victims has come to a virtual halt, following the Japanese government’s recent approval of controversial textbooks that lay claims to South Korea’s Dokdo islets. Japan’s repeat of territorial claims over Dokdo in its annual diplomatic report has further fanned anti-Japan sentiment here with charity groups receiving substantially less from individuals. The Community Chest of Korea (CCK), the nation’s largest charity group, said Thursday that it received only 82 donations through its automatic response system (ARS) on March 31. Prior to the Japan’s fresh claim to the islets, the charity obtained as many as 167,000 donations through its ARS system a day. On April 1 when Japan’s Cabinet approved the "Diplomatic Blue Paper" report for 2011 with claims to the islets, the group received only 21 donations, the fewest since it began the campaign on March 14. Anti-Japanese sentiment boiling again A growing number of municipal administrations here have either stopped or suspended

Apr 7, 2011By Lee Hyo-sik
Travel & Food

Hotels offer one more night promotion

This is the first in a series of articles featuring hotels that are offering a ``one more night promotion,’’ under which guests who stay for three or four nights are awarded a complimentary one-night stay. The series will present three hotels at a time, biweekly. A total of 36 hotels across the country will be featured over the next six months as part of a nationwide campaign to promote the 2010-2012 Visit Korea Year. ― ED. The Renaissance Seoul Hotel The Renaissance Seoul Hotel offers a ``one more night promotion’’ for guests booking a room through the Visit Korea Year website (www.visitkoreayear.com) before Aug. 31, 2011. This special promotion awards a complimentary third night for foreign visitors staying for two consecutive nights at the weekend (Friday to Sunday). The hotel offered the same 2+1 Night Promotion from March to November 2010 and was very successful, attracting over 1,600 guests from abroad. For more inquiries about the Renaissance Seoul Hotel’s Visit Korea Year promotion, please contact Ji-Young Suh at 02-2222-8622. Sheraton Incheon Hotel

Apr 7, 2011By Lee Hyo-sik
Travel & Food

Abu Dhabi emerging as hot tour spot

― Etihad Airways offers tickets to city with premium Arabian hospitality ― By Lee Hyo-sik ABU DHABI ― Do you want to visit the world’s most expensive mosque whose towers are covered with gold? Do you want to see how falcons are pampered and trained for hunting in the desert? Do you want to try the fastest rollercoaster ride in the world? Do you want to spend the night in desert as Bedouin tribesmen did decades ago? If so, all you have to do is to fly with Etihad Airways, national flagship carrier of the United Arab Emirates (UAE), to Abu Dhabi, the rapidly-expanding metropolis that has emerged in recent years as a popular tourist destination in the Middle East. There are many more tourism attractions that Abu Dhabi offers, including a Formula 1 race circuit and a cruise ride along the pristine Arabian Gulf, which will surely entertain visitors to this sprawling city. Yas Island Just within a 30-minute drive from Abu Dhabi city center, Yas Island, one of more than 200 islands there, is a rapidly emerging entertainment destination for both foreign tourists a

Apr 7, 2011By Lee Hyo-sik
South Korea

Number of elderly in Seoul tops 1 million for 1st time

By Lee Hyo-sik The number of senior citizens in Seoul exceeded 1 million for the first time ever last year, with nearly one in every 10 Seoulites aged over 65, amid Koreans’ rapidly rising life expectancy. According to data released by the Seoul Metropolitan Government Wednesday, the number of the elderly aged over 65 totaled little more than 1 million as of December 2010, up 6.3 percent from 943,000 a year earlier. Excluding the number of foreign residents, the figure accounted for 9.7 percent of Seoul’s population of 10.32 million. “The number of senior citizens residing in the city has increased over the years in line with rising life expectancy. Statistics Korea had initially forecast that Seoulites aged over 65 would surpass the 1 million mark in 2012,” said Oh Cheol-sen, an official at Seoul City’s elderly policy division. “But the projection materialized last year, indicating the population aging in the nation’s capital is much faster than previously thought.” The average life expectancy for Koreans stood at 80.5 years in 2009, up sharply from 65.7 years in 1980

Apr 6, 2011By Lee Hyo-sik
Society

Chadwick opens pre-kindergarten program

Chadwick International has announced the opening of its pre-kindergarten program for the 2011-12 school year, and will start receiving applications from prospective students on April 4. Chadwick International’s Pre-Kindergarten program will open its doors for expat students and also local students who have no experience of overseas education. The program will maintain a 1:6 teacher to student ratio with the class led by two English speaking teachers and one bilingual assistant using the International Baccalaureate’s Primary Years Program as its core curriculum. Chadwick International is currently a Primary Years Program (PYP) candidate school. The program focuses on the development of the child as an inquirer, both in the classroom and in the outside world. Early learners enrolled in Chadwick’s PYP program (designed for students aged 3 to 12) will be endorsing the world’s most widely used and fastest growing educational philosophy. “Our aim will be to ensure that all children in our care are happy, confident, curious, and enthusiastic about life. The strengths of thi

Apr 6, 2011By Lee Hyo-sik
South Korea

Private tutoring costs unbridled

By Han Sang-hee Parents and students will do almost anything when it comes to getting higher grades, even if it means paying a ridiculously large amount of money and going against the law. It is known that exorbitantly expensive private tutoring — in many cases illegal — is rampant in affluent Gangnam in southern Seoul. To crack down on this underground private tutoring, the Seoul Metropolitan Office of Education (SOME) conducted an investigation centered on Gangnam since last August. Of the illegal cases it uncovered, it made public a large-scale, organized tutoring case where a “chief tutor” hired 15 others, and charged parents of high school students up to as much as 10 million won ($8,000). This case is just the tip of the iceberg and illegal tutoring is expected to continue to boom, capitalizing on the steady demand from rich parents while evading the occasional crackdowns by the authorities. Behind the scenes According to SMOE, a 35-year old tutor identified by his surname Oh, leased three apartments in Gangnam and offered illegal private t

Apr 6, 2011By Lee Hyo-sik
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