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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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Travel & Food

Fresh seasonal dinner at Ananti Club

By Lee Hyo-sik Welcome spring at Ananti Club Seoul, located in Gapyeong, Gyeonggi Province, just a 40-minute drive from southern Seoul, as a ``fresh market’ dinner will be offered in which chefs grill a customer’s choice of meat, seasonal seafood and vegetables on March 19 and 26. A range of live performances are expected to entertain diners as they enjoy their custom-made meals. The club is Korea’s first family-oriented, elite golf resort where fathers can play golf, while their kids and wives enjoy a range of activities at the club house and other facilities. Dining experiences will feature a wide array of locally-produced fresh food, including webfoot octopus, eggplant and pumpkins. ``On top of amazing food ingredients, we will also stage fantastic live performances. First, on March 19, a live acoustic guitar performance will surely entertain our customers, followed by a rollicking duo concert featuring folk and modern-rock songs,’’ said Sante Ahn, general manager of Ananti Club Seoul. The following week on March 26, under the theme of ``Blooming Green,’’ a f

Mar 17, 2011By Lee Hyo-sik
South Korea

BIK Cheongdam welcomes children

BIK Cheongdam opened its doors and welcomed 70 children into its building on March 7. Located in southern Seoul, the institute provides a British style education for children from the expatriate and Korean communities who are aged from two to seven. Emma Haworth, the head teacher with substantial experience in teaching in schools in the U.K., the U.S. and South Korea, leads a team of exceptional teachers. All classes at BIK benefit from having both an international teacher (predominantly British) and a Korean teacher. The institute said it is a fundamental belief of BIK that creating positive childhood memories is just as important as building solid foundations for future development. “We have created a wonderful learning environment here where the children can feel safe, happy and loved. The excellent quality of teaching and learning at BIK can only be enhanced by our new, stimulating building and I am looking forward to seeing all of BIK Cheongdam’s future successes. I hope many more children will soon be a part of our BIKC family,” said Haworth. The insti

Mar 16, 2011By Lee Hyo-sik
South Korea

Student Corner Why do they leave the land of opportunity?

By Park Ju-won Many students selected by admissions officers at 47 Korean universities were those who have studied abroad, according to Rep. Kim Sun-dong of the Grand National Party (GNP). As stated in the lawmaker’s congressional report, Sungkyunkwan, Yonsei, Hanyang and other prestigious universities filled at least one third of their early admission student pools with international applicants. The majority are Korean students who have been studying in the United States, Canada and Japan. Many would ask why students who went abroad are returning to Korea. This bizarre trend has reached its peak since Yonsei University opened the Underwood School with all-English classes and foreign majors such as international relations or political science. Also, new admission processes are said to favor students with the experience of studying overseas. For example, out of 754 admitted from Sungkyunkwan University’s 2010 admissions officer selection pool, 285 students graduated from foreign high schools. Joanne Lee got into the Korea Advanced Institute of Science and

Mar 16, 2011By Lee Hyo-sik
South Korea

Stay connected as global citizen through YFU

By Han Sang-hee In a world where being “connected” is so important and everyone is striving to become a global citizen, it’s easy to overlook the true meaning of such endeavors. Using social network services (SNS) such as Twitter and Facebook may make one look connected with the world, but take a closer look. Connections in cyber world, no matter how strong they are, often end up as a mirage of the real world. Nothing can quite compare to the physical contact and personal relationship earned by actually staying at one’s home. Appealing as this seems, such an adventure takes time, money and effort, but through the Youth For Understanding (YFU), such an experience can be much easier than expected. YFU is a non-profit educational organization that offers opportunities for young people around the world to spend a summer, semester or year with a host family in another country. The organization offers home stays and training programs, where volunteers regularly check on host families and provide support when needed, further guaranteeing the safety of both families an

Mar 16, 2011By Lee Hyo-sik
South Korea

Stronger resistance fomenting against nuclear plants

By Lee Hyo-sik The government’s plan to build more nuclear power plants is facing growing public opposition amid heightened concerns over the safety of nuclear energy, following a series of explosions at earthquake-damaged reactors in Japan. Residents of candidate municipalities for the construction of new nuclear plants have begun organizing campaigns together with environmental civic groups, demanding the government stop the construction of more plants. They claim that either an earthquake ― as seen in Japan over the past few days ― or human error could also lead to a catastrophe in Korea. However, government officials have vowed to build more nuclear facilities as planned, arguing that nuclear energy is a safe and affordable way to generate electricity. They say that it is highly unlikely that Korea will be hit by an earthquake as strong as the one that ravaged Japan’s northeastern coast on March 11. The government plans to increase the portion of electricity generated by nuclear plants to 41 percent of the country’s total power demand by 2030, up from 23.3 percent

Mar 16, 2011By Lee Hyo-sik
South Korea

Corrupt teachers to be permanently expelled

By Lee Hyo-sik Teachers convicted of sexually or physically assaulting students will be permanently banned from teaching from April, the Ministry of Education, Science and Technology said Monday. The same punishment will be applied to those found of taking bribes and manipulating student grades. The offenders will also be restricted from becoming either after-school instructors or contracted teachers. The ministry said three revised bills governing the code of conduct for teachers, as well as overseeing the operations of kindergartens, primary and secondary schools, were passed last Friday by the National Assembly’s education, science and technology subcommittee. The revisions, proposed by Rep. Kwon Young-jin of the governing Grand National Party (GNP), are expected to go into effect next month when they are approved during the Assembly’s plenary session. Under the revised bills, teachers who commit any of the four crimes will be prohibited from returning to work. All teachers at all public and private kindergartens, and primary and secondary schools, will be sub

Mar 14, 2011By Lee Hyo-sik
South Korea

Pastor under fire for remarks on quake

By Lee Hyo-sik A well-known pastor here has caused a stir by describing Japan’s latest earthquake as a warning from God to an “idol-worshiping nation.” The controversial remarks by Rev. Cho Yong-gi, emeritus pastor of the Yeouido Full Gospel Church, have immediately resulted in strong criticism from civic groups and Internet users who are calling for the pastor to resign and offer an apology to the earthquake victims. In an interview with an online newspaper on Saturday, a day after a 9.0-magnitude earthquake and a series of tsunami devastated Japan’s northeastern coastal areas, Cho said he has not decided whether to take part in a ceremony celebrating the 34th anniversary of the church’s Tokyo branch on March 15 and 16. When asked to comment on the earthquake, the pastor first said it is regrettable that so many lives have been lost and properties destroyed due to the unprecedented disaster. “But it also comes to my mind that the earthquake could be a warning from God to Japan, which has become an increasingly material-centric, secular and idol-worshiping country. Fr

Mar 14, 2011By Lee Hyo-sik
South Korea

Koreans in rush to leave Japan

By Lee Hyo-sik South Koreans’ rush to leave Japan after an 9.0 magnitude earthquake followed by a tsunami hit its northeastern coastal areas Friday continued Sunday though the pace slowed a bit. Many tourists and students flocked to Narita and Haneda airports, which reopened after a one-day shutdown following the earthquake, in order to secure airplane tickets back home. Hundreds of people who were unable to obtain tickets had to remain at the airports, hoping to find seats on planes bound for Korea in the coming days. But the situation turned a bit better on Sunday. “Passenger are having no major difficulty buying tickets to Korea,” an Asiana Airlines spokesman said. The government is also taking all steps to transport Koreans seeking to leave Japan without any setbacks. Many Koreans heaved a sigh of relief after their return home. Upon his arrival at Gimpo International Airport from Haneda Airport, a 25-year-old Korean man who studies Japanese at a language institute in downtown Tokyo said he went to Haneda Friday night to come back to Korea. “I would like

Mar 13, 2011By Lee Hyo-sik
South Korea

Presidents jet forced to divert to Incheon Airport

By Lee Hyo-sik A Korean Air jet carrying President Lee Myung-bak and first lady Kim Yoon-ok bound for the United Arab Emirates (UAE) was forced to divert to Incheon International Airport Saturday, following a technical glitch. The Boeing 747 leased from Korean Air, the nation’s largest flagship carrier, took off from a military airport south of Seoul at 8:10 a.m. Saturday morning. About 30 minutes after take-off, a minor technical problem with the aircraft over the West Sea forced it to return to Incheon Airport. Before landing at 9:40 a.m., the plane circled over the water for about an hour to dump fuel. It was the first time for a presidential jet to make an unscheduled landing due to mechanical trouble since the founding of the country in 1948. Cheong Wa Dae alternately leases airplanes from Korean Air and Asiana Airlines. In April 2010, the government signed a five-year contract with Korean Air to use its airplanes for the President’s overseas trips. Under the supervision of the Air Force, the commercial airline is responsible for the maintenance of the jets.

Mar 13, 2011By Lee Hyo-sik
South Korea

Radiation unlikely to affect Korea

By Park Si-soo South Korea is unlikely to be exposed to any serious radiation risks in the wake of the catastrophic earthquake and tsunami in Japan that caused an explosion at a nuclear reactor there, government officials and nuclear experts here said Sunday. They said the odds of dangerous radioactive materials blowing over the Korean Peninsula from the neighboring country were very slim as the wind is blowing toward the Pacific Ocean. “The quake-damaged reactors in Japan are unlikely to pose any serious radiation risk to us. That’s because it’s a season of westerly winds blowing out from Korea toward Japan and the U.S. West Coast,” said Kim Seung-bae, a spokesman for the Korea Meteorological Administration (KMA), Sunday. Kim said the possibility that the wind will reverse its direction was “extremely low,” citing results of simulations the KMA conducted Saturday. Kim said the toxic material will blow out across the Pacific, toward the U.S. mainland and other nations on the American Continent that are “too distant to reach.” Experts also said that the amount of

Mar 13, 2011By Lee Hyo-sik
  • Urgent 2nd explosion at Japan nuclear plant
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