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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

Number of Supreme Court justices to rise

By Lee Hyo-sik Ruling and opposition lawmakers agreed to raise the number of Supreme Court justices to 20 from the current 14 by as early as 2013 as part of judiciary reform measures, according to the Ministry of Justice, Thursday. It said the reform package was endorsed by the National Assembly Legislation and Judiciary Committee. They also agreed that a special investigation unit will be set up to probe crimes committed by prosecutors and judges. Under the reform package, a controversial central investigation unit at the Supreme Prosecutors’ Office will be abolished, and retired judges and prosecutors will be prohibited from practicing as lawyers in legal cases handled by their previous workplaces. The special judicial reform committee, chaired by Rep. Lee Ju-young of the governing Grand National Party (GNP), unveiled these and other measures designed to restrict the privileges of current and former judges and prosecutors. The moves are expected to draw strong protest from the judicial circle. Rep. Joo Sung-young of the GNP and Rep. Kim Dong-chul of the Democrat

Mar 10, 2011By Lee Hyo-sik
South Korea

Baby boomers expect no support from children

Yet most ill-prepared for life after retirement By Lee Hyo-sik Kim Tae-young, who has paid part of his monthly salary to the National Pension Service for the past 25 years, does not expect his two children to financially support him and his wife after he retires. The 53-year-old office worker just wants his son and daughter to graduate from university on schedule and find good jobs as soon as they graduate. “All my friends just hope that their kids can get a job after college and live on their own. Few expect any financial help from their children after retirement. It’s the same for me,” Kim said. Although Kim admits he is concerned about how he and his wife are going to finance their post-retirement life. He owns an apartment in northern Seoul in which he currently lives with his family. He and his wife have some savings but not much else. “We have spent a lot of money to put our two children through university. We also invested most of our life-time savings into the apartment. After I retire from my job in a few years, a monthly-payment from the state pension fund

Mar 10, 2011By Lee Hyo-sik
Travel & Food

Finnair offers fast, reliable flights between Korea and Europe

By Lee Hyo-sik Finnair, Finland’s flagship carrier, has emerged as a viable flight option for many Korean business and leisure travelers heading to Europe. This is on the back of its competitive pricing policy, tailored-made customer services and convenient connecting flights at Helsinki International Airport, the head of its operation here said. In an interview with The Korea Times, Jani Peuhkurinen, representative director of Finnair Korea, said that it takes only nine hours to fly to Helsinki from Incheon, stressing the airline has been offering punctual, reliable and safe flight services since June 2008. ``Under the ``fast airline between Asia and Europe’’ slogan, we are offering exceptional flight experiences to Korean and European air passengers. We have been quite successful here over the past three years, thanks to our loyal Korean customers,’’ Peuhkurinen said. The airline achieved a greater than 80 percent booking rate just two months after its launch, Finnair’s country manager said. He added it was able to maintain its operation here through the worldwide fin

Mar 10, 2011By Lee Hyo-sik
Society

Eliminate cyber discrimination against foreigners

By Koh Kern Already several months have passed since the Seoul G20 Summit ended. Many countries are viewing the Seoul G20 Summit and its host country in a positive light, and perhaps showing a hint of envy in their broadcasts. Well into the 21st century, globalization is now already a historic trend no one can defy. Thus, Korea is making every effort to sign free trade agreements (FTAs) with various countries. Especially, for countries like Korea that rely a great deal on overseas trade for their economy, globalization cannot be emphasized enough. This is where our future lies. Another thing Korea can boast about is that we have become a powerful nation for information technology (IT). Even at the Seoul G20 Summit, Korea was able to show off its advanced technology. On display in the summit conference room were 1,300 plus Samsung LED screens. G20 participants were given Mobile Internet TVs (IPTVs), WiBro services, and Galaxy Tabs with which they could watch live newscasts in their home countries. Also on the conference table were high-tech digital pens with which the participa

Mar 9, 2011By Lee Hyo-sik
Society

Talent donation

By Kang Ji-soo Talent donation means returning or putting one’s talent into society. It comes from the Latin word, “pro bono publico” which means for the public. By putting individuals’ talent into society, it brings a great opportunity to people who are in need. However, these days, the use of talent donation has been expanded to where people can share their ideas and thoughts in order to come up with better opportunities and options. Some people may not be familiar with this term, yet we may have donated, and even given and taken individual’s talents unconsciously. For instance, the “hope necktie” by designer Lee Geon-man, who has incorporated “hangeul,” or the Korean alphabet, with a modern fashion piece, created a new design code. This can be an example of talent donation. Lee donated not only its sales profit, but also the design copyright so that it can be used for students from low income families. Talent donation does not always have to involve money. Students from Jeju Science High School share and use their abilities to help and teach as educational mentors fo

Mar 9, 2011By Lee Hyo-sik
Society

SSMBA program offers tool for future

By Han Sang-hee On a sunny Saturday morning in early February, some 30 students were attending the international business class at Sejong University. There was nothing different from other Korean MBA classes except for one thing — more than half of the students were from overseas. The Sejong-Syracuse MBA program (SSMBA) is the most international in Korea with students from some 25 different countries. This was not intended, but it eventually became something of a tradition over the years. The program started 10 years ago under the guidance of Joo Myeong-geon, chairman of the board of the university and also a graduate from Syracuse University, one of the oldest U.S. institutions whose MBA program ranks among the top 50 in the United States, according to the Princeton Review/Gourman Report. The program was to be an international one, with students from around the world getting together in a single classroom. Alberto Giacchini, director and professor of the SSMBA and one of the co-founders, remembered the initial challenges perfectly well. “It was crazy!,” he s

Mar 9, 2011By Lee Hyo-sik
South Korea

Korean Air, Asiana face tough year

By Lee Hyo-sik Korean Air and Asiana Airlines had a great year in 2010 as a record-high number of Korean travelers headed overseas on rising incomes and other favorable economic conditions. Plus, an all time high 8.8 million Japanese, Chinese and other foreign visitors came here, providing a further boost for both carriers. Capitalizing on last year’s success, they have each unveiled an aggressive business plan to add new airplanes to their fleets and expand overseas operations in 2011. However, this year they face unfavorable business environments at home and abroad, with the number of inbound and outbound travelers projected to grow at a much slower pace. Surging oil prices as a result of geopolitical conflicts in North Africa and the Middle East as well as other negative external factors may force the airlines to abandon their expansion-oriented business strategy after all, industry analysts said. Korean Air said it will spend 2.1 trillion won this year for 18 new airplanes, based on projections that the number of travelers will continue to increase in the years to

Mar 9, 2011By Lee Hyo-sik
South Korea

Airlines to transport stolen documents from France for free

By Lee Hyo-sik The nation’s two flagship carriers, Korean Air and Asiana Airlines, have expressed intent to transport back to Korea a set of Korean royal documents, taken by French troops in the 19th century, free of charge from France. The two airlines said Tuesday that they made such an offer to the Ministry of Foreign Affairs and Trade, stressing they would like to contribute to the historic return of 297 volumes of the “Oegyujanggak,” which recorded and illustrated all of the rituals, formalities and daily routines of the royal court during the Joseon Kingdom (1392-1910). A ranking foreign ministry official confirmed this, saying the ministry is currently discussing the offer with the National Museum of Korean and will soon make a decision. The costs of transporting the Oegyujanggak back to Korea are estimated to total over 10 million won ($9,000). The government plans to bring the books into the country, beginning from later this month, on three or four separate occasions through the end of May. “We would like to transport the Oegyujanggak from France free of cha

Mar 9, 2011By Lee Hyo-sik
South Korea

Half of female flight attendants are married

By Lee Hyo-sik Nearly half of female flight attendants at the nation’s two flagship carriers, Korean Air and Asiana Airlines, are married, reflecting more Korean women continue working after marriage and childbirth. According to the airline industry, Tuesday, 2,540 stewardesses out of 5,640 employed by Korean Air, or 45.6 percent, were married as of January, up from 26.2 percent in 2004. The growth is less notable at Asiana Airlines as among its 3,157 female flight attendants, 1,383, or 43.8 percent of the total, were found to have a husband, up slightly from 41.4 percent seven years ago. In the past, many female flight attendants used to either quit or work only as a ground crew after marriage or having children. But over the years, a growing number of older flight attendants have returned to the field. Female flight attendants at both Korean Air and Asiana Airlines are exempt from flight duties when they become pregnant, and allowed to take maternity leave for up to two years. If they decide to come back and work as flight attendants, they are permitted to do so.

Mar 8, 2011By Lee Hyo-sik
South Korea

Foreigners asked to be monitors of Korea Pass card

By Lee Hyo-sik One hundred foreign residents here will be selected this month to become monitors of ``Korea Pass,’’ a prepaid card designed for foreign tourists, as part of the Korea Tourism Organization’s (KTO) efforts to promote its use. If selected, foreigners will be given a 50,000-won ($45) prepaid card from the state-run tourism promoter and be allowed to spend the money at department stores or other hospitality-related businesses of their choice. All they have to do is to fill out a one-page questionnaire later about their shopping experiences. KTO is accepting email applications from those who are interested in becoming monitors at koreapass@knto.or.kr through March 13. An application form can be downloaded at www.koreapass.or.kr. ``We will review all the applications and choose a group of 100 foreign residents as monitors of Korea Pass card, which was launched on Dec. 20 in cooperation with Lotte Card,” said Kang Soon-deog, manager of KTO’s tourism service improvement team. “They will be given a 50,000-won prepaid card. They will then give us feedback about t

Mar 7, 2011By Lee Hyo-sik
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