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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

Daewoo E&C raided over bribery allegations

By Lee Hyo-sik Prosecutors raided the headquarters of Daewoo Engineering and Construction (Daewoo E&C) in central Seoul, Thursday, over allegations that the builder had offered bribes to arms procurement chief Chang Soo-man in return for business favors. About 10 investigators from the Seoul Eastern District Prosecutors’ Office searched the company's headquarters, seizing computer drives and corporate documents. An executive at Daewoo E&C said investigators came to the office at noon, and took computer hard disks and financial documents, adding the raid seemed to have something to do with the growing graft scandal surrounding Chang. The prosecution has been looking into allegations that the former commissioner of the Defense Acquisition Program Agency (DAPA), received gift certificates issued by a department store, worth 13 million won ($11,000), from Daewoo E&C CEO Seo Jong-uk in return for helping the firm win a military construction deal. The certificates have been kept by Chang’s friend, who is a tax accountant. Investigators said they are checking into how the

Feb 17, 2011By Lee Hyo-sik
South Korea

Honeymooners caught in Bali for excess duty free purchases

By Lee Hyo-sik Every year, tens of thousands of newly-married couples travel to Bali, Indonesia, for their honeymoon. But before arriving at one of the world’s most popular vacation destinations, Korean couples had better keep track of how much they spend on duty-free items before boarding the plane. If their duty-free purchases are worth over $250, they may be fined by Indonesian customs officials upon arriving at the Indonesian Island. Under the Korean laws, outbound travelers are allowed to purchase and bring in tax-free goods valued at no more than $400 per person, upon reentry to the country. They are permitted to buy duty-free items at foreign airports right before flying back to Korea, but in spite of having to carry their purchases throughout the trip, most local travelers prefer to do their duty-free shopping at Incheon International Airport before departure because there is a wider selection of goods at attractive prices offered there. Accordingly, many honeymooners spend over the $400-legal-limit and bring them to their foreign travel destinations. Bali an

Feb 17, 2011By Lee Hyo-sik
South Korea

Yeonpyoung residents end 88 days of refugee life

By Lee Hyo-sik The majority of residents of Yeonpyeong Island forced to flee their homes following North Korea’s artillery attack on Nov. 23 are gradually returning home as the last will move out of state-provided temporary housing units Friday, ending their 88-day life as refugees. Nearly 900 Yeonpyeong residents out of those who were evacuated from the island moved into unsold public housing units of the Land & Housing Corp. in Gimpo, Gyeonggi Province, on Dec. 19. As the leasing contract expires today, most residents have decided to return to the island. Still dozens of residents will be unable to join in the much-awaited homecoming because their severely damaged homes remain unrepaired. Following the North’s shelling of Yeonpyeong Island, most of the 1,756 registered residents were evacuated to Incheon and other inland areas while a few people remained on the island. Some stayed with their relatives and friends, but many of the evacuees had to live at 24-hour saunas or temporary shelters, which they claimed to be shoddy. Some showed signs of psychological trauma as a

Feb 16, 2011By Lee Hyo-sik
South Korea

KMA head under pressure to resign

By Lee Hyo-sik The new head of the Korea Meteorological Administration (KMA) is facing growing pressure to resign from opposition parties and Internet users after he was found to have been arrested for causing a hit-and-run death while intoxicated 27 years ago. Despite unfavorable public opinion toward his appointment KMA administrator Cho Seok-joon, the 57-year-old former KBS weatherman, has vowed to stay on, saying he is deeply sorry to the victim and the family and that he will make every effort in his new role. In June 1984, while still at KBS, he ran over a pedestrian. Cho returned home, unaware of his actions as he was severely intoxicated behind the wheel. Only when police officers went to arrest him at his home for drunken driving and a hit-and-run death, Cho learned that he had hit someone. He settled the matter with the victim’s family and was able to avoid receiving a prison term. Under the settlement, he paid 5 million won to the family. At that time, his monthly salary was 300,000 won. In a recent interview with a local daily, Cho explained that he was un

Feb 15, 2011By Lee Hyo-sik
South Korea

Korean Air sued for hiring foreign pilots

By Lee Hyo-sik Korean Air, the nation’s largest flagship carrier, has been sued by its pilot union over its hiring of foreign pilots. The Korean Air Flight Crew Union is claiming that the company is illegally employing nearly 400 non-Korean pilots as non-regular workers via job placement agencies overseas, violating the domestic law concerning the rights of dispatched workers. It demands the firm hire foreign crews as regular employees. But the airline argues there is nothing wrong with its hiring system, saying it was cleared of the same charge brought by the union in 2003. It also says it needs to hire foreign pilots on a contract basis to more flexibly manage its workforce in accordance with economic cycles. The Seoul Southern District Labor Office said Thursday that it is currently reviewing a complaint filed by unionized workers of Korean Air, adding it will thoroughly look into the case before deciding whether to refer it to the prosecution or not. On Dec. 31, the union complained to the labor office about the company’s hiring practice of foreign pilots, saying

Feb 14, 2011By Lee Hyo-sik
South Korea

KTX causes safety concern

Failure to tighten screw blamed for derailment By Lee Hyo-sik The derailment of a KTX bullet train near Gwangmyeong Station last week was attributed to a combination of improper maintenance by a subcontractor and mishandling of faulty signal equipment by Korail officials. In a press briefing at its headquarters in Daejeon Monday, Korail said the direct cause of the accident was a dysfunctional rail switching system, with the malfunction caused by a missing nut in a terminal box. Korail officials at the control center ignored the faulty signals from the switching system, resulting in the derailment which might have been disastrous if it had taken place while the train was running at full speed. ``We think that conflicting signals between the switching device and a signal light put the KTX on the wrong rail track,” Korail spokesman Kim Heung-sung said. He said maintenance workers from a subcontracting company lost a nut while fixing a terminal box, adding they closed the lid on the box without replacing the nut. “Currently, a fact-finding committee is looking i

Feb 14, 2011By Lee Hyo-sik
South Korea

Part-timer fakes robbery

A 17-year-old part-time worker at a convenience store in Gwangju was caught for staging a robbery in collusion with his friend, Gwangsan Police Station said Sunday. According to the police, the employee called 112 at 11:15 p.m. Saturday and reported that the store had been robbed. He said that a burglar wearing a mask threatened him with a knife and stole 800,000 won from the cash register. But police officers suspected that the staff member and the burglar knew each other and were faking the robbery after watching footage taken by the store’s surveillance camera. The officers then questioned the clerk who confessed that he and the burglar colluded on the crime. The part-timer was booked on burglary charges. The police are now searching for his friend, currently on the run, discovered to have previously also worked at the same shop.

Feb 13, 2011By Lee Hyo-sik
South Korea

Calling someone bald not defamation

A local court has ruled that calling a person “bald-headed” cannot be considered an act of defamation. The ruling came as a 30-year-old man was acquitted of the charges, after he was sued for calling another man “daemeori,” meaning “bald-headed” in Korean, in cyberspace. The Suwon District Court said that “daemeori,”is a standard Korean expression to describe the head of an individual who is either bald or doesn’t have much hair, adding the word itself does not contain a derogatory connotation. In June last year, Kim logged on to play an online game Lineage at a motel in Busan and called his competitor bald. The individual filed a libel suit against Kim, arguing his dignity was damaged by Kim’s remarks. “It is difficult to say that someone’s social value or reputation has been degraded just because he or she was called bald-headed. If the accused was ruled guilty, there would be so many cases of individual behavior and remarks that have to be sanctioned.” ‘대머리' 표현 명예훼손 아니다: 수원지법 한 지방법원이 상대방을 '대머리'라고 표현한 것이 명예훼손에 해당되지 않는다고 판결하며 온라인 게임 채팅 창에서 상대방을 '대머리'라고 표현해

Feb 13, 2011By Lee Hyo-sik
South Korea

Doctors promote vegetarianism

By Kim Tae-jong A growing number of people are interested in going vegetarian following the outbreak of foot-and-mouth disease and avian influenza. The brutal images of animals buried alive as part of quarantine operations might have made people lose their appetite for meat. But there is still a critical question: Can people really achieve good health without eating meat in terms of nutrition? A medical doctors’ group says “yes” to the question, claiming a vegetarian diet is the most powerful tool for health. “Going vegetarian can help us stay healthy, prevent and even cure diseases,” said doctor Kim Jin-mok, who serves as chairman of the preparatory committee for Vegedoctor. The non-profit organization was set up last year by six doctors who shared the idea of vegetarianism as the best preventive medicine. Now, the organization has been joined by over 70 doctors, dentists and oriental medicine doctors, and plans to hold a founding ceremony soon. “As a medical doctor, all our members are confident about the benefits of vegetarianism based on the experiences of tr

Feb 13, 2011By Lee Hyo-sik
South Korea

Snow bomb hits eastern Gangwon Province

By Lee Hyo-sik A record-high snowfall fell in Gangneung and other cities in eastern Gangwon Province Friday and Saturday, stranding hundreds of drivers on the roads, damaging houses and other structures and inconveniencing many. Along with civil servants and citizens, military personnel have been mobilized to clear away more than one-meter of snow to allow for the safe passage of vehicles and prevent damage to buildings. But up to another 50 centimeters of snow is forecast for the region on Monday, putting municipal authorities on high alert to deal with further traffic chaos and property damage. According to the Gangwon Regional Meteorological Administration, Gangneung received 77.7 centimeters of snow Friday, the heaviest single-day snowfall since the weather agency began compiling data in 1911. The two-day snowfall reached 110 centimeters in Samcheok, 100 centimeters in Donghae, 56 centimeters in Daegwallyeong and 43 centimeters in Sokcho. “In general, the continental cold front becomes weak in February, setting up a low pressure system south of the Korean Penins

Feb 13, 2011By Lee Hyo-sik
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