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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

Cathay offers HK Disneyland deal

By Lee Hyo-sik Cathay Pacific Airways has introduced a range of airtel packages (airplane and hotel) for Koreans traveling to Hong Kong over the years. It has provided budget-conscious travelers affordable options to explore one of the world’s most popular tourism destinations. This time, the airline is offering deals for those seeking fun in Hong Kong Disneyland. Its latest airtel package includes economy-class round-trip tickets between Incheon and Hong Kong, two-night-stay at Disney-operated hotels and a Disneyland access pass. It is available from Feb. 15 through July 13. Based on four guests sharing a room for 2 nights, the package starts from 639,000 won per person, and for 3 travelers it would be from 659,000 won per person. ``Compared to planning the same trip separately, Cathay Pacific’s Disney package would cost 20 percent less and this is a great opportunity for those planning a trip at a reasonable price,’’ said a spokeswoman at Cathay Pacific’s Korean branch office. The Disney hotels ㅡ Disney Hollywood Hotel and Hong Kong Disneyland Hotel ㅡ offer var

Feb 10, 2011By Lee Hyo-sik
South Korea

Airlift of Koreans from Cairo Airport causes dispute

By Lee Hyo-sik The handling of the evacuation of Korean nationals from Egypt by the Korean Embassy there, at the height of the civil unrest, has prompted criticism. Some travelers are accusing the government of failing to adequately respond to the needs of those stranded at Cairo International Airport. But other people and embassy officials are dismissing such claims. They argue Korea’s diplomatic mission in Egypt did everything it could for Korean nationals who had to spend several days at the airport before leaving the country. Abandoned at airport? Hundreds of Koreans residing in Egypt and travelers rushed to Cairo International Airport late January and early February. But most had to stay there for several days, unable to secure airplane tickets. Many slept on the floor, and lived on water and other basic necessities provided by their respective embassy officials until flights were available. On Feb. 3, one Korean traveler at the airport posted a series of messages on Twitter, which were critical of the Korean Embassy officials, creating a controversy of wheth

Feb 9, 2011By Lee Hyo-sik
South Korea

HS Seoul to promote cinema industry

By Kim Rahn Film production facilities will be available for filmmakers in Seoul at affordable prices to promote and advance the filmmaking industry. Seoul Metropolitan Government said Wednesday that it will set up the offices necessary for filmmaking at Digital Media City (DMC) in Sangam-dong, western Seoul, as part of measures to enhance the industry, as only 13.6 percent of movies in 2009 surpassed the break-even points on average. “Seoul takes up 70 percent of the industry’s total sales, and experts, investors, and cinema-related infrastructure converge here. We hope to have quality movies produced in Seoul, making the city lead in the industry’s development,” Lim Ok-ki, director general of the city’s Design Bureau, said. The core of the plan is the Post Production Suite ― the city has been operating a pre-production center in DMC since 2008. The office can be rented for 8 million won for six months, about 13 percent of the average cost that filmmakers spend on similar facilities, with the possibility to extend the contract up to two months. “It takes about si

Feb 9, 2011By Lee Hyo-sik
South Korea

Justices, PM at odds over constitutional revision

By Park Si-soo Ongoing debates among politicians over the need for a comprehensive revision of the 24-year-old Constitution has driven a wedge between the Prime Minister Kim Hwang-sik and the bench of the Constitutional Court. Nine justices of the court vented their frustration by unilaterally canceling a banquet with Prime Minister Kim, planned for this past Tuesday. Even President Lee Kang-kook of the court decided not to accept the invitation, court officials said. They rejected the dinner in protest of the Prime Minister’s remarks supportive of the revision of the Constitution that would lead to the reevaluation of the role of the Constitutional Court.

Feb 9, 2011By Lee Hyo-sik
South Korea

Number of students studying abroad drops

By Lee Hyo-sik The number of Korean elementary and secondary school students studying overseas declined by nearly 10,000 in 2009 from a year earlier, falling for the third consecutive year, according to a report published by the Korea Educational Development Institute (KEDI), Wednesday. Korean elementary, middle, and high school students studying in the U.S. and other foreign countries reached 18,118 in 2009, down 33.7 percent, or 9,231, from 27,349 in 2008. It marks the largest decrease since the institute began compiling data. The figure had increased by large margins from 2000 to 2006 until it peaked at 29,511. Since 2006, the number of young Koreans studying at schools in foreign countries has dropped. By level, the number of elementary school students fell by 4,162, followed by middle school students at 3,165 and high school students at 1,904. In particular, Seoul, Incheon and Gyeonggi Province saw the number of young students going overseas for education decline the most. From Seoul, 6,478 elementary and secondary school students headed overseas to study in 200

Feb 9, 2011By Lee Hyo-sik
South Korea

Quick delivery jeopardizes drivers

Calls growing for removal of 30-minute rule By Park Si-soo Speed is everything for pizza delivery men. To deliver pizzas as fast as possible, they ride their motorbikes recklessly, often risking their lives. These young fast-food delivery men, dubbed “the lawless of the road,” run red lights, speed on pavements and ignore many other traffic rules, causing countless delivery-related car accidents. Yet delivery bike riders are not solely to blame for such “stunt driving.” Rather, they are victims of the policy of fast-food franchises that force their workers to deliver as quickly as possible. Leading pizza chains promise their customers that they will get pizzas “hot and fresh” in less than 30 minutes after they make an order. This 30 minutes delivery rule has put the lives of these young delivery men — mostly part-time workers — on the line. If they fail to meet the deadline, they are allegedly penalized. Civic groups are calling for pizza chains to scrap the offer. A group of labor activists staged a rally in front of Domino’s Pizza headquarters

Feb 9, 2011By Lee Hyo-sik
South Korea

Sports players rights

By Haley Cha Beloved sports players Park Ji-sung of Manchester United and Choo Shin-soo of the Cleveland Indians travel long distances to Korea for mega-events and fly back to their team abroad. This is a conventional phenomenon but one may ask why top Korean players are not in Korea. A possible culprit is the draft system. Exporting sports stars has been induced by notorious regulations, which exploits players by violating their fundamental rights. The draft system is basically an enforced nominating system for newcomers. This is widely accepted throughout all Korean sports leagues. The teams evenly share the rookie players. The main purpose of the system is to promote competitiveness. This is enabled by allowing the worst-performing teams from the previous season to pick the best players first. However, the system fails in securing players’ rights. In the process of drafting, players’ involvement is ignored and even a minimal chance of negotiation is deprived. As a fundamental right, every entity is entitled to a free contract according to the Constitution. Ho

Feb 9, 2011By Lee Hyo-sik
South Korea

Pub on campus poses dilemma

By Han Sang-hee Yonsei University, one of the top schools in Korea, has been trying to decide how friendly it can get for students who need a break from their studies. Last month, news that Yonsei International Campus in Songdo, Incheon, was looking over a plan to build a bar in a dorm or at a students’ building hit the Internet, triggering a fierce dispute over whether the “missionary” school should carry it out or not. The school explained that the idea was in response to the lack of cultural or entertainment venues around the campus, which is a 30-minute drive from Incheon International Airport and surrounded mostly by apartment complexes, research centers and constructions sites. “You would have to come to see for yourself, but it’s pretty deserted. You have to drive 10 to 15 minutes to find anything,” an official from the campus said with a laugh during a phone interview. “That’s why we’ve considered establishing a bar for students. But the plan has been suspended for now after it ignited a huge dispute.” The idea of establishing a bar where students can en

Feb 9, 2011By Lee Hyo-sik
South Korea

Former Navy chief under investigation for misappropriation

By Lee Hyo-sik The Supreme Prosecutors’ Office said Tuesday that it has opened an investigation has been opened into allegations that Chung Ok-geun, the former Navy chief of staff, misappropriated large sums of government funds while in office. Investigators suspect that Chung illegally appropriated some 250 million won out of his official expense account and spent it for personal use. They have been tracing his bank accounts and looking into other financial transactions. He served as the nation’s top naval officer for two years from 2008 to 2010. Prosecution watchers say that the ongoing investigation is part of a full-scale inquiry, initiated by Prosecutor General Kim Joon-gyu, into collusion between top military brass and defense companies. This means investigators will also look into whether Chung received bribes from defense companies in return for helping them win Navy procurement contracts. In 2005, Chung oversaw the Navy’s procurement programs for an Aegis destroyer, the 14,000-ton Dokdo landing ship, a 1,800-ton submarine and naval weaponry. The Supreme Pro

Feb 8, 2011By Lee Hyo-sik
South Korea

Pirate Arai shot Samho captain Seok

One bullet fired by Korean Navy commando By Lee Hyo-sik Somali pirate Arai Mahomed, 23, shot Seok Hae-kyun, the captain of the 11,500-ton Samho Jewelry, during a rescue operation by South Korean Navy commandos in the Arabian Sea on Jan. 21, according to Korean investigators Monday. At a press briefing on the outcome of its week-long investigation and questioning of the five captured Somali pirates, the special investigation team said it concluded that Mahomed shot Captain Seok by analyzing a bullet removed from his body and traces on the floor of the freighter’s bridge.

Feb 7, 2011By Lee Hyo-sik
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