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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

Koreas per capita porn spending highest in world

By Lee Hyo-sik South Koreans are found to be the world’s top buyer of pornographic materials, according to Newsweek. The U.S. weekly magazine said on its latest online edition that Koreans spent an average $527 per person in 2006 to watch pornography through CDs, videos and other mediums, followed by Japan’s $157 and Finland’s $114. Pornography revenue per capita for Australia came in third at $99, followed by Brazil at $53, Czech Republic at $45 and the U.S at $45. The magazine said the figures are derived from the data quoted by a blog maintained by Mark Rice, a professor of American Studies at ST. John Fisher College. (http://rankingamerica.wordpress.com). It also said the Ranking American graphics are based on data from Durex and www.toptenreviews.com. The toptenreveiws.com said the revenue of the world’s pornography industry reached $97 billion in 2006. By country, China was the largest market at $27 billion, followed by South Korea’s $25.7 billion and Japan’s $19.9 billion.

Feb 7, 2011By Lee Hyo-sik
South Korea

Pirates knew Samho route in advance

By Lee Hyo-sik The group of Somali pirates who hijacked the 11,500-ton Samho Jewelry in the Arabian Sea on Jan. 15 knew in advance the freighter’s route, Korean investigators said Tuesday. On the third day of questioning, a special investigation team, set up at the Coast Guard South Regional Headquarters in Namhae, South Gyeongsang Province, said the 13 Somali pirates ― eight dead and five captured _ specifically targeted the Korean freighter after learning that another ship owned by the same shipping company was released in November last year after paying a huge ransom. The 300,000-ton Samho Dream was released after being held by Somali pirates for seven months. The company reportedly paid more than $9 million. ``After questioning the five captured Somali pirates brought here for prosecution, we have discovered circumstantial evidence that the pirates specifically went after the Samho Jewelry for a larger sum of money. We think they acquired the information on the Korean freighter in advance and plotted taking it over,’’ a senior official at the investigation team said.

Feb 1, 2011By Lee Hyo-sik
South Korea

Teenagers booked for stealing balls from KIA Tigers

Four teenagers were booked Tuesday for stealing thousands of baseballs from a warehouse inside the Mudeung Stadium, the home of professional baseball club KIA Tigers, according to police. The Gwangju Bukbu Police Station said a 17-year-old high school student, identified only by his surname Lee, and three others broke into the storage area and stole 2,000 baseballs, worth 16 million won (14,000), on half a dozen occasions since October last year. The police said the teenagers broke in through the ceiling using a screwdriver and other tools, and slipped into the warehouse. They were found to have sold the stolen baseballs at 2,000 won a piece on a website dealing with used goods.

Feb 1, 2011By Lee Hyo-sik
South Korea

Bumpy road ahead in probe of pirates

Authorities facing difficulties proving who shot Captain Seok By Lee Hyo-sik Five captured Somali pirates, brought here for prosecution over their role in the hijacking of the 11,500-ton Samho Jewelry, denied for the second time Monday shooting the captain of the ship, Seok Hae-kyun. A special investigation team, set up at the Coast Guard South Regional Headquarters in Namhae, South Gyeongsang Province, said the pirates captured by South Korean Navy commandos during the retaking of the chemical carrier have partly admitted their involvement in the hijacking on Jan. 15. They also told interrogators that all 13 pirates spent 15 days together in a training camp to plot taking over the freighter. But the team said it has not yet been able to pinpoint exactly who shot the 58-year-old captain, who was seriously wounded during the rescue operation and is currently in intensive care at a hospital in Suwon, Gyeonggi Province. The ship’s other 20 crewmembers were rescued unharmed, while eight other Somali pirates were killed. During a press briefing, an investigator said the

Jan 31, 2011By Lee Hyo-sik
South Korea

Dial 1330 for travel info

By Lee Hyo-sik Attention, foreign tourists! If you do not know of affordable hotels, popular tourist destinations and appropriate means of transportation, all you need to do is to dial 1330 and talk to professional operators fluent in English, Japanese and Chinese at the ``TT Call Center,’’ which provides 24-hour travel information. The state-run Korea Tourism Organization (KTO) has been operating the call center since 1999, helping millions of foreigners get the most out of their visit to Korea. The center also offers non-Korean tourists interpretation services when they need to talk to taxi drivers, restaurant employees, and even pedestrians on the street. It can be reached from any land line in Korea by dialing 1330 without an area code. If calling from a mobile phone, the local area code must be dialed before 1330. In Seoul, dial 02-1330. If calling from abroad, dial Korea's country code (82), the area code without the zero, and 1330. For instance, the local Jeju branch can be reached at 82-64-1330. ``A total of 18 operators are standing by 24 hours a day at

Jan 31, 2011By Lee Hyo-sik
South Korea

Police officer confesses to killing his mother

By Lee Hyo-sik A police superintendent arrested on suspicion of killing his mother has confessed to the murder but he insisted that he killed her accidentally, the police said Saturday. The disgraced 40-year-old police officer, identified only by his surname Lee, claimed he conspired with his mother to only inflict injuries in a bid to file a false insurance claim, according to Dunsan Police Station in Daejeon. When the superintendent was arrested Friday as a suspect in the Jan. 21 death of his 68-year-old mother in Daejeon, he flatly denied the charge, insisting he had no reason to kill his mother. But with surveillance video footage of him breaking into his mother’s house on the night of Jan. 21, wearing a motorcycle helmet, as well as other incriminating evidence, Lee confessed to murdering her a day later. According to the police, he wore a helmet to pose as a burglar to make it appear as if her house was being robbed. The police said the superintendent reported the death to police on Jan. 22, claiming that he found his mother had been tied up and robbed. Lee

Jan 30, 2011By Lee Hyo-sik
South Korea

Hanwha boss indicted for embezzlement

By Lee Hyo-sik The prosecution indicted Hanwha Group Chairman Kim Seung-yeon, 59, without physical detention, Sunday, on charges of embezzling and misappropriating company funds, wrapping up its 140-day-long investigation into one of Korea’s largest family-controlled conglomerates. Prosecutors also indicted 10 group executives and accountants suspected of helping Kim amass hundreds of billions of won illicitly and evading taxes. Kim and the 10 are alleged to have caused over 640 billion won in financial damage to the group by engaging in a range of illegal activities. The Seoul Western District Prosecutors’ Office had initially planned to indict all 11 with custodial detention, decided against this after the court refused to issue arrest warrants for some of them, including former Hanwha Group chief financial officer and a certificated public accountant, in the early stages of the investigation. The prosecution alleges that Kim embezzled 320 billion won from financially-sound group affiliates to pay for debts at weaker ones. The chairman is also suspected of causing abou

Jan 30, 2011By Lee Hyo-sik
South Korea

Can Korea draw 10 million foreign visitors this year?

By Lee Hyo-sik The Korean government has unveiled an ambitious plan to attract over 10 million foreign visitors in 2011, up sharply from this year’s 8.8 million, by promoting itself as an attractive tourist destination. The Korea Tourism Organization (KTO), a state-run tourism promotion body headed by CEO Lee Charm, is at the forefront of the campaign, expecting soaring numbers of Chinese tourists to help it achieve its objective as the number of Japanese visitors has stagnated over the past few years. But its slogan of drawing 10 million foreigners is seeing an awful start as the number of Chinese people coming here during the upcoming Lunar New Year holiday from Feb. 2 to 8 is projected to plunge sharply, compared to the same period last year. The holiday is the busiest travel season for middle-and upper-class Chinese visitors, tourism industry watchers here say, stressing that whether Korea attracts 10 million foreigners from abroad this year or not will be largely determined by how many visitors it brings in from the mainland during the seven-day holiday. Travel

Jan 27, 2011By Lee Hyo-sik
South Korea

More migrant women engage in selling sex

By Lee Hyo-sik An increasing number of foreign women who come here to marry Korean men are running away from home and engaging in prostitution to earn ``easy money,” creating a daunting task for the immigration authorities. Substantial numbers of migrant wives decide not to live with their Korean husbands and their families, due to financial hardship among other reasons. They then try to stand on their own feet by normally working as helpers at restaurants or other low-paying places. But some of them choose to sell sex in karaoke bars, massage parlors and other late-night entertainment establishments, lured by larger sums of money. Several groups of migrant women over the past few weeks have been caught engaging in the sex trade, not only in Seoul and its adjacent cities but also in rural areas. They are normally deported back to their home countries. Experts say that the Korean government should tighten the rules on Korean men seeking to tie the knot with foreign women, as well as ensure that foreign wives are properly treated by their husbands and in-laws.

Jan 27, 2011By Lee Hyo-sik
South Korea

Somali pirates could face life sentence

By Lee Hyo-sik Five Somali pirates captured by the South Korean Special Forces during the rescue operation of the 11,500-ton freighter Samho Jewelry could spend the rest of their lives in prison if they are tried here, according to the Ministry of Justice Wednesday. The Korean government had initially considered handing them over to Oman or other neighboring countries for prosecution. But after these nations showed a lukewarm attitude toward the idea, the government decided to bring them here and try them in accordance with international and domestic laws. The Ministry of National Defense had also floated the idea of exchanging the captured pirates for the crew of the hijacked South Korean trawler Geummi 305. But the ministry decided not to pursue it, given the fact that Somali pirates are only interested in receiving ransom for crew members and it is unknown whether the apprehended pirates are part of the same group that kidnapped the fishing boat. On Jan. 21, Navy commandos rescued all 21 crewmembers of the cargo ship, which was hijacked days earlier by Somali pirat

Jan 26, 2011By Lee Hyo-sik
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