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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

KoreaToday Gwanghwamun nameplate dispute continues

By Han Sang-hee Gwanghwamun holds a special meaning in Korean history, so when the name board of the gate cracked after its restoration in November last year, historians, architects, artists and the public alike showed deep interest in what to do to bring back its glory. The government-run Cultural Heritage Administration (CHA), which oversaw the reconstruction, has been going through an ordeal regarding the calligraphy and hopefully it will be able to reach a general consensus in the near future. What the gate represents Gwanghwamun is the main gate to Gyeongbok Palace and was built in 1395, the fourth year of King Taejo’s rule of the Joseon Kingdom (1392-1910). The word Gyeongbok-gung literally means “the palace that carries the fortune of glowing forever.” The gate was destroyed during a Japanese invasion (1592-1598) and was restored in a different location in 1867; but it was destroyed again during the Korean War (1950-53) and rebuilt as a concrete structure along with a signboard written in Hangeul (the Korean alphabet) by former President Park Chung-hee in 19

Jan 26, 2011By Lee Hyo-sik
South Korea

KoreaToday Korean Air, Asiana losing shares to foreign, budget carriers

By Lee Hyo-sik Korean Air and Asiana Airlines, the nation’s two dominant carriers, are apparently losing their share of the air passenger market to foreign carriers and low-cost airlines armed with lower fares on diverse international routes. Jeju Air and four other budget carriers used to offer only domestic routes. But they have begun operating flights linking Korea with destinations in Japan, China and Southeast Asian countries over the past few years, providing outbound travelers with more means of transportation. They have been able to steal substantial numbers of customers from Korean Air and Asiana Airlines by offering lower airfares. Additionally, Singapore Airlines, Cathay Pacific Airways and other foreign carriers have presented Korean travelers alternative ways of traveling to foreign destinations at cheaper prices. They sell tickets at discounted prices through a range of promotional events, emerging as a viable threat to the country’s two largest airline companies. In response, Korean Air and Asiana Airlines have decided not to engage in the cutthroat pri

Jan 26, 2011By Lee Hyo-sik
South Korea

A closer look and suggestions to consider

By Kim Hae-jin For students who wish to study abroad in an English-speaking country, an assessment demonstrating your English skills, such as the TOEFL test, will most likely be required to complete your application for international study. I was one of many Korean international students who have pursued their dreams abroad. Being curious about all aspects of languages, I studied linguistics at the University of California at Los Angeles and applied linguistics at Columbia University in New York City. I now work at Educational Testing Service (ETS) at our headquarters in Princeton, N.J. Through my work, I have learned that the TOEFL iBT Speaking Section is viewed as the most challenging section by many Korean test takers. I can understand the challenges many Korean students may experience, because when I was in Korea I lacked opportunities to practice my speaking skills. As an employee at ETS who can relate to Korean international students preparing for the TOEFL test, I thought it might be helpful to outline what the speaking section measures and share some ideas with K

Jan 26, 2011By Lee Hyo-sik
South Korea

Singapore Airlines holds wine tasting for VIPs

By Lee Hyo-sik Singapore Airlines held a “wine tasting dinner with Jeannie Cho Lee” for its priority passenger service (PPS) customers at Banyan Tree Spa and Resort in central Seoul, on Jan. 20. Jeannie Cho Lee, a renowned wine consultant at Singapore Airlines and the first Asian to hold the Master of Wine title, gave an interesting lecture and introduced six selected wines, which are currently served in Singapore Airlines’ first and business classes. Various events such as lucky draws and photo ops with Singapore Airlines’ cabin crew followed the wine tasting dinner. The event was jointly held with Han Sung Motors, the official Mercedes-Benz dealer. “Whether you are traveling for business or leisure, I am sure you will enjoy both the new products on our latest aircraft and the unparalleled in-flight service provided by our dedicated cabin crew,” said Wilson Yong, general manger Korea of Singapore Airlines. He expressed special thanks to the invited PPS members for their continuous support of the airline.

Jan 25, 2011By Lee Hyo-sik
South Korea

146 illegal street racers busted

By Lee Hyo-sik Nearly 150 street racers, including a professional baseball player, have been booked without physical detention on charges of violating traffic laws by participating in illegal motor races on the streets of Seoul and adjacent areas, police said Monday. Police are also seeking an arrest warrant for a 28-year-old man, identified only by his surname Lee, and another man for organizing the races and threatening the safety of ordinary drivers on roads where the races were held. The Seoul Metropolitan Police Agency said that a total of 146 individuals, including the baseball player, a professional golfer, a cosmetic surgeon and other professionals, organized and participated in drag races, from 2008 through December 2010 on a number of roads in Seoul and nearby areas at night. The races were competitions among two drivers on a 400-meter stretch of straight road. Besides drag races, they also engaged in drift races and other incidents of reckless driving on main roads in cities, endangering the well-being of other drivers. The police said not only vehicles man

Jan 24, 2011By Lee Hyo-sik
South Korea

Jeju dialect needs protection

UNESCO names it critically endangered language By Lee Hyo-sik The dialect widely spoken on Korea’s southern resort island of Jeju has been named as a critically endangered language by UNESCO (United Nations Educational, Scientific and Cultural Organization), providing fresh momentum to the island’s efforts to preserve the fading Jeju language. The Jeju Special Self-Governing Province said Monday that an agency of the United Nations charged with administering international education, science and the arts programs among member states, designated the Jeju dialect in December as a language facing immediate threat of extinction, along with India’s Koro language. There are known to be about 6,700 different languages across the globe. Of the 6,700, around 2,473 languages are projected to disappear in the near future, due to the dwindling number of language users, according to UNESCO. The U.N. agency established a linguistic research center in 1995 to collect information on languages spoken around the world. Since then, it has raised funds to finance a range of projects to p

Jan 24, 2011By Lee Hyo-sik
South Korea

Record No. of Koreans head overseas during Seollal

By Lee Hyo-sik A record number of Koreans are expected to head overseas during the upcoming Lunar New Year holiday from Feb. 2 to 6, according to the travel industry, Friday. A five-day-long holiday period makes it easier for salaried workers to go to China, Japan and other foreign destinations, and with the strengthening of the won against foreign currencies along with rising income amid an economic recovery, this will only further encourage more people to spend the holiday abroad. Hana Tour, one of the nation’s largest travel agencies, said over 34,000 individuals will travel abroad during the upcoming holiday on its tourism packages, up 36.5 percent from the same period last year. In 2010, Koreans had a four-day Lunar New Year holiday from Feb. 5 to 8. “It is a tradition for Koreans to visit their hometowns to see their parents, relatives and friends at least twice a year — the Lunar New Year (or Seollal) and Chuseok holidays. But more and more people are making it a short trip to their hometowns in order to travel overseas. Some do not even go to their birthpla

Jan 21, 2011By Lee Hyo-sik
South Korea

Avian tuberculosis found for first time in 50 years

By Lee Hyo-sik A new animal epidemic is looming large here, following foot-and-mouth disease (FMD) and bird flu, as a group of chickens found dead at poultry farms in the eastern part of the country tested positive, Thursday, for avian tuberculosis, which had not been detected here for the past 50 years. The finding has dealt a serious blow to quarantine officials and livestock farms, which have been working day and night to contain the spread of FMD and bird flu for more than a month. According to quarantine officials, avian tuberculosis is a slow spreading chronic bacterial infection. There is neither treatment for infected birds nor vaccines to prevent the disease. Control can only be achieved through depopulation and proper sanitation practices, including rodent control and screening wild birds. There have been no reported cases in which humans contracted the virus from eating infected meat or coming into contact with it. But those with a weak immune system could become infected. The Gangwon Provincial Government said that three chickens found dead at a poultry far

Jan 21, 2011By Lee Hyo-sik
Travel & Food

Winter family fun at Ananti Club Seoul

By Lee Hyo-sik Ananti Club Seoul, located in Gapyeong, Gyeonggi Province, just a 40-minute drive from southern Seoul, has emerged as a popular destination for families seeking to enjoy a range of outdoor activities in winter. The club, Korea’s first family-oriented golf resort where fathers can play golf, while kids and mothers enjoy a range of activities at the club house and other facilities, has transformed into a winter wonderland. ``From Spring to fall, we cater to golfers and their family members. Fathers golf on our high-quality 27-hole course, while the rest of the families have fun at our outdoor swimming pool, tennis courts and other amazing facilities at the club house. But in winter, it becomes a great place where families with kids can enjoy a wide array of fun activities,’’ said Sante Ahn, general manager of Ananti Club Seoul. Ahn said all of his customers go home with wonderful memories after spending time at Ananti, thanks to its various experience-based outdoor winter activities, the beautiful nature surrounding the resort, and high-quality services

Jan 20, 2011By Lee Hyo-sik
South Korea

Boeing facing fiercer competition from Airbus

By Lee Hyo-sik Boeing, one of the world’s leading airplane manufacturers, is facing growing competion from its archrival Airbus in Korea’s commercial aviation market, with Korean Air and Asiana Airlines buying more planes from the European firm in recent years. The Chicago-based aerospace company used to be the sole supplier of not only military, but also commercial aircraft to Asia’s fourth largest economy, capitalizing on close economic and political ties between Korea and the United States. But domestic airlines are increasingly moving toward the France-based Airbus for supplies of new airplanes. For instance, Asiana Airlines, one of the country’s flagship carriers, recently chose the A380 as its next generation aircraft. On Jan. 6, the airline announced a plan to add a total of six A380 airplanes to its fleet between 2014 and 2017 at a cost of 2.04 trillion won. The company has also signed a contract with Airbus to buy a total of 30 A350 airplanes, which will be delivered from 2016. Additionally, Air Busan, Asiana’s low-cost unit, just added a new A321 aircraft to

Jan 20, 2011By Lee Hyo-sik
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