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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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Travel & Food

Alaska holds largest winter festival in N. America

By Lee Hyo-sik Thousands of visitors from North America and around the world will flock to Anchorage, Alaska, to be part of the largest winter festival on the continent, the “Fur Rendezvous Festival,” on Feb. 25 to March 6. During the festival, known to locals as “Fur Rondy,” the streets of downtown Anchorage become a winter spectacle for all to enjoy. There are a number of activities and events such as ice sculpture exhibitions, sled dog weight pulling, Eskimo blanket toss, snowshoe softball, carnival rides and the world championship sled dog race. Participants can play softball wearing snowshoes, bowl on an ice-covered river and be chased by reindeers if they choose to. Additionally, Anchorage’s only winter festivity provides an opportunity for trappers and buyers to meet every year and create a frenzy among pin collectors. Fur Rondy Pins are extremely popular with pin collectors, and many of them are listed on, E-Bay on any given day, with some pins listed at over $1000. Since beginning in 1935, the festival has become Alaska’s premier winter celebration and added

Jan 13, 2011By Lee Hyo-sik
South Korea

Jeju Airs 10,000 won ticket flies off shelves

By Lee Hyo-sik Jeju Air, Korea’s largest low-cost air carrier drew an enthusiastic response from travelers with its latest promotional event that offered travelers a flight to Jeju Island from Seoul and other cities for only 10,000 won ($8.9). Thousands of Koreans seeking to purchase the highly-discounted one-way ticket to the nation’s most popular resort island flocked to the airline’s website (www.jejuair.net) from 9 a.m. Wednesday to secure seats before they were sold out. At one point the site was inaccessible as so many people were trying to log on simultaneously. To celebrate the sixth anniversary since the launch of its operations in 2006, the budget carrier offered a total of 3,600 seats on three domestic routes — Gimpo-Jeju, Chungju-Jeju and Busan-Jeju — from Jan. 25 to 30 at 10,000 won. Within hours, all the tickets were sold out. Jeju Air then decided to offer more discounted tickets through midnight in a bid to meet greater-than-expected consumer demand. The company said a total of 5,272 were sold on Wednesday. Buyers were only able to purchase th

Jan 13, 2011By Lee Hyo-sik
South Korea

Terrific Tips for TOEFL

By Kim Min-woo In Korea nowadays, the TOEFL test is becoming a mandatory test for everyone to take. Admission for university, job applications, and for study abroad programs, the TOEFL test is the one of the most important criteria. Due to the great emphasis on the TOEFL test, people are asking more about tips and study guides to receive a high score. I would like to share some of the know-hows and my personal experience on the TOEFL test. The TOEFL test is the most efficient and effective test to improve one’s English skills and also to prove one’s English skills. As everyone knows, it is composed of four sections, reading, listening, speaking, and writing, and all these four sections cover up basically all the English skills one needs to know. So, while I was preparing for the TOEFL test, I could actually feel my English ability improving. I highly encourage students of my age and younger to take the TOEFL test because not only it is the most credible and precise test to prove your English skills but also it is the best way to learn English itself. Now I would like to in

Jan 13, 2011By Lee Hyo-sik
South Korea

Jeju vying to become one of 7 Wonders of Nature

By Lee Hyo-sik Jeju Island is appealing to both Koreans and foreigners to pick Korea’s southern resort island as one of the New Seven Wonders of Nature. The country’s largest island is one of 28 finalists competing with natural wonders including the Amazon, Dead Sea, Galapagos Islands, Grand Canyon, Great Barrier Reef, Iguazu Falls and Kilimanjaro. The island needs active participation not only from Koreans, but also Chinese, Japanese and other Asians who have visited and enjoyed its beauty as it is currently running in 13th place. Foreigners in Korea and foreign tourists to the island are strongly encouraged to join in the online voting because they receive heavy weighting. The voting is now underway and will run through Nov. 11 for the selection of the final seven. Those who want to vote for Jeju can do so online at (www.new7wonders.com) or by making a phone call to 1588-7715. The contest has been organized by a Switzerland-based nonprofit organization, New7Wonders, since 2007 in an attempt to raise awareness on environmental preservation under the campaign “Our Herita

Jan 12, 2011By Lee Hyo-sik
  • Jeju ― where people, nature and history coexist
  • Jeju Island full of wonders
South Korea

Jeju Island full of wonders

New7Wonders title to provide big boon to tourism By Lee Hyo-sik If Jeju Island, Korea’s southernmost resort island, is picked as one of the world’s seven wonders of nature in November, it is widely expected to bolster the country’s image as a major tourist destination and help attract foreign visitors. Korea has so far been working behind the scenes in promoting the island for a global contest, which began in 2007. But with only 300 days to go before the race comes to a close on Nov. 10, the National Committee for Jeju New7Wonders of Nature here will officially launch a worldwide media campaign today to rally support from not only from Koreans, but also foreign nationals who have experienced the natural wonders of the island. Jeju is vying for one of seven spots, which will be chosen as the world’s new natural wonders. The contest has been organized by a Switzerland-based nonprofit organization, the New7Wonders Foundation, since 2007 in an attempt to raise the awareness of environmental preservation. The voting is now underway and those seeking to cast a vote can do

Jan 12, 2011By Lee Hyo-sik
South Korea

Jeju ― where people, nature and history coexist

By Park Si-soo Jeju Island has boosted its international reputation as a fascinating tour destination, but its status globally has been underrated relative to other sites. Chung Un-chan, chairman of the National Committee for the New7Wonders of Nature, cited travelers’ ignorance of the “true worth” of Jeju as a primary reason behind this. Mindful of the underestimation, Chung, a former prime minister, said he will put a focus on raising Jeju’s international profile by promoting the island’s scenic and unique tourism assets. Jeju, the largest volcanic island in South Korea, is vying with 27 other tourism spots around the world to be crowned as one of seven new natural wonders of the world in an online vote. The non-profit New7Wonders Foundation in Switzerland administers the poll. “Out of the 28 finalists, Jeju is the only candidate where people, nature, culture and prehistoric heritage harmoniously coexist at a single location,” Chung said in an interview with The Korea Times, Tuesday. “Jeju is also the only candidate equipped with all seven major factors the fo

Jan 12, 2011By Lee Hyo-sik
South Korea

Pricey Burger King popular in Gangnam

By Lee Hyo-sik Lotteria operates the largest number of franchised stores in Seoul among the home-grown and foreign fast food chains, but the U.S.-based Burger King, which offers pricier selections, has more outlets in affluent southern Seoul districts such as Seocho, Gangnam and Songpa, the Center for Freedom of Information said Wednesday. The center said there are currently a total of 327 fast food restaurants operating across the nation’s capital, with Lotteria owning the largest number at 130, followed by McDonald’s at 62, Burger King at 60, KFC at 43 and Popeyes at 32. But in Gangnam, Seocho, and Songpa districts, Burger King has opened 30 stores, compared with Lotteria’s 10. In most districts, including Jung district, Lotteria operates more stores than Burger King and any other fast food franchise. Burger King’s most popular meal is their “Double Whopper” set, which costs 8,600 won, while Lotteria’s main selection is a “Bulgogi” set priced at 5,100 won. “The trend indicates that even at fast food restaurants, highly-priced meals are more popular among consumers re

Jan 12, 2011By Lee Hyo-sik
South Korea

Teachers receiving over 30,000 won to be disciplined

By Lee Hyo-sik Teachers who accept over 30,000 won in cash, or a gift equivalent to that amount from parents of their pupils will be subject to disciplinary action, the Seoul Metropolitan Office of Education said Wednesday. The common practice of parents giving cash or gifts to teachers, known here as “chonji,” is decades-old. It most likely started as an attempt by parents to win favors for their children in class. It is not difficult to see many parents give teachers a white envelope containing cash or gift certificates on Teachers’ Day, which falls on May 15 every year. In some cases, teachers openly demand parents offer them money or treat them to meals at pricy restaurants and entertainment joints. There have been many debates on how to abolish chonji, whether as a bribe or a good-will gift from parents to teachers. In a bid to end the controversy, the Seoul education office has drawn a distinction between the two. “Teachers and other school employees cannot accept over 30,000 won in cash or gifts equivalent to that amount. If teachers ask for money from parents

Jan 12, 2011By Lee Hyo-sik
South Korea

More Chinese abuse Jeju visa waiver program

By Lee Hyo-sik A growing number of Chinese are visiting Korea’s southern resort island of Jeju on a tourist visa waiver program in a bid to enter the country illegally and get a job, according to immigration authorities, Monday. Chinese tourists are required to obtain a visa from Korea’s overseas diplomatic missions prior to entering the country. But in Feb. 2008 the visa was waivered so Chinese and other nationals from 189 countries across the globe could come to Jeju Island visa-free and stay for as long as 30 days as part of the island’s efforts to attract more tourists. An increasing number of Chinese seeking to work here illegally for larger sums of money have been taking advantage of Jeju’s loose immigration rules, creating a daunting task for immigration authorities there. According to the Jeju Immigration Office, the number of Chinese tourists coming to Jeju stood at 406,000 in 2010, up from 258,400 in 2009 and 143,000 in 2006. With surging visitors from the world’s fastest growing economy, the number of Chinese who disappeared soared to 822 last year from 3

Jan 10, 2011By Lee Hyo-sik
South Korea

Bears go into hibernation

By Kim Tae-jong All the 17 Asiatic black bears, which were set free to settle on Mt. Jiri as part of a species preservation project, have gone into hibernation, the Korea National Park Authority said Friday. “The bears went into hibernation one by one, starting around the middle of November, and we confirmed that they are now all sleeping, including the cubs that were born last year,” a researcher at the national park authority said. The hibernation is almost one month earlier than in previous years, which is largely due to the shortage of acorns, on which bears feed mostly to prepare for winter sleep. “This year the number acorns and other seeds dropped to 60 to 70 percent, compared to last year, and that led the bears to go into hibernation earlier in order to save energy,” the researcher said. During winter when food supplies are limited, bears tap energy reserves, body fat, at a slow rate. And they start to wake up in the dawn of spring around March or April. The park authorities asked visitors not to make loud noises while on the mountain, which might distu

Jan 7, 2011By Lee Hyo-sik
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