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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

Casinos hit jackpot in 2010

By Lee Hyo-sik The state-run Grand Korea Leisure (GKL), the operator of the Seven Luck Casino, along with other foreigner-only casinos attracted a combined total of over 2 million customers in 2010, the largest ever, boosted by increasing inbound foreign tourists. According to casino industry officials, Monday, the number of foreigners who visited casinos went up sharply from the 1.68 million recorded in 2009, significantly boosting their bottom lines. On its own, GKL, a 51-percent-stake of which is owned by the Korea Tourism Organization (KTO), said it attracted nearly 1.3 million customers in 2010, up more than 10 percent from 1.15 million in 2009. Korea’s largest casino-chain operates a casino at the Millennium Hilton Seoul hotel at the foot of Mt. Nam in central Seoul, another in southern Seoul and a third in Busan. GKL said record-high revenues last year are expected to be posted on the back of surging Chinese visitors who are famous for their love of gambling. KTO estimates that the number of Chinese tourists visiting Korea last year soared to 1.88 million from

Jan 3, 2011By Lee Hyo-sik
South Korea

Victims of dictatorship awarded state damages

By Lee Hyo-sik The court ruled Monday for the first time that the government should compensate a group of individuals who were convicted and put behind bars for violating a 1974 emergency decree proclaimed by the authoritarian government of Park Chung-hee. Its decision follows the Supreme Court’s recent decision that the decree was unconstitutional. The latest ruling is expected to encourage those who were indicted in 1974 on charges of violating the emergency decree and National Security Law for making critical remarks against the Park administration to file similar lawsuits demanding compensation. On Dec. 16, the nation’s top court declared the presidential decree was unconstitutional and nullified all past rulings made in accordance with it because it excessively violated people’s basic rights. It acquitted a man of criminal charges filed for criticizing the government decades ago. Before the ruling last month, all lawsuits filed against the government by those who suffered under the decree had been dismissed as it became invalid in accordance with a constitutional

Jan 3, 2011By Lee Hyo-sik
South Korea

Manhunt underway to catch armored car robber

By Park Si-soo A large-scale manhunt is underway to catch a man suspected of stealing 536 million won ($475,000) from an armored vehicle delivering cash to banks on Dec. 31. Police have placed the man on a wanted list. He appears to be in his late 20s or early 30s in the video footage captured from a surveillance camera installed inside the car. According to police, the man unlocked the door of the armored vehicle parked between 1:10 and 1:30 p.m. at the Gumi College campus in Gumi, North Gyeongsang Province. At that time, no security guard was in the car and the campus was sparsely populated, police said. Police believe he is an experienced thief due to his expert planning as he unlocked the door in just minutes and removed the memory chip that saves the footage from the surveillance camera. The actual clip of the robbery and the suspect was restored from a computer hard disk located within the surveillance camera. In the clip, the suspect was a bit chubby and wearing an ivory winter jacket.

Jan 2, 2011By Lee Hyo-sik
South Korea

People will quit smoking at 8,000 won a pack

By Lee Hyo-sik Korean smokers are willing to say no to cigarettes if a pack costs more than 8,055.6 won, the Ministry of Health and Welfare said Sunday. The expansion of non-smoking areas, a hike in tobacco prices, a harsh crackdown on smoking in non-smoking zones and anti-smoking publicity campaigns have been cited as effective tools in slashing the nation’s smoking rates. In a survey of 3,000 men and women across the country, 49.3 percent of respondents said raising cigarettes prices have dampened and will dampen tobacco consumption, with an average smoker willing to quit the habit if a pack of cigarettes goes up beyond 8,055.6 won. Only 22.7 percent said the current price for a pack of cigarettes (2,500 won) was expensive. The ministry said the smoking rate among Koreans over 19 stood at 20.7 percent in December, down from 23.3 percent a year earlier. The rate for adult men also dropped to 39.6 percent from 43.1 percent over the same period, meaning that fewer than four out of every 10 Korean men smoke a cigarette regularly. About 2.2 percent of adult women were found

Jan 2, 2011By Lee Hyo-sik
Travel & Food

Germany to celebrate 200th anniversary of the birth of Franz Liszt in 2011

By Lee Hyo-sik The German National Tourist Board (GNTB) will hold a range of events next year to celebrate the 200th anniversary of the birth of the world-famous composer, pianist and conductor Franz Liszt. By commemorating 200 years since his birth, the board plans to promote its cultural heritage and draw tourists from around the world. Liszt is one of the musical greats of the 19th century. He spent many years touring Europe, during which he forged special relationships with many German towns and regions. He performed in Dresden on numerous occasions, wowing audiences with his virtuosity. In 2011, the Dresden State Orchestra of Saxony, the Dresden Philharmonic, the Dresden Music Festival and the Carl Maria von Weber University of Music in Dresden will be honoring Liszt with countless concerts at venues such as the Church of Our Lady and the Semper Opera House (www.dresden.de). Liszt was also immensely successful in Leipzig, Berlin and Hamburg as well as in Weimar. His years spent in Weimar were his most prolific. Besides composing, he worked as a conductor and taugh

Dec 30, 2010By Lee Hyo-sik
Travel & Food

Emirates Airlines promotes Dubai Shopping Festival

By Lee Hyo-sik Emirates Airlines has teamed up with beach and city hotels in Dubai to offer a free-night’s stay during the 15th annual Dubai Shopping Festival, which will kick off on Jan. 20, 2011 and last through Feb. 20, 2011. Travelers can book a four-night stay and only pay for three. Launched in 1996, the month-long shopping festival attracts visitors from around the world. ``Emirates participates in the festival as part of our ongoing mission to support Dubai as the ultimate tourist destination. Tourists can find every major brand in the world in Dubai, which has approximately 14 million square feet of shopping space in its malls, including the worlds’ largest shopping centre _ the Dubai Mall,’’ said S.J. Lee, the country manager of Emirates Airlines in Korea. On top of shopping, Lee said the choice of restaurants is also impressive, stressing the airline’s tour packages are designed to help make a stay in Dubai more affordable. Tourists can enjoy tax-free shopping, as well as discounts of up to 50 percent on a wide variety of items during the shopping festival. Du

Dec 30, 2010By Lee Hyo-sik
South Korea

Korean Air to turn 2nd floor of A380 into business class

By Lee Hyo-sik Korean Air, the nation’s largest flagship carrier, said Tuesday that it will revamp the entire second floor of the double deck A380 into business class, providing a total of 94 prestige class seats. It will be the first airline to do so in the world. Korea Air plans to put its first A380 aircraft into operation in May next year and will purchase nine additional ones by 2014. A Korean Air spokesman said by operating A380 aircrafts next year, the company will be able to further reinforce its reputation as one of the world’s leading premium passenger flight service providers. ``Through the introduction of A380s, we will be able to better cater to the diverse needs of our customers and improve the status of Incheon International Airport as an air travel hub in Northeast Asia,” the company spokesman said. “Besides 94 prestige seats, the airplane will have 12 first-class and 301 economy-class seats, totaling 407 seats.’’ He said the 407 seats are the fewest among airline companies that operate A380s, adding Korea’s Air’s A380 will be the most spacious and

Dec 29, 2010By Lee Hyo-sik
South Korea

Korea to cut scholarships for foreigners

By Kang Shin-who The Korean government plans to cut its full scholarship program for foreign students, who receive money for university tuition, housing and monthly allowances, by 40 percent. An official at the Ministry of Education, Science and Technology said Monday that some 400 foreign nationals, 300 fewer than this year’s 700, will be eligible for the scholarship program in 2011. “Due to a shortage in the annual budget, we have to cut down the number of government-invited students. Instead, we will select highly qualified students to improve the quality of the program,” the official told The Korea Times. The number of foreign students on the program, jumped to 745 in 2008, from 133 in 2007; it fell to 504 in 2009, before rising again to 700 this year. A total of 2,000 foreigners are studying here under the state program as of this year. The ministry is considering removing the “grace period” for program participants in order to save money. If they fail to pass their courses, master’s and doctorate degree seekers are able to extend their stay here by a semes

Dec 27, 2010By Lee Hyo-sik
South Korea

Navy piers to be built on NK border islands

By Lee Hyo-sik The government will start building large-scale docking facilities on Yeonpyeong, Baengnyeong and three other islands near the North Korean border in the West Sea next year to accommodate 5,000-ton naval ships. Ulleung and four other islands in the East and South Seas will also see piers and terminals expanded. The move is designed to more effectively defend the nation’s territorial waters in the wake of North Korea’s attacks on Yeonpyeong Island — larger ships will be able to evacuate residents in an emergency, while Navy ships can anchor there. Currently, only 1,000-ton ships or smaller are able to dock at the islands, with no berthing facilities available for bigger warships or Coast Guard vessels. Additionally, the seawall installed on Korea’s easternmost islets of Dokdo will be reinforced to make it easier for ships to dock at the pier even under bad weather conditions. In a report to President Lee Myung-bak at Cheong Wa Dae, the Ministry of Land, Transport and Maritime Affairs said it will put the 10 islands under direct state management in 20

Dec 27, 2010By Lee Hyo-sik
South Korea

2010 boom year for Korean tourism

Foreign visitors to reach 8.8 million By Lee Hyo-sik South Korea has emerged as one of the world’s major tourist destinations this year, at least among Chinese, Japanese and other Asian visitors, on the back of a weak Korean won against other currencies and the growing popularity of Korean pop culture in the region. Throughout the year, the Korea Tourism Organization (KTO), the Visit Korea Committee and other state-run tourism promotion agencies, as well as municipal administrations have made all-out efforts to attract as many foreign tourists as possible to earn hard currency, create jobs and improve its international profile. Their endeavors have paid off as substantially higher numbers of foreigners have flooded popular tourist spots in and out of Seoul and spent billions of dollars to buy luxury brand goods, souvenirs and other Korean products. Korea plans to promote itself as an attractive shopping spot and offer a wide range of incentives, especially targeting foreign patients who come here to receive medical treatment and other healthcare-related services. T

Dec 27, 2010By Lee Hyo-sik
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