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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

Where is the bear?

By Lee Hyo-sik A Malayan Sun Bear that escaped from its cage in a zoo on the outskirts of Seoul and fled into the nearby mountains on Dec. 6, has remained missing for the past eight days. The 6-year-old male bear with black fur has been spotted several times by police helicopters at the top of Mt. Cheonggye, but hundreds of police officers and zoo staffers have failed to catch him. The animal was last seen near a food cart selling instant noodles, snacks and beverages to mountain climbers at the top of the mountain at 10:30 a.m. Monday. Since then, the bear has disappeared without a trace. Seoul Zoo said the food cart was found to have been damaged apparently by the escaped bear Monday morning. ``A mountain climber told us that a dozen aluminum cans of beer and other beverage cans were torn apart around the cart. We are positive that the bear was responsible for it,’’ a zoo official said. Police at first banned people from entering the mountain area immediately after the bear’s escape. But on Dec. 10, climbers were allowed entry to climb the mountains. Seoul Zoo

Dec 14, 2010By Lee Hyo-sik
South Korea

Labor ministry faces large-scale reshuffle

By Lee Hyo-sik The Ministry of Employment and Labor is undergoing a drastic personnel reshuffle, after its minister asked six deputy-minister-level officials to tender their resignations before a regular manpower shakeup next month. With the expulsion of 13 “incompetent” mid-ranking civil servants over the past two months, the ministry has been at the center of President Lee Myung-bak administration’s drive to reform a seniority-oriented and lifetime employment system that is the backbone of governmental organizations. Ministry officials downplayed the announcement that the six officials had been asked to step down, Tuesday, saying it was just a decade-long customary practice ahead of a planned personnel reshuffle. In January, a large number of the remaining ministry officials are expected to be promoted or transferred to other positions. “Some have raised the possibility that asking senior officials to quit is part of the ministry’s campaign to kick out incompetent and corrupt employees. But it is not true,” the ministry said in a statement. “In the past, many hi

Dec 14, 2010By Lee Hyo-sik
South Korea

Senior prosecutor under probe for harassment

By Lee Hyo-sik A senior prosecutor is under an internal probe to uncover whether he sexually harassed a female subordinate during a party in late October. According to the Ministry of Justice, Monday, the professor at the Legal Research & Training Institute and also a superintendent prosecutor, reportedly made suggestive remarks to a junior female prosecutor. At the time of the incident, he and 10 other newly-appointed prosecutors were drinking to celebrate the end of the training session. According to those present, the professor said, ``let’s kiss’’ to the female subordinate. She did not take his remarks seriously. Yet the incident spread like wildfire among the prosecutors, forcing the ministry to launch an investigation to find out exactly what happened. Investigators have been questioning the professor, the female prosecutor and those who were present at the party. ``We are currently trying to verify whether or not he made sexually suggestive remarks to her. If found to be true, it would be considered extremely inappropriate behavior, given the fact that he t

Dec 13, 2010By Lee Hyo-sik
South Korea

Korean Air chided for faulty maintenance

By Lee Hyo-sik Korean Air, the nation’s largest flagship carrier, has failed to keep its air fleet in good shape, forcing a number of its passenger airplanes to operate behind schedule and causing a great deal of inconvenience to passengers. Experts say that engine troubles and maintenance-related problems can occur occasionally for any airline in the world. But it is rare for the reputable carrier to grapple with multiple cases of faulty maintenance within a short period of time. Seven airplanes operated by Korean Air had to either make divert landings or depart behind schedule over the past three months, forcing thousands of air travelers to adjust their travel plans. According to the Ministry of Land, Transport and Maritime Affairs, Monday, Korean Air’s Boeing 747 airplane, which had initially been scheduled to take off from Incheon International Airport on Nov. 15 for Chicago, departed 21 hours later than the original schedule because it was forced to stop operating after its fuel tank was found to have leaked oil. All 320 passengers had to transfer to another airpl

Dec 13, 2010By Lee Hyo-sik
South Korea

Etihad connects Korea with Abu Dhabi

By Lee Hyo-sik Etihad Airways, the United Arab Emirates (UAE)’s flagship carrier, Friday launched a daily flight between Incheon and Abu Dhabi, offering another flight option to Korean business travelers heading to the rapidly growing Middle East. The inaugural flight EY876 is scheduled to depart Abu Dhabi at 10:45 p.m. Friday night and arrive at Incheon International Airport at 12:05 p.m. today. The airline, which was established by UAE Royal Decree in July 2003, will operate three A330-200 airplanes, providing 2,800 seats each week to and from Korea, while code sharing with Asiana Airlines. “We are delighted to commence services to South Korea, which has been a target destination for us for some time. We are confident that this new route will be a success for both our passenger and cargo operations. We look forward to facilitating business and leisure traffic between the two countries,” Etihad Airways CEO James Hogan said during a launch ceremony held at Banyan Tree Spa and Resort in central Seoul, Friday. He then stressed that his company is different from other M

Dec 10, 2010By Lee Hyo-sik
South Korea

Asiana donates bags of love to Cambodian children

By Lee Hyo-sik Asiana Airlines, one of Korea’s two flagship carriers, has been involved in a wide range of corporate social responsibility activities in developing countries over the years to help the world become a better place for everyone to live. This year is no exception. The company has set up street lights in Cambodia, installed water tanks in China and built houses for the underprivileged in Vietnam. Ahead of the year-end holiday, airline employees have prepared something special for students in Cambodia. Rather than hold a typical year-end party that often involves drinking alcohol, 366 ground crew members and service personnel at Incheon International Airport decided to purchase and donate 586 school bags to children from poor families in the southeastern Asian nation. After raising 13 million won in donations over the past month, a group of airline employees flew to Cambodia Thursday to visit Kdei Run Elementary School located in the farming area of the country and delivered backpacks and other school supplies. ``Instead of spending money to throw a year-e

Dec 9, 2010By Lee Hyo-sik
People & Events

A nostalgic soccer reunion

By Kwon Mee-yoo Pierre Cohen-Aknine, 52, is the owner of Pierre Ltd., the exclusive importer of Habanos Cigars from Cuba. He has lived in Korea for some 30 years, and has many memories here including playing soccer with other foreigners throughout the years. Cohen-Aknine came to Korea in 1981 to work for the trade office in the French Embassy in Korea as a part of his military service. “I wanted to be exposed to an international environment and I chose Korea among several opportunities. I guess it was fate,” he said. He remained in Korea after finishing his military duty and it took about two years for him to launch his business. He married a Korean woman in 1992 and has two sons. While adjusting to life in Korea, he joined a soccer team of expatriates in Seoul. “Most foreigners in Seoul were resident employees and they tried to raise their quality of life by playing sports,” Cohen-Aknine said. He said it was easy and convenient to form teams as there were only a few foreigners in Seoul. “We had friendly matches with a team of bus drivers, another team of banker

Dec 9, 2010By Lee Hyo-sik
Travel & Food

Korea to hold shopping bonanza for foreigners

By Lee Hyo-sik Korea will launch its largest shopping-oriented tourism festival across the country early next year to attract more foreign visitors, particularly those from Japan, China and other Asian nations, according to the Visit Korea Committee. Under the slogan titled ``Korea Grand Sale 2011,’’ which will begin on Jan. 10, 2011 and last through Feb. 28, the state-funded tourism promoter said more than 14,000 department stores, shopping malls, hotels, restaurants, theme parks and other hospitality-related establishments will participate in the nationwide campaign. Those who plan to visit Korea can obtain a wide range of discount coupons and membership cards, which can be used at retailers, restaurants and other businesses here, at the overseas branches of the Korea Tourism Organization, cultural centers, travel agencies and from airline firms. Coupons will also be available at Incheon International Airport and other airports here, as well as at major tourism sites, retailers and promotional street vendors. ``Over the years, an increasing number of Chinese and Japane

Dec 9, 2010By Lee Hyo-sik
Travel & Food

British Columbia to hold winter wine festival

By Lee Hyo-sik British Columbia (BC), Canada’s westernmost province, will hold a winter wine festival at Sun Peaks Resort, one of the most popular spots for ski and other winter sports, for wine lovers across the globe on Jan. 15 to 23, 2011. During the upcoming 13th Annual Winter Festival of Wine, jointly organized by Sun Peaks Resort and the Okanagan Wine Festivals Society, tens of thousands of skiers and wine lovers from both home and abroad are expected to participate in the event to taste one of the world’s best ice wines and other varieties produced in BC’s Okanagan region, which is 400 kilometers east of Vancouver. The event will offer those who love wine and winter recreation the opportunity to ski or snowboard in the morning and be guests to an amazing array of wine events in the afternoon and evening, BC Tourism said. ``From wine seminars in an executive kitchen to an amazing progressive wine tasting featuring the great wines of the Okanagan region, the Winter Festival of Wine is pure indulgence in wine, food and recreation at Sun Peaks Resort,’’ a BC Tourism sp

Dec 9, 2010By Lee Hyo-sik
Travel & Food

Hawaiian Airlines starts Incheon-Honolulu service in January

By Kwon Mee-yoo Hawaiian Airlines (HA) is ready to take Korea passengers to the exotic island in the Pacific from Jan. 14. Mark Dunkerley, president of Hawaiian Airlines, said he was very excited to start the new service between Incheon and Honolulu, at a press conference Tuesday. “As the flag carrier of the Hawaiian islands, HA is also the flag carrier of hula, surfing, beaches and sunshine,” Dunkerley said. “We are ready to serve Korean guests the Hawaii experience.” He added that HA is confident that new customers in Korea will enjoy the distinctive Hawaii travel experience the airline offers. Incheon International Airport also welcomed the launch of the new service as Hawaii has been enjoying significant growth in the number of travelers from Korea after the country joined the U.S. Visa Waiver Program (VWP). "Even before Korea became a member of the VWP, the Incheon-Honolulu route has been a popular one for Northeast Asians. In fact, Japanese and Chinese flying to Hawaii transferring at Incheon account for 40% of the Incheon-Honolulu route users," Yeo Tae-soo, t

Dec 9, 2010By Lee Hyo-sik
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