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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

More foot-and-mouth cases detected

By Lee Hyo-sik A cattle farm in Yecheon, North Gyeongsang Province, was found to have been infected with the deadly foot-and-mouth disease Monday, the first outbreak outside Andong where the disease was first reported early last week. Confirmation of this has put the provincial government and state quarantine agencies on the highest alert as it has become more likely the highly contagious virus will spread throughout the province and possibly beyond. Three suspected foot-and-mouth disease cases reported in Yeongju and Daegu have tested negative. But another farm in Cheongdo, about 100 kilometers away from the epicenter, has reported suspected signs of the virus on its livestock and is awaiting laboratory test results. According to the North Gyeongsang Provincial Government, a livestock farm in Yecheon, some 21 kilometers southwest of Andong, was confirmed to be infected with the animal disease. Over 200 cows within a 500 meter radius of the infected farm were destroyed and buried underground to stem the spread of the virus to other regions. The first outbreak outside A

Dec 6, 2010By Lee Hyo-sik
South Korea

Tycoons cousin habitually violent

By Lee Hyo-sik A younger cousin of SK Group Chairman Chey Tae-won, who is currently under police investigation for assaulting a trucker with a baseball bat, was also found to have threatened a neighbor over a noise dispute in the past. Local broadcaster SBS reported Saturday that in June 2006, Chey Chul-won, the 41-year-old former CEO of SK Group affiliated logistics firm, Might & Main (M&M) Corp., threatened a housewife living in the apartment below his with an aluminum baseball bat after she had filed a complaint with a security office because of the extreme level of noise upstairs. After receiving a call due to the complaint from the office, Chey and three other men came downstairs, said the housewife who was identified only by her surname Kim. “I clearly remember that Chey held an aluminum baseball bat and the three others had clubs. Chey grabbed my husband by the collar as soon as he opened the door. The violence came to an end only when police officers showed up,” Kim said on TV. In fear of further violence, Kim’s family moved to a new place immediately after the

Dec 5, 2010By Lee Hyo-sik
Travel & Food

Singapore offers attractions for Christmas vacationers

By Lee Hyo-sik Ahead of the year-end holiday season, Singapore is getting ready to host visitors from all over the world. Travelers seeking to experience unique Christmas-related activities and services in the tropics will descend in droves. Since Nov. 20, the city state has been holding an annual celebratory event, ``Christmas in the Tropics,’’ in a downtown area where visitors can enjoy a wide array of fun-filled activities and exciting entertainment options. The festival will last through Jan. 2 next year. Singapore’s main shopping districts ㅡ Orchard Road and Marina Bay ㅡ will be lit up in a dazzling display of lights to celebrate the Christmas season. Orchard Road will be lit to the theme ``Starlit Christmas’’ where different colored zones will enliven the atmosphere along Singapore’s premier shipping district. Over at Marina Bay, the Baywatch Association presents a unique bayside experience with ``Marina Bay Christmas Splendor,’’ with its water-inspired lighting design reflected in its sophisticated colors of blue and silver to coincide with the colors of the surro

Dec 2, 2010By Lee Hyo-sik
South Korea

Foot-and-mouth disease spreading fast

Three additional cattle farms in Andong infected with deadly virus By Lee Hyo-sik Three more cattle farms in Andong, North Gyeongsang Province, were found to have been infected with the deadly foot-and-mouth disease Thursday, sparking fears that livestock farms in other parts of the country could be hit by the highly contagious virus soon. On Monday, the disease was first detected on two pig farms in Andong, about half a year after the last epidemic broke out in Korea. A cattle farm in the area also fell victim to the animal disease the following day. The Ministry for Food, Agriculture, Forestry and Fisheries confirmed three more cases of foot-and-mouth disease Thursday and decided to cull all the animals at the farms and others at nearby places to stem the spread of the virus to other regions. Over 800 cows and pigs within a 500 meter radius of the infected farms were killed and buried underground. The fatal disease affects cloven-hoofed animals, mostly domesticated ones such as cattle, goats, pigs, deer and sheep. Preventative vaccinations are difficult because the

Dec 2, 2010By Lee Hyo-sik
South Korea

Taxi drivers sue LPG producers

By Lee Hyo-sik More than 60,000 taxi drivers nationwide have filed a class action lawsuit against SK Energy, GS Caltex and other local refiners, claiming they paid more than they should for auto fuel over the past six years as a result of price fixing. Linklaw and Jihyang, the law firms representing about 30,000 members of the Korea National Joint Conference of Taxi Association, said Thursday that price collusion on liquefied petroleum gas (LPG) among 10 refiners and LPG importers during 2003 to 2008 had caused huge financial loss to taxi drivers. ``Through this class action lawsuit filed to the Seoul Central District Court, we seek to recollect part of the extra money paid by cab drivers for auto fuel and to prevent LPG producers and other large companies from engaging in dubious price-fixing schemes again,’’ the two law firms said in a joint statement. Another association for self-employed taxi drivers also filed the class action suit against LPG retailers on behalf of its 31,380 members. Unlike regular vehicles, taxis here run on LPG because of its cheaper price

Dec 2, 2010By Lee Hyo-sik
South Korea

An impossible dream?

By Bien Sun-hee The Korean economy is among the top 10 in the world, and the country successfully hosted the G20 recently. Korean athletes have won many gold medals in the Olympics, and the famous Kim Yuna is on top of the world in figure skating. Still, we have not produced any Nobel Prize recipients in science, which is ironic since Korea is known as one of the countries with an extreme fervor for higher education. Most people are familiar with the Swedish chemist, Alfred Nobel, the inventor of dynamite and establisher of the Nobel Prizes. Every year, at this time, each Nobel laureate becomes the focus of attention. However, we generally tend to have more interest in Nobel prizes for peace or literature compared to chemistry and physics, since the achievements of science are, for the most part, too difficult to understand. I personally had a special interest in the Nobel prizes since I was a little kid. My favorite laureates were Marie Curie, James Watson, Francis Crick, Maurice Wilkins, Eric Kandel, and Francoise Barre-Sinoussi. I had always dreamed of becoming a great

Dec 1, 2010By Lee Hyo-sik
Society

Gyeonggi to hire fewer foreign teachers

By Kang Shin-who Gyeonggi education authorities are moving to cut down the number of native English-speaking teachers for conversational classes at public schools due to a lack of budget. Gyeonggi Provincial Office of Education said Thursday it plans to cut the number of foreign English teacher by 200 or 8.8 percent to 2,056 for next year. Currently, a total of 2,256 native English speakers are working at 2,032 schools in the province. The provincial education office said it is also considering cutting the number of native teachers in phases in the years to come. Instead, the education office will increase the number of Korean English conversation teachers, who speak only in English during class, up to 1,100 from current 600. “We plan to gradually reduce foreign teachers and replace them with Korean English conversation teachers,” said an official from the provincial office. She said the policy change reflects higher costs to hire native speakers, including accommodations and airplane tickets for the foreigners. The policy on native English speakers for elem

Dec 1, 2010By Lee Hyo-sik
South Korea

Families of Yeonpyeong civilian victims want national merits

By Lee Hyo-sik The bereaved families of the two civilian construction workers killed by North Korea’s artillery attack on Yeonpyeong Island last week have been refusing to hold a funeral for the dead, demanding the government designate them as men of national merit who sacrificed themselves for others. But the government is reluctant to accept their demands, saying the late Kim Chi-baek and Bae Bok-cheol died while performing private contracts and were just unfortunate civilian casualties. Under the law, if recognized by the nation, their bodies will be buried at the National Cemetery and the bereaved families will be entitled to nearly 200 million won in compensation and other state benefits. The bodies of the two civilian construction workers were found dead at a building site on the island, a day after the North’s attack. Their bodies were moved to a hospital in the nearby port city of Incheon for forensic examination when ferry services resumed Thursday. A joint memorial altar has been set up since, drawing hundreds of mourners. Kim Chi-joong, a brother of the

Dec 1, 2010By Lee Hyo-sik
South Korea

Chun appears before prosecution

Sejoong Namo chief questioned over influence-peddling scandal By Lee Hyo-sik Chun Shin-il, the chairman of Sejoong Namo Tour, appeared before the prosecution Wednesday to face questioning over his alleged involvement in an influence-peddling scandal. Chun, known to have been a close friend of President Lee Myung-bak over the past several decades, appeared at the Seoul Central District Prosecutors’ Office in southern Seoul at 9:50 a.m. When asked by reporters about whether he had received money from a jailed businessman in return for helping him receive bank loans, the chairman shook his head and said he will reveal the whole truth during the questioning. The summons came a day after he returned home from Japan where he had been staying since August to evade the prosecution’s investigation. The timing of his homecoming has drawn criticism as he attempted to attract less public attention by returning when the whole nation is preoccupied with North Korea’s artillery attack on Yeonpyeong Island. Despite repeated requests from the prosecution over the past three months,

Dec 1, 2010By Lee Hyo-sik
South Korea

Residents, government poles apart

By Lee Hyo-sik The residents of Yeonpyeong Island, who were forced to flee their homes following North Korea’s artillery attack last week, remain in a deadlock with the government over compensation amounts for the loss of their properties and livelihoods. The residents want the state to provide all the necessary support for them to resettle on the mainland, demanding they be given housing and a means of living on a permanent basis. But the government is only willing to subsidize the recovery of the destroyed houses on the devastated island and the residents’ medical costs, and pay them compensation in a lump sum. Out of a total 1,361 registered residents, most were evacuated to Incheon and other inland areas while dozens of people remain on the island. Many of the evacuees have been staying at 24-hour-saunas or temporary shelters, which they claim to be shoddy. Choi Seong-il, the chairman of an ad-hoc Yeonpyeong Island emergency residents’ committee, says most residents have decided not to return to the island in fear of another deadly attack, urging the government t

Nov 30, 2010By Lee Hyo-sik
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