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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

Gimpo Airport restricts property rights

By Lee Hyo-sik Residents near Gimpo International Airport, west of Seoul, are staging a full-fledged campaign to restore their property rights and urge the government to do more to reduce aircraft noise. They claim that they have not been able to properly exercise their property rights since the airport opened its door 50 years ago, pushing the government to raise the ceiling on the height of buildings and ease other restrictions on real estate development in the area. Residents also say they should be appropriately compensated for their suffering due to the constant airplane noise during the past five decades. However, government officials say that placing a cap on the height of buildings in the areas surrounding the airport and other restrictions are in accordance with international standards, stressing such regulations are essential to ensure flight safety. Residents of the Gangseo District in western Seoul have launched an ad-hoc committee to pressure the government to allow them to construct buildings higher than legally allowed, arguing their property rights hav

Nov 7, 2010By Lee Hyo-sik
South Korea

Asiana to chair AAPA in 2011

Asiana Airlines, one of Korea’s two flagship carriers, has been elected to chair the Association of Asia Pacific Airlines (AAPA) in 2011 at the group’s annual meeting held in Brunei on Friday. The AAPA has 16 members. Asiana CEO Yoon Young-doo said that at the Brunei meeting the company will do its best to strengthen the AAPA’s global status and successfully hold the 55th general meeting in 2011. “It is such an honor to represent the group of leading Asian airlines next year. The selection is more meaningful to us, with only seven days left before the G20 Seoul Summit,” Yoon said.

Nov 7, 2010By Lee Hyo-sik
South Korea

Police inspect mails, parcels for G20 summit

By Lee Hyo-sik Police are inspecting all mail and parcels being delivered to Coex, the main venue for next week’s G20 Seoul Summit, for explosives and other dangerous materials after the discovery of small parcel bombs addressed to the leaders of France, Germany and Italy this week. In cooperation with Korea Post and private logistics companies, law enforcement authorities will also tighten screening of deliveries, particularly those from overseas, to airports and hotels in which leaders of the world’s top 20 economies will stay during the Nov. 11 to 12 summit. Cargo planes originating from terrorism-sponsoring nations have already been subject to more stringent inspections for possible explosives, following last week’s discovery of bombs aboard U.S.-bound flights from Yemen. The National Police Agency said Thursday that all mail and packages delivered to businesses located in Korea’s largest convention center and underground shopping mall are subject to x-ray screening for possible bombs and other dangerous items. They then have to be cleared by police officers and sni

Nov 4, 2010By Lee Hyo-sik
South Korea

Airport security tightened before G20

By Lee Hyo-sik The government has taken a range of security-tightening measures at Incheon International Airport and 14 other airports across the country ahead of the upcoming G20 Seoul Summit. Foreign air travelers transferring at Incheon International Airport, Korea’s main gateway to the rest of the world, will be thoroughly screened by immigration officials before boarding connecting flights, the Ministry of Justice said Tuesday. Cargo planes originating from terrorism-sponsoring nations will be subject to more stringent inspections for bombs and other dangerous materials, following the recent discovery of bombs aboard U.S.-bound flights from Yemen. Since the nation’s largest airport emerged as an aviation hub in Northeast Asia, a growing number of Chinese, Japanese and other nationals have transferred flights at Incheon from their home countries en route to the United States, Europe and other destinations. An average of 6,900 non-Korean passengers transfer flights at the airport every day. The ministry is currently selecting 10 percent of transferring air travel

Nov 2, 2010By Lee Hyo-sik
South Korea

Offices of Shinhan Big 3 raided

By Lee Hyo-sik A group of investigators raided the offices of the so-called ``Shinhan Big 3’’ to confiscate computer files and other documents, expanding a probe into allegations that the three former and incumbent executives of Shinhan Financial Group embezzled company money, breached trust and committed other irregularities. The Central District Prosecutors’ Office said investigators searched the offices of former Shinhan Financial Chairman Ra Eung-chan, who resigned from his post Saturday, Shinhan Financial CEO Shin Sang-hoon and Shinhan Bank CEO Lee Baek-soon at the bank’s headquarters in central Seoul. The search and seizure came two months after Shinhan Bank filed a complaint against Shin, alleging that he illegally extended 95 billion won ($82 million) in loans to companies connected to one of his relatives while serving as its president between 2003 and 2009. A prosecution official said investigators will complete a review of the confiscated materials by Friday and plan to summon Ra, Shin and Lee for questioning as early as this weekend or early next week. T

Nov 2, 2010By Lee Hyo-sik
South Korea

Fraudsters caught for selling fake citizenship for Vietnamese babies

By Lee Hyo-sik A group of fraudsters have been taken into custody on suspicion of forging documents to make it possible for Vietnamese babies born here to illegally acquire Korean citizenship and then go back to the Southeast Asian nation. According to the Gyeonggi Provincial Police Agency, Monday, a 39-year-old man, identified only by his surname Kim, and two other brokers helped babies of unregistered Vietnamese couples here obtain Korean citizenship. They were suspected of bribing obstetricians to have them issue false birth certificates or giving money to the homeless to borrow their names and have Vietnamese babies be listed on their family registers. A 36-year-old naturalized Vietnamese woman and two other brokers were also booked without physical detention on similar charges. Two obstetricians, 10 illegal Vietnamese aliens, five homeless and others were booked without physical detention for their roles in the illicit nationality acquisition scam. Police said since July last year, Kim and five others have received a total of 150 million won from around 30 V

Nov 1, 2010By Lee Hyo-sik
South Korea

Airlines under pressure to cut fares

By Lee Hyo-sik Korean Air, Asiana Airlines and budget carriers have hiked international airfares in recent months backed by stronger demand, drawing complaints from travelers and adding pressure to consumer prices. To block the bloated prices, the government has decided to get involved by pressuring air carriers to refrain from hiking international airfares and if possible, to slash ticket prices. Officials from the Ministry of Land, Transport and Maritime Affairs held a meeting with executives of Korean Air, Asiana Airlines and four budget carriers on Oct. 20. “There has been growing public backlash against airlines as they raise airfares. The increase has also fueled additional inflationary pressure. So, we have sought cooperation from airlines and asked them to keep ticket prices low,” a ministry official said. In response to the ministry’s request, airlines said many travelers pay less than the increased regular airfares, thanks to a range of discount programs, adding prices will taper off during the off-season. They also said they will consider lowering the cost

Nov 1, 2010By Lee Hyo-sik
South Korea

60thAnni South Korea: Republic of Delivery

By Lee Hyo-sik The world has become an easier and more convenient place to live, particularly for homemakers, thanks to the expanding ``home delivery’’ services by almost all businesses, sparing us from driving to shopping malls or grocery stores to buy food, clothes and other household items. Newspapers, milk, pizza, fried chicken and Chinese food used to be among those most widely delivered conveniently to your doorstep. But the list of home delivered items has expanded at an explosive pace over the years in line with rapid Internet penetration, and other advanced information technology devices and services. Particularly, here in Korea, one of the world’s most wired countries where hundreds of home delivery companies operate across the country, anything imaginable can be delivered in just a couple of days at most, including cameras, TVs, books, clothes and even cars, by a simple phone call or with the click of a mouse. Some say even an escort service can be ordered by phone or on the Internet. Those who need to deliver business documents or other small items in a hurry

Oct 28, 2010By Lee Hyo-sik
South Korea

More Koreans working overseas as flight attendants, cooks

By Lee Hyo-sik Before the burst of the information technology (IT) boom in early 2000 many young Koreans used to work in Japan and other developed nations as computer software programmers and other high-tech technicians. These days, a growing number of youngsters are working abroad as flight attendants, cooks and other service-sector jobs, the Human Resources Development Service (HRD) said Thursday. Among the 1,571 Koreans working at jobs in foreign countries last year through the HRD overseas employment support program, 819 were hired by foreign airlines, hotels, restaurants and other service-sector businesses, up from 727 in 2008 and 700 in 2005. Also, the number of Koreans finding jobs in the areas of textiles, agriculture, fisheries and mining surged to 463 in 2009 from 2 in 2006 and 162 in 2005. In contrast the number of Koreans employed by foreign information technology companies declined to 166 in 2009 from 359 in 2008 and 499 in 2006. Those finding work in machinery and metals, and the medical sectors stood at 38 and 51 last year, respectively, down sharpl

Oct 28, 2010By Lee Hyo-sik
South Korea

Korail under fire for frequent KTX breakdowns

Malfunctioning feared to derail Korea's bullet train export By Lee Hyo-sik Korail, the state-run railroad operator, is drawing fire for a series of malfunctioning glitches dogging Korea’s bullet train KTX in recent months. It has raised safety concerns as a growing number of Koreans take the high-speed train to travel across the country. Additionally, frequent breakdowns of the latest “KTX-Sancheon” is feared to negatively affect Korea’s efforts to win multi-billion dollar projects in Brazil, the United States and other countries to construct a bullet-train system. A KTX-Sancheon, which departed from Seoul Station at 7:30 a.m. on Wednesday for Busan, arrived at the Cheonan-Asan Station at 8:04 a.m. The bullet train is manufactured by Hyundai Rotem. There it developed mechanical trouble and left the station six minutes behind schedule. Later the troubled train ran into the same problem again near Daejeon Station and barely made it to Daegu Station. Fearing further failures, Korail, headed by CEO Huh Joon-young, decided to ask the nearly 300 passengers onboard th

Oct 28, 2010By Lee Hyo-sik
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