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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

Court approval to be mandatory for adoption

By Lee Hyo-sik Foreigners seeking to adopt a Korean baby will be obliged to obtain prior approval from the court next year as part of government efforts to protect child welfare and prevent possible abuse by foster parents, the Ministry of Justice said Monday. Koreans wanting to foster either Korean or non-Korean kids will also be subject to a stringent state screening process for the court permit. The ministry said it will set up an ad-hoc committee in October to discuss ways of amending civil codes on adoption, marriage, inheritance and other family-related matters. The committee aims to complete the revision within the first half of the year and submit it to the National Assembly for approval. Currently, those seeking to adopt children here only need to obtain a written approval from either the biological parents or grandparents. Children in orphanages can be adopted without consent. Foreigners have been able to freely raise and adopt Korean children over the years as many kids were abandoned by their biological parents and raised in statefunded orphanages. The

Sep 27, 2010By Lee Hyo-sik
South Korea

Luxury girl goes to court

By Lee Hyo-sik A controversy surrounding a 24-year-old-woman, dubbed the “400-million-won ($343,000) luxury girl,” continues as she has filed civil and criminal suits against the cable TV channel that aired the program and her alleged ex-husband. Kim Kyung-ah filed the suits with the Seoul Central District Court Thursday against Mnet cable TV and a man, identified only as Moon who claims to be her ex-husband. She demanded the cable TV pay 100 million won in compensation. The situation exploded after Kim appeared in Mnet’s “Tent in the City” that was aired on Sept. 7 and bragged that the outfit and the accessories she was wearing were worth more than 400 million won. Her casual remarks about her luxurious lifestyle and the video clips showing her brand bags and Bentley Continental GTC worth more than 200 million won angered viewers and raised questions about whether she should be subject to gift taxes. After the program aired, her saga has spawned ugly sequels almost every day, with witnesses and all parties involved in the scandal making conflicting statements.

Sep 19, 2010By Lee Hyo-sik
South Korea

Fingerprinting denies 31 foreigners entry

By Lee Hyo-sik In the past two weeks a total of 31 foreigners have been denied entry into Korea following the introduction of the fingerprinting screening system earlier this month. The Ministry of Justice said Thursday that 31 foreign nationals were deported from 22 harbors and airports from Sept. 1 to 14 because they were found to have committed crimes here or had overstayed their visas in the past. The government introduced the fingerprinting process as part of moves to prevent non-Koreans with criminal records or association with terrorist groups from coming here ahead of the upcoming G20 summit. Those who were denied entry were sent back to China, the Philippines, Thailand, Sri Lanka, Mongolia and Ghana. They were caught attempting to pass through immigration screening with fake passports issued under aliases. The ministry said it would have been impossible to detect their real identities and deport them without the new fingerprint verification system currently in place. A revised Immigration Control Act went into effect on Aug. 15, obliging “suspicious” for

Sep 16, 2010By Lee Hyo-sik
South Korea

Growing number of foreign students overstaying visas

By Lee Hyo-sik Many foreigners entering Korea with a student visa morph into illegal aliens as they overstay their visas to work here illegally. According to data submitted to Rep. Lee Jung-hyun of the governing Grand National Party (GNP) by the Ministry of Justice, Wednesday, the number of non-Koreans, who originally arrive as students enrolled in Korean language institutes operated by domestic universities but then later became undocumented aliens, totaled 4,338 as of April. The figure is equivalent to 26.4 percent of the 16,681 foreign students currently registered at 175 domestic universities nationwide in a Korean language program. By nationality, Chinese accounted for 78.3 percent of the total, or 3,437, followed by Mongolians with 281, Uzbekistanis at 277 and Vietnamese at 224. A total of 165 foreign students have enrolled in a Korean language program administered by Chungcheong University in Cheongwon, North Chungcheong Province. Of the 165 students, 159 were found to have overstayed their visas. Calvin University in Yongin, Gyeonggi Province, and Serabol Univ

Sep 15, 2010By Lee Hyo-sik
South Korea

Shinhans Ra under probe

CEO Shin's fate up to result of prosecutor investigation By Lee Hyo-sik The prosecution has resumed an investigation into allegations that Shinhan Financial Group Chairman Ra Eung-chan violated the nation’s real-name account rules by managing multiple borrowed-name bank accounts and transferring tens of billions of won to a now-jailed businessman. It is also looking into whether Ra embezzled part of 1.56 billion won paid by Shinhan Financial to group honorary chairman Lee Hee-kun as an advisory fee over the years. One day after a group of civic organizations filed a complaint against Ra, who has been embroiled in an internal power struggle with his once key lieutenant Shin Sang-hoon, on charges of masterminding irregular financial transactions, the Seoul Central District Prosecutors’ Office said Wednesday that investigators have begun looking into the case. The chairman was suspected of breaking the real-name account regulations last year by transferring 5 billion won to Park Yeon-cha, a Busan-based businessman and supporter of the late former President Roh Moo-hyun, t

Sep 15, 2010By Lee Hyo-sik
South Korea

Repentant burglar turns himself in

By Lee Hyo-sik The Ulsan Jungbu Police Station said Tuesday that it booked a man, identified only by his surname Cho, without physical detention on charges of the attempted armed robbery. According to the police, Cho walked into an English language institute at around 3 p.m. last Friday after confirming that the owner, a 29-year old woman, identified by only her last name Woo, was alone. He first pretended to be interested in taking a language class there. But all of a sudden, Cho pointed a knife at her and demanded money. During the commotion, Woo sustained minor injuries and collapsed onto the floor. As she picked herself up from the floor, she asked Cho about why he was robbing her, had him sit down on a chair and started listening to Cho as he explained how he became a robber, the police officer said. After Woo placed the Bible before Cho who once went to church, he began talking about his life. Last year he was divorced and has since been grappling with financial problems. Cho then apologized to her and Woo gave him an MP3 player filled with files of gospel ver

Sep 14, 2010By Lee Hyo-sik
South Korea

KTO to promote Baekje Kingdom to attract Japanese tourists

By Lee Hyo-sik The Korea Tourism Organization (KTO) said Tuesday that it will invite the heads of six major tourism agencies in Japan in order to promote the culture and history of the ancient Baekje Kingdom (18BC-660 AD)and attract more Japanese tourists to the southwestern part of the country. From Sept. 17 through 19, CEOs of JTB, KNT and four other large tourism agencies through which more than 50 percent of Japan’s outbound travelers go overseas will tour Buyeo and Gongju, the ancient capital cities of the kingdom, in South Chungcheong Province. The Kingdom was the most active in exchanging culture and ideas with Japan during the period of the three kingdoms on the Korean Peninsula. Among the many activities scheduled, the CEOs will visit the “Global Baejae Festival 2010,” which will open its door to visitors on Sept. 18, as well as the newly opened Baekje Cultural Center, to gauge how well the tourism package centering on the ancient kingdom is marketable to Japanese tourists. The KTO has already been advertising a range of tour products highlighting Baekje’s cult

Sep 14, 2010By Lee Hyo-sik
South Korea

MC Mong denies draft dodging

Military administration to strengthen screening By Lee Hyo-sik Singer and TV-show host MC Mong, 31, Monday denied allegations that he had healthy teeth extracted in order to dodge mandatory military service. His denial came after the police’s decision to book him without physical detention based on that charge. Posting a letter on his homepage, he said he was exempted from military service due to an abnormal dental structure, claiming he had never intentionally had healthy teeth removed. ``I have never, ever, had a normal tooth pulled to avoid the military. I suffered excruciating pain because of unhealthy teeth. I had to get rid of them,’’ he said. The singer, whose real name is Shin Dong-hyun, said he has occasionally made minor mistakes in front of his fans as an entertainer. ``But I have not lived an immoral life. I have never abandoned my principles.’’ He also said he was born with bad teeth, adding he was not able to receive proper treatment when he was young because of his family’s financial problems. ``I even took 10 painkillers at one time to

Sep 13, 2010By Lee Hyo-sik
South Korea

1st budget carrier to resume flight

Hansung Airlines reborn as T’way Air By Lee Hyo-sik T’way Air, previously known as Hansung Airlines, plans to resume operating flights between Gimpo and Jeju as early as Sept. 17 to serve a growing number of air travelers ahead of the Chuseok holiday. The nation’s first budget carrier went bankrupt in December 2008 when the global financial crisis hit Korea hard. It had been under court receivership until April this year when a local venture capital decided to take over its majority stake and change its name from Hansung Airlines to T’way Air. In a press conference held at the Westin Chosun Hotel, Monday, T’way Air CEO Yoon Duk-young said it will operate two B737-800 airplanes between Gimpo and Jeju as soon as it receives an Air Operator’s Certificate (AOC) from the Ministry of Land, Transport and Maritime Affairs. It is expected to be issued on Sept. 16. ``The letter ``T’’ stands for tomorrow, today and together, meaning we will serve passengers at all times in close cooperation with them. We will first operate two airplanes between Gimpo and Jeju, the most popular d

Sep 13, 2010By Lee Hyo-sik
Travel & Food

Geumsan birthplace to Korea’s Ginseng

By Lee Hyo-sik Geumsan, South Chungcheong Province ­ Geumsan County, the birthplace to the world famous Korean ginseng, also known as ``Goryeo insam,” is holding the 2010 Geumsan Insam Festival on Sep. 3 to 12, attracting tens of thousands of health-conscious visitors from home and abroad. Visitors can taste ginseng chicken soup and other delicious dishes made from ginseng and other healthy ingredients at local restaurants, while participating in a range of programs and view ginseng promotion exhibitions at the festival venue, which is set up at the heart of the Geumsan County. They can also visit the nearby traditional market where over 1,000 shops and stalls offer a variety of high-quality ginseng and medical herbs at cheaper than normal prices. The festival marks its 30th anniversary this year and has become one of the nation’s most popular and successful local fairs. It has been rated highly for providing visitors with a wide array of events and programs designed to promote Geumsan’s cultural heritage in which ginseng plays a central role. Ginseng and its health

Sep 9, 2010By Lee Hyo-sik
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