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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

Are Africans leaving Itaewon?

By Lee Hyo-sik A large number of Nigerians and other African nationals are living in Itaewon in Seoul. But there are some signs that they are moving out of the town to settle in Ansan and other cities in Gyeonggi Province where many foreigners have formed large communities. Merchants in the Korea’s No. 1 district for expats and foreign tourists express concerns that the government’s intensifying crackdown on illegal aliens and possible terrorist suspects ahead of the upcoming G20 summit could contribute to forcing the African population in the area to dwindle. At the same time, redevelopment projects in the region and rising rents are also making it harder for African nationals to remain there. Nigerians residing in Itaewon claim that landlords are reluctant to lease them housing and demand larger security deposits from them, compared to Americans and other nationals. According to the Yongsan District Office which has jurisdiction over Itaewon, the number of Nigerian residents there declined 18.8 percent to 605 in August this year from 719 two years ago. Legally-re

Sep 9, 2010By Lee Hyo-sik
South Korea

SKY graduates dominate state civil service exams

By Lee Hyo-sik Many university graduates these days hope to become a civil servant, work that secures relatively high social status and job security. But chances are slim for the majority of jobseekers unless they have graduated from the nation’s top three universities. The Ministry of Public Administration and Security said Tuesday that 307 mid-ranking government workers were recruited through the state-run civil service examination on average each year during the 2007 to 2009 period. Of the 307, 70.4 percent, or 216, were graduates of the so-called “SKY” universities — Seoul National University (SNU), Korea University and Yonsei University. SNU graduates accounted for 38.9 percent of the total, followed by Korea University at 16 percent and Yonsei University at 15.5 percent. If those of Ewha Womans’ University, Sungkyunkwan University, Hanyang University and Korea Advanced Institute of Science and Technology (KAIST) are included, Korea’s top seven university students accounted for 86.4 percent of the total. The ministry said 34 schools across the country sa

Sep 7, 2010By Lee Hyo-sik
South Korea

16,255 students dropped out in Seoul

By Lee Hyo-sik A growing number of students here are dropping out of school as they face difficulties adjusting to school life. Additionally, divorce and other family-related problems make it harder for students to stay in school, and many run away from home. The Seoul Metropolitan Board of Education said Monday that a total of 16,255 elementary, middle and high school students in Seoul stopped studying in 2009, or an average of 44 students per day. The board compiled the data submitted by the Seoul Metropolitan Office of Education. By school, 5,132 elementary school pupils quit last year, with 5,324 middle and 5,799 high school students discontinuing their education. Nearly 28 percent of the high school students were found to have dropped out because of violence and other problems. About 15.1 percent of high school students did not attend classes because they ran away from home. Around 86.6 percent of them, or 5,021, voluntarily left school, while 8.9 percent, or 519, were expelled. The education board pointed out that the authorities and schools are inadequately pre

Sep 6, 2010By Lee Hyo-sik
South Korea

Ex-prosecutor hints at existence of Rohs borrowed-name accounts

By Lee Hyo-sik A former senior prosecutor who led the investigation last year into a bribery scandal involving Park Yeon-cha, a financial backer of the late-former President Roh Moo-hyun and other politicians, is causing a stir with remarks hinting that a slush fund was created by Roh via borrowed-name bank accounts. Lee In-gyu, former head of a central investigation unit of the Supreme Prosecutors’ Office, also alleged that several lawmakers of the main opposition Democratic Party (DP) received at least $10,000 from Park, but avoided prosecution because of Roh’s suicide. In an interview with a local weekly newspaper Sunday, Lee said National Police Agency Commissioner Cho Hyun-oh’s earlier remarks alluding to the existence of Roh’s borrowed-named bank accounts were not entirely unfounded. Earlier this year when Cho was head of the Seoul Metropolitan Police Agency, he commented that the former head of state’s suicide had something to do with the prosecution’s discovery of his bank accounts opened under borrowed names. Half true, half false? “Cho’s remarks are neith

Sep 6, 2010By Lee Hyo-sik
Travel & Food

Western Australia offers working holiday program

By Lee Hyo-sik The Western Australia Tourism Authority will hold a session in cooperation with Perth Education City for Korean students interested in the working holiday program in Western Australia. It will hold the session at COEX in southern Seoul on Sept. 3 and 4. During the session, the authority will set up the booths and mobilize its employees to consult with students seeking to participate in the program on how to obtain a visa for the program. It will also provide information on schools and jobs available in Western Australia. Under the working holiday program, Korean students are usually given a one-year visa, enabling them to work for limited hours in mostly English-speaking countries. They are also permitted to enrol in schools and learn English and other subjects. The authority said Western Australia has recovered fast from the worldwide economic slump, providing good vocational and educational opportunities for Korean students taking part in the working holiday program there. “Salaries and other working conditions for foreign students are better than oth

Sep 2, 2010By Lee Hyo-sik
South Korea

Korean Air operates flights between Cheongju and Osaka

Korean Air announced Wednesday the launch of new international flight routes connecting Cheongju, and Osaka and Bangkok, making it easier for residents from Chungcheong Province to travel to Japan and Thailand. The nation’s largest air carrier began operating a flight service between Cheongju International Airport and Kansai International Airport on Sept. 1, with a B737-800 flight capable of carrying 150 passengers. The flight will operate four times a week _ Monday, Wednesday, Friday and Sunday. The company will also begin operating flights between Cheongju and Bangkok on Sept. 2, twice a week _ Thursday and Sunday. A Korean Air spokesman said the airline will continue to introduce more international routes connecting Cheongju and cities in Japan, China and Southeast countries. ``More international flight services will boost the competitiveness of the Cheongju airport and make it more convenient for residents in the central part of the nation to travel overseas.’’

Sep 1, 2010By Lee Hyo-sik
South Korea

Will Incheon Airport privatization take off?

By Lee Hyo-sik The Lee Myung-bak administration’s plan to sell a 49-percent stake in Incheon International Airport to foreign and domestic investors is drawing protest from opposition parties, civic groups and the airport union. Government officials say that it is necessary to raise funds to make Korea’s main gateway to the world more competitive and efficient, adding that the airport should learn advanced operation and management know-how from the world’s top-class airports to become a true global aviation hub. They stress Incheon airport still has a lot of room for improvement even though it was named as the world’s best airport in service quality for the fifth consecutive year. The Democratic Party and other opposition parties oppose the privatization of Incheon International Airport Corp., which owns a 100 percent stake in the airport and is headed by CEO Lee Chae-wook, saying that there is no need to sell shares of a blue-chip public firm. They say the airport has and will continue to perform well even under the 100-percent state ownership, vowing to block the

Sep 1, 2010By Lee Hyo-sik
South Korea

KTX to make Korea 90-minute life zone in 2020

By Lee Hyo-sik Korea will expand its bullet train network across the country to connect all major cities by 2020, making it possible for people to travel from any destination on the peninsula within two hours, the Ministry of Land, Transport and Maritime Affairs said Wednesday. In a report to President Lee Myung-bak at the Korea Railway Research Institute in Uiwang, Gyeonggi Province, the ministry said it will secure 6 trillion won ($5 billion) each year from 2012, up from this year’s 4 trillion won, in order to extend high-speed railway tracks to transport more travelers and cargo across the nation. Under the plan, the construction of a high-speed railway for the nation’s bullet train Korea Train Express (KTX), which links Daegu and Busan, will be completed in November this year ahead of the G20 Summit. The lines linking Daejeon and Daegu, and Osong and Gwangju will be completed by 2014. Currently, KTX runs on conventional tracks on these sections. Additionally, the ministry plans to improve conventional railways nationwide to raise the maximum speed of bullet train

Sep 1, 2010By Lee Hyo-sik
South Korea

Did President Lee, Roh get gold seals?

By Lee Hyo-sik Police will investigate allegations that the controversial state seal maker Min Hong-gyu gave gold stamps to President Lee Myung-bak and the late former President Roh Moo-hyun. The Seoul Metropolitan Police Agency said Monday it plans to summon Min for questioning this week to verify his claim and investigate whether he made stamps and gave them to those in power as gifts to gain favors for his business. In a series of interviews with local media outlets last week, Min who led a production team making the official state seal in 2007 insisted that he was asked by aides to President Lee Myung-bak to manufacture a gold stamp for Lee ahead of the presidential election in December 2007. He also asserted he was asked by Cheong Wa Dae to make a gold stamp for Roh. But Min said he does not remember whether he received payment for the two stamps or not, adding it was an honor for him to produce and present them to Lee and Roh. Min also refused to identify who requested him to make the seals and specify exactly when he manufactured and delivered them, denying a

Aug 30, 2010By Lee Hyo-sik
South Korea

Police win cases against violent protesters

By Lee Hyo-sik Over the years the police have won most lawsuits filed against violent acts by protesters during demonstrations that result in human casualties and property damage, with the court becoming more stringent against an excessive use of violence. The National Police Agency said Sunday that since November 2006, the police have filed a total of 18 lawsuits seeking compensation from those who had injured other humans and inflicted damage on property while protesting. The police have so far won 14 cases and received 175 million won in compensation, with a remaining four trials still pending in court. For instance, the Chungbuk Provincial Police Agency filed a suit against 10 individuals who clashed with riot police during the anti-KORUS FTA demonstration within its district in December 2006. It won the case in May 2007 and was awarded 2.9 million won. In November 2008, the Chungnam Provincial Police Agency won a similar trial and was awarded 52.3 million after the court ordered civic groups protesting the KORUS FTA in Daejeon and nearby cities to pay compensation f

Aug 29, 2010By Lee Hyo-sik
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