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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

TaLK program to train 600 new English educators

By Lee Hyo-sik A group of 600 ethnic Koreans and other expatriate students from English speaking countries will participate in the “Teach and Learn in Korea (TaLK)” program over the next four weeks to prepare them for teaching English in rural elementary schools. The program was initiated by the National Institute for International Education (NIIED). They will first go through three weeks of the NIIED-administered training program, which begins today, and one week organized by local education offices before being placed in elementary schools in September. The training covers teaching methods as well as lectures on Korean culture and life. Trainees will participate in a four-day English camp in Pyeongchang, Gangwon Province, from Aug. 16 to 19, studying and living with 340 Korean elementary students selected from across the country. Of the 600 native English students, 255 were previously enrolled in the TaLK program and decided to extend their stay here. The remaining 345 were newly recruited from overseas. Of the 345, 155 are ethnic Koreans, accounting for 45 percent

Aug 3, 2010By Lee Hyo-sik
South Korea

Law banning unlicensed medical practices deemed constitutional

By Lee Hyo-sik Staff reporter The nation’s highest court ruled Thursday that the current Medical Law, which bans unlicensed individuals from practicing acupuncture and other alternative medical treatments, is indeed constitutional. The Constitutional Court said out of its nine judges, four viewed the law as constitutional while the remaining five opposed it such. However, to produce an “unconstitutional” decision, at least six judges have to deem it so. Kim Nam-soo, 95, a leading expert in Korean acupuncture and moxibustion, filed a complaint with the court after he saw his practice banned for 45 days in 2008 on charges of practicing acupuncture without an oriental doctor’s license. Kim has made his name through numerous “successful” treatments over the past seven decades using moxibustion. His unique skill involves heating acupuncture needles with the herb mugwort for various treatments. The country’s medical law states only certified doctors can treat patients and even doctors are not allowed to engage in medical practices for which they are not licensed.

Jul 29, 2010By Lee Hyo-sik
Travel & Food

Gangjin to hold celadon festival in August

By Lee Hyo-sik Staff reporter Gangjin, South Jeolla Province ― Gangjin Country, a birthplace to the world’s famous Goryeo celadon, will hold the 38th Gangjin Celadon Festival on Aug. 7-15, attracting tens of thousands of visitors from both at home and abroad. Ahead of the annual celebration of the Goryeo Dynasty’s remarkable cultural heritage, Korea Tourism Organization (KTO) CEO Lee Charm and other ``Korea tourism supporters’’ descended upon this rural town to help it promote the upcoming festival and itself as a tourist attraction. The tourism supporters program is an initiation by KTO, designed to boost the number of visitors to local communities. Participants include KTO CEO Lee, foreign envoys, city officials, travel agency heads, scholars and students. At the center of the celadon festival is the Gangjin Celadon Museum, which was established in 1997 for the preservation, research and exhibition of Goryeo celadon ware and the promotion of the people’s understanding of the historical importance and value of the celadon kiln in Gangjin. The relics collected in the

Jul 29, 2010By Lee Hyo-sik
South Korea

Foreigners can head KTO branches abroad

By Lee Hyo-sik Staff reporter The Korea Tourism Organization (KTO) will hire qualified foreign nationals as heads of its overseas branch offices as part of its efforts to recruit more capable tourism marketing experts. KTO, a promoter of Korea’s tourism abroad, currently operates 27 branches in 15 countries, which are all headed by its personnel. This time, it will open the manager’s position in its Moscow and Frankfurt offices to both Koreans and non-Koreans. “To bring the winds of change to our organization and secure highly-qualified and experienced tourism marketing experts, we have decided to recruit non-KTO personnel to head two of our overseas offices. We plan to expand this open recruitment to other branch offices in the future,” a KTO spokesman said. He expects a number of Russians and Germans specializing in the tourism sector there to apply for the positions. Those who are hired will serve in the post for two years. After that, their contract can be renewed every year in accordance with their performance. Individuals interested in the positions should fil

Jul 29, 2010By Lee Hyo-sik
South Korea

Beware summer vacationers!

Theft, jellyfish, rip-off could ruin your holiday By Lee Hyo-sik Staff reporter Vacationers should take extra caution this summer if they do not want to ruin their long-awaited holidays when leaving the house for the beach or the mountains. People are advised to secure doors and other entry points to the house, as well as implement other security measures in order to prevent their residences from being ransacked by thieves. They also need to be wary of being overcharged for various services at popular holiday destinations, ranging from parking fees, to lodging and food. In particular, beach goers should be extra cautious about poisonous jellyfish, which are moving fast toward the nation’s coasts from the East China Sea. Burglars become most active in the months of July and August when many families take a summer vacation and leave their houses vulnerable to intruders. Earlier this month, a 19-year old man was arrested for stealing cash and other valuables, worth 6.4 million won, from more than 10 empty houses in Goesan county, North Chungcheong Province. The p

Jul 29, 2010By Lee Hyo-sik
South Korea

Smoking taxi drivers face W1.2 million fine

By Lee Hyo-sik Staff reporter Taxi drivers who smoke cigarettes inside the vehicle will be slapped with a 1.2 million won fine ($1,000) from as early as next month, the Seoul Metropolitan Government said Wednesday. Seoul City said there have been many complaints about second-hand smoke from passengers because taxi drivers smoke inside the car, adding it will order taxi firms operating in the capital city to prohibit drivers from smoking inside the vehicle starting from mid-August. Under the new measure, if taxi drivers are caught smoking by police officers or if a passenger reports of such behavior, taxi operators and drivers will have to pay a 1.2 million fine. If they default on penalties, the city plans to suspend the operation of the taxi. In November last year, Seoul City designated all taxis operating in the city a “smoking free zone.” But it turned out to be a vain attempt because drivers and passengers continue to smoke as there are no punitive measures against it. 흡연 택시 운전 기사 120만원 벌금형 서울시는 수요일 이르면 8월부터 차내 흡연을 하는 택시기사는 120만 원의 벌금을 내야 한다고 밝혔다.

Jul 28, 2010By Lee Hyo-sik
South Korea

Holiday traffic expected to peak on July 30

By Lee Hyo-sik Staff reporter The nation’s highways are expected to reach their highest level of congestionof the summer on Friday, Korea Express Corp. said Wednesday, advising summer vacationers to refrain from hitting the road that day. The corporation said, after studying highway traffic flows from 2007 through 2009, nearly 4.4 million vehicles will likely be on the expressway on July 30, recording the second largest volume in history. It said the weekend weather will be clear and the majority of students and workers are taking a summer break from July 30 through Aug. 10, adding the highway traffic will be the most tied up on Friday. In 2009, a record number of summer vacationers hit the road on July 31 (Friday) and Aug. 1 (Saturday). For up-to-date traffic information, drivers can contact a call center at 1588-2504, or access the websites of Korea Express Corp. (www.ex.co.kr) and Road Plus (www.roadplus.co.kr). 7월 30일 휴가철 최고의 교통 혼잡 올 여름 휴가 철 중 금요일 국내 고속도로가 가장 혼잡해질 것으로 예상된다고 수요일 한국도로공사는 말했다. 도로공사는 2007에서 2009년 사이 교통흐름을 조사한 결과 역사상 두 번째로 거대한 약 440만대

Jul 28, 2010By Lee Hyo-sik
South Korea

Korea joins campaign to back Internet for Nobel Peace Prize

By Lee Hyo-sik Staff reporter The Nobel Peace Prize has always been awarded to either people or organizations that contributed to making the world a safer and more peaceful place. But this year, there is a growing movement across the globe, campaigning to award one of the world’s most sought-after prizes to a thing, the Internet. Naver and other Internet-based businesses here have also joined in a worldwide campaign to rally support for the Internet to win the Nobel Peace Prize in 2010. K-Internet, a lobbying group for Internet companies here, said Wednesday that it will actively participate in a global movement, “Internet for Peace,” stressing the Net has removed barriers between nations and races, contributing to spreading democracy around the world and making it a more peaceful place. The movement was initiated by information technology (IT) magazine “Wired,” which publishes in the United States, Britain and Italy. The magazine set up the website for the campaign (www.internetforpeace.org), through which nearly 14,000 Internet users from 166 countries have expres

Jul 28, 2010By Lee Hyo-sik
South Korea

Hahoe Village in dilemma over UNESCO designation

By Lee Hyo-sik Staff Reporter Andong’s Hahoe Village in North Gyeongsang Province, one of Korea’s most popular and representative folk villages, is facing a dilemma ahead of a possible designation as a UNESCO World Heritage Site. If designated, Hahoe Village, which is already a popular tourism spot, will likely be flooded with tens of thousands of tourists from both home and abroad, making it difficult for the village to remain as it has for centuries. If Hahoe fails to be named as a heritage site, it will deal a severe blow to its reputation and prospects of becoming an international tourist attraction. The Cultural Heritage Administration and Andong City have been making an all-out effort to get Hahoe Village listed as a World Heritage Site, saying the benefits far outweigh the disadvantages. UNESCO is expected to make a decision during its general meeting in Brazil on July 31. “There is no question that a larger number of tourists will visit Hahoe Village if it is named a heritage site, which could make it difficult for us to preserve the area as it has been for

Jul 27, 2010By Lee Hyo-sik
South Korea

BMW dealers colluded on prices, says court

By Lee Hyo-sik Staff reporter The nation’s high court ruled Tuesday that a joint pricing policy by Handok Motors and six other BMW dealers here hindered market competition and constitutes price collusion. Its ruling is in favor of the nation’s anti-trust body, which imposed a combined 14.26 billion won fine on importers of the luxury German vehicles. The Seoul High Court said the seven importers control the distribution and sales of all BMWs in Korea. “Given this, their joint pricing policy, designed to cut the extent of discounts and keep retail prices high, removes market competition among sellers. It diminishes consumer welfare and discourages market competition, constituting price collusion.” The court said BMW dealers argued that their mutual pricing does not harm market competition because BMW cars can be substituted by other luxury vehicles sold by other foreign and domestic carmakers. The court stated, “Consumers consider a brand first when they buy foreign-made cars. Thus, the scope should be restricted to the market only for BMW cars. There is nothing

Jul 27, 2010By Lee Hyo-sik
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