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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

Foreign residents top 1.2 million for first time

By Lee Hyo-sik Staff reporter The number of foreign nationals staying here legally totaled 1.21 million as of June 30, up 4.6 percent from a year earlier. This is the first time that the figure has topped 1.2 million. Foreigners staying for fewer than 90 days for leisure or business rose 13 percent from the previous year, with those living here for more than 90 days inched up 0.4 percent, the Ministry of Justice said Tuesday. The number of foreign nationals marrying Koreans increased 8.2 percent to 136,556 in the January to June period, with Chinese and Vietnamese women accounting for 47.7 percent and 23.8 percent of the total, respectively. Those studying at local universities and other educational institutions came to 82,100, up 8.4 percent, with Chinese citizens accounting for nearly 77 percent of the total. The number of foreign visitors totaled 4.14 million in the first half of the year, an 8 percent year-on-year growth. The majority of them came from Asian countries, with Japanese travelers topping the list at 1.45 million. China came in second as the incr

Jul 6, 2010By Lee Hyo-sik
South Korea

Labor Ministry renamed to focus on creating jobs

By Lee Hyo-sik Staff reporter The Ministry of Labor has changed its name to the "Ministry of Employment and Labor" to play a central role in the government-wide efforts to create jobs, shifting from its earlier task of mediating between management and labor during Korea's rapid industrialization. Previously, in 1981, the Office of Labor was elevated to the Ministry of Labor. The ministry held a signboard hanging ceremony, presided by Minister Yim Tae-hee, at its headquarters inside the Gwachon Government Complex, south of Seoul, Monday. In a keynote speech, Yim said the ministry should place top priority on helping university graduates and other jobseekers find work. "All ministry workers need to change their mindset to improve the quality of civil services and become friendlier to the public, particularly those who are searching for jobs. Our vision is to help all Korean citizens wanting to work to find jobs and receive a proper reward for their labor." The minister said a growing number of senior citizens have become economically active as a result of the population r

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

Campaign will promote domestic travel in full swing

By Lee Hyo-sik Staff reporter To provide an alternative to the growing popularity of overseas travel and financially help local leisure and other services providers, the Korea Tourism Organization (KTO) and 11 other state-run institutions have launched a joint campaign to promote domestic travel. Their move comes as a record number of Koreans are expected to head overseas during the upcoming summer vacation on the back of improving economic conditions and the strengthening of the Korean won against the dollar and other foreign currencies. In cooperation with the KTO, each organization will operate various tour programs and provide travelers a wealth of entertainment content. Under the main theme of “green tourism,” the programs will allow travelers to experience nature through an eco-friendly tour at national parks and a train ride in rural areas. Tour participants will also be able to spend the day and night at a campsite in the middle of a forest, and engage in diverse agricultural and fisheries activities. For instance, the Ministry of Environment and the Korea N

Jul 1, 2010By Lee Hyo-sik
South Korea

Visa rules easing on Chinese tourists

By Lee Hyo-sik Staff reporter The government has decided to loosen visa restrictions for Chinese visitors to attract more wealthy consumers from the world's fastest growing economy, the Ministry of Justice said Thursday. With Japan lowering visa issuance fees for Chinese tourists and taking other measures to draw more visitors from the Mainland, Korea competes to benefit from the growing number of China's rich middle-class travelers. The ministry said it will issue more one-year multiple entry visas to the Chinese, enabling them to enter the country freely for 12 months. Currently, the majority of Chinese visitors are required to apply for a visa each time they come to Korea. The government issues a multiple entry visa to a small number of Chinese people, including politicians, professors, doctors, lawyers and those with permanent residency in an OECD member country. But more Chinese visitors will be able to come here frequently without applying for a visa each time, as teachers, retired government workers and graduates of prestigious universities will also be able

Jul 1, 2010By Lee Hyo-sik
South Korea

Airport body scanners to begin operation this month

Agency warns against possible privacy violation By Lee Hyo-sik Staff reporter The Ministry of Land, Transport and Maritime Affairs said Thursday that it will start operating full body scanners at four airports operating international flights from the middle of this month, ignoring concerns over possible privacy issues. The announcement came one day after the National Human Rights Commission (NHRC) warned the government against installing the scanners at Incheon International Airport and three other airports across the country. The ministry has said that the scanners are aimed to beef up air travel security, following the attempted Christmas Day attack in the United States by a Nigerian terrorist. "We imported scanners from American and British companies last month and finished installment at four airports," a ministry official said. "Due to possible concerns over the invasion of privacy, we will only scan passengers suspected of posing a threat to other travelers and airplanes, and those who are blacklisted or did not pass the initial security procedure." He a

Jul 1, 2010By Lee Hyo-sik
South Korea

Labor struggle brewing over time-off rule

By Lee Hyo-sik Staff reporter Unions are moving toward a head-on clash with the government and management after the controversial "time-off" system designed to trim the number of full-time unionists went into effect Thursday. The Korean Confederation of Trade Unions (KCTU), among others, is vowing to stage an all-out struggle to defeat the scheme, which sets the legal basis for paying union leaders when they take time off from their regular work to perform union duties. The government and business organizations are urging the labor groups to abide by the revised Labor Act, which slashes the number of full-time paid union leaders, warning that those who break the law will face harsh punishment. According to the Ministry of Labor, more than 100 businesses employing over 100 workers nationwide renewed agreements with their unions ahead of the introduction of the time-off system. But the majority of large companies have not been able to sign a revised collective agreement on the number of full-time union officials. Even among those who have reached an agreement, many

Jul 1, 2010By Lee Hyo-sik
Society

KoreaToday Jeju to become international business hub

By Lee Hyo-sik Staff reporter Jeju Island has a geographical advantage and other competitive merits over its rival cities in Northeast Asia in becoming a free international business hub, according to the head of the state-run firm in charge of developing Korea's southern resort island. In an interview with The Korea Times, the chief director of Jeju Free International City Development Center (JDC) Byon Jong-il said the nation's most popular tourist destination has everything it needs to become a human-friendly business center that offers high standards of living. ``I have been working hard over the past year to promote Jeju here at home and abroad for its potential to emerge as a global business town. It has a superb natural environment, with many of its tourist attractions having been designated as UNESCO world heritage sites. Additionally, we can fly from the island to Seoul, Beijing, Tokyo and Shanghai within two hours,'' Byon said. The island has recently become a popular tourism destination not only for Koreans, but also for Chinese, Japanese and other Asian tourists.

Jun 29, 2010By Lee Hyo-sik
South Korea

Patients to pay full amount for checkups at large hospitals

By Lee Hyo-sik Staff reporter Patients at general hospitals for medical checkups will be required to pay a doctors’ bill in full out of their own pockets, as part of government efforts to discourage those with minor illnesses from going to large clinics. The Ministry of Health and Welfare said Tuesday that it is considering obliging patients to shoulder all expenses when they receive a medical examination at 317 general hospitals across the country in a bid to ease the overcrowded conditions there, and encourage patients to visit clinics in their neighborhoods. Currently, those who have medical checkups at university-run hospitals pay the doctor fees in full, while patients seeing a doctor at general hospitals and small clinics pay only 30 to 50 percent of the total bill. The remaining portion is paid by the National Health Insurance. Additionally, people going to university hospitals for a cold or other minor illnesses will be required to pay a greater portion of the medical treatment. Until now, excluding the medical checkup, patients paid 60 percent of hospital

Jun 29, 2010By Lee Hyo-sik
South Korea

Police in tatters

Senior officer’s open revolt against boss exposes excessive competition By Lee Hyo-sik Staff reporter A police station chief’s open revolt against his boss has laid bare the excessive competition to round up more criminals. This merit-based personnel management is seen as the key factor behind officers’ reliance on torturing suspects and other extreme measures. The chief of Seoul Gangbuk Police Station Chae Soo-chang said Monday that his boss, Seoul Metropolitan Police Agency Commissioner Jo Hyun-oh, has been putting too much pressure on officers to apprehend as many criminals as they can, adding the performance-based system has driven some police officers to use torture to extract confessions from suspects. “Torturing suspects is not a problem of a few individuals at Yangcheon Police Station. But this is a result of the current police leadership’s extreme pressure on police officers to compete and perform beyond their means and abilities. If these leaders remain in the top posts, the same problem will continue to occur in the future,” Chae said in a hurriedly arranged

Jun 29, 2010By Lee Hyo-sik
South Korea

Did SBS hit jackpot with World Cup broadcasting?

By Lee Hyo-sik Staff reporter Exclusive broadcasting of the 2010 World Cup in South Africa by SBS was a triumphant bonanza for the company. This is the talk of the town these days despite the South Korean football team failing to advance to the quarter finals of the world's largest sporting event Saturday night after losing its second round match 2-1 to Uruguay. Most media industry watchers say that the nation's third largest broadcaster earned larger advertising revenue than previously expected, thanks to the Korean squad's better-than-expected performance in South Africa. But they say SBS won't be able to reap huge profits from buying the sole right to screen the soccer games from FIFA because the exclusive broadcasting rights had cost more. It is also now facing a punitive fine from the government for breaching an initial agreement with the two other terrestrial broadcasters ― KBS and MBC ― to jointly air the games, on top of damage lawsuits brought on by its two rivals. Additionally, SBS's strict exercising of its public viewing rights, charging outdoor chee

Jun 28, 2010By Lee Hyo-sik
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