my timesThe Korea Times
leehs

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.

Go to Email

Read more

South Korea

Time-off scheme has shaky start

Employers, unions suspected of behind-the-scene deals to avoid conflicts By Lee Hyo-sik Staff reporter A growing number of businesses have reached an agreement with their unions to slash the number of fulltime paid union leaders, despite labor umbrella groups' strong protest against the so-called "time-off" payment system, which will go into effect on July 1. But according to labor organizations, many employers have also agreed with unions in secret deals to maintain the number of full-time union leaders, a bid to avoid potential labor-management conflicts. The government plans to look into local companies' collective agreements concerning the time-off system next month and take stern measures against those who keep the number of regular union leaders beyond the legal limit stipulated by the revised Labor Act. The time-off scheme sets the legal basis for paying the union leaders when they take time off from their regular work to perform union activities. According to the Ministry of Labor Monday, many businesses employing more than 100 workers nationwide have ren

Jun 28, 2010By Lee Hyo-sik
South Korea

Ex-premier Han to be summoned

By Lee Hyo-sik Staff reporter The prosecution said Thursday that it has asked former Prime Minister Han Myeong-sook to appear for questioning today over a bribery case in which she allegedly received illegal political funds from a jailed business man in early 2007. Prosecutors also summoned a close aide to the ex-premier, identified only by her surname Kim, who managed the financial matters of Han's campaign office, to answer investigators' questions about her role in the alleged bribery scandal. They said it still remains uncertain whether Han and Kim will appear for questioning as requested. Investigators plan to ask both individuals to come to the prosecutors' office one more time if they refuse to comply. But the former prime minister has said she will not appear before the prosecution, calling the investigation "politically-motivated." An official at the main opposition Democratic Party (DP) also said Thursday that Han will not change her stance under any circumstance. Investigators may consider seeking an arrest warrant for Han. But more likely they will indi

Jun 24, 2010By Lee Hyo-sik
South Korea

Construction of second Lotte World gets nod

By Lee Hyo-sik Staff reporter Lotte Group, one of Korea's major family-controlled conglomerates, has received a green light from the Seoul Metropolitan Government to build a 123-story skyscraper, called the "Second Lotte World," in southeastern Seoul. The business group has been attempting to build the landmark near its famous indoor park, Lotte World, in Jamsil for years, but was unable to obtain approval from the government. Seoul had opposed the construction over worries about possible air pollution and traffic congestion in the densely populated area, while the Air Force had raised concerns over air traffic safety at the nearby Seoul Airport, located in Seongnam, south of Seoul. But Lotte's decade-long effort has finally paid off thanks largely to President Lee Myung-bak's business-friendly policy stance. The city government said Wednesday that it had approved the conglomerate's plan to build the 500-meter-high skyscraper on 782,497 square meters of land. Lotte had initially intended to construct a 112-story building on a 607,849 square-meters site, but with

Jun 23, 2010By Lee Hyo-sik
South Korea

Aide to ex-PM admits receiving W300 million

By Lee Hyo-sik Staff reporter A close aide to former Prime Minister Han Myung-sook has admitted to receiving money from a jailed businessman in 2007, providing a boost to the prosecution's investigation into an alleged bribery case involving the ex-premier. But the female aide, identified only as Kim, said Han was not aware of the money transaction, insisting the former prime minister had nothing to do with it, prosecutors said, Kim told her lawyers that in March 2007, she took 300 million won ($250,000) in "political funds" from Han Man-ho, the president of the now-bankrupt Hansin Construction in Goyang, Gyeonggi Province, who was jailed for embezzlement and other irregularities after his company went under. But Kim said she returned 200 million won to the builder, while keeping the remaining 100 million won, claiming the ex-premier was ignorant of the affair. The jailed CEO insisted that he provided 900 million won in illegal political funds to former Prime Minister Han to seek favors in winning state-funded construction projects. He alleged that he had offer

Jun 23, 2010By Lee Hyo-sik
South Korea

Outbound travelers to hit record in summer

By Lee Hyo-sik Staff reporter A record number of travelers are expected to fly overseas during the upcoming summer vacation season as more individuals can afford to spend extra cash abroad on the improving economy and the strengthening of the Korean won against the dollar and other foreign currencies. Most travel industry watchers expect this year's figure to easily exceed the previous record set in 2007. Hana Tour, the nation's largest travel agency, said Tuesday that as of Monday, a total of 99,836 individuals have made reservations this month for overseas tours scheduled in July and August, surpassing the 99,776 who bought tour packages in June 2007. In July and August 2007, 117,049 and 123,099 individuals traveled abroad, respectively, breaking the agency's previous records. But Hana expects this year's figure during the July to August period to set new records if its reservations continue to rise at the current pace. "We expect more than 250,000 Koreans to travel overseas via our agency during the summer holiday season, exceeding the 2007 figure. The majority of

Jun 22, 2010By Lee Hyo-sik
South Korea

Underperforming professors face wage freeze

By Lee Hyo-sik Staff reporter Professors at state-funded universities will be subject to a strict performance evaluation from 2015, with the bottom 10 percent facing a wage freeze. But the top 20 percent will receive up to two times the average performance-based salary as a bonus, with those who produce ground-breaking research results receiving as much as four times the average performance pay. The Ministry of Education, Science and Technology unveiled Monday these and other guidelines on the envisioned performance-based payment system for faculty members and other personnel at 41 national universities across the country. The ministry plans to put the measures into practice from July. First, nearly 150 new professors to be hired in the second half of the year will receive salaries based on performance. The system will be expanded to cover all teaching staff and other personnel at state-run universities, totaling 16,000, in 2015. Under the planned performance-based salary system, there are four categories; S (20 percent), A (30 percent), B (40 percent) and C (1

Jun 21, 2010By Lee Hyo-sik
South Korea

Fate of nighttime rallies uncertain

About 300 trials put on hold on stalled law revision By Lee Hyo-sik Staff reporter With the law banning nighttime rallies having been ruled unconstitutional by the nation's highest court last year, the judiciary and police have been scrambling to deal with its fallout. Courts have suspended deliberation on trials brought by the prosecution against those who staged rallies at night, while the National Assembly has failed to come up with alternative legislation due to sharp differences between the governing and opposition parties. In September last year, the Constitutional Court ruled that the current law banning nighttime gatherings violates the spirit of the Constitution, ordering the Assembly to revise the law in accordance with its ruling by June 30, 2010. Previously, protest rallies after sunset were prohibited under the law governing mass rallies and demonstrations. This law will go void and null following the Constitutional Court's ruling, leaving no legal grounds for prohibiting nighttime rallies unless a revised bill is passed by the end of June. However, p

Jun 21, 2010By Lee Hyo-sik
South Korea

Chemical castration sought for pedophiles

By Lee Hyo-sik Staff reporter Minister of Public Administration and Security Maeng Hyung-kyu said Thursday that he will consider chemical castration for convicted pedophiles, as part of government efforts to prevent sex crimes against children. When asked by Rep. Chun Yu-ok of the governing Grand National Party (GNP) about a series of recent sexual assaults against minors by middle-aged men, the minister told lawmakers during an interpellation session that it is worth considering introducing a mechanism designed to offer chemically castration, adding those who rape minors are mentally disturbed. Touching on the government's inadequate supervision of sex offenders, Maeng said, "Kim Soo-cheol (the rapist of a schoolgirl) should have told his probation officer that he was residing in Yeongdeungpo-gu, western Seoul, when he moved there as a convicted sex criminal. But he did not and the district police were not aware of his presence. We need to revise the related laws or take necessary measures to boost the control of sex offenders to better ensure public safety." On June 7

Jun 17, 2010By Lee Hyo-sik
South Korea

University students turn to fortune-tellers

By Lee Hyo-sik Staff reporter Many university students light heartedly go to see fortune-tellers to get a hint of when they are going to meet their soul mate and other "carefree" matters. But Kim Yu-sun, a senior at Korea University, and her friends are taking a more serious approach toward fortune-telling as they are about to graduate in six months and have to find a job amid record high youth unemployment. "Some students may want to go to see a fortune-teller for fun. But my friends and I are more serious about it because we are concerned about our future," Kim said. "I go to talk with fortune-tellers with my friends in a group. We want to find out what the future holds for us, particularly employment prospects." Like her, a growing number of university students these days are looking to get a clue on their job outlook and other important matters in their lives in the wake of the worsening labor market and other unfavorable conditions. Albamon, an online job information provider, surveyed 878 university students across the country early this month and found 68 per

Jun 17, 2010By Lee Hyo-sik
South Korea

Five police officers accused of torture by human rights group

By Lee Hyo-sik Staff reporter The National Human Rights Commission (NHRC) has filed a complaint with the prosecution against five police officers who it alleges to have tortured dozens of suspects over the past year. The commission said Wednesday that it referred five policemen working at the Yangcheon Police Station in southwestern Seoul to the prosecution, accusing them of having illegally tortured suspects by employing inhumane methods to coerce confessions from them. It also called for a full-scale investigation into the police station by the National Police Agency Commissioner General to check whether it performs its duties within the boundaries of the law. But the police flatly denied the NHRC allegations, denouncing them as groundless. A 45-year old who was arrested on theft charges filed a petition with the commission against the Yangcheon Police Station in May, insisting he was tortured into confessing his crime. The suspect claimed that he was first gagged and then his face was wrapped in Scotch tape. After having received two more similar complaints, NHR

Jun 16, 2010By Lee Hyo-sik
previous page
195196197198199
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.