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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

Ex-PM Han under probe again

By Lee Hyo-sik Staff reporter Prosecutors are investigating a brother of former Prime Minister Han Myung-sook for alleged bribe-taking from a businessman in what is seen as a step to reopen their probe of a bribery case involving the ex-premier. Investigators are also considering seeking an opinion from a "grand jury," to be established as part of its recent reform measures, before deciding whether to indict her for allegedly taking illegal political funds from the now-jailed businessman who owns a construction company. According to the Seoul Central District Prosecutors' Office, Wednesday, investigators have found that in 2009 Han's brother paid for key housing rental money with a 100 million won ($83,000) check, which was issued in 2007 by Han Man-ho, the president of the now-bankrupt Hansin Construction in Goyang, Gyeonggi Province. The prosecution has been tracing his bank account records. The builder, who has been in jail for embezzlement and other irregularities since his company went under, insisted that he provided 900 million won in illegal political funds to f

Jun 16, 2010By Lee Hyo-sik
South Korea

Korea Airports Corp. gearing up to revitalize provincial airports

By Lee Hyo-sik Staff reporter A growing number of Koreans are traveling both domestically and internationally this year on improving economic conditions and the strengthening of the Korean won, providing a much-needed boost to provincial airports. To capitalize on the travel boom, the operator of the nation’s 14 provincial airports plans to improve airport facilities and customer satisfaction. Korea Airports Corp. (KAC) CEO Sung Si-chul said Tuesday that the company will make every effort to draw both Korean and foreign air travelers, stressing many of the 14 regional airports will generate profits this year. “In 2009, only three out of 14 provincial airports were in the black in the wake of the worldwide economic slump. But we will do much better this year and beyond as a result of a surge in both outbound and inbound travelers,” Sung said at a press conference. According to the Ministry of Land, Transport and Maritime Affairs, 12.72 million passengers flew within the country through regional airports from January through April, up 17.4 percent from the same p

Jun 15, 2010By Lee Hyo-sik
South Korea

Intoxicated ex-baseball star in car accident

By Lee Hyo-sik Staff reporter Former baseball star Jung Soo-keun, 33, is in trouble with the law once again, for crashing his car into a taxi in southern Seoul early Sunday while under the influence of alcohol. The police said the former Lotte Giant outfielder is now in custody after the accident took place near the Renaissance Hotel at around 4:40 a.m. Sunday. A companion riding in his car, as well as the taxi driver and three passengers were treated at a nearby hospital after sustaining severe injuries. According to the police, his blood-alcohol concentration level measured by a breathalyzer after the accident was 0.125 percent, exceeding the limit of 0.05 percent for driving. A police officer said Jung was driving while intoxicated and that the former baseball player will be prosecuted in accordance with the traffic accident law. He quit baseball in September 2009 after the Lotte Giants, fed up with his repeated misdemeanors away from the field, released him and the Korea Baseball Organization (KBO) handed down an indefinite suspension for a second time. A mon

Jun 13, 2010By Lee Hyo-sik
South Korea

Korean Air No. 1 cargo carrier for 6 years

By Lee Hyo-sik Staff reporter Korean Air continues to dominate the global cargo transport market, holding the No. 1 spot for the sixth consecutive year. The International Air Transport Association (IATA) said Thursday that the nation's largest air carrier topped the global ranking in commercial cargo operations in 2009, maintaining the top spot since 2004. It also became the world's 13th largest passenger carrier last year, up four notches from the previous year. The airline company transported 8.8 billion freight tonne-kilometers (FTK), becoming the world's largest global freight carrier. Cathay Pacific came in second at 7.7 billion FTK, followed by Lufthansa at 6.7 billion FTK. "New market developments and excellent service management are the key factors for our success. Eying high-potential growth in the Central Asia market, Korean Air has been developing the Navoi International Airport in Uzbekistan, positioning the airport as a regional logistics hub to expand our global cargo network. For prompt and safe operations, Korean Air has unified its freighter fleet

Jun 11, 2010By Lee Hyo-sik
South Korea

2 out of 100 residents are foreigners

By Lee Hyo-sik Staff reporter More than two out of every 100 residents here are either foreign nationals or immigrants with Korean citizenship and their children, the Ministry of Public Administration and Security said Friday. It said those who were born outside Korea and their children numbered 1.14 million this year, up 2.9 percent from a year earlier, and accounting for 2.3 percent of the nation's registered residents. They include non-Korean workers staying here over 90 days, and foreign immigrants and their children. The ministry said the number of "foreign-origin" residents grew at a much slower rate than in previous years. From 2006 through 2009, it surged by more than 20 percent. "With the worldwide economic slump, local companies employed fewer migrant workers. Additionally, fewer foreign women from Southeast Asian countries came here to marry Korean men," a ministry official said. Migrant workers, English teachers and other foreign nationality holders stood at 921,000, accounting for 80.8 percent of the total, while those who were naturalized in Korea numbe

Jun 11, 2010By Lee Hyo-sik
South Korea

Elderly account for 33 percent of suicides

By Lee Hyo-sik Staff reporter One out of every three Koreans committing suicide is a senior citizen, with a growing number of the elderly here taking their own lives due mainly to financial difficulties and illness. The Korean Association of Senior Welfare Centers said Friday that senior citizens aged over 61 accounted for 32.8 percent of those who committed suicide here in 2009, up sharply from 19.4 percent in 1999 and 10.3 percent in 1989. The center said an increasing number of the elderly are killing themselves as more of them live on their own in line with rising life expectancy and the splintering nuclear family structure. Additionally, many suffer from economic strain as they did not save enough money for retirement and combined with a range of terminal illnesses, they are prompted to take own lives. "We will launch a campaign at Tapgol Park, a favorite hangout among seniors, to increase the awareness about the seriousness of suicide among the elderly, as well as to offer them support so they can consider alternatives to ending their lives. We will hold an anti-s

Jun 11, 2010By Lee Hyo-sik
Travel & Food

Jeju Air marks 4 years in air

By Lee Hyo-sik Staff reporter Despite a dismal performance last year as a result of the worldwide economic downturn, local budget airline carriers have been flying high this year on a growing number of air travelers in line with improving economic conditions and the strengthening of the Korean won. Jeju Air, which marked the fourth year in operation on June 5, stands out among the pack as the nation’s oldest budget air carrier has emerged as the biggest beneficiary of the renewed travel boom. Despite a temporary setback in 2009 as a result of the economic slump and the spread of the H1N1 influenza, the budget carrier, headed by CEO Kim Jong-chul, has seen its annual revenue and the number of passengers expand by an average of 96 percent and 81 percent, respectively, since its operation in June 2006. “Due to unfavorable business conditions, we earned 87.8 billion won ($85 million) in sales in 2009 but posted a 27.3 billion won operation loss. But we have attracted a total of 892,000 passengers from January through May, more than half of last year’s total. Our revenue is e

Jun 11, 2010By Lee Hyo-sik
South Korea

N.Korea beauty in propaganda video hot on Internet

By Lee Hyo-sik Staff reporter An online video clip featuring an attractive female university student from North Korea promoting the communist regime's propaganda, has been drawing attention among the Internet community here. They are not interested in the content of the North's propaganda slogans that she speaks about. Instead they are making many comments about her looks, calling her North Korea's "eoljjang" or top beauty. The young woman dressed in a modern outfit, introduces herself as Park Jin-joo and is a student of Pyongyang Teachers' University. She said in the video that her family had just moved to a new place, adding that the communist state gave them a bigger house. It then showed the whole family clapping their hands and singing together in great happiness. "There are many people who do not own a house and kill themselves in a capitalistic society," Park said in a narration during the four-minute clip. The video then showed a group of homeless people in western countries and scenes from the confrontation between the riot police and tenants protesting redevel

Jun 10, 2010By Lee Hyo-sik
South Korea

Education ministry hurries to dismiss unionized teachers

By Lee Hyo-sik Staff reporter The government has instructed regional education offices to dismiss 134 politically-active unionized public school teachers as soon as possible before the newly elected liberal education superintendents take over Seoul and five other key municipal offices next month. In response, a liberal teachers' group fiercely protested the move, saying it will take all possible measures to stop its members from being punished, including staging a nationwide signature-gathering campaign. The Ministry of Education, Science and Technology said Wednesday that it ordered district education offices across the nation to take disciplinary action at the earliest date against the 134 unionized teachers indicted by the prosecution last month for having paid dues to the progressive minor Democratic Labor Party (DLP). They are members of the Korean Teachers and Education Workers' Union (KTU). "We are required by law to ask regional education offices to initiate disciplinary steps against those who broke the law within a month after they have been indicted by the pr

Jun 9, 2010By Lee Hyo-sik
South Korea

Taxi, express bus passengers obliged to wear seatbelts

By Lee Hyo-sik Staff reporter Taxi and express bus drivers could be required to expel passengers refusing to wear seatbelts from early next year. Owners of these transport vehicles will also be obliged to check drivers follow the strengthened passenger safety rules. Otherwise, they will be hit with hefty fines. The Ministry of Land, Transport and Maritime Affairs said Wednesday that it will revise the "Passenger Transport Vehicle Act" and send it to the National Assembly for approval later this year. It would like to see it go into effect in the first half of next year. Under the revision, taxi and bus drivers who do not wear a seatbelt will have to pay 100,000 won ($82) in fines if caught by the police. Additionally, they will be required to ensure that passengers fasten their seatbelts. Otherwise, they will be slapped with the same penalty. Operators of taxis and buses will be charged a 200,000 won fine if they fail to properly educate drivers about the strengthened passenger safety rules or let vehicles operate with broken seatbelts. Currently, commercial pass

Jun 9, 2010By Lee Hyo-sik
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