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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

Sunfull becomes nationwide campaign

By Lee Hyo-sik Staff reporter The "Sunfull" Movement Campaign Office and the Ministry of Public Administration and Security have joined hands to kick off a nationwide campaign designed to clean up online message boards by removing anonymous derogatory comments and increasing the practice of posting positive messages online. Sunfull is a Korean word meaning positive comments and anti-cyber bullying. The two will hold a launching ceremony for the Sunfull Movement at the KBS 88 Stadium in western Seoul at 11 a.m. Saturday. Minister of Public Administration and Security Mang Hyung-kyu and Min Byoung-chul, founder of the Sunfull Movement, will attend the ceremony along with some 3,000 middle and high school students from all over the country. The ceremony will feature a range of events to highlight their fight against cyber bullying. They also plan to kick off the campaign in five major provinces nationwide from June through September by organizing similar events. Min started the movement following the suicide of singer Unee in 2007, following malicious comments and grou

May 28, 2010By Lee Hyo-sik
South Korea

Unmanned immigration checks available for foreigners

By Lee Hyo-sik Staff reporter It is a common scene for foreign nationals who enter and depart Korea to wait in long lines at the airports to have their immigration documents processed by inspectors. But the queue will be shorter as about 30,000 non-Koreans will be allowed easier entry and exit at unmanned immigration checkpoints using auto-gates, a move to make the process more pleasant and less time-consuming for foreigners. The Ministry of Justice said Thursday that foreign passport holders who have obtained permanent residency here or invested large amounts of money will be able to process their immigration documents through an unmanned screening system at Incheon International Airport as early as July. When the measure is put into practice, about 30,000 foreigners who frequently visit the country are expected to benefit from it. Those who want to process their passport and other immigration papers through the automatic system will be required to first check with inspectors to verify their passports and identities. Additionally, they should provide passport ph

May 27, 2010By Lee Hyo-sik
South Korea

What drove lecturer to suicide?

Police to probe ‘dirty deals’ for professorship at universities By Lee Hyo-sik Staff reporter Police will investigate allegations raised in a suicide note by an hourly lecturer who accused some universities of having requested kickbacks in exchange for professor jobs. Gwangju Seobu Police Station said Thursday that its officers are trying to verify the contents of the five-page suicide note left by a 45-year-old hourly university lecturer at Chosun University, identified only by his surname Seo, who died from carbon monoxide poisoning. The note is reportedly addressed to President Lee Myung-bak. Seo also alleged that he was forced to write a number of academic papers on behalf of his supervising professor, insisting all the papers were published in the professor’s name. Investigators are currently questioning his family members and colleagues at the university to find out what drove him to end his life. With Seo’s bereaved family members moving to take legal action against those implicated, the police will likely soon start an investigation into Seo’s allegations

May 27, 2010By Lee Hyo-sik
South Korea

Half-brother accused of repeatedly raping sister

The mother of a mentally-disabled daughter filed a complaint with the prosecution for the fifth time since 2003, Wednesday, accusing her daughter’s half brother of raping her. The 57-year old woman, identified only as Chang, took her 35-year old daughter to the Busan District Prosecutors’ Office and sued a 42-year old man, only identified by his last name Kim, for sexually assaulting her daughter three times between April and June 2003. The seven-year statute of limitations ends on June 23. In 1974, Chang conceived her daughter as a result of a sexual assault by Kim’s father. “He first got me drunk and then raped me. It was not easy for me to disclose it to my family and friends back in the 1970s. I hid it from them,” she said. “When my daughter was 2-years old, the man who raped me was killed in an automobile accident. But due to financial matters, I became acquainted with his family members later.” Chang then said when Kim was 35 years old in 2003, he raped her 28-year old daughter who was studying theater arts at university. As a result of the sexual assaults, th

May 26, 2010By Lee Hyo-sik
South Korea

Gay drama raises religious groups eyebrows

By Lee Hyo-sik Staff reporter Korean society seems much more tolerant about homosexuality these days. But what about a gay kissing scene on a prime time TV drama? That may be too much for at least some religious groups in this society where Confucian values are still dominant. Nevertheless, homosexuality is no longer taboo as a soap opera theme. It’s emerging as a popular topic, raising the eyebrows of some religious groups. Conservative Christian groups argue that it is inappropriate for terrestrial broadcasters to air TV dramas featuring gay love, insisting it negatively influences the “sacred” institution of marriage between men and women. However, progressive religious organizations say that now is the time for Korea to openly discuss the controversial issue and find ways of properly protecting homosexuals and other social minorities. SBS, one of Korea’s major broadcasters, is currently airing a soap opera, titled “Beautiful Life” on Saturdays and Sundays, which deals with love between two gay men, and their conflicts with family members and friends. Its vie

May 26, 2010By Lee Hyo-sik
South Korea

KoreaToday Korea to explore ocean for future natural resources

By Lee Hyo-sik Staff reporter South Korea imports most of its energy needs from outside, leaving itself extremely vulnerable to sudden changes in the price of oil and other raw materials. Coupled with the rapid depletion of natural resources, surging demand from China, India and other fast-growing emerging economies raises the price of crude and other commodities sharply, weighing heavily on the Korean economy. To secure a stable supply of energy resources and achieve a sustainable growth, the nation should turn its eye to the sea and make larger investments to explore a range of minerals on the sea bottom, Korea Ocean Research and Development Institute (KORDI) President Kang Jung-keuk stressed. ``To cut our reliance on oil and other conventional fossil fuels produced on land, we should proactively explore manganese nodules and other marine natural resources. We secured 75,000 square kilometers of open sea in the Pacific Ocean under which some 510 million tons of manganese nodules are estimated to be buried. Additionally, we secured the right to explore 20,000 square ki

May 26, 2010By Lee Hyo-sik
South Korea

KoreaToday Ocean holds key to Korea’s future

By Lee Hyo-sik Staff reporter South Korea, surrounded by the water on its three sides, should make more of an effort to turn the ocean into its future repository of food and natural resources amid rapidly depleting land-based reserves, the nation's leading oceanographer said. In an interview with The Korea Times, Korea Ocean Research and Development Institute (KORDI) President Kang Jung-keuk said countries poor in resources, like Korea, must proactively explore the sea in order to continue sustainable development in the future, stressing Asia's fourth largest economy should spend more money to study the marine environment and develop state- of-the-art technologies to secure deep-sea minerals. ``Many say that the 21st century is an `era of the sea' and I couldn't agree more. It has become inevitable for us to pay more attention to the ocean for survival in line with the rapid depletion of easily exploited resources and intensifying competition across the globe to secure food and energy on land. The ocean is our next frontier and our future depends on it,'' Kang said. He

May 26, 2010By Lee Hyo-sik
South Korea

Koreans’ use of Internet for news highest in OECD

By Lee Hyo-sik Staff reporter South Korea is well-known as the world's most wired and Internet-friendly nation, with nearly all businesses and households here linked to high-speed broadband networks. With the globe's highest Internet penetration, it is no wonder that an increasing number of individuals are getting their news from cyberspace, while shunning newspapers, TV and other traditional media outlets. According to a recent report released by the Organization for Economic Cooperation and Development (OECD), about 77 percent of Koreans surfed the Internet for news in 2008, the highest among the world's 30 most advanced economies. Norway came in second with 73 percent of Norwegians getting their news from the World Wide Web, followed by Iceland at 69 percent and Mexico at 61 percent. But only 17 percent of Italians and Irish turned to cyberspace for the news. On average, more than 50 percent of individuals in OECD countries obtained news online, clearly indicating that the Internet has been replacing traditional news outlets more and more over the years. "Still

May 25, 2010By Lee Hyo-sik
South Korea

Korea — a lucrative market for Air France

By Lee Hyo-sik Staff reporter The Korean air travel market has been recovering fast from the worldwide economic downturn and will soon return to a pre-crisis level in line with improving global economic conditions and the strengthening of the Korean won, a foreign airline industry expert here said. In an interview with The Korea Times, Herv? Moulin, Air France general manager for Korea, said the French flagship airline will improve its in-flight services and offer a range of differentiated and customer-friendly airfares to attract more outbound Korean travelers heading for Paris and other European destinations. ``Korea's airline sector is a lucrative market for us. It will likely expand at a fast pace for the foreseeable future on a rise in both outbound and inbound air travelers between Korea and Europe. To take advantage of greater future air travel demand here, we are making all necessary preparations,'' Moulin said. Following the global financial market meltdown in the second half of 2008, Korea's travel demands plunged. But since the beginning of this year, the loc

May 23, 2010By Lee Hyo-sik
South Korea

Bicycle riders obliged to register with government

By Lee Hyo-sik Staff reporter Riding a bicycle has become a popular weekend recreational activity among Koreans not only for its health-boosting effects, but also for fun. Additionally, many salaried workers are cycling to commute to work on weekdays, helping to ease the traffic congestion and make the air cleaner. However, this bicycle boom has its own side-effects. Thousands of bicycles have been left unattended on sidewalks across the country, posing an inconvenience to pedestrians, with thousands more being stolen or lost. Against this backdrop, the government is moving to introduce a registration policy for bicycles, which is similar to that of automobiles, in a bid to more systematically manage bicycles across the nation. The Ministry of Public Administration and Security said Thursday that it will implement a nationwide integrated registration and management system for bicycles next year to help owners more easily recover lost bicycles and prevent them from illegally disposing of bicycles in public places. "The absence of a standard registration policy her

May 20, 2010By Lee Hyo-sik
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