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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

Submarine detoured in West Sea

By Lee Hyo-sik Staff Reporter A 130 ton-class North Korean submarine that fired a torpedo at the Cheonan was presumed to have gone around the West Sea to infiltrate into waters of the South without being detected, an international team of experts investigating the sinking of the warship said Thursday. It also reported that after penetrating the South Korean waters, the submarine zeroed in on the Cheonan and launched a torpedo at close range with intent to send it to the bottom and kill those on board. "After piecing all evidence and intelligence together, we concluded that North Korea's two submarines - a 300 ton-class submarine and a 130 ton-class submarine - were operating in the West Sea on the night of March 26," said vice-admiral Hwang Won-dong who led the intelligence analysis unit at the investigation team. He said the investigation team concluded that it was the 130-ton class one that fired a torpedo at the Cheonan after analyzing fragments of the torpedo recovered from the scene and gathering other military intelligence. Hwang said after the provocation, t

May 20, 2010By Lee Hyo-sik
South Korea

Korea sees more Chinese tourists, fewer Japanese

By Lee Hyo-sik Staff reporter It is not uncommon these days to spot groups of Chinese tourists shopping at department stores and buying souvenirs from street vendors in downtown Seoul. Simpler visa rules and a strong yuan are attracting them to Korea in massive numbers. In contrast, the number of Japanese visitors is declining this year as the Korean won gains ground against the yen and the world's second largest economy continues to remain in a deep slump. The Korea Tourism Organization (KTO) said Wednesday that the number of Chinese visitors totaled 147,000 in April, up 36 percent from a year earlier. The organization expects about 140,000 Chinese to visit Korea in May, up 60 percent from the previous year, pushing up the cumulative figure from January through May to 662,000, up 26 percent from the same period last year. "Despite the worldwide economic downturn, a number of Chinese tourists came here and spent record amounts of money in 2009. The trend is continuing this year on the easing of the nation's visa rules for Chinese nationals and a stronger yuan," a KTO sp

May 19, 2010By Lee Hyo-sik
South Korea

Provincial airports regain vigor

By Lee Hyo-sik Staff reporter A record number of Koreans are traveling both domestically and internationally this year in line with improving economic conditions and the strengthening of the Korean won, providing a much-needed boost to provincial airports. The Ministry of Land, Transport and Maritime Affairs said Wednesday that 12.72 million passengers flew within the country through regional airports from January through April, up 17.4 percent from the same period last year. Only, Incheon International Airport is regarded as Korea’s truly international airport. The number of travelers heading overseas and returning home through Jeju, Gimhae and other regional airports totaled 2.24 million in the first four months of the year, up 20.4 percent from the previous year. If the current trend continues for the remaining eight months, the ministry expects more than 50 million individuals to travel through provincial airports this year, up sharply from 41.7 million in 2009 and 40 million in 2008. “Most regional airports have suffered from chronic deficits over the year

May 19, 2010By Lee Hyo-sik
South Korea

Singapore Airlines to operate A330 on Incheon-Singapore route

By Lee Hyo-sik Staff reporter Singapore Airlines, one of Asia’s leading air carriers, will introduce the state-of-the-art A330 aircraft on its Incheon-Singapore route next month to better serve Korean air travelers. The introduction of the new aircraft is part of company efforts to improve its cabin products and set higher standards for regional-and-medium haul air services. The A330 will serve air travelers on the airline’s daily Incheon-Singapore return service ― SQ603/602 ― from June 2. Additionally, the four times a week service ― SQ609/608 ― will also be served by the A330 aircraft from July 1. Singapore Airlines’ A330 aircraft is configured in a two-class layout, with 30 new business class seats and 255 economy class seats. The inaugural A330 flight, SQ603, will depart Incheon International Airport at 9 a.m. on June 2 and arrive in Singapore at 2:15 p.m. Its return-trip ― flight SQ602 ― will depart Singapore’s Changi Airport at 11:55 p.m. the same day and arrive in Incheon at 7:.20 a.m. on June 3. “The new business class product on the A330s is especially des

May 19, 2010By Lee Hyo-sik
South Korea

Blogs, homepages of deceased neglected

By Lee Hyo-sik Staff reporter In an increasingly digitalized world, individuals these days leave not only cash, houses and other tangible properties behind, but also so-called "digital assets," such as blogs, homepages and email accounts. But these digital properties of the deceased are not adequately maintained and largely left neglected as the bereaved are unable to claim digital assets of their dead family members under the current law. Particularly, homepages of former President Roh Moo-hyun, the late actress Choi Jin-sil and other deceased celebrities are still frequently visited by many Internet users. But their sites are not properly operated and managed, with no one else knowing the sites' IDs and passwords because Web portals refuse to provide such personal information to third parties, citing relevant laws. Under Korea's Information Telecommunication Act and the Telecommunication Secret Protection Act, Web portals are banned from providing IDs and passwords to anyone other than those who set up and operate homepages and email accounts. It means that no on

May 18, 2010By Lee Hyo-sik
South Korea

Jackpot winner donates $700,000 to KAIST

By Lee Hyo-sik Staff reporter A 60-year-old man, who won the largest jackpot ever at Kangwon Land, Korea's only casino open to citizens, has decided to donate his prize money to the Korea Advanced Institute of Science and Technology (KAIST). He also became the first person ever to donate his winnings to any cause since the casino opened its doors in 2000. In a visit to Kangwon Land, Monday, Ahn Seung-pil said he will donate his winnings of 767 million won ($700,000) to one of Korea's most prestigious academic institutes to contribute to the advancement of the nation's science and technology industries. "I did not expect to hit this jackpot. After winning the money, I first thought about donating it to help the unfortunate. But after watching a TV program emphasizing the importance of advanced science and technology to Korea's future, I decided to give the money to KAIST," Ahn said. Ahn said he could have paid off his debts with the prize. "But I think if I work hard, I will be able to clear my debts in the near future. Also, my family backed my decision." He use

May 17, 2010By Lee Hyo-sik
South Korea

Lees remarks on candlelit rally backfires

By Lee Hyo-sik Staff reporter A group of liberal professors at Seoul National University (SNU) issued a statement on Monday, criticizing President Lee Myung-bak, the governing Grand National Party (GNP) and conservative media outlets for distorting the true purpose of candlelit protests against American beef imports. The professors' statement came after President Lee recently called on liberal intellectuals who supported the anti-U.S. beef protest to apologize for their role in the candlelit rally that swept the nation two years ago. "It is absurd for the government and some conservative newspapers to demand apologies from those who organized the anti-U.S. beef protest. It is the current administration who should take a look at itself concerning the matter, not the public," an SNU branch of the National Association of Professors for Democratic Society said in the statement. More than 150 SNU professors belong to the organization. The professors then demanded the Lee administration issue an apology to the people for the careless remarks of President Lee, government offic

May 17, 2010By Lee Hyo-sik
South Korea

Is prosecution reopening probe of ex-PM Han?

By Lee Hyo-sik Staff reporter Prosecutors raided a bank branch office and arrested its former chief, Thursday, on suspicions of receiving a kickback from a construction firm whose owner has been investigated for allegedly providing 900 million won in illegal political funds to former Prime Minister Han Myeong-sook. The investigation comes at a sensitive time as Han is now running in the Seoul mayoral race on the main opposition Democratic Party's (DP) ticket. Despite Prosecutor General Kim Joon-gyu's pledge to suspend a criminal investigation of Han until after the June 2 local elections, this latest move is raising suspicions that investigators are trying to sway public opinion in favor of the governing party candidate, incumbent Mayor Oh Se-hoon. Investigators from the Seoul Central District Prosecutors' Office searched a bank branch in the capital and secured loan documents and computer hard drives. They also obtained and executed a search warrant for the office of the former branch manager, identified only by his surname Kim, and took him into custody. The prose

May 13, 2010By Lee Hyo-sik
South Korea

Fire trucks cameras clamp down on unyielding drivers

By Lee Hyo-sik Staff reporter Fire trucks will be equipped with surveillance cameras as early as August in a bid to crack down on drivers who do not yield or block the path of the emergency vehicles, the National Emergency Management Agency said Thursday. The agency said cameras installed on fire trucks will photograph the license plates of cars that do not either give way or block the road. These will then be handed over to the police and the drivers will be slapped with a fine of up to 200,000 won ($180). Under the current traffic law, drivers are required to stop the car as close to the right side of the road as possible to let fire trucks and other emergency vehicles pass. But drivers not doing so have rarely been punished because there was no hard evidence, such as a photo, which proved they had broken the law. "It is very important to get to the scene of a fire as quickly as possible to save lives and minimize property losses. Usually, we can extinguish a fire successfully if we arrive at the scene within five minutes from ignition," an agency officer said. "But

May 13, 2010By Lee Hyo-sik
South Korea

Court stops exile of Nepalese couple

By Lee Hyo-sik Staff reporter The Korea Immigration Service here has been ordered not to deport a Nepalese couple who once entered the country on forged passports until an upper court issues a final ruling on the matter. The Seoul Administrative Court ruled against the service, Thursday, saying the Nepalese couple who have been running a restaurant and raising two children here could stay until the case was finalized by higher courts. Last December, the immigration office found that the couple had previously entered the country on counterfeit passports in February 2001. It immediately ordered the two to leave the country, saying "they could pose a threat to national security and public safety." But the couple filed a suit with the court against the agency to have the deportation order nullified. The two overstayed their visa after entering Korea in 2001. But they voluntarily left the country in July 2006 and later came back here with valid passports and visas. The court said the statue of limitations on the couple's illegal entry into the country through forged pass

May 13, 2010By Lee Hyo-sik
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