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Park Jae-hyuk

Korea Times Business Reporter

Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.

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Companies

UK consultancy defends 'millionaire exodus' report amid criticism in Korea

British investment migration consultancy Henley & Partners pushed back against recent criticism in Korea of its private wealth migration report, which sparked a controversy here over its credibility. The report was cited in a press release from the Korea Chamber of Commerce and Industry (KCCI), showing that the net outflow of millionaires from Korea had been projected to reach 2,400 in 2025, double the 1,200 recorded in 2024 and the fourth-largest globally, following the United Kingdom, China and India. Sarah Nicklin, head of public relations and communications at Henley & Partners, told The Korea Times via email on Monday that the statistics in question refer to the “projected net loss” of millionaires from Korea in 2024 and 2025, not “final figures.” The firm’s stance came after President Lee Jae Myung and senior government officials here labeled the report unreliable and rebuked the KCCI for using it to call for reforms in the country’s inheritance tax system. After the president condemned the chamber’s statement as “fake news” intended to “attack government policy

Feb 10, 2026By Park Jae-hyuk
UK consultancy defends 'millionaire exodus' report amid criticism in Korea
Companies

Samsung SDI, Korea East-West Power to jointly invest in global ESS projects

Samsung SDI said Monday it has signed a memorandum of understanding with Korea East-West Power, a state-run electric utility, to jointly develop and invest in global energy storage system and renewable energy projects. The two companies agreed to collaborate on new business models, such as renewable energy-linked initiatives and grid stabilization projects. They will also pursue joint management of energy use at Samsung SDI’s Ulsan facility. In addition, the companies plan to steadily expand their joint business opportunities in the global energy market, broaden the scope of collaboration and take a proactive approach to changes in the global supply chain. "Through our collaboration with Korea East-West Power, a leading public power generation company, we expect to strengthen our global competitiveness in the energy storage system and renewable energy sectors," said Kim Heon-joon, head of Samsung SDI Americas. "We will further solidify our position as a leading energy solutions provider." Samsung SDI said the agreement is significant as it brings together a leading Korean battery manufa

Feb 9, 2026By Park Jae-hyuk
Samsung SDI, Korea East-West Power to jointly invest in global ESS projects
Tech & Science

Saxony believes Korean chipmakers can afford to invest in German state

The German state of Saxony remains optimistic about attracting semiconductor investments from Korea, despite U.S. President Donald Trump's pressure on global chipmakers to expand manufacturing in his country and the ongoing large-scale factory construction by Samsung Electronics and SK hynix near Seoul. "We do not view global semiconductor investment as a zero-sum equation," Saxony Trade & Invest CEO Thomas Horn told The Korea Times via email on Sunday. "Leading companies are increasingly pursuing geographic diversification to strengthen supply chain resilience rather than concentrating capacity in a single region." The head of Saxony's state government-run investment promotion agency made the remarks ahead of a business delegation from Saxony and neighboring Saxony-Anhalt arriving in Korea on Monday for a five-day trip aimed at encouraging semiconductor and tech firms here to build facilities in the eastern German state. "The delegation's visit to Korea is focused on strengthening our strategic dialogue with the broader technology ecosystem," he said. "Our goal is to engage with a wide

Feb 9, 2026By Park Jae-hyuk
Saxony believes Korean chipmakers can afford to invest in German state
Companies

Skepticism persists over EcoPro BM despite 2025 profit rebound

EcoPro BM continues to face skepticism over the growth potential of its earnings and stock price, even after returning to profit in 2025, just a year after posting an annual operating loss. Attributing the earnings recovery to the reversal of an inventory write-down during the fourth quarter of last year, securities analysts warned Friday that the Korean battery materials producer will continue to struggle to improve its revenue this year. The rapid surge in its stock price earlier this month was merely seen as a result of the Lee Jae Myung administration’s efforts to boost the tech-heavy secondary Kosdaq market. “With investors betting on potential government policies to stimulate the Kosdaq market, the price increase was largely driven by inflows to exchange-traded funds rather than expectations for a recovery in the rechargeable battery sector,” said iM Securities analyst Chung Won-suk, who advised investors to neither buy nor sell EcoPro BM shares. “The company turned a profit mainly because it adjusted the useful life of its tangible assets, which reduced depreciation costs

Feb 7, 2026By Park Jae-hyuk
Skepticism persists over EcoPro BM despite 2025 profit rebound
Tech & Science

Boston Dynamics acknowledges safety risks in humanoid robots

A senior engineer at Boston Dynamics admitted Friday that humanoid robots carry inherent risks and uncertainty, saying that limiting unpredictability is the most effective way to ensure safe interaction between humans and machines. Speaking in Seoul, Federico Vincentini, head of product safety at the U.S. robotics firm owned by Hyundai Motor Group, said humanoid robots are “intrinsically unpredictable,” making “zero uncertainty” impossible even with advanced technology. "It's never completely clear or understood where a humanoid robot will walk next," Vincentini said during the first Humanoid TechCon in Seoul. "Asking a robot that is intrinsically uncertain to be certain is a paradox." His remarks came amid Hyundai Motor's conflict with its union over the automaker's planned deployment of Boston Dynamics-developed Atlas humanoid robots at factories in Korea and abroad. Fearing job losses, unionized workers have urged management to discuss the deployments in advance. Vincentini's speech on building trustworthy humanoid robots for real-world operations, however, made clear that Hyund

Feb 6, 2026By Park Jae-hyuk
Boston Dynamics acknowledges safety risks in humanoid robots
Companies

Coupang’s Rogers considers testifying over Korea’s ‘discriminatory’ practices

Coupang interim CEO Harold Rogers is considering whether to appear before the U.S. House Judiciary Committee after Republican lawmakers ordered him to testify over what they describe as Seoul’s “targeting” of the Seattle-headquartered e-commerce firm and other American companies. He was also asked to provide all records of communications between Coupang and Korean authorities. In a letter sent to Coupang's interim CEO Harold Rogers on Thursday (local time), Reps. Jim Jordan and Scott Fitzgerald requested he appear for a deposition with the committee to answer questions related to the Korean government’s targeting of Coupang and other innovative American companies. The hearing is scheduled for Feb. 23. "Over the past few months, the KFTC (Korea Fair Trade Commission) and other agencies within the Korean government have escalated their discriminatory attacks on American technology companies, including by threatening U.S. citizens with criminal charges," the letter read. "The targeting of Coupang and the potential prosecution of its American executives serve as a sharp escalation of

Feb 5, 2026By Park Jae-hyuk
Coupang’s Rogers considers testifying over Korea’s ‘discriminatory’ practices
Tech & Science

Hannover Messe to help position Korean firms as industrial AI leaders

The organizer of Hannover Messe, one of the world’s largest trade fairs, said on Thursday in Seoul that this year’s event will focus on exhibitions featuring artificial intelligence (AI), robotics and defense technologies. With HD Hyundai Electric returning for the first time in seven years, the German exhibition’s organizer also emphasized that around 70 Korean institutions and companies, including small innovative machinery and robotics firms, will join the event to explore ways to navigate rapid changes in the industrial landscape. “Korea is a country that perfectly fits into Hannover Messe,” said Hubertus von Monschaw, global director of Deutsche Messe, during a press conference. “The strong attendance and the knowledge that comes from your country are highly appreciated.” This year’s exhibition will take place from April 20 to 24 in the German city of Hanover, under the theme “Think Tech Forward.” For the first time since the annual fair began in 1947, there will be a display dedicated to manufacturing technologies for the defense sector. “Why we are looking at

Feb 5, 2026By Park Jae-hyuk
Hannover Messe to help position Korean firms as industrial AI leaders
Business

Trade minister ends weeklong US visit without meeting counterpart

Korea’s trade minister failed to hold a face-to-face meeting with his U.S. counterpart during his weeklong stay in Washington. The trip was originally intended to prevent the Trump administration from raising tariffs on Korean goods from 15 percent to 25 percent, reversing last year’s agreement. The latest talks between the two countries’ top diplomats in Washington appeared unproductive as well in narrowing their differences over the tariff issue, given discrepancies in each side’s press releases regarding the issue. As last week’s tariff talks between Korea’s industry minister and the U.S. commerce secretary ended without any tangible outcome, uncertainty continues over the export-dependent Asian country’s trade relations with its key ally. Speaking to correspondents before his return to Korea on Tuesday (local time), Trade Minister Yeo Han-koo cited the tariff agreement signed between the United States and India the previous day as the reason he could not meet U.S. Trade Representative Jamieson Greer. “I had in-depth talks with the deputy representative for nearly two

Feb 4, 2026By Park Jae-hyuk
Trade minister ends weeklong US visit without meeting counterpart
Companies

Hyundai Steel begins mass production of low-emission steel sheets

Hyundai Steel has begun mass production of low-emission steel sheets that cut carbon emissions by more than 20 percent compared with products made solely through conventional blast furnace processes, as the company steps up efforts to meet tightening environmental regulations. According to the steelmaker Wednesday, it has successfully commercialized the world’s first hybrid process that combines molten iron produced by an electric arc furnace (EAF) with that from a blast furnace, leveraging its accumulated expertise in both technologies. Hyundai Steel has been conducting stability and quality verification tests at its steel mill in Dangjin, South Chungcheong Province, since April 2023 ahead of operating the hybrid EAF-blast furnace process and entered full-scale mass production this month. The company has completed grade certification for 25 steel products manufactured using the new process, including two types of low-emission steel sheets that recently entered mass production. It plans to secure certification for an additional 28 products within the year, expanding the total to 53 ce

Feb 4, 2026By Park Jae-hyuk
Hyundai Steel begins mass production of low-emission steel sheets
Companies

HD Hyundai impresses Canada's defense delegation in Korea's sub bid

Canada's defense delegation got a firsthand look at HD Hyundai's naval ship technologies, which the top delegate described as "amazing," during their visit to the company's headquarters, Wednesday. The delegation's visit was made ahead of Ottawa's upcoming decision on a contractor to supply next-generation patrol submarines for the Royal Canadian Navy. A Korean consortium led by Hanwha Ocean and HD Hyundai Heavy Industries (HHI) was shortlisted as a final contender for the bid. The company said that Park Yong-yeol, head of HD HHI's Naval Ship Business Unit, welcomed the delegation including Stephen Fuhr, Canada's secretary of state for defense procurement, at the company headquarters in Seongnam, Gyeonggi Province. He introduced the shipbuilder's destroyers, frigates, submarines and unmanned surface vessels, as well as its artificial intelligence-powered autonomous navigation technology. According to HD Hyundai, Fuhr showed a keen interest in the Korean firm's naval ship technologies and potential partnership for the submarine project, saying, "Amazing — I literally feel like I'm in t

Feb 4, 2026By Park Jae-hyuk
HD Hyundai impresses Canada's defense delegation in Korea's sub bid
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