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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

Coupang's compensation plan derided as 'bait'

Coupang has drawn strong backlash after announcing on Monday that it would compensate each of the 33.7 million users affected by last month’s data breach by distributing vouchers worth 50,000 won ($35). Describing the vouchers as “bait,” critics argued that the compensation plan is merely intended to lure consumers into spending more money on the e-commerce platform rather than offering a sincere apology. According to the company, on Jan. 15, each user will receive two 5,000 won vouchers that can be used respectively on its main shopping app and the Coupang Eats food delivery service, as well as two 20,000 won vouchers that can be used respectively on Coupang Travel for flight and accommodation bookings and on R.LUX, its luxury shopping platform. Those who have stopped using Coupang’s services will also be eligible to receive the vouchers via text message. “We decided to establish a compensation plan worth 1.68 trillion won to take responsibility for the recent leak of personal information and to restore customer trust,” Coupang said in a press release. Coupang interim CEO Har

Dec 29, 2025By Park Jae-hyuk
Coupang's compensation plan derided as 'bait'
Companies

Coupang rejects gov’t request to hire more non-Korean couriers

It was revealed Friday that Coupang has rejected a recommendation from the National Human Rights Commission of Korea (NHRCK) to increase the hiring of non-Korean delivery workers. According to the government agency’s disclosure, a foreign applicant for a courier position at Coupang was barred from taking a driving test in 2022 because of his nationality. After receiving his petition, the NHRCK advised Coupang last January not to exclude permanent residents from recruitment. As the e-commerce firm transferred its delivery operations to its subsidiary, Coupang Logistics Services (CLS), the commission sent the same recommendation to the unit’s chief executive. However, CLS later said it had no plans to hire more foreign couriers, citing communication issues with non-Korean workers, their unfamiliarity with Korean geography and the need to protect jobs for Korean citizens. The company noted it had hired a small number of non-Korean workers after receiving the recommendation. The NHRCK deemed the response discriminatory and decided to make the rejection public. “It is questionable whethe

Dec 26, 2025By Park Jae-hyuk
Coupang rejects gov’t request to hire more non-Korean couriers
Companies

Coupang’s internal probe into data breach draws renewed bipartisan backlash

Coupang has provoked renewed backlash from policymakers and consumers here through its unilateral announcement Thursday of findings from its internal investigation into last month’s data breach, which affected at least 33.7 million users. Industry analysts have warned that the company could lose market share to rivals that have adopted its growth strategies if it maintains its uncooperative stance, a move seen as aimed at shielding founder Kim Bom-suk, also known as Bom Kim, from government scrutiny. On Friday, lawmakers from both ruling and opposition parties slammed Coupang’s announcement as arrogant, calling the disclosure an unverifiable underestimation of the cybersecurity incident’s impact. The criticism followed the National Assembly’s condemnation of Kim’s refusal to testify at parliamentary hearings. Coupang said in a press release that it had identified the former employee responsible for the leak, retrieved all devices used in the breach and confirmed that the perpetrator had retained data from only 3,000 user accounts before deleting it. The company abruptly releas

Dec 26, 2025By Park Jae-hyuk
Coupang’s internal probe into data breach draws renewed bipartisan backlash
Companies

Hanwha seeks to build nuclear sub in Philadelphia for US Navy

Hanwha Group has expressed its intent to build nuclear-powered submarines for the U.S. Navy at its shipyard in Philadelphia, calling the facility the ideal location to accelerate the ongoing construction of Virginia-class submarines. During a press conference Monday (local time) at Hanwha Philly Shipyard, the Korean conglomerate said workforce reinforcement, productivity improvement, facility investment and technology transfer are underway to prepare for U.S. Navy submarine construction. The press conference came just hours before U.S. President Donald Trump mentioned Hanwha as the company that would work with the U.S. Navy to build new frigates. He described Hanwha as “a good company,” referring to its planned $5 billion expansion at the shipyard, which it bought for $100 million a year ago. "The U.S. government's commitment to nuclear-powered submarine capability, its own and of the allies is very strong," Hanwha Group Chief Strategy Officer Alex Wong, a former U.S. deputy national security adviser, said at the press conference. "We stand ready to fulfill the ability to build those

Dec 25, 2025By Park Jae-hyuk
Hanwha seeks to build nuclear sub in Philadelphia for US Navy
Companies

US politicians mobilize to shield Coupang

Coupang's significant spending on lobbying politicians in the United States has apparently paid off, with Republicans criticizing the Korean government's ongoing investigation into the Seattle-headquartered e-commerce firm. They denounced Korea's probe into Coupang as an attempt to favor China, while remaining silent on the company's massive data breach of the personal information of 33.7 million users, allegedly by a former employee who is a Chinese national. Amid growing suspicion that Coupang has been trying to turn the matter into a diplomatic feud, Seoul is now keeping a close watch on the company's suspected connections with U.S. government officials and lawmakers. Robert O'Brien, who served as national security adviser during the first Donald Trump administration, said Tuesday (local time) that the National Assembly's aggressive targeting of Coupang will set the stage for further discriminatory measures by the Korean Fair Trade Commission and broader regulatory barriers toward U.S. firms. "Trump has worked hard to rebalance the trade relationship with Korea, and it would be very u

Dec 25, 2025By Park Jae-hyuk
US politicians mobilize to shield Coupang
Companies

LG Energy Solution eyes bigger share of ESS orders with LFP batteries

An upcoming selection of companies to supply batteries for a government-led energy storage system (ESS) procurement project has drawn attention to lithium iron phosphate (LFP) batteries. The focus mainly stems from the government’s decision to prioritize safety in the 1 trillion won ($678 million) project, unlike the previous bid where price was the main factor. Compared with ternary batteries made of nickel, cobalt and manganese, or nickel, cobalt and aluminum, LFP batteries are less prone to fires and explosions because of their stable chemistry. Their longer lifespan has also made them increasingly popular in ESS projects, while ternary batteries continue to power electric vehicles (EVs) that require rapid acceleration. According to industry officials Monday, both LG Energy Solution (LGES) and SK On offered to supply LFP batteries in the latest bid. Samsung SDI once again participated with its ternary batteries. In the previous 1 trillion won ESS procurement project, Samsung SDI secured six of eight battery supply deals using its ternary batteries. LGES was awarded two contracts, wh

Dec 22, 2025By Park Jae-hyuk
LG Energy Solution eyes bigger share of ESS orders with LFP batteries
Companies

Trade feud with US reignited over Korea's online platform regulations

Korea and the United States are showing signs of entering another trade dispute over the former’s renewed attempts to regulate monopolistic online platforms. Amid growing calls in Korea to legislate an online platform law following Coupang’s massive data breach that affected more than 33 million users, the U.S. government and lawmakers have warned against the proposed regulations on digital services. A delay in Thursday’s closed-door meeting of the Korea-U.S. Free Trade Agreement Joint Committee has also been attributed to Washington’s complaints about Seoul’s pursuit of digital proposals that the Donald Trump administration views as discriminatory. U.S. political news outlet Politico reported Friday (local time) that the committee’s first gathering since the updated Korea-U.S. trade deal was canceled due to “different views and opinions on digital policies,” citing sources familiar with the matter. The report came after Trade Minister Yeo Han-koo told reporters Wednesday that the meeting was postponed because both sides needed more time to discuss the details of the age

Dec 21, 2025By Park Jae-hyuk
Trade feud with US reignited over Korea's online platform regulations
Companies

PHOTO HD Hyundai, Peru sign submarine deal

HD Hyundai Heavy Industries Senior Executive Vice President Park Yong-yeol, right, poses with Peruvian President Jose Jeri, center, at the South American country's state-owned SIMA shipyard in Lima, Friday (local time). The Korean shipbuilder said Sunday it signed a contract with the Peruvian Navy and SIMA to jointly develop a next-generation submarine. Courtesy of HD Hyundai

Dec 21, 2025By Park Jae-hyukphoto
[PHOTO] HD Hyundai, Peru sign submarine deal
Companies

Battery firms see possible declines over shifting global EV policies

The Korean battery industry is feeling tangible impacts from the reversal of electric vehicle (EV) policies in the United States and the European Union’s withdrawal of its plan to ban the sale of internal combustion engine vehicles starting in 2035. As global carmakers retreat from EVs in line with those shifts, concerns are growing over a potential decline in profits for Korean battery companies. LG Energy Solution (LGES) said Wednesday that Ford Motor canceled a $6.5 billion contract signed last year for the supply of 34 gigawatt-hours (GWh) of batteries from 2026 to 2030 and another 75 GWh from 2027 to 2032. Last week, Ford decided to dissolve a U.S. joint venture with another Korean battery maker, SK On, which has served as one of the main suppliers for its EVs. The decisions came after U.S. President Donald Trump cut subsidies for EV purchases. The U.S. carmaker has already halted production of the F-150 Lightning electric pickup and development of next-generation all-electric pickups and commercial vans. “This issue stems from our partner’s decision to discontinue certain EV m

Dec 18, 2025By Park Jae-hyuk
Battery firms see possible declines over shifting global EV policies
Business

Working extra hours to reduce extra work

What drew the most attention at Wednesday’s presidential policy briefing by the Ministry of Trade, Industry and Resources was Minister Kim Jung-kwan’s introduction of a task force organized within the ministry to eliminate at least 30 percent of “pseudowork.” Inspired by a book by Dennis Normark and Anders Fogh Jensen, Kim said the ministry has been collecting feedback from employees since October to cut tasks that seem productive but create no real value. “I told staff not to host events just for show, but the number of events under our ministry is beyond imagination,” he said. “Since all these events are funded by taxpayers’ money, we should refrain from organizing new ones.” After drawing President Lee Jae Myung’s interest and prompting him to order other ministries to set up similar teams, Kim again emphasized his ministry’s efforts to reduce needless paperwork and overtime during a follow-up dinner with reporters later that day. However, critics say the project to cut extra work is actually generating more of it. “There are concerns that the government is crea

Dec 18, 2025By Park Jae-hyuk
Working extra hours to reduce extra work
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