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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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People & Events

Korean couple earns praise for running Dokdo Cafe in Philippines

A Korean couple running the Dokdo Cafe near Alona Beach in the Philippine province of Bohol has been credited with internationally promoting Korea’s sovereignty over the eastern islets and countering Japan’s territorial claims. Seo Kyoung-duk, a Sungshin Women's University professor and social activist well known for introducing Korean culture and history overseas, wrote on social media Thursday that the Dokdo Love Movement Headquarters has named Eom Sang-hyun and Park Jin-hwa as “Dokdo Heroes.” According to the nonprofit organization, the couple opened the coffee shop four years ago to help Filipinos and tourists recognize that the Dokdo islets belong to Korea. The organization added that booklets and various other materials about Dokdo have turned the store into a place to learn about Korean history and territory, not just a spot to drink coffee. “Our sincere explanations and steady efforts have helped locals who were unfamiliar with Dokdo open their minds,” the couple told the organization. Seo also visited the Dokdo Cafe in person, along with representatives of the organi

May 4, 2026By Park Jae-hyuk
Korean couple earns praise for running Dokdo Cafe in Philippines
Companies

Embattled conglomerate leaders forgo salaries

Hanwha Group Chairman Kim Seung-youn and SK Networks Honorary Chairman Choi Shin-won have joined the trend of Korean conglomerate leaders serving without compensation. These moves come in the wake of harsh criticism of themselves and their companies, though both conglomerates described the renouncement as an expression of willingness to fulfill social responsibilities. Starting this month, Kim stopped receiving his salary from Hanwha Solutions, the group's energy unit, where he earned 5 billion won ($3.4 million) in salary last year. The group's other affiliates paid him a combined 20 billion won last year. His decision comes as Hanwha Solutions has drawn mounting criticism from minority shareholders and politicians after announcing in March a plan to raise 2.4 trillion won through a rights offering. The Financial Supervisory Service's (FSS) rejection of the plan forced the company last month to reduce the size of the capital increase to 1.8 trillion won. "This demonstrates the chief executive's responsible leadership by contributing to technology investment for future growth and improve

May 3, 2026By Park Jae-hyuk
Embattled conglomerate leaders forgo salaries
Companies

ChungHo Nais family feud, union protest disrupt Carlyle's takeover

The Carlyle Group is facing challenges in its bid to acquire ChungHo Nais and its affiliates from the bereaved family of the Korean water purifier maker's late founder. As family members remain divided over their inheritance, ChungHo Nais workers are urging management to halt efforts to sell control of the company to a foreign private equity firm. The family dispute became public in January, two months before reports of Carlyle’s takeover bid. After ChungHo Nais founder Joung Whi-dong died at 67 last June, his older son, born in 1986 to the founder’s ex-wife whom he divorced in 1990, filed a complaint challenging the validity of the will. The will granted the founder’s wife and their son, born in 2000, full inheritance of his stake in the company. Since founding the company in 1993, Joung had remained its largest shareholder. Before his death, he held a 75.1 percent stake in ChungHo Nais, while family-controlled Microfilter owned 12.99 percent and the founder’s younger brother held 8.18 percent. The company’s total equity value is estimated at 800 billion won ($542 million). The

Apr 27, 2026By Park Jae-hyuk
ChungHo Nais family feud, union protest disrupt Carlyle's takeover
Companies

Local elections reignite debate on $680 bil. chip cluster location

Politicians running in the June 3 local elections are adding to uncertainty over a semiconductor cluster under construction in Yongin, Gyeonggi Province, with a combined 1,000 trillion won ($680 billion) investment from Samsung Electronics and SK hynix. With the government maintaining an unclear stance in the debate over the chip cluster's location, candidates have pledged to attract semiconductor plants to their regions, raising concerns about potential setbacks in the mega project. Gumi Mayor Kim Jang-ho, who is seeking reelection as a candidate from the main opposition People Power Party (PPP), vowed to bring a semiconductor fab to an industrial complex in his city in North Gyeongsang Province. "Dispersing semiconductor facilities is a global trend, considering TSMC's dispersion of facilities to four production bases and Japan's construction of chip clusters in both Hokkaido and Kyushu," he said April 14. "Part of the Yongin cluster should be moved to other regions, as the city doesn't have enough electricity and needs over 2 trillion won for the water supply." Gangwon Province Gov. K

Apr 26, 2026By Park Jae-hyuk
Local elections reignite debate on $680 bil. chip cluster location
Business

Politics behind oceans ministry's cafeteria closure

The Ministry of Oceans and Fisheries was once again used by the Lee Jae Myung administration to court voters in Busan ahead of the local elections scheduled for June 3. Starting this month, the ministry began closing its cafeteria on the last Friday of every month. The decision came after nearby restaurant owners complained that the cafeteria’s opening in February hurt their earnings, as rents surged following the ministry’s relocation from Sejong to the southeastern port city last December. Announcing the decision Thursday through an unplanned press release, the Busan-headquartered organization acknowledged that the closure is intended to support nearby commercial districts. “After two months of operation, we found that about one-third of our employees use the cafeteria, while the rest dine at nearby restaurants,” the ministry said. “The cafeteria sources all ingredients locally and employs local residents.” Restaurants in Busan saw a temporary boost in customers during the first two months after the ministry’s relocation, when it did not operate a cafeteria. At the time, r

Apr 25, 2026By Park Jae-hyuk
Politics behind oceans ministry's cafeteria closure
Companies

Korea, Vietnam sign 73 MOUs for AI, infrastructure, energy

Business leaders from Korea and Vietnam signed 73 memorandums of understanding (MOUs) in Hanoi, Thursday, during President Lee Jae Myung's state visit to the Southeast Asian country. At a forum held on the sidelines of the president’s visit, businesses from the two countries agreed to expand partnerships in artificial intelligence (AI), infrastructure, energy, consumer goods and financial services. SK Innovation and SK Telecom signed separate MOUs with the Vietnam National Innovation Center and the Nghe An provincial government, respectively, to establish AI infrastructure. Daewoo E&C joined hands with Saigontel for a joint data center project. In the rechargeable battery sector, POSCO Future M won an approval from the Thai Nguyen provincial government for the construction of a plant for artificial graphite anode materials. Doosan Enerbility signed an MOU with two subsidiaries of Petrovietnam to cooperate in the nuclear energy sector, while Taihan Cable & Solution agreed with Newtecons to upgrade Vietnam's power grid and work together in the extra-high-voltage cable market. With the pres

Apr 23, 2026By Park Jae-hyuk
Korea, Vietnam sign 73 MOUs for AI, infrastructure, energy
Companies

AMCHAM, San Francisco agree to boost Korea-US economic ties

The American Chamber of Commerce in Korea (AMCHAM) signed a memorandum of understanding (MOU) with the City of San Francisco Wednesday to strengthen economic ties between Korea and the United States through cooperation with the U.S. city in connecting businesses, encouraging investment and seeking collaboration across various industries. The signing ceremony was held during San Francisco Mayor Daniel Lurie’s visit to Seoul to mark the 50th anniversary of the sister-city relationship. Following the ceremony, a roundtable discussion took place to exchange views on potential areas of collaboration and explore ways to further strengthen Korea-U.S. economic and industrial ties. “This MOU represents a significant milestone in strengthening the economic bridge between Korea and San Francisco,” AMCHAM Chairman James Kim said. “San Francisco has long stood at the forefront of innovation, entrepreneurship and global exchange, and we see tremendous opportunities to deepen collaboration across technology, artificial intelligence, culture and investment. We look forward to leveraging this par

Apr 22, 2026By Park Jae-hyuk
AMCHAM, San Francisco agree to boost Korea-US economic ties
Companies

Defense firms form united front against Hanwha's dominance

The rapid growth of Hanwha Group's presence across sea, air and land defense systems is prompting local rivals to step up efforts to join forces and counter the conglomerate's dominance. During the Sea-Air-Space (SAS) 2026 defense expo in the United States from Sunday to Wednesday, HD Hyundai Heavy Industries (HHI) and LIG Defense & Aerospace (D&A) opened a joint exhibition booth. They also operated a joint booth with Korea Aerospace Industries (KAI) at the World Defense Show 2026 in Saudi Arabia in February. The moves were widely seen as an effort to draw attention away from Hanwha, whose three defense units — Hanwha Aerospace, Hanwha Ocean and Hanwha Systems — operated joint booths at both events. "Unlike other Korean companies at SAS 2026 that shared a joint exhibition booth, Hanwha was the only Korean firm to operate a large standalone booth, drawing strong interest from visitors," Hanwha Ocean said in a press release Wednesday. HD HHI, LIG D&A and KAI also left out Hanwha in 2023, when they signed a memorandum of understanding on cooperation in developing next-generation warship

Apr 22, 2026By Park Jae-hyuk
Defense firms form united front against Hanwha's dominance
Companies

Korean battery firms in Hungary see favorable shifts in business landscape

Korean battery firms running manufacturing facilities in Hungary are expected to ease concerns about their businesses despite the European country’s first political turnover in 16 years, as incoming Prime Minister Peter Magyar and environmentalists have signaled their intent to improve relations with the industry they once criticized. Cautious optimism is also growing that the winning Tisza party’s pro-European Union stance will help revitalize Hungary’s economy and increase local demand for batteries. On April 13, a day after his party won the parliamentary election, Magyar told reporters that his government “warmly welcomes investors,” referring to Chinese battery investment projects in Hungary. “We want to position Hungarian companies as partners of BYD, CATL and other major investors, and I believe we will be able to cooperate,” he said. During his election campaign, Magyar expressed a hostile stance toward Asian battery firms, repeatedly turning the industry into a political issue by raising environmental and labor concerns. He also said his administration would review

Apr 22, 2026By Park Jae-hyuk
Korean battery firms in Hungary see favorable shifts in business landscape
Companies

Kumho Petrochemical seeks to overcome uncertainty with high value-added products

Kumho Petrochemical Group is seeking to respond to mounting market uncertainties and a prolonged global petrochemical supply glut by accelerating its shift toward a high value-added business portfolio, the company said Wednesday. The group plans to closely monitor market trends to strike a balance between profitability and growth, with the goal of turning the current downturn into a new growth engine. Kumho Petrochemical, the group’s flagship affiliate, has stepped up efforts to sharpen its edge in solution styrene butadiene rubber (SSBR), a high-performance synthetic rubber that enhances both tire wear resistance and fuel efficiency. The material is viewed as especially well-suited for electric vehicles, whose tires face heavier loads from batteries as well as frequent acceleration and braking. The company completed new SSBR facilities last year, boosting its annual production capacity by 35,000 tons. With the additional lines that started commercial operations in the first quarter, Kumho Petrochemical expects it will be able to further reinforce its position in the specialty rubber

Apr 22, 2026By Park Jae-hyuk
Kumho Petrochemical seeks to overcome uncertainty with high value-added products
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