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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

Trump’s APEC attendance boosts competition for shipyard visit

Competition is now in full swing to bring U.S. President Donald Trump to a Korean shipyard during the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting slated for Oct. 31 to Nov. 1 in Gyeongju, North Gyeongsang Province. With Trump confirming his participation in the international summit, HD Hyundai Heavy Industries (HHI) and Hanwha Ocean, as well as the cities housing their shipyards, have ramped up efforts to secure a visit from the U.S. president, who has shown strong interest in revitalizing his country’s shipbuilding industry with Korean investment and technology. HD HHI has already urged diplomatic efforts to bring Trump to its shipyard in Ulsan, a port city bordering Gyeongju. “Our company is located about an hour’s drive from Gyeongju,” Joo Won-ho, head of HD HHI’s Naval & Special Ships Business Unit, said Friday during a meeting of the ruling Democratic Party of Korea (DPK) with defense industry leaders. “If President Trump and other leaders visit HD HHI and see our vast and diverse infrastructure, they will understand how the Korean shipbuilding

Sep 23, 2025By Park Jae-hyuk
Trump’s APEC attendance boosts competition for shipyard visit
Tech & Science

Coway Square Fit enables personalized indoor air purification

Korean home appliances maker Coway has launched the Square Fit air purifier, designed to deliver optimal air management for a variety of home environments and lifestyles. The product is available in two models — 38 square meters and 82 square meters —enabling users to choose the size that best fits their space. Both models come in four colors: sand beige, pure white, sage green and pebble gray, to match the customer's interiors. Coway said the four-stage filtration system removes 99.999 percent of ultra-fine particles as small as 0.01 micrometers, along with everyday odors and five major harmful gases, helping to ensure clean and healthy indoor air. The company highlighted its exclusive air-matching filter, which allows users to personalize their filter selection for intelligent, customized air quality control at home. Filter options include a pet filter for households with animals, an allergen filter for enhanced removal, a fine dust filter for particulate concentration and a dual deodorization filter for improved odor elimination. “With our air-matching filter technology, the Squa

Sep 22, 2025By Park Jae-hyuk
Coway Square Fit enables personalized indoor air purification
Companies

PHOTO HD Hyundai Oilbank, Korean Air sign SAF supply deal

HD Hyundai Oilbank employees pose at its factory in Seosan, South Chungcheong Province, Monday, to celebrate the company's provision of sustainable aviation fuel (SAF) to Korean Air. The oil refiner said a 1 percent SAF blend will be used on the airline's flights from Incheon to Kobe, Japan, through the end of next year. The two companies signed the supply deal ahead of the government's upcoming mandate on using SAF in all outbound flights starting in 2027. Courtesy of HD Hyundai Oilbank

Sep 22, 2025By Park Jae-hyukphoto
[PHOTO] HD Hyundai Oilbank, Korean Air sign SAF supply deal
Companies

Shilla exit sparks concerns over Chinese firm’s entry to Incheon airport

China Duty Free Group (CDFG), the country’s largest state-owned duty free store operator, has emerged as the strongest contender to fill vacancies at Incheon International Airport, following Hotel Shilla’s decision to relinquish its license to sell cosmetics, perfume, liquor and tobacco at Korea’s main gateway. The prospect has raised concerns about China increasing its influence at the airport and Korean duty free store operators losing ground in the global market. According to Hotel Shilla’s regulatory filing, the company will stop operating The Shilla Duty Free shops in the DF1 zone as of March 17, 2026. Hotel Shilla said it viewed the surrender of its license as the most effective way to stem declining profits, despite the obligation to pay a penalty of 190 billion won ($136 million) to Incheon International Airport Corp. (IIAC). “The market has changed significantly due to shifts in core customer consumption patterns and decreased purchasing power,” Hotel Shilla said in a statement. “Accordingly, we asked IIAC to reduce the rent, but our request was denied.” Since wi

Sep 19, 2025By Park Jae-hyuk
Shilla exit sparks concerns over Chinese firm’s entry to Incheon airport
Companies

Kumho Petrochemical Group bolsters efforts to reduce carbon emissions

Kumho Petrochemical Group said Friday that its major affiliates have launched a range of initiatives to address the climate crisis by cutting greenhouse gas emissions. With carbon capture, utilization and storage (CCUS) technology and recycling of waste as a raw material, these affiliates are striving to achieve carbon neutrality by 2050 for sustainable growth, according to the group. Kumho Petrochemical, the group's flagship subsidiary, has aligned its operations with the government's circular economy goals, earning certifications for recycling waste as a raw material instead of sending it to landfill. The chemical firm's carbon nanotube products also met the European Union's requirements under the Registration Evaluation Authorization and Restriction of Chemicals regulations, earning the company an award from the Minister of Trade, Industry and Energy. In July, Kumho Petrochemical built CCUS facilities to capture carbon dioxide emitted from its power generation sites and convert it into useful chemicals. "The process makes it possible to use captured carbon dioxide for dry ice, food-gra

Sep 19, 2025By Park Jae-hyuk
Kumho Petrochemical Group bolsters efforts to reduce carbon emissions
Companies

US states race to retain Korean investors after immigration raid

A growing number of U.S. state governors have reaffirmed the importance of Korean companies investing in their states. Their moves to court the Korean firms came after a massive immigration raid at HL-GA Battery’s Georgia factory on Sept. 4 and the subsequent weeklong detention of more than 300 Korean workers, which has prompted some firms to reconsider their planned investments in the U.S. Georgia Gov. Brian Kemp said Tuesday (local time) that the raid highlighted the need for reforms to the U.S. visa system. He made the remarks a day after the state issued a press release noting that Korea was among the top sources of international investment in his state, along with Japan and Canada. "That's not a problem that was just for Hyundai: a lot of companies across the country have dealt with that," Kemp said at the construction site of Rivian's new electric vehicle plant. The Republican governor previously defended Immigration and Customs Enforcement (ICE), which raided the construction site for the plant, a joint venture between Hyundai Motor and LG Energy Solution. A day after the raid,

Sep 18, 2025By Park Jae-hyuk
US states race to retain Korean investors after immigration raid
Tech & Science

SK Networks introduces promising AI startups to investors

SK Networks, which has reinvented itself as an artificial intelligence (AI) company from its origins as a trading firm, hosted the SK Networks AI WAVE 2025 forum Wednesday to introduce promising startups from across the globe to investors and discuss the future of the AI ecosystem. At the second AI WAVE event, following its debut in 2023, SK Networks President and Chief Operating Officer Choi Sung-hwan delivered a keynote address, saying it is crucial to secure growth opportunities through active information exchange among innovative startups, industry leaders and prominent investors. "Through this event, we aim to present our AI investment portfolio that we have built since 2020 and to expand the ecosystem where technology, capital and vision are interconnected," he said. Choi also participated in a panel discussion with Sung Kim, CEO of Upstage — one of the AI startups backed by SK Networks and the only startup chosen for the government's Independent AI Foundation Model project. Upstage helps corporate clients build AI models and systems through its competitive large language model

Sep 18, 2025By Park Jae-hyuk
SK Networks introduces promising AI startups to investors
Tech & Science

Korean companies shift strategies for next year's CES

The annual CES trade show in Las Vegas will undergo significant changes next year regarding the participation of Korean companies, which have long been among the most prominent exhibitors at the world's largest tech fair. Some companies have chosen to skip the event to better focus on their core businesses, while others plan to increase the size of their exhibits. SK Group said its affiliates will not operate a joint exhibition booth at next year's show. Since 2019, Korea's second-largest conglomerate has showcased products and technologies from SK hynix, SK Telecom and SK Innovation at a single booth, attracting global business leaders such as Nvidia CEO Jensen Huang. SK Group Chairman Chey Tae-won has consistently attended CES, even as other top conglomerate chiefs opted out. However, SK hynix is the only SK affiliate currently listed as an exhibitor for next year. Industry officials expect the chipmaker to concentrate on strengthening its partnership with Nvidia at the event. "There is a possibility that some of our affiliates will display their products and hold business meetings at n

Sep 13, 2025By Park Jae-hyuk
Korean companies shift strategies for next year's CES
Companies

New nuclear plant construction expected to be dropped under Lee gov't

President Lee Jae Myung reaffirmed support for the renewable energy industry and questioned proposals to use nuclear energy for powering data centers dedicated to artificial intelligence, implying that his government will not build additional nuclear reactors on Korean soil. He also dismissed concerns from industry insiders and academics that the environment ministry's proposed oversight of energy policies could result in stricter regulations instead of promoting the sector's growth. "It takes at least 15 years to build a nuclear plant, and Korea now lacks sites for new facilities except for one location that had been designated long ago," Lee said Thursday during a press conference marking 100 days since the launch of his administration. Regarding the use of small modular reactors (SMRs), he perceived development of relevant technologies as still immature. "The fastest way to boost electricity supply is through solar or wind power generation," Lee said. "Since renewables are the only viable solution, we will focus on developing this sector." Lee's comments came a day after Environment Mi

Sep 11, 2025By Park Jae-hyuk
New nuclear plant construction expected to be dropped under Lee gov't
Tech & Science

OpenAI mulls data center construction in Korea

OpenAI hinted at the possibility of building a data center in Korea and expanding its cooperation with major conglomerates such as Samsung and SK, pledging to support the government's efforts to achieve sovereignty in the artificial intelligence (AI) industry. The ChatGPT generative AI chatbot developer mentioned these plans on Wednesday, when it announced the official launch of its Korean office — the company's third in Asia and 12th globally. At a press conference in Seoul, OpenAI Chief Strategy Officer (CSO) Jason Kwon said his company is open to exploring partnerships with Korea regarding data center construction. "When it comes to the hardware chip side, I think we have a lot of good partnerships in motion with companies like SK and Samsung," he said. Kwon met with Samsung Electronics Executive Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won last month at the Korea-United States Business Roundtable in Washington, which followed the summit between the leaders of both countries. Still, the CSO did not elaborate on the size or timing of OpenAI's investment in Korea. Leadershi

Sep 10, 2025By Park Jae-hyuk
OpenAI mulls data center construction in Korea
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