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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

Tokyo Station-like image in gov't video for Liberation Day draws ire

The Ministry of Land, Infrastructure and Transport is facing public criticism over a 56-second video clip it produced to review the 120-year history of Korean railways on the occasion of the 80th anniversary of Korea's liberation from Japan's 1910-45 colonial rule. In the short-form clip recently uploaded on the ministry's YouTube channel, viewers noticed a train station resembling Tokyo Station in Japan, which appears with subtitles that read, “With the spirit of the 80th anniversary of liberation, Korean railways are heading for tomorrow.” Internet users pointed out cars passing on the left and the track width, raising suspicion the footage shows Tokyo Station. Some claimed the video is sold online as a time lapse of Tokyo trains at night. In the wake of the controversy, the ministry took down the clip from YouTube. A ministry spokesperson denied that Tokyo Station’s image was used, explaining that the image was generated by artificial intelligence (AI). “It seems that the quality of AI is still imperfect,” he said. “The people who made the video were not railway experts, so

Aug 18, 2025By Park Jae-hyuk
Tokyo Station-like image in gov't video for Liberation Day draws ire
Politics

PHOTO Symbol of Korean independence movement

President Lee Jae Myung and first lady Kim Hea Kyung hold the Jingwansa Taegeukgi at Jingwan Temple in Seoul, Sunday, two days after the 80th anniversary of National Liberation Day. Believed to be made in 1919, this Korean flag discovered at the temple in 2009 is notable as it was created by drawing over a Japanese flag with ink during Japan's 1910-45 colonial rule. Courtesy of presidential office

Aug 17, 2025By Park Jae-hyukphoto
[PHOTO] Symbol of Korean independence movement
Companies

POSCO Group chairman absent from another presidential event

It's no longer unusual for a POSCO Group chairman to be absent from presidential events, following the transfer of political power. Just like his predecessor under the previous Yoon Suk Yeol administration, POSCO Group Chairman Chang In-hwa has skipped a series of events held by the Lee Jae Myung government, despite his role as leader of Korea's sixth-largest business group. While top executives from Samsung, SK, Hyundai Motor, LG, Lotte, Hanwha, HD Hyundai, GS, Shinsegae, Hanjin and Doosan participated in Friday's ceremony to celebrate the new government, Chang was not among them. In addition, POSCO Group did not send the chairman or any executives to the Aug. 11 state dinner for To Lam, general secretary of the Communist Party of Vietnam. The banquet also included senior executives of Korea's leading conglomerates. When asked about the chairman's absence, POSCO Group denied speculation that he had been uninvited, saying he is currently focusing on establishing measures to prevent industrial accidents. The group was recently rebuked by the president due to repeated accidents at its stee

Aug 17, 2025By Park Jae-hyuk
POSCO Group chairman absent from another presidential event
Companies

80th Liberation Day Korea faces mounting calls for economic coalition with Japan

The proposal to form a coalition with Japan to establish an economic community similar to the European Union sparked a sensation earlier this year, when Korea Chamber of Commerce and Industry and SK Group Chairman Chey Tae-won introduced the idea. For Koreans aware that the Empire of Japan used the term "annexation" in the treaty forcibly signed in 1910 to colonize Korea, the concept of a "coalition" with Japan may sound uncomfortable. The intensifying U.S. protectionist trade policies under the Donald Trump administration, however, have justified Korea's renewed push for economic integration with Japan, propelling discussions on a free trade agreement (FTA) between the two neighboring Northeast Asian countries. "In the face of growing global protectionism and U.S. reciprocal tariffs, Korea and Japan must expand economic cooperation and work closely together," Chey said in May after meeting Japanese Prime Minister Shigeru Ishiba in Tokyo. Although this year marks the 80th anniversary of Korea's liberation from Japanese colonial rule, business leaders in both countries have placed greater

Aug 15, 2025By Park Jae-hyuk
[80th Liberation Day] Korea faces mounting calls for economic coalition with Japan
Companies

Lawsuits against unions withdrawn under labor-friendly administration

Korean conglomerates are yielding to government and ruling party requests to reconcile with subcontracted workers, while foreign companies still watch with concern over the labor-friendly administration’s efforts to redefine “employer” and limit damages lawsuits against striking workers. Hyundai Steel recently withdrew a lawsuit seeking 4.6 billion won ($3.3 million) in damages from 461 subcontracted workers who staged a 50-day sit-in at its Dangjin steel mill in South Chungcheong Province in 2021. The decision follows pressure from the ruling Democratic Party of Korea (DPK), which urged Hyundai Steel and Hyundai Motor — both subsidiaries of Hyundai Motor Group — to drop suits filed against subcontracted workers. “This outcome comes from our union’s meeting with DPK lawmakers and our appeal about the unfair lawsuit, as the party moves to revise the Trade Union and Labor Relations Adjustment Act,” Hyundai Steel’s union for irregular workers in South Chungcheong Province said Wednesday in a message to members. With political pressure intensifying, speculation is mounting

Aug 14, 2025By Park Jae-hyuk
Lawsuits against unions withdrawn under labor-friendly administration
Companies

Hoban, Harim suspected of joining forces against LS

Harim, Korea’s largest poultry processing company, appears to be supporting Hoban in the construction-to-media conglomerate’s apparent efforts to participate in the management of LS, which specializes in cables, power equipment, metal and machinery. According to a regulatory filing submitted earlier this week, Pan Ocean, the shipping subsidiary of Harim, acquired a 0.24 percent stake in LS Corp. for 12.3 billion won ($8.9 million) on May 16. Pan Ocean said its investment in LS Group's holding company is not intended to interfere with management. However, the investment has been widely interpreted as part of Harim’s efforts to assist Hoban, given their long-standing cooperation in various fields. In 2023, when Harim sought to acquire HMM, Korea’s largest container shipping company, Hoban attempted to finance the deal through a bond issuance. That same year, Hoban regained a 5.85 percent stake in Hanjin KAL, the parent company of Korean Air, from Pan Ocean, one year after selling the share to secure liquidity amid a real estate market slowdown. Industry officials expect Hoban, whic

Aug 14, 2025By Park Jae-hyuk
Hoban, Harim suspected of joining forces against LS
Companies

Why SK Innovation chose Hyundai EVs amid 'Buy America' campaign

SK Innovation's recent decision to replace its company cars with Hyundai Motor electric vehicles (EVs) was in contrast to expectations that SK Group affiliates would follow Chairman Chey Tae-won's recommendation to buy automobiles from General Motors or other U.S. carmakers to help counter trade pressure from the Donald Trump administration. The intermediate holding company overseeing SK Group’s petrochemical and energy businesses recently instructed all executives to choose between the IONIQ 9 and eG80 as their new company vehicles. Both Hyundai EVs are powered by batteries made by SK On, an SK Innovation affiliate. SK Innovation plans to begin replacing its fleet next month, aiming to complete the transition by the end of the year. “Amid the global economic slowdown and weak EV demand, the domestic EV industry has faced difficulties,” an SK Innovation official said. “We made this decision to boost EV adoption in Korea by ensuring all our executives use EVs.” In his capacity as the Korea Chamber of Commerce and Industry (KCCI) chairman, Chey signed a memorandum of understandin

Aug 14, 2025By Park Jae-hyuk
Why SK Innovation chose Hyundai EVs amid 'Buy America' campaign
Companies

Will Trump join Lee's visit to Hanwha's US shipyard?

Attention is focused on whether the upcoming summit between the leaders of Korea and the United States will lead to their first-ever visit to Hanwha Philly Shipyard in Philadelphia. The speculation arose as the two countries' tariff deal from last month has been in part attributed to Seoul's proposal to invest $150 billion into the so-called "Make American Shipbuilding Great Again" (MASGA) project, which aims to revitalize U.S. shipyards with Korean investment. During his forthcoming 48-hour trip to Washington to meet U.S. President Donald Trump on Aug. 25 (local time), President Lee Jae Myung is expected to tour the shipyard, which was acquired last year by the Korean conglomerate. When asked Tuesday about Lee’s potential visit to the shipyard, presidential spokesperson Kang Yu-jung told reporters "it would be possible," though she declined to provide more details on the itinerary. The major question is whether Trump will accompany Lee to the shipyard. Although Trump has frequently expressed his willingness to cooperate with Korean shipbuilders and those of other allied nations to rebu

Aug 13, 2025By Park Jae-hyuk
Will Trump join Lee's visit to Hanwha's US shipyard?
Companies

Korea advised to leverage importers' networks to mitigate US trade pressure

The Donald Trump administration has urged its trade partners, including Korea, to import more from the United States. Even after Seoul signed a tariff deal with Washington last month, the U.S. trade deficit with Korea has remained unresolved, which Trump has used to justify his request for Korea to keep exempting U.S. imports from tariffs while his administration levies 15 percent “reciprocal” tariffs on Korean products. To counter ongoing trade pressures, Korea Importers Association (KOIMA) Chairwoman Youn Young-mi advised that the government consider using the personal networks of the association’s members and their buying power. “Importers who think pragmatically can help Korea navigate the superpower that pursues practical diplomacy,” she said in a recent interview with The Korea Times. “Unlike government officials who rotate through departments every few years, businesspeople with longstanding, even family-to-family, ties to their U.S. partners can have deeper conversations.” Just as conglomerate leaders contributed behind the scenes to the latest tariff deal, KOIMA ha

Aug 13, 2025By Park Jae-hyuk
Korea advised to leverage importers' networks to mitigate US trade pressure
Companies

Justice or overreaction? President's war on industrial accidents causes stir

Mixed responses are being raised over President Lee Jae Myung's push to reduce what he describes as persistent and preventable workplace fatalities, as the government considers tougher penalties for industrial accidents. During a Cabinet meeting on Tuesday, Lee reiterated the need for measures to eradicate fatal industrial accidents, while the labor ministry proposed stricter regulations. "Cutting costs at the expense of someone's life is murder by willful negligence," the president said. "Even if we need to amend the relevant laws, it is time to move past being an underdeveloped 'republic of industrial accidents.'" Presidential spokesperson Kang Yu-jung told reporters that Lee ordered ministers to consider imposing heavier fines on companies found responsible for fatal industrial accidents and permanently banning such firms from bidding on publicly funded projects. "The president also ordered ministers to consider giving a large sum of rewards to citizens who report worksites with poor safety management," she said. Earlier that day, police and labor ministry officials carried out a searc

Aug 12, 2025By Park Jae-hyuk
Justice or overreaction? President's war on industrial accidents causes stir
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