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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

AMCHAM urges regulatory overhaul for Korea’s financial hub ambitions

The American Chamber of Commerce in Korea (AMCHAM) released a special report Wednesday calling for sweeping regulatory reforms to bolster Korea’s bid to become a leading global financial hub. Titled “Korea’s Financial Hub Agenda,” the report outlines policy recommendations aimed at strengthening the country’s regulatory competitiveness and aligning its financial framework with global standards. Korea’s capital markets have gained notable momentum in recent years. The Korea Exchange is now the world’s ninth-largest bourse by market capitalization, while the benchmark KOSPI has climbed from below 5,000 to above 6,000 under the administration of President Lee Jae Myung. The government is also pushing for inclusion in the MSCI Developed Market Index as part of broader efforts to elevate Korea’s global market status. AMCHAM said the report builds on years of advocacy to position Korea as a premier business hub in the Asia-Pacific region, highlighting opportunities to further enhance its regulatory environment in line with recent market growth. “This report marks AMCHAM’s f

Mar 25, 2026By Park Jae-hyuk
AMCHAM urges regulatory overhaul for Korea’s financial hub ambitions
Companies

Korea to curb naphtha exports this week

The government plans to begin restricting naphtha exports by oil refiners this week. The emergency measure is in response to a shortage of the key petrochemical feedstock, which was designated last week as critical to economic security. Firms hoarding naphtha will also face severe penalties, including the cancellation of their business registrations. “For essential facilities to stay operational, the government will order adjustments to the overall naphtha supply if the situation worsens,” Yang Ghi-wuk, deputy minister for industry, trade and resource security, said Tuesday during a daily briefing on the Middle East crisis. The plan addresses concerns about potential setbacks in the production of petrochemical-based goods due to the war in Iran, which has disrupted naphtha shipments through the Strait of Hormuz. Before the conflict, more than half of Korea’s naphtha imports passed through the strait. Refined from crude oil, naphtha is used to produce raw materials for petrochemical products such as plastic bags, food packaging and cosmetic containers. About 55 percent of Korea’s n

Mar 24, 2026By Park Jae-hyuk
Korea to curb naphtha exports this week
Companies

Samsung SDI, L&F sign $1.2 bil. LFP cathode deal for US ESS market

Samsung SDI has signed a 1.6 trillion won ($1.2 billion) supply agreement with L&F for lithium iron phosphate (LFP) cathode materials, a strategic move to strengthen its presence in the North American energy storage system (ESS) market and diversify its supply chain away from China. The company announced Tuesday that the mid- to long-term deal with L&F, a leading Korean battery materials manufacturer, will span three years starting in 2027. The materials will be used to produce LFP batteries specifically for ESS applications, with the contract including an option to extend the supply for an additional three years. Samsung SDI plans to use the L&F-supplied materials to manufacture ESS batteries at StarPlus Energy (SPE), its joint venture with Stellantis located in the U.S. state of Indiana. Since the fourth quarter of last year, SPE has been gradually converting a portion of its production lines from electric vehicle batteries to ESS batteries. The facility is expected to begin mass-producing LFP batteries alongside its existing high-nickel nickel-cobalt-aluminum batteries starting in t

Mar 24, 2026By Park Jae-hyuk
Samsung SDI, L&F sign $1.2 bil. LFP cathode deal for US ESS market
Companies

Oceans minister nominee highlights contingency plans for Hormuz disruption

Oceans Minister nominee Hwang Jong-woo said Monday he will ensure the safety of crewmembers stranded in the Strait of Hormuz, allowing them to leave their ships in an emergency. He also pledged to mobilize civilian vessels to transport crude oil and other resources through alternative routes to address the petroleum shortage following the war in Iran. “The Ministry of Oceans and Fisheries is prepared to help crewmembers disembark,” Hwang said during his confirmation hearing at the National Assembly, after being asked about communication channels with crew and trainees concerned about possible disadvantages if they leave their ships. In response to the monthlong suspension of crude shipments from the Middle East, he mentioned the potential use of “nationally essential ships.” Under the Act on Maintaining Marine Transportation and Port Functions to Prepare for Emergencies, the government can designate ships to deliver munitions and other goods critical to the national economy in times of war or other emergencies. The oceans ministry must provide compensation to the owners of such s

Mar 23, 2026By Park Jae-hyuk
Oceans minister nominee highlights contingency plans for Hormuz disruption
Companies

POSCO International launches $16 mil. CVC fund for rare earths

POSCO International said Monday it is accelerating efforts to build a stable global supply chain for heavy rare earth elements, a key component in electric vehicle (EV) motors, through the launch of its first corporate venture capital (CVC) fund. The company said it has established a 25 billion won ($16 million) CVC fund in partnership with POSCO Investment, marking its first such initiative. As part of the fund’s initial deployment, it will invest 8 billion won in a domestic company specializing in rare earth separation and refining. The investment is aimed at securing a stable supply of heavy rare earth materials such as dysprosium and terbium, which are essential for high-performance permanent magnets used in EV drive motors. These elements play a critical role in maintaining magnetic strength at high temperatures but are largely produced and refined in a limited number of countries, posing structural risks to global supply chains. The Korean firm said the investee company has proprietary technology capable of refining heavy rare earths into oxides with purity levels exceeding 99.5

Mar 23, 2026By Park Jae-hyuk
POSCO International launches $16 mil. CVC fund for rare earths
Companies

US nuclear projects emerge as income sources for Korean firms amid Iran crisis

Expectations are growing that Korean companies will benefit from their participation in U.S. nuclear reactor construction, following the National Assembly’s passage of a special law allowing Korea’s $350 billion investment in American industries in exchange for tariff reductions. Amid the heightened risks in the Middle East, construction firms have also expressed their intent to enter the U.S. nuclear reactor market, highlighting their plans for expansion in the energy sector. “With Korea’s planned investment in the U.S. energy industry, Korea Hydro & Nuclear Power (KHNP) and reactor builders are expected to join the U.S. market, given their track record in constructing large-scale nuclear power plants,” Kiwoom Securities analyst Shin Dae-hyun said in a report Monday. The government has not yet disclosed which sectors will be included in its first round of investments in the United States. After meeting U.S. President Donald Trump at the White House on March 13, however, Prime Minister Kim Min-seok told reporters that the government is reviewing several ideas, including investm

Mar 23, 2026By Park Jae-hyuk
US nuclear projects emerge as income sources for Korean firms amid Iran crisis
Companies

Lotte, Hanwha, DL to merge NCC operations in Yeosu

Petrochemical firms operating naphtha cracking centers (NCCs) in Yeosu, South Jeolla Province, submitted Friday self-rescue plans aimed at cutting production in line with the government’s effort to revive the sector struggling with a prolonged recession caused by oversupply from China and the Middle East. Under the plans, Lotte Chemical will spin off the division running its NCCs in Yeosu and merge it with Yeochun NCC, a joint venture between Hanwha Solutions and DL Chemical. The merger will create a new company. Lotte Chemical will also spin off the division overseeing its polypropylene and polyethylene production in Yeosu and merge it with the new company. Hanwha Solutions and DL Chemical will spin off their polyethylene divisions in the southern port city and join the merger as well. The companies said they will shift their focus to higher value-added products such as low-density polyethylene used for medical applications and polyolefin elastomer for hot melt adhesive in the automotive and cable industries. The Ministry of Trade, Industry and Resources said the government will provi

Mar 20, 2026By Park Jae-hyuk
Lotte, Hanwha, DL to merge NCC operations in Yeosu
Companies

PHOTO Honoring late founder

HD Hyundai Chairman Chung Ki-sun, front row second from left, and company executives bow to the bust sculpture of late Hyundai Group founder Chung Ju-yung, who also founded HD Hyundai Heavy Industries, at the shipbuilding group's headquarters in Seongnam, Gyeonggi Province, Friday. The chairman honored his grandfather to commemorate his 25th death anniversary. HD Hyundai also served the founder's favorite food at company cafeterias that day. Courtesy of HD Hyundai

Mar 20, 2026By Park Jae-hyukphoto
[PHOTO] Honoring late founder
Companies

Naver to offer dedicated search, maps, membership perks for BTS comeback

Naver said Friday it has updated its search engine, as well as its maps and navigation app, to help BTS fans enjoy the K-pop group’s comeback concert at Gwanghwamun Square in Seoul this Saturday. The Korean IT giant will also offer Naver Plus Membership subscribers access to BTS-related content on Netflix and Spotify. According to Naver, concertgoers will be able to locate seats, restrooms, information desks and medical facilities through the Naver Maps, Navigation app, which will provide real-time updates on road closures and public transportation near the venue. The features were introduced as Naver partnered with Netflix, which will livestream the concert. “Foreign visitors will find the services convenient since the map is available in multiple languages,” a Naver official said. Users will also be able to view three-dimensional images of streets surrounding the square by clicking on BTS-related keywords displayed in the app. In addition, those who search for BTS-related keywords on Naver through March 27 can enjoy interactive content celebrating the band’s comeback. Next month,

Mar 20, 2026By Park Jae-hyuk
Naver to offer dedicated search, maps, membership perks for BTS comeback
Environment & Animals

Korea's policies deemed insufficient to encourage aluminum can recycling

The government has been criticized for insufficient policies for aluminum can recycling, as the number of Koreans choosing aluminum cans as their most preferred beverage packaging material rose from a year earlier, signaling a growing preference for more recyclable materials. The Seoul Korea Federation for Environmental Movements (KFEM) released the findings Thursday, after a survey of 1,011 adults nationwide on the occasion of Global Recycling Day, marked annually on March 18. The latest poll followed a previous one conducted in February 2025. When asked about their most preferred beverage packaging material, 34.7 percent of respondents chose aluminum cans, up 10.8 percentage points from the previous year. Plastic bottles remained the top choice at 43.4 percent, but the results were interpreted as a sign of shifting consumer sentiment toward more recyclable packaging. Nearly 8 in 10 respondents agreed that recycling materials without losing their original properties is important to mitigate the climate crisis. Even so, only about half were aware that aluminum cans can be infinitely recyc

Mar 19, 2026By Park Jae-hyuk
Korea's policies deemed insufficient to encourage aluminum can recycling
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