The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Mar. 26.
Deadly wildfires devastate southeastern South Korea
Wildfires in southeastern South Korea have claimed at least 24 lives and injured 19 others since igniting on March 22 in Uiseong, North Gyeongsang Province. The fires, fueled by strong winds and dry conditions, have scorched over 15,000 hectares, marking it as the second-largest wildfire in South Korea’s history. The fires have spread to several regions, including Andong, threatening UNESCO World Heritage sites like Hahoe Village and Byeongsanseowon Confucian Academy. Gounsa Temple, a 1,300-year-old Buddhist site, was completely destroyed. In response, authorities have evacuated 1,000 students, relocated 3,500 prisoners, and raised the wildfire crisis alert to “Severe,” as emergency efforts continue to protect cultural landmarks.
Korean firms to invest $102B in U.S. ahead of tariff deadline
South Korean conglomerates, including Hyundai, Samsung, SK, LG, and Hanwha, have committed over $102 billion in investments in the U.S., driven by U.S. President Donald Trump’s upcoming tariff policies and growing domestic pressures. Hyundai Motor Group announced a $21 billion investment plan, including a $5.8 billion steel plant in Louisiana. The investments span across various sectors, including automobile manufacturing, steel, energy, and R&D. Other companies like Samsung and SK are also expanding in the U.S., citing both trade policies and a challenging domestic business environment, marked by stringent labor laws and regulations.
Foreign investors end selling streak, buy $1.89B in Korean stocks
Foreign investors are cautiously returning to South Korea’s stock market, ending months of net selling with a significant buying spree. From March 17 to 21, they purchased around $1.89 billion, focusing on large-cap stocks, particularly in the semiconductor and defense sectors. This marks the biggest buying surge of the year, with notable purchases in Samsung Electronics, SK Hynix, and major defense firms. While some analysts see the shift as positive, concerns remain about global competition, political uncertainty, and the impact of the U.S. stance on tariffs. The upcoming end of South Korea’s short-selling ban is expected to further influence investor sentiment.
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