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: Apr. 14.
Seoul on edge as 63 sinkholes emerge in 3 years
Seoul is facing growing public concern as 63 sinkholes have been reported across the city in the past three years. The latest, discovered near Aeogae Station in Mapo district on April 13, led to major traffic disruptions, while a fatal sinkhole in Myeongil-dong last month claimed one life. Nearly 30% of the sinkholes have been in affluent districts like Gangnam and Seocho. Experts are particularly alarmed as the incidents are occurring in spring, outside the typical monsoon season, raising fears of more collapses during the summer rains.
Korean won fluctuates as U.S.-China trade tensions shake markets
South Korea’s won saw a dramatic swing of nearly 68 won in one week, the widest movement since November 2022, driven by escalating U.S.-China trade tensions. The dollar’s decline, spurred by fears of a U.S. recession and a weakening safe-haven status, contributed to the won’s volatility. Market jitters intensified after the U.S. imposed tariffs, and concerns grew that China could retaliate, potentially devaluing the yuan and affecting the won.
Seoul revives hotel development as foreign tourists return
Seoul is seeing a revival in luxury hotel development amid a surge in foreign visitors. A 49-story hotel will replace the former Prima Hotel site in Cheongdam-dong, Gangnam, with Shinsegae Property taking the lead after acquiring a 50% stake. The shift from residential to hotel development comes as the number of international tourists is expected to reach 18 million this year, surpassing pre-pandemic levels. Despite this growth, the supply of hotel rooms remains below previous levels, driving demand for high-end accommodations and rising room rates.
One minute, that’s all it takes to know about Korea. Click here ☞ https://page.stibee.com/subscriptions/305897
