South Korea

Yonhap | English | News | Jan. 23, 2026 | North Korea

South Korean President Lee Jae Myung revealed that North Korea is producing enough nuclear material annually to build 10 to 20 new nuclear weapons, emphasizing the critical need to resume diplomatic talks with Pyongyang to curb its nuclear weapons program. This disclosure, considered rare and based on classified intelligence shared by South Korean and U.S. agencies, highlights North Korea's ongoing expansion of its nuclear arsenal.

North Korea is operating highly enriched uranium production facilities in Yongbyon and Kangson, along with plutonium production at Yongbyon. These facilities can generate dozens of kilograms of nuclear material a year, sufficient for multiple weapons. Estimates from the Korea Institute for Defense Analyses indicate North Korea possessed between 115 and 131 uranium-based weapons and 15 to 19 plutonium-based weapons as of 2025, potentially rising to 216 uranium-based and 27 plutonium-based weapons by 2030, and further increasing through 2040.

President Lee stated that while complete denuclearization is the ideal outcome, the reality suggests North Korea is unlikely to abandon its nuclear program voluntarily. He proposed a practical approach starting with halting North Korea’s nuclear activities, then pursuing gradual reductions, and ultimately aiming for full denuclearization. Lee’s use of the term "disarmament" signals a renewed push to bring North Korea back to negotiations, despite Pyongyang’s firm stance that its nuclear arsenal is non-negotiable and essential for national security.

Korea Herald | English | News | Jan. 23, 2026 | Natural Disasters

A wildfire has been burning on a mountain in Busan for a second day, originating at a tile factory in Gijang county on Wednesday evening. The fire spread to a nearby hill, prompting the evacuation advisory for around 30 people from a local resort. No casualties have been reported so far.

As of early Thursday morning, 65 percent of the 11-hectare fire was under control, with around 340 personnel including firefighters, police, and forestry officials working to contain it. Authorities plan to deploy 17 helicopters, five of which are military, to combat the fire amid strong wind forecasts of up to 15 meters per second.

The Korea Forest Service and local fire authorities have warned of dry conditions in Busan, increasing wildfire risks in the area. Efforts continue to prevent further spread of the blaze amid these challenging weather conditions.

Joongang Ilbo | English | News | Jan. 23, 2026 | Regulatory Enforcement Actions

South Korea's Fair Trade Commission (FTC) has fined four major commercial banks—Shinhan Bank, Woori Bank, Hana Bank, and KB Kookmin Bank—a total of 272 billion won ($183.7 million) for allegedly colluding on loan-to-value (LTV) ratios in real estate lending. The banks exchanged internal documents related to LTV ratios and coordinated lending limits from March 2022 to March 2024, restricting competition in the mortgage loan market.

The FTC estimated that the collusion helped the banks generate approximately 6.8 trillion won in interest earnings by reducing uncertainty about competitors’ strategies and avoiding competition on LTV ratios. These four banks collectively hold about 60 percent of South Korea’s real estate mortgage loan market, limiting consumer choice and affecting lending conditions.

The collusion particularly harmed small and midsize enterprises and small business owners, who often have lower credit ratings and rely heavily on secured loans. The case is notable as the first enforcement under a revised fair trade law effective December 30, 2021, which prohibits anticompetitive collusion involving the exchange of sensitive business information.