South Korea

20층 높이 쓰레기산 '와르르'…작업자 등 28명 사망

Hankyung | Local Language | News | Jan. 19, 2026 | Accidents

A massive garbage pile collapse in central Cebu, Philippines, has resulted in the deaths of 28 workers, with search operations for eight missing individuals entering their tenth day. The collapse occurred on January 8 at the Binaliu village landfill in Cebu City, where about 50 people were buried under the 20-story high trash pile. So far, 18 people have been rescued and are receiving hospital treatment.

Search and recovery efforts involve around 300 personnel and two large cranes, but operations proceed cautiously due to the instability of the toxic gas-emitting garbage layers and risk of further collapse. The landfill is situated in a mountainous area vulnerable to landslides, complicating rescue efforts. Authorities are investigating the cause of the collapse by interviewing survivors and relatives of the missing.

Local criticism describes the disaster as man-made, citing poor management and the landfill's proximity to residential areas, which has long caused complaints over odors, water pollution, and traffic. After the landfill suspended operations, Cebu City’s waste management system faced a crisis. The city, home to approximately one million people, is negotiating with neighboring areas to handle its daily waste production of 500–600 tons. The Philippine Minister of Environment and Natural Resources has called for a long-term waste management plan for the region.

Yonhap | English | News | Jan. 19, 2026 | Regulation

South Korea's major commercial banks are collaborating with government foreign exchange authorities to address the recent weakening of the won. Measures include offering incentives for customers to sell U.S. dollars and reducing interest rates on foreign-currency deposits. Despite these efforts and verbal interventions, the won has hovered near 1,450 per dollar, with the rate at 1,473.6 per dollar as of Friday, pressured by a strong U.S. dollar, geopolitical risks, and robust overseas equity investments by local investors.

Authorities have urged banks to actively stabilize the foreign exchange market. The Financial Supervisory Service (FSS) plans to meet with major banks to discourage aggressive marketing of U.S. dollar and foreign currency deposits. The Bank of Korea recently reviewed foreign currency deposit reserve requirements and related interest rates with local banks and announced a temporary plan to pay interest on foreign currency reserves to enhance domestic dollar liquidity and support the won.

Banks, such as KB Kookmin and Woori, have introduced promotional events encouraging currency conversion to the won and lowered interest rates on dollar deposits to discourage holding foreign currency. Regulators are also focusing on insurers, as sales of dollar-denominated insurance products have surged, contributing to speculation and pressure on the won. The FSS, led by Governor Lee Chan-jin, has ordered financial firms to curb excessive marketing of such products and plans to review insurers' internal controls and conduct inspections if necessary.

Yonhap | English | News | Jan. 19, 2026 | Geopolitical Conflict and Disputes

South Korea's military has begun deploying the Hyunmoo-5 ballistic missile, a high-power surface-to-surface weapon designed to target underground bunkers. The missile, nicknamed the "monster" due to its size, plays a critical role in South Korea's strategy to deter and respond to potential large-scale attacks from North Korea. The deployment started late last year and is expected to be completed by 2030, during President Lee Jae Myung's administration.

Defense Minister Ahn Gyu-back emphasized the need for a "balance of terror" to counter North Korea's nuclear threats and called for a substantial buildup of conventional strike capabilities, including mass production of the Hyunmoo-5 missile. South Korea, as a Nuclear Non-Proliferation Treaty signatory, cannot possess nuclear weapons and therefore focuses on enhancing its missile arsenal. The country plans to field hundreds of advanced missiles, including upgraded variants of the Hyunmoo-5 currently under development.

The Hyunmoo-5 missile was first publicly revealed in 2023 but most details about its capabilities have remained classified due to strategic sensitivity. South Korea’s emphasis on strengthening conventional strike capabilities reflects its broader efforts to bolster deterrence against North Korea's nuclear and missile programs.