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: Oct. 2.
S. Korea showcases advanced defense equipment at military parade
South Korea showcased its leading defense exports at the National Armed Forces Day ceremony on Oct. 1, including the K-9 self-propelled howitzer, which holds a 60% global market share and has over 13 trillion won ($9.8 billion) in exports. The K-2 tank, effective against North Korean forces, and the Cheongung-II surface-to-air interceptor system, which recently secured a $2.8 billion contract with Iraq, were also featured. Other displayed equipment included various military vehicles, the Hyeon-gung anti-tank guided missile, and advanced fighter jets like the KF-21 and FA-50.
Homebuyers in their 30s, 40s drive heavy borrowing in Seoul
The number of Koreans in their 30s and 40s borrowing over 500 million won for home purchases in Seoul has surged 3.7 times in the first seven months of 2023 compared to all of 2021, accounting for 32.1% of loan-backed housing transactions. The age group is now driving demand for high-priced apartments in districts like Gangnam and Songpa, with mortgage-backed transactions representing 62.2% of all housing deals in Seoul. Experts attribute this trend to eased loan restrictions and a rebound in apartment prices, prompting buyers to invest in prime neighborhoods.
Obesity drug Wegovy to launch in S. Korea this month
The obesity drug Wegovy, developed by Novo Nordisk, is set to be released in South Korea on Oct. 15, priced at 370,000 won for a four-week supply, with out-of-pocket costs around 800,000 won for uninsured patients. With its approval, the pharmaceutical industry anticipates significant changes in the obesity treatment market, especially as experts warn about potential misuse and the common occurrence of weight regain after discontinuation.
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