Today's Date:   Monday January 7, 2013

1. LIVESTOCK ISSUES

Suspension of Brazilian Beef Expanded to Ten Nations [Korean: BYK]

http://economy.hankooki.com/lpage/worldecono/201301/e2013010708573769760.htm

Summary: Since the news about the finding of a BSE cow in Brazil became public, a total of ten countries have either banned or partially suspended the import of Brazilian beef, including, Japan, Korea, South Africa, Taiwan, PRC, Peru, Jordon, Lebanon, Saudi Arabia, Chile, etc. 

Only domestic beef to be supplied for military meals this year [Korean: BYK]

http://www.nongmin.com/article/ar_detail.htm?ar_id=211825&subMenu=articletotal

Summary: As the military has decided to only receive supplies of domestic Hanwoo and dairy beef this year, it is expected that it will help the livestock farmers in securing a steady demand for its meat. 

2. MARKETING ISSUES

Korean Food Processors, heavily Dependent on Imported Ingredients, to Benefit from Strong Korean Won [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2013010607531

Summary: Market analysts in general forecast that local food processing companies will show bigger profit level in the coming months as strong Korean won against international currencies should help lower the cost of imported ingredients.  The exchange rate of Korean won against U.S. dollar marked 1,063.30 won per dollar on January 4, which was over 100 won lower than a year ago.  On top of this, stabilization of international grain price likely to happen in the second half 2013 should further increase profit level of the Korean food processors.

Restaurants Mandated to Label ‘Final Price’ on the Menu [Korean, OSY]

http://news.donga.com/3/all/20130104/52042242/1

Summary: Revised Food Sanitation Act, which went into effect on January 1, require restaurants to specify ‘final price’ of food on the menu inclusive of service charge and value added tax.  Menu book should also specify unit price of meat by 100 gram.