Today's Date: Friday, May 25, 2012

Emart to Sales Promote American Fresh Cherries with 40% Price Discount [Korean, OSY]

Summary: Emart announced that it will do a sales promotion on American fresh cherries from May 24 through 30.__The event is co-organized by Stemilt Growers LLC, the largest cherry farm in the U.S.__The promotion will offer cherries at 8,480 won per 500 gram pack, which is 40 percent cheaper than current regular market price.__All the cherries will be on the shelf in Emart stores four days after picking through air-shipping.__The 24 percent import duty on American fresh cherries were eliminated by KORUS FTA this year.

Price of Eels Surges due to Low Catch of Glass Eels [Korean, OSY]

http://news.mk.co.kr/newsRead.php?year=2012&no=318305

Summary: The wholesale price of live eels, a key stamina food for Koreans during the summer months, amounted to 58,000 won per kilogram on May 24, up 73 percent from last year.__The main reason for the surging price is reduced supply from eel farms.__Eels are farmed from glass eels caught in the local sea.__The catch of glass eels so far this year is estimated at around 1 tons, far short of regular 3-5 tons in the past. __s a result, price of glass eels has gone up to as high as 40 million won per kilogram.__Researchers suspect that the shifting of the delivery place in Marina trench, the origin of the glass eels returning to Korea, is the most likely cause of the decline in glass eel catch in Korea.

2. OTHER MISCELLANEOUS ISSUES

Allowing online sale of imported wines[Korean, SWY]

http://www.hankyung.com/news/app/newsview.php?aid=2012052435731

Summary: High-level officials from the Presidential Office said that they tentatively agreed on allowing online sale of imported wines, according to reports, after a lengthy meeting on Wednesday with officials from the National Tax Service and the Fair Trade Commission.