1. BILATERAL/MULTILATERAL ISSUES

Heads could roll over FTA mistakes  [English, CSY]

http://joongangdaily.joins.com/article/view.asp?aid=2934392

Summary: Minister of Foreign Affairs and Trade Kim Sung-hwan warned that anyone responsible for mistranslations in Korean free trade agreements will risk losing their jobs - including the nation’s top trade negotiator, diplomatic sources told the JoongAng Ilbo yesterday.  “It is a strong warning for the whole ministry staff, including Trade Minister Kim Jong-hoon,” a high-ranking ministry official said.  Kim Jong-hoon, making a public apology for mistranslations in the Korea-EU free trade agreement yesterday, admitted that as many as 207 errors and omissions were spotted in the most recent translation. He said all the errors have been corrected.

Trade minister apologizes for errors in translation of EU FTA text [English, OYS]

http://english.yonhapnews.co.kr/news/2011/04/04/0200000000AEN20110404007500320.HTML

Summary: SEOUL, April 4 (Yonhap) -- South Korea's top trade official apologized Monday for translation mistakes found in the local language text of a free trade agreement (FTA) with the European Union (EU), vowing to improve a translation system for FTA texts.

The trade ministry said it has found a total of 207 errors and omissions in the Korean language version of the free trade agreement with the EU.

2. ECONOMIC ISSUES

Korean Won – U.S. Dollar Exchange Rate Resumes to $1 = 1,080 Won Level in 2 Years and 7 Months [Korean, OSY]

http://www.mt.co.kr/view/mtview.php?no=2011040415422313036&HYG

Summary: The exchange rate of Korean won against U.S. dollar marked $1 = 1,086 on April 4, which was the lowest rate (strongest Korean won) in 31 months.  Many bankers are betting for a trend of stronger Korean won in the coming months.

Won’s value hits 30-month high [English, OYS]

Boosted by overseas bond, stock buying

http://joongangdaily.joins.com/article/view.asp?aid=2934380

Summary: The Korean won yesterday passed the 1,090 won mark to the U.S. dollar for the first time in 30 months as foreign investors increased investments in the country’s financial markets.

Despite the strengthening won, analysts said it will not dent export growth.

The Korean won yesterday closed 1,086.60 won against the U.S. dollar, an increase of 4.50 won from the previous trading day, reaching the level last set in September 2008 when the won appreciated more than 1,090

A board at Korea Exchange Bank headquarters in Myeong-Dong, downtown Seoul shows the won closing at 1086.60 won against the U.S. dollar yesterday. The won for the first time in more than two and half years strengthened above 1,900 won to the dollar because increased overseas investments in Korea’s financial markets. [NEWSIS]

Listed Firms Post Record Operating Profits in 2010 [English, OYS]

http://english.chosun.com/site/data/html_dir/2011/04/04/2011040400911.html

Summary: Listed companies on the Korean stock market posted all-time high operating profits in 2010, up nearly 40 percent from the year before.

According to a report released jointly by the Korea Exchange and the Korea Listed Companies Association on Sunday, the combined net operating profit of some 1,400 listed firms totaled W95 trillion last year on the back of increased domestic demand and strong exports (US$1=W1,092).

Analysts say that since Korean firms went through structural reforms during the Asian financial crisis in the late 1990s they were adequately prepared for the global financial crisis that started in 2008.

3. MARKETING ISSUES

Haitai Increases Price of Snack Food Products by 8 Percent [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2011/04/05/0318000000AKR20110405000151003.HTML

Summary: Haitai, a leading snack food manufacturer, announced on May 8 that it will increase the price of its products to the retailers by 8 percent on average.  Additional food manufacturers are expected to announce price increases in the coming weeks.

Makgeolli demand falls for first time since 2008 [English, CSY, OSY]

http://joongangdaily.joins.com/article/view.asp?aid=2934368

Summary: Korea’s production of makgeolli rice wine fell for the first time in 32 months in February amid slowing demand from strong consumption over the past few years, data showed yesterday.  Makgeolli production came to 24,395 kiloliters in February, down 6.8 percent from the same month a year earlier, according to the data provided by Statistics Korea. That marked the first on-year contraction since June 2008.   Shipments for domestic consumption also fell for the first time since June 2008. A total of 22,753 kiloliters of makgeolli were shipped for consumption here in the cited month, down 8.1 percent from a year earlier.   Those declines were attributed to slowing demand for the traditional Korean rice wine both at home and abroad. Some blamed the recent fall in makgeolli production on competition-driven market saturation.

Koreean food tickles the world’s taste buds [English, OYS, CSY]

Second in a three-part series: Food industry goes native

http://joongangdaily.joins.com/article/view.asp?aid=2934377

4. OTHER MISCELLANEOUS ISSUES

Local farm, fish products safe from radiation [English, CSY]

http://english.yonhapnews.co.kr/business/2011/04/05/60/0501000000AEN20110405002000320F.HTML

Summary: Local farm and fishery products are safe from radioactivity despite traces of radionuclides detected in the atmosphere in the past week, the government said Tuesday.   The farm ministry said it collected and checked 58 different samples of agricultural and fisheries products, and all showed no abnormal levels of radiation.   The inspections were carried out to alleviate public concerns that fallout from Japan's stricken Fukushima nuclear power station may have affected the products.

S. Korean apples to be exported to U.S. for first time [English, CSY]

http://english.yonhapnews.co.kr/business/2011/04/05/0501000000AEN20110405001700320.HTML

Summary: South Korean apples will be exported to the United States for the first time this month after local producers met all requirements for shipment, the plant quarantine service said Tuesday.  The National Plant Quarantine Service (NPQS) said 36 tons of Fuji apples held in cold storage since last fall will be shipped early next week after being checked by quarantine officials from South Korea and the United States.

Tests Found No Radioactive Contamination in Local Agricultural & Fishery Products [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2011/04/05/0301000000AKR20110405038900002.HTML

Summary: The Ministry of Agriculture, Forestry, Fishery, and Food (MAFFF) announced on April 5 that it had tested a total of 58 local agricultural and fishery products for radioactive contamination so far, and found no contamination.  The ministry added that its test will include live stock products including fluid milk from this week.

A salt rush as consumers fear Japanese radiation [English, OYS]

http://joongangdaily.joins.com/article/view.asp?aid=2934391

Summary: Park Jae-seon, a homemaker from Gwanak District, southwestern Seoul, was surprised when she visited her childhood friend’s home last week. While helping out with the cooking, she opened a pantry to find the entire shelf filled with salt in packages of all shapes and sizes.

“There was bamboo salt, sea salt, salt in larger grains, smaller grains,” she remembered. Hearing from her friend that many homemakers in the area had been in a salt-buying binge, Park rushed out that day to her neighborhood store - to find there was salt to be begged or borrowed.