1. MARKETING ISSUES

Ministry of Ag. to Spend 1 Trillion Won to Research Climate Change [Korean, OSY]

http://news.donga.com/Economy/Market/3/0108/20110512/37182037/1

Summary: According to a policy master plan for 2010-2010 disclosed by the Ministry of Agriculture, Forestry, Fishery and Food (MIAFFF) on May 12, one trillion won of funds will be allocated for researches on the effect of climate change to local agriculture.  Changing climate has reportedly already been affecting local agriculture in many ways.  For example apple growing area around the city of Daegu has declined 75 percent over the last 30 years (from 623 ha to 157 ha).  Catch of mackerel, a warm water fish, in local seas has increased 90 percent over the last 30 years (from 62,000 tons to 117,000 tons) while Pollack, a cold water fish, declined from 100,000 tons in 1980 down to 10,000 tons in 2009.

Spending by Chinese Travelers in Korean Department Stores Surges [Korean, OSY]

http://news.donga.com/Economy/Market/3/0108/20110512/37182543/1

Summary: According to Hyundai Department Store, purchases made on InRyen cards, the only credit card officially allowed by the Chinese government, during the ‘golden week’ (a short vacation season both in Japan and China over a week of consecutive national holidays) in May showed a 171 percent increase from last year.  Chinese consumers accounted for the largest share of the purchases by foreigners during the period at 33 percent, followed by Americans (22 percent), Japanese (19 percent) and Taiwanese (11 percent).  Lotte Department Store also reported a 145 percent increase of purchases on InRyen credit cards.

2. OTHER MISCELLANEOUS ISSUES

15 Food Companies Belonged to ‘Trillion Won’ Businesses in 2010 [Korean, OSY]

http://news.donga.com/Economy/Market/3/0108/20110511/37146445/1

Summary: According to a recent report by the Ministry of Agriculture, Fishery and Food, there were 15 food companies in Korea in 2010 that earned over 1 trillion won of sales revenue.  CJ Jeiljedang was the leading company in the list with 3.9 trillion won of sales, followed by Nongshim (1.9 trillion won), Samyang (1.7 trillion won), and Dongsuh Food (1.4 trillion won).  Dongwon F&B joined the trillion won club for the first time in 2010.