1. BILATERAL/MULTILATERAL ISSUES

Lee says he takes election results seriously [English: MGF]

http://www.koreatimes.co.kr/www/news/nation/2011/10/116_97409.html

President Lee Myung-bak said Thursday he "heavily takes" the ruling party's defeat in this week's Seoul mayoral election and the government will make greater efforts to take care of ordinary people.  "I heavily take the people's will contained in the results of the by-election," Lee said through his spokesman Park Jeong-ha. "In particular, I will keep deeply in mind the will the young generations showed in this election."

'Pres. Chief of Staff Offers to Resign' [English: MGF]

http://world.kbs.co.kr/english/news/news_Po_detail.htm?No=85607&id=Po

Presidential Chief of Staff Yim Tae-hee has reportedly tendered his resignation to President Lee Myung-bak. A senior official of the ruling camp told Seoul-based Yonhap News over the phone that Yim offered to resign on Thursday apparently to assume responsibility for the ruling Grand National Party’s crushing defeat in the Seoul mayor elections on Wednesday.

Standing Committees Fail to Convene for KORUS FTA Debates [English: MGF]

http://world.kbs.co.kr/english/news/news_Po_detail.htm?No=85606&id=Po 

The ruling Grand National Party (GNP) was unsuccessful in its attempt on Thursday to convene six standing committees to deliberate on bills related to the South Korea-U.S. free trade agreement (FTA). The main opposition Democratic Party (DP) notified the GNP it wouldn’t be taking part in the committee meetings and urged that the meetings be suspended. The DP issued the notification as it conducted emergency gatherings of its own members to address the FTA bills.

GNP to Launch Internal Reform [English: MGF]

http://world.kbs.co.kr/english/news/news_Po_detail.htm?lang=e&id=Po&No=85579&current_page= 

The ruling Grand National Party has decided to carry out internal reform in the wake of its defeat in Wednesday’s by-election for Seoul mayor. Party spokesman Kim Ki-hyun said the ruling party reached the decision in a supreme leadership council meeting Thursday. He said the party has decided to reform itself with a sense of urgency, following the end of the August referendum on the provision of free school lunches and Wednesday’s by-elections.

KCCI Chiefs Urge Swift Ratification of KORUS FTA [English: MGF]

http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=85588&id=Ec

The Korea Chamber of Commerce and Industry (KCCI) called a meeting of its local chapter heads Thursday to call for parliament’s swift approval of a free trade agreement with the United States.  The group cited that the deal will contribute to expanding the nation's exports and creating jobs. It also noted that U.S. President Barack Obama has already signed the deal following its approval in U.S. Congress.

DP vows to block free trade deal [English: KJH]

http://koreajoongangdaily.joinsmsn.com/news/article/html/382/2943382.html

Summary: With the ruling and opposition parties deadlocked over the approval of the free trade agreement with the United States, President Lee Myung-bak yesterday asked the National Assembly for their cooperation in a letter sent to all members. A senior Blue House official added that the letters were designed to “convey his heart” to them.

2. ECONOMIC ISSUES

Stagnant growth raises fears over recovery [English: MGF]

http://www.koreatimes.co.kr/www/news/biz/2011/10/123_97416.html

Confidence in the Korean economy suffered a fresh blow Thursday after official figures confirmed growth has deteriorated over the past six months.  The economy expanded at a meager 3.4 percent annual rate in the third quarter, according to the Bank of Korea’s (BOK) latest gross domestic product (GDP) measurement. This was the slowest pace in nearly two years as the country continues to be battered by the eurozone debt problems and crippling inflation.

Consumer sentiment rebounds in October [English: MGF]

http://www.koreatimes.co.kr/www/news/biz/2011/10/123_97407.html

Korea's consumer confidence bounced back in October after staying below par for the last two months, the central bank said Thursday.  The sentiment index, a gauge of future private spending, fell below par in August for the first time in five months as concerns over U.S. economic growth and Europe's debt problem dimmed the global outlook. A reading below the benchmark 100 means pessimists outnumber optimists. 

Bailout sees Kospi edge past 1,900 [English: KJH]

http://koreajoongangdaily.joinsmsn.com/news/article/html/381/2943381.html

Summary: Korean stocks rose 1.46 percent yesterday as investors were buoyed by a set of bailout measures agreed on by European policy makers and financial institutions. The local currency shot up against the U.S. dollar.

3. OTHER MISCELLANEOUS ISSUES

Clinical Trials: Ginseng Effective in Coronary Artery Disease Treatment [English: MGF]

http://world.kbs.co.kr/english/news/news_Dm_detail.htm?lang=e&id=Dm&No=85491&current_page= 

Clinical trials have found that ginseng is effective in improving conditions of coronary artery heart disease.

Overproduction of Fresh Vegetables for the Coming Winter Kimchi Season is Highly Likely … Survey Indicates Too Much Acreage [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2011/10/28/0301000000AKR20111028061200002.HTML?template=2087

Summary: Farm acreages planted with fresh vegetables (cabbage and radish) that target the coming winter Kimchi market are up 30 percent this year compared to last year, according to a survey by the Korea National Statistics Office.  In particular, the acreage of fresh cabbage amounted to 17,000 ha, a record high since 1993.  It is highly likely that prices of these fresh vegetables will deep sharply this year upon harvest for overproduction.

Rapid Growth of Ginseng Production in China around Baekdoo Mountain Region Threatens Korean Ginseng Industry [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2011/10/28/0302000000AKR20111028095400097.HTML?template=2089

Summary: It is reported that ginseng production in China, particularly in the area of Baekdoo mountain (the tallest mountain in Korean peninsula) is on a rapid increase, due to Chinese government’s strong support.  For example, Chinese government plans to increase the planting volume to 6,000 kilogram in Baekdoo mountain region each year over the next two years from the current 4,000 kilogram.  As a result, Korean ginseng is facing strong competition from Chinese ginseng, which is sold at about half the price of Korean ginseng, in international markets.