Today's Date:     Tuesday, December 27, 2011

1. BILATERAL/MULTILATERAL ISSUES

Japan, China Agree to Initiate Official Talk on Korea-China-Japan FTA in Early 2012 [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2011122698751&sid=010509&nid=005&ltype=1

Summary: Japanese prime minister Y. Noda and Chinese prime minister Wonjabao agreed in a summit talk in Beijing on Dec. 25-26 that both countries would start an official talk on Korea-China-Japan Free Trade Agreement in early 2012.  

2. MARKETING ISSUES

Walmart Stops Selling Enfamill, A Popular American Infant Formula, after Death of an Infant [Korean, OSY]

http://news.donga.com/Society/New/3/03/20111224/42844135/1

Summary: Walmart announced on Dec. 23 that it had decided to remove ‘Enfamill Premium Newborn’ from the shelf due to potential bacterial  contamination.  A 10 day old infant reportedly died after eating the product in the states earlier in December.  Enfamill, a popular product among young mothers, has been sold in Korea largely through on-line retail shops. 

Large-scale Retail Companies Strengthen Internet Shopping Mall Business as There are Less Room Available for Additional Conventional Stores [Korean, OSY]

http://news.donga.com/Economy/Market/3/0108/20111226/42887429/1

Summary: Total number of new stores that the three leading hypermarket retail companies have opened this year was 10, which is much less than 43 in 2006.  One of the new areas that the leading hypermarket retail companies are focusing on is internet shopping.  As a result, sales volume of internet shopping businesses of the companies are showing a rapid increase.  For example, Emart, the leading player in the hypermarket sector is forecast to achieve 300 billion won of sales through its internet store, up 100 percent from last year.

Convenience Stores to be Allowed to Sell Cold Medicine from August 2012 [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2011122359811&sid=01062003&nid=000&ltype=1

Summary: Ministry of Health and Welfare announced on Dec. 23 that it would submit a new regulation draft, which gained consent from the Korea Pharmacist Association’ recently, to the national assembly in February next year, which if approved by the national assembly will allow sales of cold medicine in convenience stores around August 2012.

3. OTHER MISCELLANEOUS ISSUES

Korea Race Association to Establish a Breeding Company in Early 2012 [Korean, OSY]

http://www.ytn.co.kr/_ln/0102_201112231358440534

Summary: Korea Race Association (KRA) announced on Dec. 23 that it would set up a company in early 2012 dedicated to breeding business, including stud service and breeding of stallions for exporting.  In addition, KRA announced that it would develop a 117 ha size horse park in Gyunggi-do by 2015 which will house various horse facilities such as horse race academy and race horse training center.