Today's Date:   Wednesday, February 13, 2013

1. ECONOMIC ISSUES

U.S. Officially Supports Weaker Yen [Korean, OSY]

http://news.donga.com/3/all/20130213/52992545/1

Summary: Deputy Secretary of the U.S. Department of Finance said in a press interview on February 11 that the U.S. Government supports “Abenomics” initiatives of the new Japanese government which targets weaker yen.  After the interview, the value of yen fell sharply, marking a three year low 94.46 yen per dollar in New York currency exchange market.

2. MARKETING ISSUES

Suppliers Offer More Low Price Chocolates for Valentine’s Day This Year … 80% of Chocolates Offered in CU Stores are Less than 15,000 Won [Korean, OSY]

http://news.donga.com/3/all/20130212/52990396/1

Summary: It is reported that suppliers are offering more low price chocolates for Valentine’s Day (February 14) this year reflecting economic concerns among the general consumers.  42 of the 58 chocolate gift packages offered in GS25 convenience store chain this year are less than 10,000 won.  80 percent of chocolate gift packages offered in CU convenience store chain are less than 15,000 won. 

Large-Scale Discount Retail Stores Report Decline in Sales of ‘Lunar New Year’s Day’ Gift Sets, First Time in 14 Years [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2013021285021

Summary: Large-scale discount retail stores reported that sales of ‘Lunar New Year’s Day’ gift sets declined this year compared to last year for the first time in 14 years.  E Mart’s sales declined by 9.7 percent compared to last year’s season.  Home Plus and Lotte Mart’s sales also declined by 3.3 percent and 5.7 percent respectively.  On the other hand, department stores reported growth of the gift set sales.  Lotte Department Store reported 7.8 percent sales growth this season and Hyundai Department Store reported 6.5 percent growth.

3. OTHER MISCELLANEOUS ISSUES

Agricultural organizations to hold press conference today opposing reorganization of MIFAFF [Korean: BYK]

http://www.foodnews.co.kr/news/articleView.html?idxno=43663

Summary: Farmer organizations are scheduled to hold a press conference in front of the National Assembly today at 10:00 a.m.  The press conference is being held to protest the plan to shift the responsibility of food safety area from the Ministry for Food, Agriculture, Forestry & Fisheries (MIFAFF) to Ministry of Food and Drug. 

4. MIFAFF PRESS RELEASES

►    U.S. FDA to allow resumption of Korean shellfish exports

►    MIFAFF to operate 25 Agriculture-related funds, with a total of 420 Billion won