National Assemblyman accuses KORUS FTA as being a “Rosy Fantasy.” [Korean: BYK]

http://www.nocutnews.co.kr/show.asp?idx=1878283

Summary: Assemblyman Chun, Jung Bae of the Democratic Party accused the KORUS FTA as being a “Rosy Fantasy.”  In his paper that he put up on ‘The Hill’s Congress Blog,’ he asserted that there is some rosy fantasy that the pending U.S.-Korea Free Trade Agreement will create tens of thousands of well-paying jobs in both countries and strengthen and expand the U.S. relationship with Korea. This is a fabrication of multinational corporations that have no allegiance to either country. As a member of the Korean National Assembly, I would like to set the record straight: In reality, the deal is lose-lose.  [Embassy comment: The full English article can be found at the following website: http://thehill.com/blogs/congress-blog/foreign-policy/175169-us-korea-trade-deal-is-bad-for-both-countries]

Speaker Nancy Pelosi argues that the effect of KORUS FTA is debatable [Korean: BYK]

http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=104&oid=001&aid=0005195966

Summary: While participating in a MSNBC program, she claimed that the Administration’s claim that the KORUS FTA can create more jobs is debatable.

Senator Baucus states that the Congress is going into recess without resolving the conflicts surrounding the KORUS FTA [Korean: BYK]

http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=104&oid=003&aid=0004003887

Summary: Senator Baucus claimed that the Congress was going into a recess without resolving the conflicts surrounding the TAA which is blocking the ratification of KORUS FTA.  He stated that it would be crucial for the Congress to find the common denominator in September when the Congress returns from its recess.

Prospects for ratification of KORUS FTA y U.S. Congress in September [Korean: BYK]

http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=104&oid=001&aid=0005193836

Summary: Hopes to get the KORUS FTA ratified before the summer recess by U.S. congress is fading.  Due to its political battle over the deficit issue, the likelihood of getting the KORUS FTA ratified before August 5^th is low.  President Obama listed the ratification of the KORUS FTA as one of the priority issues that the Congress needs to address after the summer recess.  However, prospects are not all that bright for getting it ratified in September as some of the Democratic Party members and the Tea Party members in the Republican party that are unhappy with how the deficit problem was handled may try to influence the ratification process in September.

2. LIVESTOCK ISSUES

Emart to hold pork cooking contest [Korean: BYK]

http://biz.heraldm.com/common/Detail.jsp?newsMLId=20110804000146

Summary: Emart is in the process of gathering contestants that want to participate in the “Cook Talent Contest.”  The contest is to promote the use of non-pork belly cuts.  Emart hopes to discover various recipes that use various pork cuts other than the pork belly to encourage consumers to consume more non-pork belly cuts.

http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=102&oid=003&aid=0003993686

Summary: Harim Company, the largest poultry processor in Korea acquired Allen family Foods, the 19^th largest poultry company in the united States.  This company, located in Wilmington, Delaware, went bankrupt and was acquired by Harim.  Harim has spent $48 million in the acquisition and is planning to invest up to $120 million, which would mark the highest level of investment by a Korean livestock company.  The acquisition includes, the Headquarter building of Allen Family Foods, 2 hatching farms, 2 slaughter plants, 2 feed factories, 1 rendering plant and around 13.2 million square meter of poultry farm.  This company’s annual slaughter capacity is around 100 million heads per year and can produce around 220,000 MT of poultry products per year.     

Lotte Supermarket Promotes Hanwoo Beef [Korean: BYK]

http://www.newsprime.co.kr/news/articleView.html?idxno=208686

Summary: Lotte Supermarket is promoting Hanwoo beef at 40 percent discounted prices.  The promotion that goes on until August 9^th will be selling Hanwoo beef tenderloins at 4,580 won per 100 gram, compared to the normal price of 7,000 won.  Consumers will get an additional 600 won/100 gram discount if they make the purchase using Lotte Credit Card.