Yonhap News Summary

The following is the second summary of major stories moved by Yonhap News Agency
on Thursday.

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(LEAD) S. Korea mulls timing of first summit with Obama
SEOUL -- The South Korean government has begun considering the timing and format
of a future summit between President Lee Myung-bak and his new American
counterpart Barack Obama, officials said Thursday.
The G-20 summit in London in early April could provide the stage for such a
meeting, a senior foreign ministry official said. "If held, it could involve
formal talks or just a casual encounter... We have to consult with the U.S. side
after the State Department names working-level officials on Korean affairs," he
said.
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N. Korea says U.S. preparing for war with new fighters in S. Korea
SEOUL -- North Korea vowed to retain its nuclear weapons on Thursday and accused
the United States of preparing for a preemptive nuclear strike by deploying new
fighters and spy planes to South Korea.
Pyongyang routinely criticizes the U.S. military stationed in South Korea and
says it is compelled to keep nuclear weapons as a deterrent.
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(News Focus) Growth data show economy on the skids
SEOUL -- The South Korean economy is likely to lose further steam down the road
as the latest data show exports, the country's main growth engine, are sliding
rapidly amid a global slump, analysts say.
The Bank of Korea (BOK) said early Thursday the nation's gross domestic product
(GDP) shrank 5.6 percent in the fourth quarter of 2008 from three months earlier,
the sharpest fall since a 7.8 percent drop in the first quarter of 1998 in the
wake of the Asian financial crisis.
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(LEAD) Seoul stocks end up 1.14 pct on U.S. gains
SEOUL -- South Korean stocks closed 1.14 percent higher Thursday as overnight
gains on Wall Street overshadowed worries about the economy's worst performance
in a decade, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 12.62 points to
1,116.23. Volume was moderate at 341.64 million shares worth 4.21 trillion won
(US$3.06 billion), with gainers outpacing losers 517 to 290.
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President names vice ministers for defense, agriculture
SEOUL -- The head of the government procurement office was named the vice
minister of defense Thursday in a minor reshuffle of vice ministers that also saw
the replacement of both two vice chiefs at the agriculture ministry, the
presidential office said.
Chang Soo-man, head of the Public Procurement Service, was tapped to become the
country's second highest defense official in an apparent move to strengthen and
reform the defense ministry's procurement arm, the Defense Acquisition Program
Administration (DAPA).
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Man indicted for circulating false rumors in cyberspace
SEOUL -- Prosecutors indicted a man on Thursday for allegedly spreading false
rumors on the Internet that they say cost the country billions of dollars in
economic damage.
The 30-year-old, whose last name is Park, was arrested earlier this month.
Investigators said they have confirmed he is the blogger "Minerva" who was behind
a posting in July that said the finance ministry had suspended all foreign
currency exchanges and another in December that said the government had ordered
local financial institutions to stop buying U.S. dollars.
(END)