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Yonhap News Summary

All Headlines 17:30 March 08, 2018

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

Defense chief's 'joke' adds to speculation about scaled-down drills

SEOUL -- South Korean Defense Minister Song Young-moo "jokingly" said Thursday the United States does not need to send a nuclear submarine and other strategic assets to Korea for the upcoming joint military drills.

He made the remark during a meeting with visiting Pacific Fleet Commander Adm. Scott Swift amid speculation that Seoul hopes to scale down this year's Key Resolve and Foal Eagle exercises in order to maintain the mood of inter-Korean reconciliation spurred by the PyeongChang Winter Olympics.

U.S. trade actions won't affect allies' cooperation over N. Korea: ministry

SEOUL -- The Trump administration's growing protectionist trade policies will not affect Seoul-Washington collaboration on dealing with North Korea's nuclear issue, the foreign ministry said Thursday.

Last week, President Donald Trump said the U.S. will impose a 25 percent tariff on steel products and 10 percent on aluminum. The new duties are sure to weigh heavily on South Korea, the No. 3 exporter of steel to the U.S.

(LEAD) KDB presses GM over Korean unit's cost structure

SEOUL -- The state-run Korea Development Bank (KDB) said Thursday it will not pump new funds into the South Korean unit of General Motors Co. unless the U.S. automaker discloses the cost structure of GM Korea Co.

"To receive fresh funds (from the KDB), GM has to come clean with the cost structure (at GM Korea) among others and set up a viable plan to put the Korean operations back on track. If so, we will give serious consideration to injecting 'new money' into the company," KDB Chairman and CEO Lee Dong-gull said in a press conference.

IPC chief says N. Korean participation in PyeongChang Paralympics sends message of peace

PYEONGCHANG, South Korea -- International Paralympic Committee (IPC) President Andrew Parsons said Thursday that North Korea's participation in the PyeongChang Winter Paralympic Games sends a "strong message of peace."

Parsons said during a press conference at the Main Press Centre in PyeongChang, some 180 kilometers of Seoul, that he is excited for the 12th Winter Paralympic Games that will kick off their 10-day journey Friday. He said the PyeongChang Paralympic Games will be record breaking with newcomers like North Korea.

(LEAD) Seoul stocks close higher on institutional buying

SEOUL -- South Korean stocks closed higher on Thursday as institutional investors were net buyers of local stocks. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.26 points, or 1.3 percent, to close at 2,433.08. Trade volume was moderate at 390 million shares worth 8.87 trillion won (US$8.28 billion).

S. Korean activist group files lawsuit against Apple on iPhone slowdown

SEOUL -- A South Korean consumer advocacy group on Thursday filed a lawsuit against Apple Inc. and its local unit Apple Korea for intentionally slowing down older iPhones in the latest legal challenge against the U.S. tech giant.

The Citizens United for Consumer Sovereignty filed the suit at the Seoul Central District Court earlier in the day on behalf of 401 people. In January, the advocacy group filed a similar suit by representing 122 people.

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