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Yonhap News Summary

All News 13:30 July 10, 2018

The following is the first summary of major stories moved by Yonhap News Agency on Tuesday.

S. Korea suspends annual defense drill

SEOUL -- South Korea's government said Tuesday that it has decided to cancel this year's Ulchi exercise, an annual defense drill intended to examine the state's war preparedness, in consideration of the "changing security circumstances" on the Korean Peninsula.

The decision was reached at a weekly Cabinet meeting early in the day, as the Seoul government has recently refrained from military drills and other moves that might provoke North Korea amid its ongoing denuclearization talks with the United States.

(LEAD) Trump voices confidence Kim will honor denuclearization deal

WASHINGTON -- U.S. President Donald Trump on Monday voiced confidence that North Korean leader Kim Jong-un will dismantle the regime's nuclear weapons program as promised.

Trump wrote the message on Twitter after U.S. Secretary of State Mike Pompeo visited Pyongyang over the weekend to flesh out details of the two leaders' denuclearization deal.

Denuclearization should come before discussing resumption of Mount Kumgang tour: official

SEOUL -- There should be progress in denuclearization and other conditions should be created before talking about resumption of a long-suspended joint tourism project at Mount Kumgang on North Korea's east coast, a Seoul official said Tuesday.

South Korea has suspended the tour project since July 2008 after a female South Korean tourist was shot dead by a North Korean guard near the resort.

Moon, Modi to hold bilateral summit after series of friendly events

NEW DELHI -- South Korean President Moon Jae-in and Indian Prime Minister Narendra Modi were set to hold a bilateral summit Tuesday, following a series of encounters that reflected and also promoted the close relationship between the two leaders on the previous day.

The Moon-Modi summit was set to follow an official welcome ceremony for the South Korean leader, who arrived here on Sunday for a four-day state visit, according to Moon's office Cheong Wa Dae.

(LEAD) Moon orders investigation into military proposal to crack down on protests against ex-leader Park

NEW DELHI -- President Moon Jae-in has ordered the launch of a special, independent investigation into allegations that the top military intelligence unit may have proposed an armed crackdown on peaceful candlelight vigils last year, the presidential office Cheong Wa Dae said Tuesday.

The order was made Monday following recent reports that the Defense Security Command (DSC) proposed declaring martial law in the midst of the candlelight vigils that eventually led to the ouster of former President Park Geun-hye, who is now facing criminal trial over corruption and abuse of power.

(2nd LD) N.K. leader Kim inspects construction sites, farm

SEOUL -- North Korean leader Kim Jong-un has inspected construction sites in the country's northern county of Samjiyon, the North's state-run media reported Tuesday.

Kim gave a "field guidance" at the sites, including a township construction project under way in Samjiyon County in Ryanggang Province bordering China, according to the Korean Central News Agency.

S. Korea, China to hold second round of FTA talks this week

SEOUL -- South Korea and China will hold the second round of talks to expand the scope of their bilateral free trade agreement (FTA) this week to better cover the service and investment sectors, Seoul's trade ministry said Tuesday.

The two nations engaged in the first round of FTA follow-up negotiations in March and have agreed to discuss details of the agreement in Beijing from Wednesday to Friday, the Ministry of Trade, Industry and Energy said.

(LEAD) Tax revenue tallied at 31 tln won in May

SEJONG -- South Korea's tax revenue was tallied at 31 trillion won (US$27.9 billion) in May, up a sharp 12.4 trillion won from a year earlier, due to carried-over corporate tax earnings, data showed Tuesday.

But if corporate taxes had been collected on schedule, the country would have collected an estimated 21.4 trillion won in dues in May, up 2.9 trillion won over the cited period, the data compiled by the finance ministry showed.

S. Korean shipbuilders beat Chinese rivals in orders in 1st half

SEOUL -- South Korean shipbuilders beat Chinese rivals in ship orders in the first half of 2018 for the first time in three years, according to data by Clarkson Research Services.

In the January-June period, South Korean shipbuilders clinched orders equal to 4.96 million compensated gross tons (CGTs) to build 115 vessels. This accounted for 40 percent of ship orders placed globally, the research firm said.

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