Yonhap News Summary

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

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(2nd LD) S. Korea withdraws WTO complaint about Japan's export curb

SEOUL -- South Korea decided Thursday to withdraw its complaint filed with the World Trade Organization, as Japan vowed to lift its export curb of key semiconductor materials against Seoul ahead of the crucial summit of their leaders in Tokyo.

The move came after Japan decided to lift its export restrictions on three materials critical for the production of semiconductors and flexible displays -- fluorine polyimide, photoresist and hydrogen fluoride -- to South Korea.

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(2nd LD) Biz lobbies of S. Korea, Japan to create 'future partnership funds' in sign of thawing ties

SEOUL -- Business lobbies of South Korea and Japan will each create a fund to support various cooperation projects, such as joint research on global issues and youth exchange programs, as part of the resolution to the row over Japan's wartime forced labor.

The announcement by the Federation of Korean Industries (FKI) and the Japan Business Federation (Keidanren) on Thursday came hours before President Yoon Suk Yeol's summit with Japanese Prime Minister Fumio Kishida in Tokyo.

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(3rd LD) Yoon arrives in Japan for summit with Kishida

TOKYO -- President Yoon Suk Yeol arrived in Japan on Thursday for a summit with Prime Minister Fumio Kishida on a highly symbolic trip signaling a significant warming of long-strained relations following the resolution of a row over wartime forced labor.

The two-day visit is South Korea's first bilateral presidential trip to the neighboring nation in 12 years, an illustration showing how long the relations between the two countries have been frayed over historical disputes.

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(5th LD) N. Korea fires one ICBM ahead of S. Korea-Japan summit: military

SEOUL -- North Korea fired a long-range ballistic missile toward the East Sea on Thursday, Seoul's military said, hours before summit talks between the leaders of South Korea and Japan on pending bilateral issues and regional security.

The Joint Chiefs of Staff (JCS) said it detected the launch from the Sunan area in Pyongyang at 7:10 a.m., and the missile, fired at a lofted angle, flew some 1,000 kilometers before splashing into the sea.

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S. Korea stages large-scale airborne landing drills

SEOUL -- South Korea's military is conducting large-scale drills on airborne infiltrations and other wartime procedures in southern counties, officials said Thursday, as part of its ongoing regular exercise with the United States.

The Army and the Air Force mobilized some 1,500 troops and more than 30 aircraft, including the C-130H and CN-235 transport planes, in Jangseong, 252 kilometers south of Seoul, and Uiryeong, 274 km south of the capital. The five-day exercise runs through Friday.

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Chinese cranes pervasive at S. Korean ports amid espionage concerns: lawmaker

SEOUL -- Chinese tower cranes suspected of being used as spying tools in the United States are widely used in South Korean ports, a ruling party lawmaker said Thursday, as he called for a thorough investigation into the potential security risks.

Rep. An Byung-gil of the ruling People Power Party said 427 out of the 809 cranes installed at 10 major ports in South Korea were made by Shanghai Zhenhua Heavy Industries Co. (ZPMC), citing data provided by the Ministry of Oceans and Fisheries.

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S. Korean, UAE firms seek to strike US$5 mln deals: trade ministry

SEOUL -- South Korea's industry ministry said Thursday it has hosted a business session in the United Arab Emirates (UAE) where companies of both countries sought deals worth US$5 million.

The latest event came as Seoul and Abu Dhabi aim to bolster ties after the Middle East nation vowed to invest $30 billion in South Korea in the nuclear power, arms and energy sectors during a bilateral summit in January, according to the Ministry of Trade, Industry and Energy.

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Seoul stocks slip over Credit Suisse rout

SEOUL -- Seoul stocks closed slightly lower Thursday amid concerns that global investment bank Credit Suisse's fiasco may worsen and possibly harm the global financial sector. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 1.81 points, or 0.08 percent, to close at 2,377.91 points.
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