Yonhap News Summary

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

----------------
(LEAD) S. Korea, U.S. reach decision to deploy THAAD defense system in Korea

SEOUL -- South Korea and the United States have agreed to deploy a high-tech antiballistic-missile interception system in the Northeast Asian country to upgrade the allies' defense against North Korea's increasing nuclear and missile threats, the defense ministry said Friday.

The decision came after five months of negotiations between Seoul and Washington over whether to deploy the Terminal High Altitude Area Defense (THAAD) system, an advanced air defense shield that makes up the U.S.' mainland missile defense system.

----------------
Pentagon: THAAD won't be directed toward any third nations

WASHINGTON -- The U.S. Defense Department said Thursday that the THAAD missile defense system to be deployed to South Korea won't be directed towards any third party nations, other than defending against nuclear and missile threats from North Korea.

South Korea and the U.S. announced earlier that they have officially decided to deploy a Terminal High Altitude Area Defense battery in South Korea to cope with ever-growing nuclear and missile threats from the communist nation.

----------------
China denounces Seoul, Washington's decision to deploy THAAD

BEJING -- China's foreign ministry said Friday it strongly opposes the decision by South Korea and the United States to deploy an advanced anti-ballistic missile system on South Korean soil.

China expressed "strong discontent and firm opposition" against the two countries' agreement to deploy the Terminal High Altitude Area Defense (THAAD) system.

----------------
Incheon looking to host top Asian sports body headquarters

INCHEON -- South Korean city Incheon is looking to host the headquarters of the top Asian sports governing body in a bid to raise the city's international profile, officials said Friday.

The Incheon municipal government said it has recently submitted an offer to the Olympic Council of Asia (OCA) that the city wants to house the OCA headquarters. The OCA is the apex sporting body which controls all sports in Asia. It is one of the five continental associations recognized by the International Olympic Committee (IOC).

----------------
Investors park more money in safe places amid uncertainty

SEOUL -- Investors in South Korea are increasingly parking their money in safe places and managing them on a short-term basis amid increased uncertainties, data showed on Friday.

The outstanding value of short-term financial products such as demand deposits and time deposits with a maturity of less than six months amounted to 876.2 trillion won (US$757 billion) as of end-May, up 3.3 percent from 848.6 trillion won at end-December, according to the data compiled by the Bank of Korea.

----------------
Consumption pickup offsets steady slump in export, output: gov't report

SEJONG -- The South Korean economy continues to be on a downward slope due to a slump in exports and industrial production despite an apparent uptick in private consumption, a government report showed Friday.

"Consumption is showing some signs of recovery, but the production side has remained in the doldrums, with a slowdown in employment," the finance ministry said in its monthly economy assessment report called the "Green Book."

----------------
S. Korean shares down 0.61 pct in late morning trade

SEOUL -- South Korean shares were down 0.61 percent late Friday morning on sell-offs by foreign and institutional investors.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 11.97 points to 1,962.11 as of 11:20 a.m.
(END)