1. Seoul confirmed that among 21 korean hostages seized in Afghanistan two women have been released and handed over to Korea yesterday..

2. The two Koreas will hold the first working-level preparatory talks to discuss the agenda and the detailed procedures of the upcoming inter-Korean summit..

3. The government announced that it would inject funds into the market to promite financial liquidity in case of a credit crunch due to subprime mortage defaults in the U.S.

4. A presidential panel decided to confiscate more than one million square meters of land owned by descendents of 10 people who allegedly collaborated with Japan during its rule of Korea..

5. Seoul plans to launch a bicycle scheme to encourage citizens and travelers to use eco-friendly form of transport instead of cars..



Military exercise postponed for upcoming summit..

A field exercise that was supposed to coincide with the annual South Koran-U.S computer-based war games was postponed because of the upcoming summit between the two Koreas.. The field exercise, referred to as "Hwarang", aims to promote the integrated defense between civilians, government and the military.. The computer-based exercise, which is called UFL, involves both Korea and the U.S. in a joint command post exersie to simulate the allies' scenario.. The first UFL exercise was started in 1975..Although the UFL will run as scheduled, the Hwarang ecercise will be posteponed to promote the favorable atmosphere for the inter-Korean summit.. The war simulation exercise have long been a sore point with North Korea, which calls them a rehearsal for invasion..