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) Seoul shares plunge over 5 pct on AI regulation concerns after U.S. midterms

SEOUL -- South Korean stocks plunged more than 5 percent Thursday as the Democratic Party's landslide in the U.S. midterm elections sparked concerns over tighter regulations on artificial intelligence (AI) investments. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 300 points, or 5.28 percent, to close at 5,383.80.

https://en.yna.co.kr/view/AEN20261105007252320

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■ (LEAD) Special counsel bill on alleged fabricated indictments introduced at plenary session

SEOUL -- A bill calling for a special counsel probe into allegations of fabricated indictments targeting President Lee Jae Myung and others was brought before a plenary session of the National Assembly on Thursday.

The bill was introduced by Assembly Speaker Cho Jeong-sik over objections from the main opposition People Power Party (PPP), setting the stage for a vote led by the ruling Democratic Party (DP), which holds a majority in the Assembly. The PPP immediately launched a filibuster.

https://en.yna.co.kr/view/AEN20261105004751315

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■ (News Focus) S. Korea signals Hormuz role with demining assets for anti-piracy unit

SEOUL -- South Korea's plan to deploy mine-clearing assets and expand the scope of operations for its anti-piracy unit signals a step forward in its commitment to restoring security in the Strait of Hormuz amid ongoing disruptions from the U.S.-Iran conflict, experts here said Thursday.

It remains to be seen, however, how the move will be received in Washington, as the United States had previously expressed displeasure over Seoul's reluctance to join military efforts to keep the vital waterway open against Iranian threats, they noted. The decision could also weigh on South Korea's bilateral relations with Tehran.

https://en.yna.co.kr/view/AEN20261105006900315

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■ (LEAD) S. Korea to seek 2-year delay in tax on cryptocurrency gains

SEOUL -- South Korea will seek to delay a planned tax on cryptocurrency gains by two years, from 2027 to 2029, considering the timeline for tax information exchanges with the United States and the need to prepare for changes in the regulatory framework, the finance minister said Thursday.

Finance Minister Lee Hyoung-il made the remark during a press conference in Seoul, noting the government will work with the National Assembly on the proposed delay.

https://en.yna.co.kr/view/AEN20261105005751320

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■ Organizing committee of World Youth Day 2027 vows to prioritize safety

SEOUL -- With some 500,000 people expected to take part in World Youth Day 2027 set to be held in Seoul next year, its organizing committee vowed Thursday to ensure a safety gathering.

The international gathering of Catholic youths is scheduled from Aug. 3-8 next year, with Pope Leo XIV set to visit South Korea for the first time since taking office last year. It will mark the first time the event is taking place in a country where Catholicism is not the dominant religion.

https://en.yna.co.kr/view/AEN20261105006400315
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