Local Elections: South Korea kicked off a two-day early voting period for the June 3 local elections and parliamentary by-elections, with 4.12 million people already voting by 4 p.m. Friday, as the race is widely seen as a first-year verdict on President Lee Jae Myung. Economy & Markets: The KOSPI surged to a fresh record high, closing up 3.55% on AI-led buying and renewed hopes for a US-Iran ceasefire extension, while the won weakened against the dollar. AI Chips: SK Hynix joined the $1 trillion club, joining Samsung after a sharp rally driven by booming AI memory demand. Finance Watch: Bank of Korea data showed South Korean banks’ lending rates held steady in April, while foreign currency deposits rebounded. K-Beauty Push: Finance Minister Koo Yun-cheol pledged to back cosmetics as a new export growth engine, pointing to strong early-2026 export momentum. Film Industry: Seoul launched a public-private committee to shape “holdback” rules that would delay streaming releases of new theatrical films. Crypto Regulation: DAXA rolled out tighter standards for crypto exchanges to curb improper API key sharing used in automated trading. North Korea Diplomacy: Singapore’s foreign minister said Pyongyang is focused on deterrence and self-sufficiency, not engagement with Seoul, Tokyo, or Washington.