Heavyweights

• The Netherlands, Poland, Spain, and Sweden have urged the European Commission to resume debates on leveraging frozen Russian state assets to support Ukraine. • The four nations sent a formal letter to foreign policy chief Kaja Kallas and Irish Foreign Minister Helen McEntee to address a €23 billion deficit in Ukraine's defense budget. • This push highlights the urgent need for sustainable funding as Ukraine struggles to finance its war effort against Russia.

• President Lee Jae Myung held a dinner meeting on the 24th in San Francisco with global AI leaders, including NVIDIA CEO Jensen Huang and heads of Samsung Electronics, Hyundai Motor Group, and SK Group. • During the event, President Lee announced the ‘San Francisco AI Declaration’ at the San Francisco AI Summit to strengthen South Korea's role in the global AI supply chain. • The meeting brought together industry giants with a combined market capitalization of 1.7 gyeong (approximately 17 quadrillion won), highlighting the immense economic scale of the AI sector.

• South Korean stocks plummeted 4% on Friday, driven by a sharp decline in tech heavyweights following a sell-off of AI-linked names on Wall Street. • The downturn extended across Asia-Pacific markets, with Hong Kong's Hang Seng index dropping 0.46% and the CSI 300 declining 0.29%. • This shift reflects a broader market rotation away from chip stocks, which paradoxically helped the Dow Jones Industrial Average reach a record close.

The 79th edition of the film festival will see work by Pedro Almodóvar, Hirokazu Kore-eda and László Nemes considered for the coveted Palme d’OrGillian Anderson, Rami Malek, Cara Delevingne and John Travolta are expected to walk the red carpet at Cannes this year, as the world’s most influential film festival unveiled an auteur-heavy lineup for its 79th edition.Competing for the coveted Palme d’Or will be new films by heavyweights Pedro Almodóvar, Hirokazu Kore-eda, Paweł Pawlikowski, László Nemes and Asghar Farhadi. Continue reading...