Connect with us

World

South Korea’s Yoon pardons Samsung’s Jay Y. Lee to counter ‘economic crisis’

Published

on

South Korea’s Yoon pardons Samsung’s Jay Y. Lee to counter ‘economic crisis’
  • Samsung scion served 18 months in jail for bribery
  • S.Korea says leaders wanted to assist overcome financial disaster
  • Samsung might improve funding with Lee pardoned – analysts

SEOUL, Aug 12 (Reuters) – South Korea’s President Yoon Suk-yeol pardoned Samsung Electronics (005930.KS) Vice Chairman Jay Y. Lee on Friday, with South Korea’s Justice Ministry saying the enterprise chief was wanted to assist overcome a “nationwide financial disaster”.

The pardon is basically symbolic, with Lee already out on parole after serving 18 months in jail for bribery regarding his time main the world’s greatest smartphone and memory-chip maker.

Nonetheless, the pardon ought to imply Lee will have the ability to perform enterprise actions extra freely and will herald some large investments from Samsung, analysts mentioned.

Register now for FREE limitless entry to Reuters.com

“With pressing wants to beat the nationwide financial disaster, we rigorously chosen financial leaders who lead the nationwide development engine by energetic expertise funding and job creation to be pardoned,” Justice Minister Han Dong Hoon advised a briefing.

Advertisement

Lee, a scion of Samsung’s founding household, welcomed the choice and vowed to work laborious for the nationwide economic system.

“I’ll contribute to the economic system with steady funding and job creation and provides again the folks and authorities’s regards,” Samsung mentioned in an announcement, citing Lee.

Additionally pardoned by pro-business President Yoon was Lotte Group chairman Shin Dong-bin, who was sentenced to a two-and-a-half-year jail sentence on prices of bribery.

“We sincerely thank the federal government’s and other people’s determination to grant pardon, and Chairman Shin Dong-bin and workers members at Lotte will contribute to overcoming the complicated international disaster,” Lotte mentioned in an announcement.

BACK IN BUSINESS

Tech- and export-dependent South Korea is grappling with hovering inflation and indicators that Asia’s fourth-largest economic system is combating weakening demand, poor sentiment and slowing spending. learn extra

Advertisement

Analysts have lengthy anticipated choices on main M&A initiatives and investments as soon as Lee was reinstated, with firm sources saying such choices ought to solely be made by Lee.

“This removes the employment restriction Lee was technically underneath,” mentioned Park Ju-gun, head of analysis agency Leaders Index.

“And initiatives that have been being pursued by Samsung, similar to main M&A or investments, these may very well be tied to the pardon. There is a excessive probability that bulletins will probably be made going ahead.”

Even earlier than receiving the presidential pardon, Lee had returned to the limelight, showing in Could with President Yoon and U.S. President Joe Biden once they visited Samsung’s Pyeongtaek chip manufacturing services.

He has additionally visited Europe in June to fulfill ASML Holding NV (ASML.AS) CEO Peter Wennink, discussing the adoption of key high-end chip tools. learn extra

Advertisement

Final November, Samsung selected Taylor, Texas as the location of a brand new $17 billion chip plant. learn extra

Whereas specialists say Lee may now extra freely take part in administration, his authorized dangers nonetheless persist on account of an ongoing trial the place he faces prices of fraud and inventory manipulation.

“Together with his trial, Lee may face a contemporary jail time period if convicted. Nonetheless, the presidential pardon offers him some flexibility to deal with large administration points for now,” mentioned Lee Kyungmook, a professor at Seoul Nationwide College’s Graduate College of Enterprise.

Prime Samsung executives have hinted earlier this 12 months at potential upcoming acquisition exercise. Samsung Electronics has not performed a high-profile deal because it accomplished its buy of audio electronics maker Harman for $8 billion in 2017.

Though macroeconomic components similar to a requirement downturn might weigh on funding choices, Samsung has an enormous battle chest.

Advertisement

Samsung Electronics’ money steadiness elevated barely to 125 trillion gained ($95.13 billion) as of end-June, from 111 trillion a 12 months earlier.

Shares in Samsung Electronics have been buying and selling up 1% versus benchmark KOSPI’s (.KS11) 0.1% rise. Lotte Corp (004990.KS) shares have been down 0.8%.

Register now for FREE limitless entry to Reuters.com

Reporting by Joyce Lee, Soo-hyang Choi, Heekyong Yang; Modifying by Lincoln Feast

Advertisement

Our Requirements: The Thomson Reuters Belief Ideas.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

World

Jon Hamm’s Your Friends & Neighbors Renewed at Apple TV+ Ahead of Series Premiere — Get Release Date

Published

on

Jon Hamm’s Your Friends & Neighbors Renewed at Apple TV+ Ahead of Series Premiere — Get Release Date


Jon Hamm ‘Your Friends and Neighbors’ Apple Series Cast, Release Date



Advertisement





















Advertisement






Advertisement

Advertisement

ad



Advertisement






Advertisement


Quantcast



Continue Reading

World

Israel keeping its ‘eyes open’ for Iranian attacks during Trump transition period, ambassador says

Published

on

Israel keeping its ‘eyes open’ for Iranian attacks during Trump transition period, ambassador says

Israel’s U.N. Ambassador Danny Danon tells Fox News Digital that his country is keeping its “eyes open” for any potential aggression from Iran during the Trump transition period, adding it would be a “mistake” for the Islamic Republic to carry out an attack. 

The comments come after Iranian Foreign Minister Abbas Araghchi vowed earlier this week that Iran would retaliate against Israel for the strategic airstrikes it carried out against Tehran on Oct. 26. Araghchi was quoted in Iranian media saying “we have not given up our right to react, and we will react in our time and in the way we see fit.” 

“I would advise him not to challenge us. We have already shown our capabilities. We have proved that they are vulnerable. We can actually target any location in Iran. They know that,” Danon told Fox News Digital. 

“So I would advise them not to make that mistake. If they think that now, because of the transition period, they can take advantage of it, they are wrong,” he added. “We are keeping our eyes open and we are ready for all scenarios.” 

ICC REJECTS ISRAELI APPEALS, ISSUES ARREST WARRANTS FOR BENJAMIN NETANYAHU, YOAV GALLANT 

Advertisement

Israel’s U.N. Ambassador Danny Danon tells Fox News Digital that his country is “ready for all scenarios” coming from Iran during the Trump transition period. (Fox News)

Danon says he believes one of the most important challenges for the incoming Trump administration will be the way the U.S. deals with Iran. 

“Regarding the new administration, I think the most important challenge will be the way you challenge Iran, the aggression, the threat of the Iranian regime. I believe that the U.S. will have to go back to a leading position on this issue,” he told Fox News Digital. 

“We are fighting the same enemies, the enemies of the United States of America. When you look at the Iranians, the Houthis, Hezbollah, Hamas, all those bad actors that are coming against Israel… that is the enemy of the United States. So I think every American should support us and understand what we are doing now,” Danon also said. 

IRAN HIDING MISSILE, DRONE PROGRAMS UNDER GUISE OF COMMERCIAL FRONT TO EVADE SANCTIONS 

Advertisement
House Speaker Mike Johnson and Rep. Elise Stefanik

Rep. Elise Stefanik, R-N.Y., is acknowledged by President-elect Donald Trump alongside Speaker of the House Mike Johnson during a meeting with House Republicans at the Hyatt Regency hotel in Washington, D.C., on Nov. 13, 2024. Stefanik has been chosen by President-elect Donald Trump as the next U.S. ambassador to the United Nations. (Allison Robbert/Pool via REUTERS)

Danon spoke as the U.S. vetoed a draft resolution against Israel at the U.N. Security Council on Wednesday. 

The resolution, which was overseen by Algeria, sought an “immediate, unconditional and permanent cease-fire” to be imposed on Israel. The resolution did not guarantee the release of the hostages still being held by Hamas within Gaza. 

Israeli military planes

Israeli Air Force planes departing for the strikes in Iran on Oct. 26. (IDF Spokesman’s Unit)

 

“It was a shameful resolution because… it didn’t have the linkage between the cease-fire and the call [for] the release of the hostages. And I want to thank the United States for taking a strong position and vetoing this resolution,” Danon said. “I think it sent a very clear message that the U.S. stands with its strongest ally with Israel. And, you know, it was shameful, too, to hear the voices of so many ambassadors speaking about a cease-fire but abandoning the 101 hostages. We will not forget them. We will never abandon them. We will continue to fight until we bring all of them back home.” 

Fox News’ Benjamin Weinthal contributed to this report. 

Advertisement

Continue Reading

World

Fact-check: What do we know about Russia’s nuclear arsenal?

Published

on

Fact-check: What do we know about Russia’s nuclear arsenal?

Moscow has lowered the bar for using nuclear weapons and fired a missile capable of carrying a nuclear warhead into Ukraine, heightening tensions with the West.

ADVERTISEMENT

Russia’s nuclear arsenal is under fresh scrutiny after an intermediate-range ballistic missile capable of carrying an atomic warhead was fired into Ukrainian territory.

President Vladimir Putin says the unprecedented attack using the so-called “Oreshnik” missile is a direct response to Ukraine’s use of US and UK-made missiles to strike targets deep in Russian territory.

He has also warned that the military facilities of Western countries allowing Ukraine to use their weapons to strike Russia could become targets.

The escalation comes days after the Russian President approved small but significant changes to his country’s nuclear doctrine, which would allow a nuclear response to a conventional, non-nuclear attack on Russian territory.

While Western officials, including US defence secretary Lloyd Austin, have dismissed the notion that Moscow’s use of nuclear weapons is imminent, experts warn that recent developments could increase the possibility of nuclear weapons use.

Advertisement

Here’s what we know about Russia’s inventory of atomic weapons.

How big is Russia’s nuclear arsenal?

Russia holds more nuclear warheads than any other nation at an estimated 5,580, which amounts to 47% of global stockpiles, according to data from the Federation of American Scientists (FAS).

But only an estimated 1,710 of those weapons are deployed, a fraction more than the 1,670 deployed by the US. 

Both nations have the necessary nuclear might to destroy each other several times over, and considerably more atomic warheads than the world’s seven other nuclear nations: China, France, India, Israel, North Korea, Pakistan and the United Kingdom.

Of Moscow’s deployed weapons, an estimated 870 are on land-based ballistic missiles, 640 on submarine-launched ballistic missiles, and potentially 200 at heavy bomber bases.

Advertisement

According to FAS, there are no signs Russia is significantly scaling up its nuclear arsenal, but the federation does warn of a potential surge in the future as the country replaces single-warhead missiles with those capable of carrying multiple warheads.

Russia is also steadily modernising its nuclear arsenal.

What could trigger a Russian nuclear response?

Moscow’s previous 2020 doctrine stated that its nuclear weapons could be used in response to an attack using nuclear or other weapons of mass destruction “when the very existence of the state is put under threat.”

Now, the conditions under which a nuclear response could be launched have changed in three crucial ways:

  1. Russia will consider using nuclear weapons in the case of a strike on its territory using conventional weapons, such as cruise missiles, drones and tactical aircraft.
  2. It could launch a nuclear attack in response to an aggression by a non-nuclear state acting “with the participation or support of a nuclear state”, as is the case for Ukraine.
  3. Moscow will also apply the same conditions to an attack on Belarus’ territory, in agreement with President Lukashenko.

Is there a rising nuclear threat?

The size of the world’s nuclear stockpiles has rapidly decreased amid the post-Cold War détente. The Soviet Union had some 40,000 warheads, and the US around 30,000, when stockpiles peaked during the 1960s and 70s.

ADVERTISEMENT

But FAS warns that while the overall number is still in decline, operational warheads are on the rise once again. More countries are also upgrading their missiles to deploy multiple warheads.

“In nearly all of the nuclear-armed states there are either plans or a significant push to increase nuclear forces,” Hans M. Kristensen, Director of the Nuclear Information Project at the Federation of American Scientists (FAS), said in June this year.

Advertisement

Is the West reacting?

When Putin approved the updated nuclear protocol last week, many Western leaders dismissed it as sabre rattling.

German Foreign Minister Annalena Baerbock said Germany and its partners would “not be intimidated” and accused Putin of “playing with our fear.”

ADVERTISEMENT

But since Russia used a hypersonic ballistic missile capable of carrying a nuclear warhead in an attack on Dnipro, European leaders have raised the alarm.

“The last few dozen hours have shown that the threat is serious and real when it comes to global conflict,” Polish Prime Minister Donald Tusk said on Friday.

According to Dutch media reports, NATO’s secretary-general Mark Rutte is in Florida to urgently meet President-elect Donald Trump, potentially to discuss the recent escalation.

NATO and Ukraine will hold an extraordinary meeting in Brussels next Tuesday to discuss the situation and the possible allied reaction, according to Euronews sources.

Advertisement
ADVERTISEMENT
Continue Reading

Trending