SpaceX Pivots Toward Moon City as Musk Reframes Long-Term Space Vision 
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Oil Prices Slip as U.S.-Iran Talks Ease Middle East Tensions 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Gold and Silver Prices Climb in Asian Trade as Markets Eye Key U.S. Economic Data 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Samsung Electronics Shares Jump on HBM4 Mass Production Report 
Asian Currencies Stay Rangebound as Yen Firms on Intervention Talk 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Lotte Group's chairman Shin Dong Bin is one of the people that has been granted clemency by President Yoon Suk Yeol. After getting the privilege, the chief immediately pledged to invest in the biotech and hydrogen energy business.
Shin also said that he would immediately work for global expansion to help South Korea's economy recover. The President actually issued the pardon so he can go back to the company and lead it once again to help bolster the wealth and resources of the country.
According to The Korea Herald, the presidential pardon for the Lotte Group's chairman was announced late last week. After confirming his pardon, Shin once again shared his plan for investments and forging partnerships with global firms.
Shin is set to be officially pardoned on Aug.15, which is Liberation Day in South Korea. His plans are expected to set a new route for Lotte - from retail to biotech and hydrogen businesses.
The chairman first revealed his investment in May after promising to put it KRW38 trillion or around $30 billion in the next five years. The fund will be used in Lotte's new growth engine units such as biotech, mobility, health and wellness, and sustainability.
Its main industry segments will be retail, chemicals, and travel business units. Moreover, Shin explained at that time that they would be using part of the funds worth KRW15 trillion for its four new business units.
"We sincerely thank the government's and people's decision to grant a pardon. Chairman Shin Dong-bin and Lotte workers will contribute to overcoming the global crisis by boosting domestic industries and economy," the multinational conglomerate company said in a statement. "The company will accelerate biotech, hydrogen energy and electric materials and other innovative businesses and actively participate in advancing nation's competitiveness."
Meanwhile, with regard to clemency, The Korea Times quoted an industry official as saying, "The presidential pardon will lead to a breakthrough in the country's business activities and growth momentum, which have been bogged down for years by legal issues involving top decision-makers. Investments will pick up speed, leading to an overall revitalization of the country's economy."
