Brazil to Phase Out Gasoline Subsidy First as Diesel Support Stays Longer 
Northern Star Appoints New CEO as Activist Elliott Pushes for Leadership Overhaul 
Lockheed Martin Emerges as Frontrunner to Acquire Ultra Maritime in $3.5 Billion Defense Deal 
US Stock Futures Hold Steady Ahead of June Jobs Report as Fed Rate Outlook Remains in Focus 
Asian Stocks Slide as Chip Shares Tumble Ahead of Key U.S. Jobs Report 
SoftBank’s LY Corp, Bain Raise Kakaku.com Bid to ¥670 Billion, Intensifying Takeover Battle 
Oil Prices Slip as Oversupply Concerns and U.S.-Iran Talks Shape Market Outlook 
SK Holdings, KKR Launch $1.3B Renewable Energy Venture in South Korea 
U.S. Dollar Drops as Weak Jobs Data Boosts Fed Pause Bets, Yen Jumps on Intervention Talk 
Anthropic Restores Claude Fable 5 and Mythos 5 After U.S. Lifts AI Export Controls 
Suncorp Cuts 2026 Premium Growth Forecast as Australia, New Zealand Markets Weaken 
Gold Price Today: Bullion Heads for First Weekly Gain as Weak U.S. Jobs Data Eases Rate Hike Fears 
Trump Administration to Launch Voluntary AI Standards for Frontier Models 
Moody’s Says Peru’s President-Elect Keiko Fujimori Could Boost Investor Confidence 
Super Micro Employees Detained in Taiwan AI Server Export Investigation 
BHP Workers Approve New Labour Agreement at WA Iron Ore Operations 
Sodexo Raises 2026 Revenue Outlook After Strong Q3 Sales Beat 
Lee Jae Yong is still in prison and completing his two and a half year sentence for bribery. With the Samsung chief and heir unable to work in full capacity, business leaders in South Korea have called on for his pardon.
Petition of Samsung heir’s freedom
A group of businessmen that heads major companies came together to petition for Lee Jae Yong’s pardon and their letter was forwarded to the Blue House last month. President Moon Jae In’s administration has yet to make a decision about it.
Late last month the business community led by five major lobby groups including the Korea Chamber of Commerce and Industry, the Korea International Trade Association, the Korea Enterprises Federation, the Federation of Middle Market Enterprises of Korea and the Korea Federation of SMEs, signed and submitted a pardon recommendation letter to the Blue House.
The businessmen cited the challenging situation and chip shortage problem as the main reason for their petition. They said that with Lee Jae Yong’s absence he cannot address many issues in the industry and in turn, South Korea may lose the no. 1 status in the chip business.
AMCHAM Korea joins in
Now, nearly a month after the petition was submitted, the American Chamber of Commerce in Korea (AMCHAM Korea) has also joined in and is asking for Lee Jae Yong to be released earlier than his prison term, as per Maeil Business News.
It was reported that the group also sent a fresh letter to President Moon Jae In and told the leader that if Samsung does not fully engage in supporting the U.S. administration, S. Korea’s position as a strategic partner of America will be jeopardized.
AMCHAM Korea’s call was said to have come before the Korean president meets with President Joe Biden in Washington this Friday, Chosun Ilbo reported. "We believe that a pardon of the most important executive of Samsung is in the best economic interest of both the U.S. and Korea," AMCHAM Korea’s chairman James Kim said in a statement.
In any case, addressing the calls for Lee Jae Yong’s pardon, President Moon said on May 10, "Though it's said that the matter is in my hands, it's not an easy issue that I can decide as I please." He explained that he will be listening to many opinions before finally making a decision. Meanwhile, AMCHAM Korea is a group of 800 American companies that are doing business in the country. Korea.
