US Dollar Pauses Rally as Middle East Tensions Support Safe-Haven Demand 
Judge Orders $5.8 Million Payment to E. Jean Carroll After Trump Loses Appeal Bid 
Judge Approves Anthropic’s $1.5 Billion AI Copyright Settlement With Authors 
Saudi Oil Tankers Reverse Course as Houthi Threats Disrupt Red Sea Shipping 
Gold Price Climbs Above $4,130 as Middle East Tensions Boost Safe-Haven Demand 
Macquarie Names Greg Ward as CEO, Signaling Stability and Strategic Continuity 
DOJ Subpoenas Major Law Firms in Trump Executive Order Dispute 
Trump Announces 100% Tariff on Generic Drug Imports Starting in 2028 
Maduro, U.S. Prosecutors Propose June 2027 Trial Date in Drug Trafficking Case 
Sara Duterte Impeachment Trial Opens, Putting 2028 Philippine Election in Focus 
ICC Says Darfur War Crimes Probe Reaches Breakthrough in Sudan Investigation 
Super Micro Computer Stock Jumps 20% After Record AI Orders and Margin Surge 
Domino’s Weighs Appeal After Australian Court Rules Workers Were Misled on Pay 
Oil Prices Rise as Houthi Attacks on Saudi Tankers Heighten Middle East Supply Fears 
Gold Price Holds Above $4,130 as Fed Rate Outlook and Middle East Tensions Support Safe-Haven Demand 
DOJ Seeks Dismissal of Fraud Charges Against Gautam Adani in U.S. Court 
Lawmakers in South Korea, led by Rep. Choi Seung-jae of the People Power Party, are stepping in to investigate potential violations of Fair Trade and Franchise Business Transaction laws by Adidas Korea. The intervention follows a backlash from numerous franchisees over Adidas Korea's unilateral termination of franchise contracts, a move seen as a part of its restructuring focus on online and company-owned stores.
The Adidas Franchisee Association has appealed to the members of the National Policy Committee, including Rep. Choi's office, highlighting the unfairness of the contract termination process. This pressing issue is expected to be thoroughly discussed and examined during the fall session of the National Assembly audit.
In January, Adidas Korea underwent a business restructuring, focusing on online platforms and company-owned stores. Among the approximately 100 franchisees, only 19 were chosen to continue, while the rest faced store closures or consolidation. The remaining franchisees received a formal notice indicating that product supply would only be guaranteed until 2024.
Franchisees in Korea have formally requested the newly-appointed Adidas CEO, Bjorn Gulden, to reconsider the restructuring plan initiated by his predecessor, Kasper Rorsted. Kim Jung-joong, the leader of a group of Adidas franchisees in Korea, expressed hope that the new chief executive, who previously worked at Puma, would rescind the contract terminations affecting around 80 Korean franchisees out of the approximate 100 by 2025.
In response to the unilateral contract termination, 76 franchisees nationwide have collectively formed an association to address this issue. The association filed for dispute mediation with the Gyeonggi Province Fair Trade Support Center earlier this year.
Beyond the franchise contract termination matter, Rep. Choi's office is also investigating whether Adidas Korea fulfilled its disclosure obligations when it converted to a limited liability company in 2017. As per the revised External Audit Act, enacted in 2019, companies with paid-in capital exceeding 50 billion won (US$39 million) must disclose their audit reports. However, limited liability companies are exempt from such disclosure obligations.
Photo: Om Kamath/Unsplash
