Ryan Cohen Rejects GameStop Pay Package, Prepares New eBay Acquisition Plan 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Bain Capital Nears Deal for Majority Stake in Volkswagen Marine Engine Unit Everllence 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
SK Hynix Moves Closer to New York ADR Listing Amid AI Chip Boom 
Meta Reportedly Developing ‘Arena’ Prediction Market App to Rival Polymarket and Kalshi 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
Alibaba Shares Fall After Anthropic Alleges Massive AI Model Distillation Campaign 
Bayer Wins Major U.S. Supreme Court Roundup Lawsuit, Shares Surge 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Doncasters Raises $919 Million in NYSE IPO as Aerospace Growth Accelerates 
Pelosi Discloses Major Intel and Uber Call Option Purchases Worth Up to $6 Million 
Australia Jobs Growth Strengthens Rate Hike Outlook 
Samsung and SK Hynix Shares Jump After Micron Earnings Boost AI Chip Optimism 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
KPMG Australia Chairman and Senior Partners Exit Amid Escalating Whistleblower Scandal 
Gold Falls Below $4,000 as Strong Dollar and Fed Rate Hike Expectations Weigh on Prices 
Shinhan Financial Group's chairman and chief executive officer, Cho Yong Byoung, has been cleared by the Supreme Court of corruption charges. He was accused of the said crime in connection with the company's employee hiring practices.
According to The Korea Times, the court handed down the ruling on Thursday, June 30. With the release of the verdict and overcoming one major legal snag, Cho extended his time as Shinhan Financial Group's chief. This will be his third term of office at the company.
"The Shinhan chief is widely expected to serve for another term with no difficulties after overcoming the legal obstacles," a source from the financial industry stated.
It was reported that after the court announced its decision, Lee Bok Hyun, the Financial Supervisory Service's (FSS) governor, said he respects the Supreme Court's judgment.
Previously, the chairman of the financial holding company headquartered in Seoul was accused of unfairly influencing the Shinhan Bank's hiring process for new staff. At that time, he was charged for the said offense along with six other personnel from the human resources department.
They were accused by the prosecution of manipulating the job hiring process to recruit the sons and daughters of lawmakers and other government officials in a corrupt manner from the years 2013 to early 2016. Moreover, they allegedly prioritized the applicants with personal connections to the bank executives, including children of the bank's executives and department.
Korea Joongang Daily reported that in the first trial in January 2021, the Seoul Eastern District Court found Cho guilty of the offenses lodged against him. He was sentenced to six months of suspended jail term.
On the other hand, the judge did not convict the Shinhan Financial Group chief of discriminating against women applicants. With his conviction, he appealed his case to the Seoul High Court, and in November, the decision was overturned, and Cho was declared not guilty.
In Thursday's trial that was presided over by Chief Justice Lee Dong Won, the Supreme Court upheld the judgment given by the Seoul High Court last year, which acquits Cho Yong Byoung of charges including violation of the Employment Equality Act and business obstruction.
