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South Korean authorities nabbed Samsung Group boss Jay Lee over his purported participation in the nation's corruption controversy, which resulted in the indictment of President Park Geun-hye and other high-ranking officials.

O Friday, Lee was taken at the imprisonment site in Seoul following he waited for the court's verdict overnight. A jail official divulged the Samsung chief is currently placed in a small area with a television and a table.

Special prosecutors alleged Lee paid a kickback to Choi Soon-sil, Park's longtime confidante, to secure an approval in connection to the company's leadership. Authorities will arraign him on several lawsuits such as perjury and embezzlement.

Both Lee and Samsung already refuted accusations against them. Prosecutors, who intends to subject him to a questioning over the weekend, have up to 10 days to prosecute him.

Related news

2018.02.26 03:14:00 UTC+00

Samsung Launches Galaxy S9 Smartphone

Samsung Electronics Co Ltd. launched its Galaxy S9 smartphone, which has more focus on visual applications for social media, hoping to entice younger generation consumers who are tech savvy to weather a market slump.

Smartphone makers, which are set to stay flat or even contract following slow growth of one percent in 2017, are now putting their emphasis on features designed to attract consumers to let go of their old mobile devices earlier than they would have previously.

Samsung unveiled its flagship phone at the mobile gadget fair in Barcelona on Sunday, attracting a large number of reporters who wanted to see how the South Korean tech giant could innovate in a category which the big players are technologically neck-to-neck than ever.

Samsung's president of IT and mobile communications, DJ Koh, said that the most important function of a mobile phone today was “visual communication” and the Galaxy S9 has been created with the visual and social generation in mind.

The S9 features improved cameras, an AI-powered voice tool and social media functions that are easier to use than prior offerings. Two versions of Galaxy s9 were released and will go on sale on March 16 in most countries.

Sentiment among German businesses dropped in February, according to a closely watched survey that comes on the heels of other polls indicating enthusiasm is easing after hitting multi-year peaks.

The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 companies, declined to a 5-month low of 115.4 from 117.6 in January.

The drop in the German headline figure was mainly caused by managers scaling back their business expectations for the next six months, with the respective sub-index dropping to a 10-month low.

A sector breakdown of the Ifo figures revealed that the main impediment came from manufacturing, where the mood among managers had reached a record peak in January. Business sentiment also deteriorated in wholesaling, construction and retailing.

The Ifo data come a day after a survey of German purchasing managers also pointed to a decline in output growth expectations.

Ifo chief Clemens Fuest said firms were less satisfied with their current business situation, but the indicator remains at its second-highest level since 1991.

This upbeat growth outlook was also mirrored in the finance ministry's monthly report that was recently released which said recent data was pointing to a continuation of the economic upswing at the beginning of the year.

Germany is coming off of a year of strong economic expansion. Economists broadly expect the country to continue performing well in 2018, but some have questioned whether the rapid pace can hold.

Qantas Airways reported record profits for the six months to December.

Australia's national flag carrier, which has undergone a major restructuring program in recent years, booked underlying profits of 976 million Australian dollars.

Three years ago, the flying kangaroo, as the airline is most commonly known, booked record losses. Now, its turnaround to profit is perceived as one of the biggest in the country's corporate history.

The half-yearly fiscal results denotes a 14.6 percent rise in underlying profit from the same period a year earlier and comes amid higher fuel prices and stronger competition in the local scene.

The carrier's underlying profit is the measure mostly tracked by analysts and investors. The company's Sydney-listed shares ended higher, up by almost 6 percent.

The firm reported overall revenue and other income increased 6 percent to $8.66 million over the same period. Qantas also announced a share repurchase program worth $378 million.


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Feb 26 at 3:21 UTC

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