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.

Singapore's Department of Statistics said the country's producer price inflation climbed to 7.6 percent in April, up from the previous month's 3.9 percent.

Oil and non-oil prices rose 35.9 percent and 3.7 percent, respectively.

But producer prices lost 0.6 percent month-on-month in April after March's 0.7 percent decline.

From 9.6 percent in March, figures showed that import price inflation increased to 9.4 percent in April.

Month-on-month, import prices rose 0.8 percent after falling 2.1 percent in March.

Tags: Asia
2017.05.29 11:45:00 UTC+00

Iceland Inflation Slows In May

Figures from the Statistics Iceland on Monday showed that inflation in Iceland decelerated in April.

After rising 1.9 percent in April, consumer prices increased an annual 1.7 percent in May.

The consumer price index less housing cost dipped 0.41 percent from April and by 2.6 percent from the same period last year.

From 0.5 percent in the previous month, consumer inflation eased to 0.2 percent.

The National Bureau of Statistics said industrial profits in China rose in April but at a slower rate from the previous month.

Figures showed that China's industrial profit increased an annual 14 percent in April from the previous month's 23.8 percent gain. Profits totaled CNY 572.78 billion.

In the first four months of 2017, industrial profits of companies with revenue of more than CNY 20 million, up 24.4% from the corresponding period of previous year to CNY 2.28 trillion.

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May 29 at 11:24 UTC

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