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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

Prices of U.S. crude oil climbed above the $50-per-barrel threshold on Monday and hovered near the previous week's multi-month highs as the number of rigs drilling for new supply declined and refineries continued to resume operations after getting shuttered by Hurricane Harvey.

U.S. WTI crude futures traded up 10 cents or 0.2 percent at $49.99 per barrel. Earlier,the U.S. benchmark rose above the $50-per-barrel mark and scaled towards the over three-month peak of $50.50 hit last week Thursday.

Brent oil crude futures stood at $55.66 per barrel, 4 cents higher from its last closing. The international benchmark crude contract's prices were also close to the near five-month high of $55.99 hit on Thursday.

ANZ note the demand outlook from OPEC and IEA continued to uplift sentiment in the market. It added refineries are also posting a much better recovery from the recent hurricanes.

Oil refineries across the Gulf of Mexico and the Caribbean were resuming their operations after being knocked off when Hurricane Harvey and Irma hit the region in the last three weeks.


Software startup Slack Technologies Inc. said it managed to raise $250 million from SoftBank Group Corp. and other investors in its latest financing round, bolstering the firm's market capitalization to $5.1 billion.

The latest fundraising round was headed by SoftBank via its massive Vision Fund. Accel and other investigators joined the fundraising and put Slack's total funds raised to $841 million, according to its statement.

The fund gives the startup resources which will aid Slack to operate as a cash-generating company and the increase in valuation will lower its dependence on outside financing, according to Slack CEO Stewart Butterfield.

Sources told Reuters in July that the company was raising $250 million in a Softbank-led financing round.

In the past, Slack raised money from several venture firms.

Toshiba is reportedly aiming to close an agreement to sell its memory chip business to a consortium led by Bain Capital at a September 20 board meeting despite opposition from its joint venture partner Western Digital Corp., according to sources.

The Japanese Company's effort faces opposition because the Bain group now has several Western Digital rivals, such as Seagate Technology Plc, Kingston Technology Co. and SK Hynix Inc., sources said.

For months, Toshiba has been in discussion to sell its chips business and pay for the writeoffs of its now bankrupt U.S. nuclear business, Westinghouse. The firm needs to raise the required amount by March in order to prevent its shares from getting delisted from the Tokyo Stock Exchange. The bidding round has been complicated by the legal action from Western Digital, which was it should have the power to block any sale due to its partnership with Toshiba in the prized chip business. The firm disputes this claim and sued Western Digital for over $1 billion for interfering in the sale process.

A spokesperson for Toshiba said the company's board might not be able to finalize a deal this week. If not, the issue will be reconsidered in the following week.


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Sep 20 at 3:59 UTC

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