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Nikkei Stock

 
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PostPosted: Mon 6 Aug - 11:37 (2018)    Post subject: Nikkei Stock Reply with quote

A South Korean appeals court will rule on Monday on Samsung Group scion Jay Y. Lee's conviction and jail term for corruption in a case that led to the ouster of the nation's president last year.

Seoul High Court is due to decide the fate of the 49-year-old Samsung Electronics vice chairman Cheap Hurricanes Hoodie , who has been detained for a year on charges arising from a scandal that shone a light on cozy ties between family-run conglomerates and political powers, as well as bringing down President Park Geun-hye.

It is a scandal South Korea would like to put behind it days before it hosts the Winter Olympics in Pyeongchang.

A lower court in August convicted Lee and jailed him for five years for bribing Park for help in strengthening his control of Samsung Electronics, the crown jewel of the country's largest conglomerate and one of the world's biggest technology companies, as well as embezzlement and other charges.

The court said Samsung's financial support for entities backed by a friend of Park's, Choi Soon-sil, constituted bribery, including 7.2 billion won ($6.4 million) to sponsor the equestrian career of Choi's daughter.

In return for the contributions, prosecutors say, Samsung sought government support for a controversial 2015 merger of two of its affiliates, which helped Lee tighten his control of the conglomerate. Lee's lawyers had argued that the merger was carried out on merit but the lower court did not accept that.

If the appeals court sentences Lee to a jail term longer than three years, his detention will continue as he awaits a final appeal to the Supreme Court, legal experts said.

The appeals court could decide on a jail term of less than three years, or it could award a suspended sentence, which would mean Lee could go free for the first time since he was detained last February.

The court could also overrule the conviction and declare Lee innocent on all charges, but the legal experts see the chances of that happening as slim.

"If nothing else, Samsung money was used to sponsor the equestrian career," said Son Soo-ho, a lawyer.

Whatever the decision, the case is expected to go to the Supreme Court, as prosecutors in December called for a 12-year jail term after Lee appealed.

The third-generation de facto head of the Samsung Group, Lee has effectively directed large-scale operations at Samsung Electronics since his father, Lee Kun-hee, was incapacitated by a heart attack in 2014, such as the $8 billion acquisition of auto electronics maker Harman in early 2017.

Faced with investor worries about a leadership vacuum with Lee in detention, Samsung Electronics appointed a new generation of top managers at its three main businesses, including semiconductors, in October.

Former President Park, who denies wrongdoing, is standing trial accused of bribery, abuse of power and coercion, having been forced to step down in March after parliament voted to impeach her at the end of 2016.

She has been held in detention since March.

BEIJING, Feb. 6 (Xinhua) -- China Tuesday announced the success of a mid-course land-based missile interception test.

The test of interception technology was conducted on Monday within China's territory and achieved preset goal, said the Ministry of National Defense.

The test is defensive and does not target any country, said the ministry.

HANOI, Sept. 8 (Xinhua) -- Vietnam exported nearly 1.4 million tons of coal worth 188 million U.S. dollars between January and August, up 142.1 percent in volume and up 228.5 percent in value against the same period last year, its Ministry of Industry and Trade said on Friday.

In the eight-month period, Vietnam National Coal-Mineral Industries Holding Corporation (Vinacomin), the country's biggest coal producer and exporter, churned out nearly 24.6 million tons of coal, made domestic sales of roughly 21.4 million tons of coal and exported 866,000 tons of the product.

Vietnam plans to produce over 41.4 million tons of coal this year, up 7.6 percent over last year, and to keep its coal inventory at nearly 13.9 million tons by the year-end, said Vinacomin.

The country is expected to produce 86.4 million tons of coal in 2020, and 256 million tons in 2030.

Vietnam exported nearly 1.3 million tons of coal worth 141 million U.S. dollars last year, seeing respective year-on-year declines of 27 percent and 23.8 percent, said the ministry.

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TOKYO, Sept. 5 (Xinhua) -- Tokyo stocks retreated Tuesday morning as investors remained in a risk averse mood with some opting for safe havens amid concerns of a further escalation in tensions on the Korean Peninsular.

The 225-issue Nikkei Stock Average lost 90.94 points, or 0.47 percent, from Monday to 19,417.31.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, dropped 8.68 points, or 0.54 percent, to 1,594.87.

Securities, rubber product and air transportation-linked issues comprised those that declined the most by the morning break.

Leaders of BRICS countries pose for group photo before summit

Xi calls for solidarity among emerging economies, developing nations

Chinese UN envoy condemns DPRK nuke test, calls for return to dialogue

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