Family Behind Korean Conglomerate Lotte Is Indicted in Corruption Case
SEOUL, South Korea — The head of the South Korean retail giant Lotte, one of the country’s largest family-controlled conglomerates, was indicted on Wednesday on tax evasion, embezzlement and other criminal charges, the latest high-profile corruption scandal to hit big businesses here.Several relatives of the Lotte chairman, Shin Dong-bin, 61, were also indicted, with the family accused of evading $76 million in taxes over all and costing the company $165 million through embezzlement and breach ..>> view originalSamsung faces lawsuit from Note7 owners who couldn't use their phones
Samsung’s problems with lawsuits from alleged victims of overheating batteries in the Galaxy Note7 smartphone could get compounded by consumers suing for compensation of carrier charges. The three plaintiffs in a proposed class action lawsuit in a New Jersey federal court are not suing for compensation for personal or property damage from the at times overheating and even exploding Note7 smartphones. Instead, the plaintiffs are asking the South Korean phone maker to compensate users for ..>> view originalStarbucks Names Its First China CEO
Starbucks on Wednesday named its first chief executive officer for China and said it plans to more than double its store count in that country to 5,000 by 2021. The world’s biggest coffee chain promoted Belinda Wong to the title of CEO of Starbucks sbux China. Wong, who had been president of that operation, will continue to report to John Culver, group president of Starbucks Global Retail. Among other things, Wong will oversee the opening of Starbucks’ first international Roastery and Re..>> view originalMorgan Stanley Gets Boost From Trading as Profit Rises
Morgan Stanley said its quarterly earnings rose 57%, beating expectations, as the smallest of the big Wall Street firm benefited from a trading rebound that has helped the country’s largest banks. The New York-based firm reported a profit of $1.6 billion, or 81 cents a share. That compares with the $1.02 billion, or 48 cents a share, it reported in the same period last year. Excluding accounting adjustments, earnings in the...>> view originalMarriott to move headquarters to downtown Bethesda with $62 million in incentives
Signage for the New York Marriott Marquis is seen in Manhattan, New York, November 16, 2015. (REUTERS/Andrew Kelly/File Photo) This story has been updated Marriott International announced plans to move its headquarters to downtown Bethesda Tuesday, opting to remain in Montgomery County after getting a commitment for up to $62 million in taxpayer-funded subsidies. For Marriott, now the largest hotel company in the world, the deal marks the second publicly funded incentive package the $17.3 bi..>> view originalIt looks like China's great slowdown is over for now
Kevin Frayer/Getty Images China’s economy produced the goods again last quarter, growing at the same pace seen in the first half of the year. According to China’s National Bureau of Statistics (NBS), the economy grew by 6.7% year-on-year in the September quarter, a figure that was in line with expectations. In seasonally adjusted terms, the economy grew by 1.8% during the quarter, again in line with expectations. The June quarter growth rate, previously reported at 1.8..>> view originalYahoo Looks to Bright Side After Breach
Yahoo Inc. on Tuesday posted an increase in third-quarter profit and said usage of its email product has increased slightly since disclosing a massive data breach that was announced last month, rare bits of good news as it clings to a deal to sell itself to Verizon Communications Inc. The number of mail messages sent and read, as well as the number of page views, rose slightly since Yahoo’s announcement on Sept. 22 that user data...>> view originalUnderwater Drone to Investigate Sonar Contacts in MH370 Hunt
Sydney (AP) -- A ship involved with the deep-sea sonar search for missing Malaysia Airlines Flight 370 is being fitted with a drone that will examine several sonar contacts of interest on the remote seabed west of Australia, officials said Wednesday. None of the sonar contacts exhibit the characteristics of a typical aircraft debris field, said the Australian Transport Safety Bureau, which is heading up the hunt for the Boeing 777 in a desolate stretch of the Indian Ocean. But some of the conta..>> view original
Monday, October 31, 2016
Family Behind Korean Conglomerate Lotte Is Indicted in Corruption Case and other top stories.
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