1.
U.S. markets recover from steep losses
SEOUL, April 28 (UPI) -- South Korean authorities Friday arrested Hyundai Motor Co. Chairman Chung Mong Koo on charges of embezzlement and breach of trust.
Chung's arrest electrified a nation accustomed to thinking of the 68-year-old corporate brahmin as the genius behind Hyundai's phenomenal rise, the Wall Street Journal reported.
Chung faces charges of embezzling roughly $105 million and misappropriating another $315 million in the slush fund and illegal asset transfer probe.
The arrest followed prosecutors' questioning of Chung Thursday as part of an ongoing investigation at graft in the highest reaches of South Korea's industrial establishment.
Officials have also drawn a bead on Chung's 35-year-old son, Chung Eui Sun, the president of Hyundai affiliate Kia Motors Corp.
|
|
|
|
|
|
| Additional Business News Stories | |
WASHINGTON, May 23 (UPI) --
The planned Keystone XL oil pipeline would move oil away from refineries that produce gasoline, increasing prices, the National Resource Defense Council says.
|
MELBOURNE, Fla., May 23 (UPI) --
Northrop Grumman says its Military Airworthiness Certification is closer for its re-engined EC-8 Joint Surveillance Target Attack Radar System aircraft.
|
The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
|
What if Europe turned out to be the new Japan?
|
| Stories | Photos | People | Comments |
View Caption
