Huawei CEO Ren Zhengfei laid out plans to bring more efficiencies to the organization. This included simplifying the reporting structure, cutting down on surplus staff, axing...Technologyread more
The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
China has used both monetary and fiscal measures to lift economic activity as its trade war with the U.S. looks set to intensify in the coming months.China Economyread more
President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing a possible sale of...World Politicsread more
"I think (rate cuts) will help, but whether they're going to be sufficient to counter the negative trade pressures and global growth slowdown and impact is debatable," one...Central Banksread more
Chinese overseas investment growth will likely slow or even decline in the next few years as risks around the world increase, according to new research by Moody's Investors...China Economyread more
The two countries want to smash the civil aerospace duopoly enjoyed by Airbus and Boeing.Aerospace & Defenseread more
Alibaba held a board meeting before its latest quarterly earnings release last week, during which the board decided to postpone the Hong Kong listing, Reuters reported.Technologyread more
Federal Reserve Chairman Jerome Powell is set to deliver his annual speech on Friday at the Jackson Hole, Wyoming symposium, where he's expected to provide more clarity on the...Asia Marketsread more
U.S. and Asian investors poured $3.7 billion into U.K. tech start-ups in the first seven months of 2019, research shows.Technologyread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
Samsung Electronics Vice Chairman Jay Y. Lee fought back tears and denied wrongdoing on Monday as prosecutors sought a 12-year jail term on charges that include bribing the former president to help cement control of the South Korean tech giant.
Lee, the de facto leader of one of Asia's largest conglomerates, has been in detention since February on trial for charges ranging from embezzlement to perjury, in a scandal that gripped the country for months and led to the ouster of former president Park Geun-hye.
He will face the longest prison term on record for a South Korean conglomerate executive if the court finds him guilty when it makes a ruling Aug. 25, two days before Lee's current period of detention ends.
Other charges he faces include wrongfully transferring assets overseas and hiding the proceeds of a crime.
"I have never asked anyone, including the president, for anything for the company or my personal gain," said Lee in a final statement, his voice wavering. He stopped several times during his speech, holding back tears.
"I deeply regret that I have given such disappointment and apologise," he said.
Samsung Electronics offered no comment regarding the prosecutors' demand. The company's shares ended down 0.3 percent on Monday, erasing minimal gains seen early in the session.
The prosecution has said Samsung's intent in paying up for two funds backed by Park, and sponsoring the equestrian career of the daughter of a confidante at the centre of the scandal, was to get government support for efforts to cement Lee's control of the smartphones-to-biopharmaceuticals empire.
"Even though Lee is the ultimate receiver of the gains (from this bribery case), he has been pushing the blame on others accused," prosecutor Park Young-soo told the court.
Park also sought jail terms for other Samsung executives related to the case, including 10 years for Choi Gee-sung, former head of Samsung's corporate strategy office.
The defense reiterated Lee's denial of wrongdoing, questioning whether the prosecution was relying on public sentiment to secure a prison term for Lee, 49, whose father, the group patriarch Lee Kun-hee, was hospitalized in 2014.
He has not been seen in public since.
Jay Y. Lee's lawyers argued that his so-called overarching intention of cementing ownership control was "a fictional construct" made up by prosecutors, with moves such as the merger of two Samsung affiliates in 2015 aimed merely at ensuring survival and growth of individual companies.
In Lee's absence, Samsung Electronics reported record quarterly earnings in late July.
Samsung Electronics investors have said their chief interest in the trial has been how long Lee will stay in detention, sidelined from fully participating in large-scale decision-making.
"It (Samsung Electronics) is doing well now, but will his absence show up in its performance two, three, five years from now? That's the question," said Park Jung-hoon, fund manager at HDC Asset Management.