Aug 25, 2017

Samsung heir found guilty of bribery, embezzlement

AP

Samsung Electronics vice chairman Jay Y. Lee was found guilty of bribery, embezzlement and perjury by a South Korean Court, slapping him with a five year prison sentence, according to local news reports. Lee is expected to appeal the verdict.

South Korea's special prosecutor's office accused Lee of bribing a friend of former President Park Geun-hye in exchange for government favors, allegedly including approval of a 2015 merger between Samsung C&T and Cheil Industries. That deal consolidated the Lee family's power over Samsung Electronics, according to CNBC.

Why it matters: The jail sentence won't have much impact on the global day-to-day operations of Samsung because Lee is not the face of the flagship brand, but it creates some uncertainty about long-term management. The case renews criticism about the close relationship between South Korea's large, family-run conglomerates (called chaebols) and the country's government.

Go deeper

The other coronavirus test we need

Illustration: Sarah Grillo/Axios

Researchers are racing to develop tests that detect whether someone may have developed immunity to the coronavirus, which could help society return to normal faster.

Why it matters: These tests could help people know if they are able to go back to work, as well as aid researchers in tracking the scale and death rate of the disease — key data for current and future pandemic policies.

What the U.S. can learn from other countries in the coronavirus fight

Data: The Center for Systems Science and Engineering at Johns Hopkins; Note: Cases are shown on a logarithmic scale; Chart: Naema Ahmed/Axios

The countries that have most successfully fended off the novel coronavirus have mainly done it with a combination of new technology and old-school principles.

Why it matters: There's a lot the U.S. can learn from the way other countries have handled this global pandemic — although we may not be able to apply those lessons as quickly as we'd like.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 640,589 — Total deaths: 29,848 — Total recoveries: 137,270.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 2 p.m. ET: 112,468 — Total deaths: 1,841 — Total recoveries: 918.
  3. Federal government latest: President Trump is considering a quarantine on New York, parts of New Jersey and Connecticut. He signed a $2 trillion coronavirus stimulus bill to give businesses and U.S. workers economic relief.
  4. State updates: A group of Midwestern swing voters that supported President Trump's handling of the coronavirus less than two weeks ago is balking at his call for the U.S. to be "opened up" by Easter. Alaska is latest state to issue stay-at-home order — New York is trying to nearly triple its hospital capacity in less than a month. New York moved its presidential primary to June 23, Gov. Andrew Cuomo said Saturday.
  5. World updates: Italy reported 969 coronavirus deaths on Friday, the country's deadliest day. In Spain, over 1,300 people were confirmed dead between Thursday to Saturday.
  6. 🚀 Space updates: OneWeb filed for bankruptcy amid the novel coronavirus pandemic.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancing.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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