6 Most Important Things in Business Today: Samsung Heir Sentenced

By Douglas A. McIntyre Updated Jan 12, 8:48AM EST · Published Aug 25, 5:08AM EDT

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6 Most Important Things in Business Today: Samsung Heir Sentenced — © Wikimedia Commons

Samsung heir and leader Jay Y. Lee was convicted of bribing South Korea’s former president and other related charges. Samsung is South Korea’s largest company. He was sentenced to five years in jail

In an exclusive report, Reuters editors said the Tesla Inc.’s (NASDAQ: TSLA) “long haul” truck could travel between 200 and 300 miles on a single electric charge. The Tesla Semi would be the first commercial electric motor large truck created for wide market use.

The Wall Street Journal reports that Amazon.com Inc. (NASDAQ: AMZN) will start to sharply cut what it charges customers at Whole Foods. The deal has been approved by the grocery company shareholders. The price cuts will be a challenge to Wal-Mart Stores Inc.’s (NYSE: WMT) large grocery business and large chains like Kroger Co. (NYSE: KR).

Softbank will put $4.4 billion into the global office-sharing company WeWork. WeWork is one of the most valuable private company start-ups in the world, with a valuation well into the tens of billions of dollars.

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Hurricane Harvey shut down oil rigs in the Gulf of Mexico and may damage the huge refineries on the Texas coast as the area braces for the first Category 3 storm in years. Substantial damage could temporarily raise oil prices.

Apple Inc. (NASDAQ: AAPL) plans an upgrade to its TV box. According to Bloomberg:

Apple is planning to unveil a renewed focus on the living room with an upgraded Apple TV set-top box that can stream 4K video and highlight live television content such as news and sports, according to people familiar with the matter.

The updated box, to be revealed alongside new iPhone and Apple Watch models at an event in September, will run a faster processor capable of streaming the higher-resolution 4K content, said the people, who asked not to be identified because the plans aren’t yet public. The 4K designation is a quality standard that showcases content at twice the resolution of 1080P high-definition video, meaning the clarity is often better for the viewer. Apple is also testing an updated version of its TV app, which first launched in 2016, that can aggregate programming from apps that already offer live streaming.

The company is in brutal competition with firms like Amazon and Roku.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.