FULL RESPONSIBILITY: Vice chairman Lee Hak-soo, seen by many as the chairman’s closest confidante, also announced his resignation and that of the chairman’s son
Embattled Samsung Group chairman Lee Kun-hee said yesterday he was stepping down from his post at the top of South Korea’s biggest conglomerate following his indictment on tax evasion charges.

[ FULL STORY ]

‘WITH REGRET’: The issue will be made on the basis of 11 new shares for 18 shares held at a price of 200 pence per share, with other asset writedowns in the pipeline
Royal Bank of Scotland (RBS) announced yesterday a record share issue of £12 billion (US$23.77 billion) to shore up its finances after huge asset writedowns and acquisition of ABN Amro bank.

[ FULL STORY ]

US authorities announced new rules on Monday aimed at offering more clarity to a controversial review program for foreign investment in US companies.

[ FULL STORY ]

Bank of America (BoA) said on Monday its profit plummeted 77 percent in the first quarter of this year to US$1.21 billion, highlighting the woes of the US banking sector from economic and credit turmoil.

[ FULL STORY ]

Sony is delaying the start of its Home virtual world for its PlayStation 3 (PS3) video game machine until the latter half of this year — the second time the Japanese electronics and entertainment company has postponed the online interactive service.

[ FULL STORY ]

The era of cheap food is over, an Asian Development Bank (ADB) official said yesterday.

ADB managing director-general Rajat Nag said a variety of factors have contributed to soaring food prices which, even if they ease, will not return to the lower levels that the world became used to.

[ FULL STORY ]

■ OIL

[ FULL STORY ]