More jail time for South Korea ex-leader
Disgraced former South Korean President Park Geun-hye has been jailed for a further eight years for corruption, on top of the 24 she is already serving.
A court in Seoul sentenced Park to six years for illegally accepting funds from the country's spy agency, and two years for interfering in elections.
Park, the country's first female president, has boycotted court hearings, maintaining her innocence.
She says her trials have been politically motivated and that the judiciary and prosecution are biased against her.
The prosecutions brought to light the longstanding close ties between South Korea's political elite and the chaebols, or family-run conglomerates, which dominate its economy.
UK sets up Brexit battle over Irish border, rejecting 'unworkable' EU plan
British Prime Minister Theresa May has told the European Union that the UK will not accept its proposals to deal with one of the thorniest issues in Brexit talks -- the issue of the Irish border.
In a speech in Belfast Friday, May criticized the EU's "backstop" plan, whereby Northern Ireland would remain closely tied to European regulations after Britain leaves the bloc, in the event of the two sides failing to reach an agreement on a future relationship
The proposal is intended to avoid a "hard" border between Northern Ireland, which will leave the EU as part of the UK, and the Republic of Ireland, which remains in the bloc. Border infrastructure such as customs and security posts were removed as part of the Good Friday Agreement that brought peace to Northern Ireland in the late 1990s.
But, if implemented, it would effectively create a border down the Irish Sea between the island of Ireland and Great Britain. May said that would be unacceptable to any British prime minister. May has proposed instead that any backstop should apply to the whole of the UK.
The border issue is politically perilous for May. The Democratic Unionist Party -- the right-wing Northern Irish party which is currently propping up May's minority Conservative government in Westminster -- has vowed not to accept any suggestion that Northern Ireland would have a different relationship with the EU than the rest of the UK.
Johnson & Johnson to pay $4.7bn damages in talc cancer case
Johnson & Johnson has been ordered to pay $4.7bn (£3.6bn) in damages to 22 women who alleged that its talc products caused them to develop ovarian cancer.
A jury in the US state of Missouri initially awarded $550m in compensation and added $4.1bn in punitive damages.
The verdict comes as the pharmaceutical giant battles some 9,000 legal cases involving its signature baby powder.
J&J said it was "deeply disappointed" and plans to appeal.
In the six-week trial, the women and their families said they developed ovarian cancer after using baby powder and other talc products for decades.
Of the 22 women represented in this case, six have died from ovarian cancer.
Their lawyers alleged the company knew its talc was contaminated with asbestos since the 1970s but failed to warn consumers about the risks.
Trump says he's 'ready' to put tariffs on all $505 billion of Chinese goods imported to the US
President Donald Trump has indicated that he is willing to slap tariffs on every Chinese good imported to the U.S. should the need arise.
"I'm ready to go to 500," the president told CNBC's Joe Kernen in a "Squawk Box" interview.
The reference is to the dollar amount of Chinese imports the U.S. accepted in 2017 — $505.5 billion to be exact, compared to the $129.9 billion the U.S. exported to China, according to Census Bureau data.
Thus far in the burgeoning trade war, the U.S. has slapped tariffs on just $34 billion of Chinese products, which China met with retaliatory duties.
By sheer dollar volume, the Chinese won't be able to come close to the U.S. in a tit-for-tat battle. Trump's comments point to a willingness to push the envelope as far as the U.S. needs to get Chinese tariff concessions, along with a pledge to stop stealing American technology. "I'm not doing this for politics, I'm doing this to do the right thing for our country," Trump said. "We have been ripped off by China for a long time."
Trump said the U.S. is "being taken advantage of" on a number of fronts, including trade and monetary policy. Yet he said he has not pushed the tariffs out of any ill will towards China.
Liverpool signs Brazilian goalkeeper Alisson from Roma for $84 million
Brazil international Alisson has joined Liverpool from Roma in an $84 million transfer -- a world record deal for a goalkeeper.
"In terms of my life and my career, it's a huge step for me being part of this club and this family," the 25-year-old Alisson told the Liverpool website after signing a reported six-year contract. "You can be certain that I'll give my all."
The transfer makes the Brazilian the most expensive goalkeeper in history, his fee eclipsing the $62 million Juventus paid to Parma in 2001 for Gianluigi Buffon and the $46 million Ederson cost Manchester City from Benfica last summer.
"He's a very calm person," added Klopp. "It's not his price, it's not the price we want to pay, it's only the price the market demands. That's how it is, no problem with that.
Olympic figure skater stabbed to death
Tributes are being paid to Denis Ten, Kazakhstan's Olympic medal-winning figure skater, who died Thursday at the age of 25 after being stabbed.
Ten, who became the first Kazakh figure skater to win an Olympic medal when he secured bronze at Sochi 2014, was stabbed as two men attempted to steal his car mirrors, according to news agency Kazinform.
The former world silver medalist was taken to the hospital after the attack in Almaty, the country's largest city, but died later of his injuries.
Thomas Bach, president of the International Olympic Committee, said: "Denis Ten was a great athlete and a great ambassador for his sport. A warm personality and a charming man. Such a tragedy to lose him at such a young age."
24% of Tesla Model 3 orders have been canceled, analyst says
Tesla is finally making enough Model 3s -- but an analyst says many customers are growing too impatient to wait any longer for them.
Cancellations for Model 3 orders have picked up in recent weeks. Refunds now outpace deposits for Tesla's new mass-market electric car, according to Needham & Co. analyst Rajvindra Gill. Tesla disputes that.
In an analyst note delivered to clients Thursday, Gill cited extended wait times for the car, the expiration of a $7,500 tax credit, and the fact that Tesla has not yet made the $35,000 base model of the car available for purchase yet.
About one in every four Model 3 orders is canceled, Gill said, double the rate from a year ago. Customers have to put down a refundable $1,000 deposit to reserve a Model 3, then pay another $2,500 to choose their specific version. They pay the rest when the car is delivered.
The wait time for a Model 3 is about 4 months to a year, and base model customers could wait until 2020, Gill said.
A Tesla spokesperson denied that Model 3 cancellations exceed new orders. The spokesperson also said the wait times that Gill cites are outdated. Tesla's website currently lists wait times from 1 month to 9 months.
Ford agrees to $299M settlement as part of Takata airbag inflator scandal
Even though experts figured out the hows and whys of the Takata airbag scandal months ago, the fallout continues to settle.
Ford agreed this week to a $299.1 million economic loss settlement related to the Takata scandal, citing documents filed in federal court on Monday. Ford is the seventh automaker to agree to such a settlement -- BMW, Honda, Nissan, Mazda, Subaruand Toyota have already agreed to a combined $1.2 billion in settlements. Ford's settlement still requires approval from a federal judge before it can proceed.
The settlement isn't a traditional one you might expect, one that pays out to victims of faulty Takata airbag inflators. Instead, an economic-loss settlement covers economic damages. Example reasons for claims include buyers alleging they overpaid for cars with faulty equipment or that they were forced to pay out-of-pocket costs related to the recalls, which can cover lost wages and child care costs.
Over 100 million airbag inflators comprise the largest safety recall in the history of the automotive industry. Takata, the company that supplied the parts responsible for ensuring the airbag properly inflates, decided to use a cheaper material that was subject to failing after exposure to humidity. Some airbags, instead of inflating like usual in a crash, instead exploded in a cloud of shrapnel. 21 deaths and more than 290 injuries have been linked to the faulty parts, which are found in vehicles from 19 different automakers.
Takata subsequently filed for bankruptcy and sold most of its assets to Key Safety Systems, another supplier. It also pleaded guilty to felony wire fraud charges and accepted a $1 billion settlement. Finding this many replacement airbag inflators has been difficult. Whether due to parts shortages or lazy owners, some 30 million faulty inflators have not yet been repaired in the US -- a depressing number, considering that comprises about two-thirds of all the faulty Takata inflators in the country.
Lewis Hamilton agrees two-year contract extension at Mercedes
Reigning Formula One world champion Lewis Hamilton has signed a two-year contract extension at Mercedes and will remain with the team until the end of 2020.
The deal is reported to be worth $52 million per year, further enhancing the 33-year-old's status as Britain's highest-paid sportsperson.
As far as Hamilton was concerned, the extension had been "a formality" ever since he sat down with Mercedes executive director Toto Wolff "during the winter."
Aston Martin unveils sports car for the skies
Luxury carmaker Aston Martin has unveiled plans for a personal aircraft dubbed a "sports car for the skies".
The company has teamed up with jet engine maker Rolls-Royce and engineering boffins at Cranfield University on the futuristic project.
A concept aircraft was unveiled at the Farnborough Airshow, but the consortium hopes to have a flying version ready for the next show in two years.
The three-seat hybrid-electric vehicle will be vertical take-off and landing.
Aston Martin, so associated with James Bond, dismissed suggestions it was a gimmick more likely to appear in 007 films than be seen flying commercially.
"Personalised and electric air transport is a fast-developing area and we need to start getting into it," said James Stephens, the company's director of global government.
A number of aviation and technology firms are hoping to make electric-powered small aircraft and air-taxis a reality, including Airbus, ride-sharing firm Uber, and a Google-backed firm called Kitty Hawk. Earlier this week, Rolls-Royce announced plans to develop a flying taxi engine, although the project with Aston Martin is separate.
Mr Stephens said Aston Martin wants to corner the market in next-generation luxury flying vehicles for the rich and famous. The aircraft would, he said, "be a sports car for the skies".
But it won't come cheap. The working price guide for the vehicle is put at between £3-5m
"We, in the UK, have the ability to develop this," Mr Stephens said. "The challenge is time, money and regulation. But the market will be there eventually."
SOURCE - BBC