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Digest

Hyundai chief sentenced to three years

By TIMES WIRES
Published February 6, 2007


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Hyundai Motor Co. Chairman Chung Mong-koo, handed a surprise three-year jail term for high-profile corruption, won't be donning prison garb anytime soon and for now remains in control of the troubled, yet expanding automaker. Chung, convicted Monday for embezzling the equivalent of more than $100-million in company funds, and other charges, plans to appeal the ruling, a process expected to take from six months to two years. He will be free during that time to run the company.

Icahn group bids for Lear Corp.

Already Lear Corp.'s largest shareholder, billionaire investor Carl Icahn's latest overture could be a bid to own the entire automotive supplier. Or it could be the catalyst for competing offers, analysts say. The Icahn-controlled American Real Estate Partners LP offered to buy Lear for $36 a share, or about $2.5-billion. The offer made public Monday represented a premium of 4 percent over the stock's Friday closing price of $34.67. Shares rose $3.97, or 11.5 percent, to close at $38.64 in trading Monday on the New York Stock Exchange.

FedEx offering a short load service

FedEx Corp. announced Monday it is offering a less-than-truckload shipping service in Canada through the newly formed FedEx Freight Canada. The package shipper also noted the official beginning of FedEx National LTL, a long-haul service for customers with less-than-truckload shipments.

Gasoline prices rise in U.S.

The price of gasoline climbed last week to an average of about $2.19 a gallon nationwide - the first rise in six weeks. The U.S. Energy Information Administration reported late Monday that motorists last week paid $2.191 a gallon on average for regular grade gasoline, up from $2.165 the prior week. Retail gasoline prices are about 17 cents lower than they were at this time last year.

[Last modified February 5, 2007, 22:23:08]


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