BUSINESS BRIEFS
10-year term for Daewoo founder
Advertiser Staff and News Services
SEOUL, South Korea — A Seoul court today sentenced the founder and former chairman of collapsed conglomerate Daewoo to 10 years in prison for a range of charges including embezzlement and accounting fraud.
The Seoul Central District Court said it also ordered Kim Woo-choong, 69, to forfeit more than $22 billion and pay a fine of $10,600.
OPEC UNLIKELY TO RAISE OUTPUT
CARACAS, Venezuela — Venezuela's oil minister yesterday called for the Organization of Petroleum Exporting Countries to consider cutting oil production, while his counterpart in the United Arab Emirates said he expects the cartel to maintain current output levels.
"There is a consensus that the market is well-supplied, and the levels of oil inventory are above historic averages," Venezuela oil minister Rafael Ramirez said.
RULING TODAY ON FLIERS' PRIVACY
BRUSSELS, Belgium — A European court today will rule if a European Union-U.S. deal for sharing information about trans-Atlantic airline passengers breaks EU data privacy laws.
The agreement compels European airlines to turn over 34 pieces of information about each passenger, including name, address and credit card details, within 15 minutes of departure for the United States.
Washington argues that the information is important to stem terrorism and warned that the airlines would face fines and a loss of landing rights if they do not comply.
CATCHY NAMES HELP SELL STOCKS
Companies with easy-to-pronounce names and simple stock ticker symbols perform significantly better right after initial public offerings than do firms whose names are a mouthful, according to a study published today in the Proceedings of the National Academy of Sciences.
Investors have little information to go on when a company goes public, the study said, so a simple name or symbol can provide a mental shortcut.
— Advertiser news services
