6 Most Important Things in Business Today: Samsung Heir Sentenced

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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.

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.