17/02/2017 World Business Report

Now for the latest financial news with Aaron

The big boss of South Korea's biggest company, Samsung is arrested

as prosecutors investigate his role in a bribery scandal

And here he is - Oklahoma's attorney general,

a man that has sued America's environmental watch dog

is today set to become the big boss of America's environmental watchdog.

Stay where you are, Richard tells me I have eight and a half minutes and

I will try to give you an exciting as it shot off the business world.

Samsung's acting chairman JY Lee was arrested this morning,

after a court granted prosecutors permission to do so.

Prosecutors have said they have new evidence against Mr Lee -

that's him there - as they investigate his role

in a massive corruption scandal in connection to the country's

In a statement after Mr Lee's arrest, the Samsung Group says

the company will do its best to ensure that the truth

This is the second attempt at prosecution.

Our man in Seoul - Kevin Kim - has been following events.

Do you think this will stick? Wasn't his father arrested tries and every

time the President has stepped in and got him off? His father had

suspended sentences. The head of some sank in this case will be kept

behind bars as the prosecution continues to investigate before

formal charges are filed. They are kept in custody when alleged crimes

are serious or they are a flight risk. It is not reflect the guilt or

innocence of the accused but the allegation that Samsung gave

millions of dollars in return for votes in a big and contrasted

restructuring of the company. In previous years, despite criminal

charges and convictions, no member of the controlling family has ever

served time. Mr Lee will have much to contemplate before a trial begins

and can argue his innocence. Do you think this is the beginning of

cleaning up the corporate world of South Korea and if you can, for a

global audience, the uninitiated, who do not understand the chaebols,

how that operates in South Korea? There has always been a cosy

relationship between the business groups and politics here. It is more

or less I scratch your back and you scratch mine. Regardless of JY Lee's

guilt, it is a big blow to the image of Samsung to be behind bars. It

will not affect the running and short-term production but that could

be long-term effects. For the head of an international company that

thrives on a premium brand image to be involved in a corruption scandal

is a huge embarrassment. Samsung has said it will do its best to ensure

the truth is revealed in future court proceedings but up to now the

company has denied the bribery charges and the position has been

that contributions were made but it was not to receive favours. Thank

you for the update. We will talk to you very soon. We will bring you the

latest when we get it. Later today, the Attorney

General of Oklahoma - Scott Pruitt - is due to be

confirmed as head of the US Environmental Protection

Agency, known as EPA. Donald Trump has handpicked

Mr Pruitt for the role - a move which has proved

highly unpopular among The President has vowed to provide

a boost to the US fossil fuel industry by cutting back

on environmental regulation - and Mr Pruitt could turn out to be

a useful ally in Washington. In recent years, the Republican

lawyer has sued the EPA - the very organisation

he's set to join - Mr Pruitt's office has attempted

to block Barack Obama's signature "Clean Power Plan" and his personal

website describes him as a "leading advocate against the EPA's

activist agenda." Stephanie Hare, an Independent

political risk analyst. Second time this week. This is how

rumours start, that is all I am saying. Danty be cheeky out there.

Thank you for coming in this horrible hour. This man, let's be

frank, hates the EPA but Donald Trump wants him to head it. You have

nailed it in a nutshell. He is a man-made climate change and deny

with connection to the oil industry? Yes, 3000 e-mails worth of

connections to the fossil fuel industry. A judge has ordered his

correspondence be made available to the public in order to look at his

confirmation but that will not happen until next week and his

confirmation is today. The senators would have to read these e-mails.

You would imagine they would say, can we hang off the confirmation? It

is shocking that this person could be confirmed without the e-mail is

taken into consideration at the very least. Izzy invested personally in

the fossil fuel industry received just a supporter? He has received

the money in his campaigns for the attorney general campaign. That is

pretty typical for a politician but we have to check, does he have a

vested interest and can he be objective and one would suggest not.

He has said he wants to have a regulatory rollback. He sees this

kind of organisation as a burden on the industry. He wants to bring back

jobs fall cold. Barack Obama wanted to move the US towards a clean

energy. There is a real shift. The old and the new. One is polluting

and terrible for the environment and the other is great. Where is this

person going to fall, that is the question? For those watching, if you

could describe the EPA. Obviously, it supposedly protects the

environment. 50,000 people work in it and he or Donald Trump wants that

cut by two thirds. He wants to cut into 5000 and Scott Pruitt has said

he wants to take this as a federal body, he wants to move away from

federal regulation and put it towards states regulation. This is a

big thing for the Republican Party. Pollution does not respect borders

so this is kind of an interesting argument and it will not work when

he talks about things about rolling back regulations about water

wastage. Barack Obama made it a crime to pollute lakes, rivers and

wetland areas. They want to roll that back. Are we going to make it

permissible to pollute US waters? I can only imagine, where the people

are left or right, that people would be up in arms in the US, surely?

Most unusually, we have seen people working for the EPA demonstrating an

asking people to call their senators. We appreciate it. Thank

you for coming in again, twice this week at 430 in the morning and we

have not even the page you! They do not pay me either. -- paid her.

In other news: Social media firm Snap - the owner of Snapchat -

has confirmed its valuation ahead of its initial public

There's been a lot of excitement around the IPO -

as there usually is with tech floats.

But Snap has valued itself at just $22 billion dollars,

significantly less than previous estimates of over $25 billion.

Hanjin Shipping used to be one of the world's top

But now it faces the final curtain, as Hanjin heads to a court in Seoul,

The company sought protection in August last year,

after creditors refused to rollover debts which surpassed

A slowdown in the global economy, and trade were cited as the main

Don't forget you can get in touch with me and some of the team

I will be back with James in a few moments to take at look at some of

the papers. Results from a clinical trial

in the UK which scanned women for breast cancer without using

radiation are proving positive. The new imaging system developed

in Bristol also provides a pain-free