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Samsung to merge two major units

Samsung Group has announced the merger of two major affiliates, Cheil Industries and Samsung C&T, as the South Korean business giant accelerates restructuring effortsSamsung Group announced on Tuesday the merger of two major affiliates, as the South Korean business giant accelerates restructuring efforts ahead of a generational power transfer within the founding Lee family. The all stock deal, approved by the boards of both companies would see Samsung's de facto holding company Cheil Industries -- which has interests from fashion to theme parks -- acquire general trade and construction affiliate Samsung C&T. The merger, which is expected to be completed by September pending shareholder approval, will see Cheil offer 0.35 new shares for each Samsung C&T share. The two companies are both listed on the Seoul stock market, with Cheil valued at 22 trillion won (US$2 billion) and Samsung C&T 8.6 trillion won as of Tuesday morning.



AP source: Cleveland, Justice Department reach policing deal

FILE - In this May 23, 2015, file photo, riot police stand in formation as a protest forms against the acquittal of Michael Brelo, a patrolman charged in the shooting deaths of two unarmed suspects in Cleveland. The city of Cleveland has reached a settlement with the U.S. Justice Department over a pattern of excessive force and civil rights violations by its police department, and the agreement could be announced as soon as Tuesday, May 26, 2015, a senior federal law enforcement official said. (AP Photo/John Minchillo, File)WASHINGTON (AP) — Cleveland has reached a settlement with the Department of Justice over a pattern of excessive force and civil rights violations by its police department, and it could be announced as soon as Tuesday, a senior federal law enforcement official said.



Fire at China nursing home kills 38: state media

Firefighters clean up the debris after a fire at a rehabilitation centre for elderly in Sanlihe village of PingdingshanThirty-eight people were killed in a fire at a home for senior citizens in China's central Henan province, state media said, the latest disaster in a country with a poor record on work safety. The fire broke out late on Monday at the "privately-owned Kangleyuan rest home in Lushan county", the official Xinhua news agency said on Tuesday, citing local authorities. The cause of the fire, which injured another six people, was unclear, Xinhua said.



Launching campaign, Sanders appeals to party's Warren wing

Sanders gives a news conference at the Capitol in WashingtonPORTSMOUTH, N.H. (AP) — For Democrats who had hoped to lure Massachusetts Sen. Elizabeth Warren into a presidential campaign, independent Sen. Bernie Sanders might be the next best thing.



The Latest: Flash flood emergency declared in Houston area

A carving of St. Francis of Assisi stands amid debris next to a destroyed home on River Road in Wimberley, Texas, Monday, May 25, 2015. Around a dozen people were reported missing in flash flooding from a line of storms that stretched from the Gulf of Mexico to the Great Lakes. (Jerry Lara/The San Antonio Express-News via AP)11:15 p.m. CDT





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