Harvey has strengthened to a Category 2 storm, according to the the U.S. National Hurricane Center. The storm is expected to make landfall near Corpus Christi late Friday or early Saturday.
Harvey could be the fiercest such storm to hit the United States in almost a dozen years. Forecasters have labeled Harvey a "life-threatening storm."
3 . -- Jay Y. Lee, vice chairman of Samsung Electronics (SSNLF) , was convicted of bribery on Friday in South Korea and given a five-year prison sentence.
Lee was found guilty of bribery, perjury and embezzlement by a three-judge panel of Seoul Central District Court. The court said Lee gave bribes to get support from ousted President Park Geun-hye.
Lee has been the de facto head of Samsung, South Korea's largest family run conglomerate, since 2014 when his father Kun-hee Lee became incapacitated by a heart attack.
5. -- Shares of Fiat Chrysler Automobiles NV (FCAU - Get Report) gained 0.2% in premarket trading on Friday after the company issued a statement saying it has no further response to market rumors beyond a previous statement denying it had been contacted by China's Great Wall Motor Co. (GWLLF) .
Fiat Chrysler, the Italian-American automaker, said "from time to time" it "may receive inquiries about potential strategic transactions and will evaluate such inquiries consistent with its duties to stakeholders." The company said it issued the statement following requests from Italian market regulator Consob after the stock gained 16% since rumors of takeover talks first surfaced on Monday, Aug. 14.
The Wall Street Journal reported Thursday that German's Volkswagen AG (VLKAY) and Fiat Chrysler have engaged in talks regarding a joint venture to produce light-utility vehicles. The talks are still in their early stages but an agreement could include joint manufacturing of upcoming models of Volkswagen's Caddy panel van and its Amarok midsize pickup truck, according to the Journal.
Updated from 6:02 a.m. ET
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