Kareem Serageldin, the ex-global head of Credit Suisse Group AG’s CDO business charged in a bonus- boosting fraud tied to a $5.35 billion trading book, was surprised by the U.S. indictment since he has been cooperating with investigators for four years, his lawyer said.
India’s cabinet decided to invoke a constitutional provision under which President Pratibha Devisingh Patil can ask the Supreme Court to clarify some parts of its Feb. 2 order canceling 122 mobile-phone licenses.
Vodafone Group Plc and Bharti Airtel Ltd. face an auction to keep using wireless spectrum in India that are set to expire in a year, a sale through which the government seeks to raise 400 billion rupees ($6.4 billion).
India lowered the amount it expects to collect from a levy on mobile-phone operators by as much as 110 billion rupees ($2 billion), a government official said after prices in the next spectrum auction were reduced.
India plans to make more spectrum available to mobile-phone operators, permit sharing and trading of airwaves and aid mergers as it aims to provide handsets to every villager in the world’s second-largest wireless market.