Citigroup Inc. was fined $30 million by Massachusetts after an analyst at the bank’s global markets unit gave institutional clients confidential information on an Apple Inc. supplier ahead of other investors.
Taiwan prosecutors declined to file a criminal case against a Citigroup Inc. analyst after HTC Corp. alleged the employee breached securities laws by spreading misinformation, said Huang Mou-hsin, deputy chief prosecutor at the Taipei District Prosecutors Office.
HTC Corp., Asia’s second-largest maker of smartphones, fell the most in three weeks in Taipei trading after Citigroup Inc. cut the stock’s rating citing corporate governance concerns over the company’s planned purchase of S3 Graphics Co.
Morgan Stanley reached a settlement with MBIA Inc. over credit-default swaps that led to billions of dollars of losses for the bank, agreeing to terminate the contracts and drop a challenge to the insurer’s restructuring.
Taiwan’s proposed capital-gains tax on stock trading would cut trading volumes and valuations, making stocks such as Hon Hai Precision Industry Co. cheaper, the manager of the Taishin Mainstream Fund said.
Hon Hai Precision Industry Co. , the world’s largest contract manufacturer of electronics, had a 15 percent increase in third-quarter profit as rising sales of Apple Inc. iPhones and Dell Inc. computers offset higher wages.