Wed, May 23, 2012
Chinese Estates head to be prosecuted over bribery in Macau
By Alex Frew McMillan
HONG KONG (Reuters) - Joseph Lau, the flamboyant tycoon who heads developer Chinese Estates Holdings <0127.HK>, will face prosecution over bribery and ...
Wed, May 23, 2012
Chinese Estates head to be prosecuted over bribery in Macau
By Alex Frew McMillan
HONG KONG (Reuters) - Joseph Lau, the flamboyant tycoon who heads developer Chinese Estates Holdings <0127.HK>, will face prosecution over bribery and ...
Wed, May 23, 2012
BMW sees China sales up 25-30 pct this year - CFO
BEIJING (Reuters) - BMW Group
Wed, May 23, 2012
Knight Capital hit by Facebook loss, wants Nasdaq to pay
By John McCrank and Ashutosh Pandey
(Reuters) - Electronic trader Knight Capital Group said it suffered a pre-tax loss of $30 million to $35 million ...
Wed, May 23, 2012
RIM's head of global sales leaving BlackBerry maker
By Alastair Sharp
TORONTO (Reuters) - The head of global sales at Research In Motion Ltd has resigned to take on a leadership role in ...
Wed, May 23, 2012
Comments after EU leaders' summit
BRUSSELS (Reuters) - European leaders discussed ways to revive their economies on Wednesday night, with growth and jobs on the agenda along with the situation ...
Wed, May 23, 2012
Swiss bank Wegelin served with U.S. charges
NEW YORK (Reuters) - Wegelin & Co, the oldest Swiss private bank, is digging in its heels against a U.S. criminal charge that it conspired to help wealthy Americans evade taxes.
At a hearing in U.S. District Court in Manhattan on Wednesday, a federal prosecutor said Swiss police on May 2 had hand delivered a court summons and a copy of the indictment to Wegelin executive Konrad Hummler.
The bank is now seeking to contest the summons in Swiss courts, prosecutor Daniel Levy said.
The indictment of Wegelin, which was founded in 1741, was the first in which the United States accused a foreign bank, rather than individuals, of helping Americans commit tax fraud.
Wegelin was accused of helping clients hide more than $1.2 billion in offshore bank accounts. The case is part of a U.S. crackdown on alleged tax fraud, including efforts to pierce the tradition of Swiss bank secrecy.
Wegelin was not in court on Wednesday, nor did it appear at the first hearing in the case in February.
A spokeswoman for Wegelin could not immediately be reached for comment.
At Wednesday's hearing, Judge Jed Rakoff conceded that it is "rather hard to arrest a corporation" but asked why U.S. prosecutors had not sought a warrant to arrest individual Wegelin partners.
There is "some reason to believe the Swiss authorities would not execute the warrant," Levy responded, but said he would continue to consider that as a possible option. No Wegelin partner has been charged, Levy said.
The case is U.S. v. Wegelin & Co et al, U.S. District Court, Southern District of New York, No. 12-cr-00002.
(Reporting By Basil Katz; Editing by Phil Berlowitz)
Wed, May 23, 2012
CME annual meeting disrupted by chanting activists
By Ann Saphir and Tom Polansek
CHICAGO (Reuters) - CME Group
Wed, May 23, 2012
Goldman sets $40 billion clean energy investment plan
By Lauren Tara LaCapra
(Reuters) - Goldman Sachs Group Inc plans to channel investments totaling $40 billion over the next decade into renewable energy projects ...
Wed, May 23, 2012
Housing market recovery gains traction
By Lucia Mutikani
WASHINGTON (Reuters) - The U.S. spring home-selling season got off to a strong start in April, with rising sales and prices ...
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