| Citi battles mess in NRI business
MUMBAI: What's brewing at Citi? The world's largest financial services group has put its thriving NRI business under the scanner amid reports of regulatory lapses in certain markets and offshore destinations. Several senior officials, including Sarvesh Sarup, former head of global consumer banking in India, have been hauled up. Citi's acceptance of deposits from NRIs in various offshore branches and subsequent investments are understood to have resulted in tax and certain regulatory lapses that have come under scrutiny. Regulatory authorities, including Financial Services Authority, UK, Monetary Authority of Singapore (MAS) and RBI, are aware of the development. The violations were first outlined in a confidential internal report named "Deep Dive", prepared by a senior compliance officer of Citi.
Mkts succumb to profit booking: Sensex sheds 150 pts
The markets opened with modest gain today but could not maintain the lead and slipped within half an hour of trade. It traded weak throughout the day on account of selling pressure witnessed across the board and cracked rapidly in the last few minutes of trade. Consumer durable followed by auto, capital good and banking stocks were the worst hit sectors in today's trade. At 15.47 pm IST, the Sensex is down 149.52 points or 1.04% at 14253.38, and the Nifty down 57.60 points or 1.38% at 4106.95. About 661 shares have advanced, 1861 shares declined, and 53 shares are unchanged. The Midcap Index ended down 1.23% or 73 points at 5,877.90 and Smallcap Index closed in red at 7,214.73 down 102.20 points or 1.40% Auto index was down 84 points or 1.5% at 5,537.42.
Business notebook
Key notes: Steinway Musical Instruments Inc. said its board approved a special cash dividend of $3, and the company reached a three-year labor pact with domestic piano workers. The Waltham musical instrument maker will pay the dividend on or about March 9 to shareholders of record on Feb. 23. Salary boost: Boston broadcast and wireless tower operator American Tower Corp. said in a filing with the Securities and Exchange Commission that it approved a 2007 base salary for chairman and chief executive James D. Taiclet Jr. of $835,000. Denied: Sixteen KPMG LLP executives charged with selling illegal tax shelters lost a bid in federal court to obtain documents from a 2004 government meeting they argue may support their case. An IRS attorney wrote an e-mail after the meeting with prosecutors saying it was "unclear" whether a KPMG transaction was an illegal shelter.
BusinessNorth Exclusives Legal fight, new partner spur Medquest move former northwest Wisconsin company caught up in ...
A Northwest Wisconsin company that owns and manages two offshore medical schools has moved to Massachusetts after an attempted hostile takeover of one school, and an ownership change within the firm. Medquest Technologies owns Medical School of the Americas-London in England and Medical University of the Americas-Belize in the town of San Pedro on the island of Ambergris Caye. General surgeon Norman Hans Rechsteiner, MD, and his wife Wendy, of Spooner, continue to own half of Medquest. Rechsteiner has staff privileges at several Northwest Wisconsin hospitals. He owns Surgery Clinic of Spooner, an affiliate of St. Croix Regional Medical Center in St. Croix Falls, WI; Burnett Medical Center in Grantsburg; Indianhead Medical Center in Shell Lake; Spooner Health System; Cumberland Memorial Hospital; and Hayward Area Memorial Hospital.
D-C seeking another upset
How will Dundee-Crown's boys basketball team react after such an emotional triumph last Friday when the Chargers toppled mighty Jacobs for a regional title? D-C coach Lance Huber trusts that his senior-laden team doesn't want the postseason ride to end yet. The Chargers (17-10), seeded 11th in the Prospect Class AA Sectional, will find out at 7:30 tonight against third-seeded Buffalo Grove (21-6). The winner advances to Friday's 7:30 p.m. sectional title game against top-seeded Stevenson. .
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