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Monday, July 14, 2014

Daily Investor Briefing: Citi profit falls, hurt by $7 billion...

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07/14/2014
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Citi profit falls, hurt by $7 billion legal settlement
(Reuters) - Citigroup Inc C.N said on Monday that quarterly earnings fell 96 percent, hurt largely by a $7 billion mortgage settlement, but also by declining income in most of its main businesses including stock trading and retail banking.
Wall Street ends higher on M&A, Citi earnings
NEW YORK (Reuters) - Stocks rose on Monday, with the Dow Jones industrial average hitting an intraday record high, lifted by strong results from Citigroup Inc and more deals in the healthcare space.
Mylan to buy Abbott generics, cut taxes, in $5.3 billion deal
(Reuters) - Generic drugmaker Mylan Inc said on Monday it would buy Abbott Laboratories' branded specialty and generics business in developed markets outside the United States in a $5.3 billion deal that will bolster its product line and also cut its tax bill.
Citigroup to pay $7 billion to settle U.S. mortgage probe
(Reuters) - Citigroup Inc has agreed to pay $7 billion to resolve claims it misled investors about shoddy mortgage-backed securities in the run-up to the financial crisis, in a deal that includes the largest civil fraud penalty ever levied by the U.S. Justice Department.
Shire ready to bow to AbbVie's increased $53 billion offer
LONDON (Reuters) - London-listed drugmaker Shire Plc succumbed to an increased 31 billion pounds ($53 billion) takeover offer from Abbvie Inc on Monday, signaling the conclusion to a long-running courtship largely motivated by tax.
Argentine debt holdout urges talks, says deal still possible
NEW YORK (Reuters) - Aurelius Capital Management, one of the lead holdout creditors seeking to settle with Argentina over sovereign debt payments from its 2002 default, said on Monday the government faces a new crisis on July 30 unless it engages in serious negotiations.
Portugal hopes new boss at BES marks fresh start for troubled bank
LISBON (Reuters) - Portugal's troubled Espirito Santo clan was forced to sell a chunk of the bank it founded and accept independent managers on Monday after the lender's links to the family unsettled international markets.
LightSquared, Dish's Ergen reach settlement deal
NEW YORK (Reuters) - Bankrupt wireless venture LightSquared and its largest creditor, Dish Network Corp Chairman Charles Ergen, have resolved a long-running dispute over Ergen's treatment under LightSquared's proposed restructuring. 
Ernst & Young to settle U.S. civil charges over lobbying
WASHINGTON (Reuters) - Accounting firm Ernst & Young will pay $4 million to settle civil charges that it violated auditor independence rules when one of its units lobbied congressional staff on behalf of its audit clients, U.S. regulators said Monday.
WTO faults U.S. over duties on Chinese, Indian steel goods
GENEVA (Reuters) - World Trade Organisation judges said on Monday the United States broke its rules in imposing hefty duties on Chinese steel products, solar panels and a range of other goods that Washington argues enjoyed government subsidies.
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