A stockbroker and a spokesperson for PC maker Acer have been arrested as part of an investigation into allegations of insider trading at the troubled computer manufacturer.
The investigation was launched after Taiwan’s Financial Supervisory Commission detected alleged stock trading irregularities at Acer in the days before the company’s then chief executive, JT Wang, resigned amid quarterly losses of $US86.6 million.
According to Bloomberg, the PC maker is cooperating with the investigation, which could see the suspects jailed for up to 10 years if convicted.
Stockland moves on rival Australand
Property developer Stockland has purchased a “strategic” 19.9% stake of key rival Australand, prompting speculation about a possible takeover.
Freehold Investment Management fund manager Andrew Smith told Fairfax Australand is now “in play” as a potential takeover target.
“This move by Stockland is expected to draw out other potential predators or joint-venture partners.
“If Stockland was to launch a formal advance on Australand, we expect other companies would like to partner with them, as the appetite for secure income-producing office assets with long leases was very strong.”
GFC fallout continues five years on
A new report by the OECD says the economic and social fallout from the global financial crisis is ongoing five years after the collapse of Lehman Brothers, with the effects still being felt in many economies.
“The prospects for both the world economy and the OECD area look brighter than they have for some time,” the report says.
“Encouraging as this may be, it risks seducing us into believing that all is now going well and that, over the next few years, a rising economy will lift all boats.
“The evidence of the recent past, dating even to before the financial crisis, suggests otherwise.”
The Dow Jones Industrial Average is down to 16222.2. The Aussie dollar is down to US90.49 cents.