Financial news on June 20, 2009

Business and Financial news
Citigroup’s Asia Unit Chief Is Going to MasterCard

Ajay Banga, the head of Citigroup’s Asia Pacific region, is leaving the troubled bank for a top management post at MasterCard. Read more..

By ERIC DASH - The New York Times

Crowds and Glitches Come With iPhone

For technology fans, Apple’s release of its latest devices are as good as it gets. Read more..

By JENNA WORTHAM - The New York Times

Seized Telenor Stake in a Russian Company Moves Toward Sale

A court seized the Norwegian telecommunications company’s stake in VimpelCom after it refused to pay a $1.7 billion fine in a legal dispute with a Russian cellphone company. Read more..

By ANDREW E. KRAMER - The New York Times

Soft Market for Cashmere Takes Toll in China

As Western demand for luxury sweaters erodes, goat farms in Inner Mongolia are feeling the impact. Read more..

By KEITH BRADSHER - The New York Times

Texas Financier and Antiguan Official Charged With Fraud

Prosecutors claim that the regulator looked the other way, allowing R. Allen Stanford to run a Ponzi scheme that cheated investors out of $7 billion. Read more..

By CLIFFORD KRAUSS - The New York Times

Unlikely Partners in a Cause

The move to regulation of tobacco by the Food and Drug Administration has happened in part because of the effort of a former cigarette executive. Read more..

By JOE NOCERA - The New York Times

See what else happened on June 20, 2009