Business

Citigroup Inc has sued a Connecticut firm founded by two former Goldman Sachs partners for $25 million over losses incurred during the unexpected surge in the Swiss franc in January.

European Union countries will have to share information on tax deals agreed with major corporations under European Commission plans to limit the ability of big business to avoid tax across the 28-nation bloc.

Former Chief Executive of HSBC Holdings Plc Lord Green expressed his "dismay and regret" when questioned about tax evasion and avoidance at the bank's Swiss branch by Channel 4 on Wednesday.