The Traderszone Network

Sweden’s Volvo (VOLVb.ST) named the head of Volkswagen-owned (VOWG_p.DE) Scania as its chief executive on Wednesday, replacing embattled Olof Persson who for nearly four years led a sweeping efficiency drive at the global truck maker. Volvo, vying for global dominance with Germany’s Daimler (DAIGn.DE) and VW’s truck brands, also released better than expected quarterly earnings two days ahead of schedule and said it would seek an external partner for parts of its IT business.

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A high-frequency trader was arrested in London over his alleged role in the May 2010 “flash crash” that briefly wiped out nearly $1 trillion in market value, the first time authorities have blamed manipulation for the turbulence. The U.S. Justice Department said on Tuesday that it had criminally charged Navinder Singh Sarao, 36, of London, with wire fraud, commodities fraud and manipulation.

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TEL AVIV/NEW YORK (Reuters) – Teva Pharmaceutical Industries Ltd on Tuesday made an unsolicited $40 billion offer for smaller rival Mylan NV, a bold bid for growth as its lucrative Copaxone drug faces generic competition. The offer followed weeks of speculation that Israel-based Teva, the world’s largest generic drugmaker, would soon target Mylan. Shares of Mylan traded below the offer price of $82 in cash and stock, evidence of investor skepticism that Teva can win over the company, which has set up a defense that includes a poison pill.

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Euro zone finance ministers will not set any deadline for Greece to come up with reforms to get more funding because such time limits lead to brinkmanship in negotiations, a senior euro zone official said on Tuesday. Greece, which is quickly running out of cash, pledged to its euro zone partners in February that by the end of April it would agree with creditors on a comprehensive list of reforms to get 7.2 billion euros remaining from its bailout. Euro zone officials had expected the list to be presented to euro zone finance ministers this Friday in Riga.

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Charges against a high-frequency trader for helping to spark the 2010 “flash crash” present a test of U.S. prosecutors’ ability to win a big market manipulation case and may make other traders nervous they may be next, lawyers said on Tuesday. The charges against Navinder Singh Sarao, 36, drew reactions of astonishment from securities lawyers interviewed by Reuters because criminal charges for market manipulation are so rare.

When iconic motorcycle maker Harley-Davidson Inc warned on Tuesday that discounting from foreign rivals would dent its profits, the message resonated beyond the motorcycle business. From cars to construction equipment, the impact of the strong dollar is a big problem for U.S. companies selling overseas. Harley’s U.S. market share slipped nearly five percentage points in the first quarter to 51.3 percent as competitors offered discounts of up to $3,000 per bike and slashed suggested retail prices by up to 25 percent.

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New York bank regulator Benjamin Lawsky said his investigation into currency trading could go on for months, even after settlements with the U.S. Justice Department.