Continued from page 1

NEW YORK — A federal prosecutor says a former Goldman Sachs board member abused his position as a corporate insider.

Closing arguments started Wednesday at the Manhattan insider trading trial of Rajat Gupta.

The 63-year-old Mr. Gupta has pleaded not guilty. Prosecutors allege he passed secrets he learned from Goldman’s board in fall 2008 to a billionaire hedge fund founder who used the information to make millions of dollars.

The defense says his business dealings were legitimate.

Assistant U.S. Attorney Richard Tarlowe zeroed in on a Sept. 23, 2008, phone call Mr. Gupta made to the hedge fund boss. He says Mr. Gupta delivered information that “the average ordinary investor had no way of knowing.”

The defense gave its closing argument later in the day.


Cell firms join forces to gain coverage

The Mexican subsidiary of Spanish cell carrier Telefonica SA and local carrier Iusacell are joining forces to share mobile networks in a bid to expand coverage.

The companies say the five-year agreement could benefit 27 million subscribers.

The Mexican market is currently dominated by Telcel, which is owned by telecom magnate Carlos Slim, considered the world’s richest man.

Telefonica’s Mexico brand Movistar has an estimated 22 percent market share and Iusacell has less than 5 percent of the market. Telcel controls most of the rest.

Iusacell SA said Wednesday it is still awaiting final word from regulators on whether they will allow another proposed alliance with the owners of the Televisa television network, who want to buy a 50 percent stake in the firm.

• From wire dispatches and staff reports