Reuters - Citigroup Inc said on Friday it plans
to shed $400 billion of assets within three years and boost
revenue by up to 10 percent annually, in a bid to restore
profitability after huge losses tied to flagging mortgage and
credit markets.
Reuters - Stocks fell on Friday as concerns
about the financial sector flared up again after American
International Group Inc reported a record loss and as
the price of oil set another record.
Reuters - American International Group ,
after disappointing with a worse-than-expected loss on
Thursday, did little to buoy investor spirits on Friday,
telling shareholders it does not yet see signs of a rebound in
the market for mortgage assets, which have cost it dearly over
the past two quarters.
Reuters - Oil jumped to a record above $126 a
barrel on Friday, extending gains to more than 11 percent since
the start of the month on fuel supply concerns and a rush of
speculator buying.
Reuters - Goldman Sachs economists expect a
total of $500 billion in residential mortgage credit losses, a
renewed slowdown in economic activity after the near-term boost
from fiscal stimulus, and no monetary policy tightening in 2008
or 2009, according to a research note from the firm.
AP - The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. Analysts forecast that trade would continue to be one of the economy's few bright spots this year.
AP - Consumer electronics retailer Circuit City Stores said Friday that it will allow Blockbuster to review its books in connection with the video-rental chain's bid to buy the company.
Reuters - Citigroup Inc said on Friday it plans
to shed $400 billion of assets within three years and boost
revenue by up to 10 percent annually, in a bid to restore
profitability after huge losses tied to flagging mortgage and
credit markets.
Reuters - Countrywide Financial Corp
shares fell nearly 6 percent on Friday on renewed speculation
that Bank of America Corp will renegotiate or cancel
its agreement to buy the largest U.S. mortgage lender.
Reuters - Goldman Sachs economists expect a
total of $500 billion in residential mortgage credit losses, a
renewed slowdown in economic activity after the near-term boost
from fiscal stimulus, and no monetary policy tightening in 2008
or 2009, according to a research note from the firm.
Reuters - American International Group ,
after disappointing with a worse-than-expected loss on
Thursday, did little to buoy investor spirits on Friday,
telling shareholders it does not yet see signs of a rebound in
the market for mortgage assets, which have cost it dearly over
the past two quarters.
FT.com - Fannie Mae (NYSE:FNM), the biggest buyer of US mortgages, this week demonstrated why it is the elephant in the room when it comes to the ranks of financial institutions deemed too big to fail.
AP - Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review but only after shrinking the company by about one-fifth first.
AFP - Citigroup, the US bank hardest hit by the subprime mortgage crisis, said Friday it plans to slash its assets by some 400 billion dollars over the next two to three years.
AP - Citigroup Inc. said Friday it is aiming for 9 percent revenue growth as it looks to rebound from recent struggles tied to deterioration in the mortgage and credit markets.
AFP - The US House of Representatives has approved a bill that lawmakers hope could stem the tide of home foreclosures due to the subprime mortgage crisis, but it faces a presidential veto.
Reuters - The U.S. House of Representatives on
Thursday approved legislation to create a $300 billion
mortgage-insurance fund and provide billions more in homeowner
aid to stabilize a housing market shaken by a wave of
foreclosures and a credit crunch.
AP - American International Group Inc. said Thursday that it swung to a first-quarter loss of $7.81 billion because of losses tied to credit swaps and mortgage-related operations and that it plans to raise a total of $12.5 billion in new cash to shore up its capital base.
Reuters - American International Group Inc
, the world's largest insurer, posted its largest ever
quarterly loss on Thursday and said it would raise $12.5
billion to fortify its balance sheet.
AFP - Prime Minister Robert Fico hailed EU approval of Slovakia's euro entry as a historic decision for his country on Wednesday while rejecting criticisms of its efforts to curb inflation.
Reuters - Pending sales of previously owned
homes fell 1 percent in March, as expected, as turmoil in the
housing and mortgage markets continued, a real estate trade
group report on Wednesday showed.
Reuters - Financial markets believe Fannie Mae,
the biggest provider of funding for U.S. home loans, can
reverse losses by applying fresh capital of $6 billion toward
profitable investments, the company's federal regulator told
CNBC on Wednesday.
BusinessWeek Online - Fannie Mae's worse-than-expected first-quarter loss, reported on May 6, shouldn't come as a surprise to anyone who has followed the news of continuing declines in home prices across the U.S.
AFP - Chinese consumer electronics maker SVA Group plans to withdraw from a struggling life insurance joint venture with Japan's Nippon Life Insurance, state media said Wednesday.
AP - Mortgage lender Countrywide Financial Corp., which is under investigation for inflating certain borrowers' fees, acknowledged Tuesday that it has made errors and pledged to take steps to improve its operations.
