Financial services
Stocks are trading modestly higher this afternoon, attempting to recover from yesterday's oil-induced losses. Despite the Philadelphia Federal Reserve Bank's report indicating slower economic expansion, key sectors such as FedEx, Goldman Sachs, and Morgan Stanley have reported strong earnings, providing a boost to the market. Additionally,
Financial services
Former Chilean dictator Augusto Pinochet used a web of over 100 banks, including the US arm of the Queen's bank, Coutts, to hide and launder millions of dollars. A new report by the US Senate Permanent Subcommittee on Investigations reveals that Pinochet had 63 accounts with Citigroup alone
Financial services
Bei Hu, China Construction Bank's plan to tap the global market for funds will take center stage as the bank embarks on a strategic stake sale to foreign investors before or during its proposed initial public offering. The sale will be a bold move by the bank, seeking
Financial services
Zacks.com, a property of Zacks Investment Research, Inc., has released its coveted Brokerage Buy List portfolio, which includes four top large-cap stocks considered ideal for long-term investment. These stocks are Anheuser Busch Companies Inc. (NYSE:BUD), Citigroup, Inc. (NYSE:C), Medtronic, Incorporated (NYSE:MDT), and Pfizer Inc. (NYSE:PFE)
Financial services
Australian airline Virgin Blue shares hit a new low of $1.66 before closing 7 cents lower at $1.68 as concern mounts about the airline's ability to compete with Qantas' low-cost offshoot Jetstar. Virgin shares have fallen 17 percent this week, with Citigroup Smith Barney analyst
Financial services
Ali Velshi hosted The Money Gang, a financial segment on CNNfn, where he discussed stock market insights with Bob Morris, Director of Equity Investments at Lord Abbett and Company. The conversation covered various companies, including Genentech, Baxter International, Wal-Mart, and AMD. Morris shared his views on the stocks and provided
Financial services
Mayor Michael R. Bloomberg yesterday spun Citigroup's decision to move 1,900 jobs out of Lower Manhattan into a positive economic development for the city. In a news conference, Bloomberg announced that Citigroup would erect a $200 million office building in Long Island City, Queens, and increase its
Financial services
HSBC Holdings is set to acquire the financial services arm of British retailer Marks & Spencer for a total of GBP762 million. This move marks another step in the bank's strategy to expand its consumer finance business. At the same time, HSBC is reportedly in talks to acquire
Financial services
JP Morgan Chase's merger with Bank One is official, making the company the second-largest bank in the country behind Citigroup. This move is expected to spark a new wave of mergers in the industry, following a previous wave in 1998. The combined bank now holds assets in the
Financial services
Labor union members of KorAm Bank, South Korea's seventh-largest lender, went on an indefinite strike, protesting against management's plans to delist the bank from the Korean bourse and demanding job security and better wages. Citigroup, the world's largest financial services provider, acquired KorAm in
Financial services
As of April 28, 2004, StockPickReport.Com, a stock research firm, has issued its latest short-term stock recommendations, including a STRONG SELL rating for Citigroup, Inc. and a BUY rating for Walgreen Co. The recommendations, based on technical analysis, reflect the company's opinion for the short term and
Financial services
Citigroup has signed an agreement to purchase a non-performing loan (NPL) portfolio with a face value of two billion yuan from China Great Wall Asset Management, marking one of the first outright sales of mainland bad bank loans. This announcement comes as the four state-owned mainland asset management companies are
