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A ruling that Citigroup Inc. must resume lending to a stalled Syracuse, N.Y., mall project could push banks to revisit how they draft construction-loan agreements.
Good day and welcome to DuPont Farbos Technology Inc. third quarter 2009 earnings conference call. Today’s conference is being recorded. At this time I would like to turn the conference over to Chris Wamke, Manger of Investor Relations. Please go ahead. Chris Wamke Thank you.
Shares of Citigroup Inc. fell Friday after a CLSA analyst issued a note forecasting the bank would write down as much as $10 billion in its fourth quarter.
A Singapore sovereign wealth fund cut its stake in Citigroup Inc. to below 5 percent from 9 percent on Tuesday, reducing its ownership to the level planned before a recent debt exchange.
http://sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/09/22/financial/f081429D10.DTL&feed=rss.business
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Nov 24, 2009 (MarketNewsVideo.com via COMTEX) --
Citigroup announced on Tuesday that it will sell its Diners Club North American operation to BMO Financial as part of its effort to streamline operations and sell non-core assets.
Over a year ago, Citigroup sold the international division of Diners Club to Discover Financial Services for $165 million. Financial terms of the current deal were not disclosed.
BMO said that that deal will add $7.8 billion in card transactions and net receivables of nearly $1 billion to the company, which will make it more competitive on the North American market.
Citigroup will continue to support operations of Diners Club until the transaction closes at some point before March 31, 2010.
The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=200911Citigroup112409&mv=1.
http://www.marketnewsvideo.com/
Tags: financial services north america video
Dublin, Nov 24, 2009 (M2 PRESSWIRE via COMTEX) --
24 November 2009 - Canadian BMO Financial Group said it would acquire Diners Club North American franchise from US bank Citigroup (NYSE: C) for net receivables of almost USD1bn (EUR668m) and some USD7.8bn in card transactions.
BMO Financial is a subsidiary of Bank of Montreal (TSX: BMO).
The transaction, subject to certain closing conditions including regulatory approval, is expected to be completed before the end of the first quarter of 2010.
It includes the award winning Club Rewards programme and the Diners Club Professional Card. Citigroup commits to continue to provide support during the integration of Diners Club within BMO Financial, and the latter to keep key managers responsible for product delivery, sales and customer service.
Via the acquisition, BMO's overall Corporate Card business will more than double immediately. It obtains exclusive rights to issue Diners Club cards to corporate and professional clients in the USA and Canada. Diners' corporate Travel and Entertainment (T&E) expense card programme will expand BMO's own T&E offering and will complement its Purchasing Card (PCard) programme.
Comments on this story may be sent to admin@m2.com
Tags: acquisition business canada corporate entertainment nyse sales travel
Companies: Bank of Montreal (BMO), Bank of Montreal (BMO), Citigroup, Inc. (C)
MANHATTAN, Nov 20, 2009 (M2 PRESSWIRE via COMTEX) --
20 November 2009 - Citigroup maintained on Friday its "sell" rating and a SEK75 share price target on Atlas Copco AB (STO: ATCO B) after the Swedish industrial technology group yesterday held its capital markets day.
The broker noted that Atlas Copco is focusing on growth but does not expect a sharp recovery of demand.
Like all other sector players that Citigroup has met on its Scandinavian visit, the group is "cautiously optimistic", the broker said.
Atlas Copco plans to grow via increased aftermarket share in the business mix, more focus on new products in Asia, and acquisitions.
The group has not been very active in terms of acquisitions so far but Citigroup expects that this will change in the short term.
So far in 2009, the development of Atlas Copco's share has underperformed the sector. However, the broker did not recommend investors to buy the stock in the present situation due to the relatively high valuation.
Atlas Copco is currently traded at a premium versus the sector and its own ten-year average price-to-earnings (P/E) ratio, which means that the recovery potential is already included in the valuation, Citigroup said.
By 11:13 CET on Friday, the B-series shares in Atlas Copco were down 0.33% to SEK89.40 on the OMX Nordic Exchange in Stockholm.
(EUR1 = SEK10.3)
Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com
Tags: acquisition asia earnings industrial nordic Stockholm technology
Companies: Atlas Copco AB (ATLKY)
Nov 20, 2009 (Fresh Brewed Media via COMTEX) --
Dominion Resources (D) was downgraded today by analysts at Citigroup and the stock is now at $36.00, down $0.81 (-2.2%) on volume of 2,391,354 shares traded. The analysts reduced D to Sell from Hold. Over the last 52 weeks the stock has ranged from a low of $27.15 to a high of $38.24. Dominion Resources stock has been showing support around $36.45 and resistance in the $37.21 range. Technical indicators for the stock are bullish and S&P gives D a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on D the stock seems like it could be a candidate for an April out-of-the-money bear-call credit spread above the 40 range.
ABR-Seven Summits Strategic Investments NewsBite Goto www.iotogo.com/18w1 for our free report titled, The 18 Ways To Know When It's Time To Dump A Stock
Tags: S&P
Companies: Dominion Resources, Inc. (D)
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In 2003, 290 of Wal-Mart s Supercenters generated sales in excess of $100 million. Thus, the company is focusing on the concept as its biggest growth engine for 2005, CEO Lee Scott told Wall Street executives at the retailer s annual analyst s day event.
Koll Development convinced a client in Plano, Texas, that the cost of two low-rise buildings was comparable to a single mid-rise tower; the buildings' floor plates are sized to conform to multi-tenancy if needed in the future.
http://www.naiop.org/developmentmag/specialsections/200404indexa.cfm
Wachovia becomes the latest giant to fall into an apparent three bank consolidation. Wachovia was acquired this morning by Citigroup. The FDIC assisted agreeing to absorb losses above $42 billion and would get $12 billion in preferred stock and warrants from Citigroup.
http://www.mortgageloan.com/wachovia-goes-to-citigroup-with-fdic-assistance-2453
This letter will evidence the commitment of Citigroup to the New York State Banking Department ("NYSBD") to take the actions provided for herein.
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