Citigroup Will Split in Two After Posting $8.29 Billion Loss; Shares Gain Citigroup Inc. posted an $8.29
billion loss, twice as much as analysts estimated, and said it
will split in two under Chief Executive Officer Vikram Pandit’s
plan to rebuild a capital base eroded by the credit crisis.
Bank of America Has First Loss in 17 Years, Gets $138 Billion U.S. Bailout Bank of America Corp., the largest
U.S. bank by assets, posted its first loss since 1991 and cut
the dividend to a penny after receiving emergency government
funds to support the acquisition of Merrill Lynch & Co.
Stocks in U.S. Climb on Government Aid for Bank of America; Intel Advances U.S. stocks advanced for a second
day after the government gave further support to Bank of America
Corp. in an effort to prevent the financial crisis from
deepening and Citigroup Inc. said it will split in two.
Consumer Prices in U.S. Increased 0.1% in 2008, Smallest Gain Since 1954 The cost of living in the U.S. fell
in December as the recession deepened, capping the smallest
annual gain in a half century.
U.S. Regulators Pushed Toward `Dramatic' Steps to Bolster Banking System Renewed questions about U.S. banks’
viability are pushing regulators toward a new plan that would
remove toxic assets from bank balance sheets, in what may become
the biggest effort yet to unfreeze lending.
Wal-Mart, Pepsi Bottling Lead Rebound in Bond Sales as Credit Markets Thaw Wal-Mart Stores Inc., the world’s
biggest retailer, and soft-drink distributor Pepsi Bottling Group
Inc. led a resurgence in sales of bonds sold by non-financial
companies in a sign that credit markets are beginning to thaw.
Mexico Lowers Benchmark Rate to 7.75% in First Cut in Almost Three Years Mexico’s central bank reduced its
benchmark interest rate for the first time in almost three years
in a bid to bolster the country’s slumping economy.
Fraga Targets Brazilian Private Equity, Illiquid Shares to Offset Losses Arminio Fraga, the former Brazilian
central bank president who runs investment company Gavea
Investimentos Ltda., is increasing holdings of private equity and
thinly traded shares to counter losses at his flagship fund.
Bovespa Climbs on Commodities, Interest Rate-Cut Speculation; Ipsa Rises Brazilian stocks rose for a second
day, trimming this week’s decline, as a rally in commodity prices
and the prospect of steeper cuts in interest rates boosted
steelmakers and homebuilders.
Brazilian Retail Sales Rose 5.1% in November, Slowest Pace in 28 Months Brazil’s retail sales rose in
November at the slowest pace in 28 months, adding to evidence
that Latin America’s biggest economy stalled.
Petrobras In `Comfortable' Position Even After Oil-Reserve Cut, Itau Says Petroleo Brasileiro SA’s proven oil
and gas reserves put the company in a “comfortable position,”
according to Paula Kovarsky, an oil and gas analyst at Itau
Corretora.