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Financial News

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.

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.

Treasuries Tumble as Stocks Rise on Government Bailout of Bank of America Ten-year Treasuries fell the most in almost two months as stocks gained on government efforts to bail out banks, reducing the haven appeal of U.S. debt.

Wilbur Ross to Buy Most of Florida Bank, Paving Way for Further Purchases Wilbur L. Ross, the investor who made billions turning around distressed steel and textile companies, will buy a majority stake in First Bank and Trust Co., giving him a platform to purchase more banking assets.

Trichet Vision Unravels as Investors Demand Higher Rates From Spain, Italy European Central Bank President Jean-Claude Trichet’s vision of economies converging behind the shield of a shared currency may be unraveling.

General News

`Miracle on Hudson' Averts Tragedy as Pilot Ditches, Saves All 155 on Jet A US Airways Group Inc. pilot averted disaster with skill and “sheer luck” by ditching his jet in the 40-degree waters of New York City’s Hudson River yesterday as he lost thrust from both engines after takeoff.

Israel Pounds Gaza Targets, Ban Says Cease-Fire Agreement Is `Very Close' A cease-fire aimed at ending three weeks of fighting in the Gaza Strip is “very close,” United Nations Secretary-General Ban Ki-moon said, as Israeli Foreign Minister Tzipi Livni headed to Washington for talks.

Obama's Actions May Pose Biggest Risk of Shortening Presidential Honeymoon Bill Clinton said his presidential honeymoon lasted 35 seconds. Dwight Eisenhower’s never really ended. Gerald Ford’s monthlong glow vanished overnight with his “full, free and absolute” pardon of Richard Nixon.

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