A group led by hedge-fund manager Bill Ackman is reportedly set to buy a Manhattan penthouse for more than $90 million.» Read More
Citigroup launched its sweetened tender offer for Japan's Nikko Cordial on Wednesday and insisted its $13.6 billion bid is final, even as Nikko's stock again threatened to overshoot the bank's price.
Citigroup plans to add about 1,000 employees to its China operations this year, boosting its staff numbers in the country to around 4,000, the bank's chief executive for China said on Wednesday.
Stocks closed down sharply in its second-worst daily decline of the year as the woes in the subprime mortgage market continued to rattle the major markets, particularly financial stocks."I don't this is over," said Patrick Fay, director of equity trading at DA Davidson, in an interview with CNBC.com. "The market has been overdone for a while and it needs a correction."
Citigroup awarded Chairman and Chief Executive Charles Prince $25.98 million in compensation for 2006, about 13% more than a year earlier, though costs grew twice as fast as revenue.
Stocks index futures are slumping ahead of the opening as news from the subprime mortgage world continues to flow. February retail sales data and an earnings report from Goldman Sachs GS could influence direction. European markets are weaker and CNBC Europe reports that worries about U.S. subprime lenders are creeping up there. Asian markets were mostly lower, dragged down by a rising yen.
Citigroup raised its offer for Nikko Cordial by 26% to $13.4 billion on Tuesday, after Tokyo Stock Exchange's decision not to revoke the brokerage's listing sharply boosted the value of its shares.
The largest independent U.S. subprime mortgage lender said on Monday its lenders plan to halt financing, pushing the company closer to bankruptcy amid dwindling cash and $8.4 billion in obligations that could come due immediately. The stock was halted on Monday.
Citigroup said on Monday that it had no plans to alter the terms of its $10.8 billion bid for Nikko Cordial even after a surprise decision by the Tokyo Stock Exchange to not delist the brokerage.
Stocks were set to start the week lower after concerns about sub-prime mortgage lending dented enthusiasm for a very busy Merger Monday.
A second U.S. investment firm dismissed Citigroup's $10.8 billion buyout offer for Japanese brokerage Nikko Cordial as far too low, pressuring the U.S. bank to sweeten its bid.
The Tokyo Stock Exchange is likely to decide next week on delisting brokerage Nikko Cordial instead of Friday as has been widely expected, Kyodo reported, citing a senior exchange official.
General Electric's consumer finance arm plans to close 60% of its manned personal loan branches in Japan and shed up to 400 employees amid an industry-wide slump prompted by tighter regulation.
Citigroup's takeover bid for Nikko Cordial could face a major setback as a shareholder of the the Japanese brokerage says the $10.8 billion takeover bid is inadequate.
After the market meltdown of last week, a number of investors fled to mega cap stocks such as Citigroup, Exxon Mobil and Wal-Mart, hoping the area would be a safe haven in the wake of the market meltdowns at the end of February, but huge companies with market caps of $200 billion or more did only marginally better than the overall market.
U.S. lawmakers are turning their attention toward credit card companies' practices related to fees and other charges, forcing card issuers to try to get ahead of possible industry regulation.
Citigroup's $10.8 billion tender offer to buy Nikko Cordial looks just sweet enough to convince investors in the Japanese brokerage to sell, analysts said on Wednesday.
Stocks snapped back from a week-long selloff and posted the biggest one-day gains in several months."The market is feeling a lot better," said Stuart George, head of equity trading at Delaware Investments, in an interview with CNBC.com.
Citigroup launched a $10.75 billion takeover bid for Japanese brokerage Nikko Cordial on Tuesday, offering cash to the scandal-hit firm's shareholders in a deal designed to transform its business in the world's second-biggest economy.
It's time to step back from the madness and understand a basic tenet of the markets: Just because something negative happens somewhere, it doesn't mean the sky is falling. In fact, it could be good news for you. Here's why...
Mounting concerns on Wall Street that mortgage lenders might be hurt by increasing defaults and delinquencies sent investors fleeing Monday from some of the biggest names in the industry. The meltdown among lenders that specialize in home loans to people with weak credit again ravaged stock prices.