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Reuters Business Summary
Citigroup aims to sell $400 billion of assets
PHILADELPHIA - Citigroup Inc, the largest U.S. bank, said on Friday it aims to shed $400 billion of assets -- nearly 20 percent of its total -- over the next two to three years to become more efficient and profitable. Citi's newly installed chief executive, Vikran Pandit, has faced demands from investors that he slash costs, shed poorly performing businesses and even split up the bank.
Wall Street falls at open after AIG loss
NEW YORK - Stocks dropped at the open on Friday, with the Dow briefly falling more than 1 percent early, after American International Group's record loss hurt financial shares and renewed fears of bad news from the credit crisis. The Dow Jones industrial average was down 112.76 points, or 0.88 percent, at 12,754.02. The Standard & Poor's 500 Index <.SPX> was down 11.84 points, or 0.89 percent, at 1,385.23. The Nasdaq Composite Index <.IXIC> was down 19.28 points, or 0.79 percent, at 2,431.96.
Oil over $126, new peak for 5th straight day
LONDON - Oil prices leapt to a new peak of more than $126 a barrel on îriday, hitting a record for the fifth straight session, in a market given an additional spur by tight supplies of diesel. U.S. crude for June delivery rose $1.87 to $125.56 by 9:35 a.m. EDT, off a record high of $126.20 a barrel. London Brent crude rose $2.81 to $125.65 per barrel.
U.S. crude futures jump more than $2, above $126
NEW YORK - U.S. crude futures jumped more than $2 to a record high above $126 on Friday, fueled by fund buying and surging distillate prices on both sides of the Atlantic, according to traders. On the New York Mercantile Exchange at 9:24 a.m. EDT, June crude was up $2.18, or 1.76 percent, at $125.86 a barrel, trading from $124.08 to a record $126.20.
March trade gap narrows on record import drop
WASHINGTON - The trade deficit narrowed more than expected in March on a record plunge in imports, even as average oil prices surged to a new high, a Commerce Department report on Friday showed. The trade gap shrank to $58.2 billion in March, down 5.7 percent from a revised estimate of $61.7 billion in February, previously reported as $62.3 billion. Wall Street analysts had expected the March gap to narrow to $61.3 billion.
AIG sees market affecting mortgage units into 2009
NEW YORK - American International Group sees weak market conditions in the U.S. residential market affecting its operating results at two mortgage units into 2009, its chief executive said on Friday. "Operating results of these business have been and will likely continue to be affected into 2009 by continued credit quality deterioration of mortgages and weak residential housing market, and the overall U.S. economy," Martin Sullivan said, on a conference call with investors, a day after the insurer posted a record $7.8 billion first-quarter loss, and said it planned to raise $12.5 billion to strengthen its balance sheet.
Circuit City to let Blockbuster conduct diligence
NEW YORK - Circuit City Stores Inc said on Friday that it will allow Blockbuster Inc and the movie-rental company's largest shareholder, Carl Icahn, to conduct due diligence in connection with Blockbuster's proposed acquisition of Circuit City. Circuit City also said it has hired Goldman Sachs & Co to assist it in exploring strategic alternatives to enhance shareholder value.
Clear Channel posts weaker-than-expected profit
NEW YORK - Clear Channel Communications Inc posted a weaker-than-expected quarterly profit on Friday and the U.S. radio station operator said it was unclear whether a proposed buyout would be completed. Last year, at the peak of the private equity boom, Clear Channel struck a $20 billion buyout deal with private equity firms Thomas H. Lee Partners and Bain Capital.
Siemens ex-CEO faces no criminal charges in probe
MUNICH/HAMBURG - Prosecutors investigating suspected bribery at German engineering group Siemens said on Friday they have found no evidelce to warrant còR[
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