Citigroup Inc's decision to raise $7.5 billion in capital is a signal to analysts and investors that the largest U.S. bank is likely to have a rough fourth quarter -- perhaps even worse than it has projected. Citigroup may not be overpaying for the capital, according to convertible bond experts, but if the bank was ready to post excellent results in coming quarters, it would not likely be paying 11 percent a year for money from Abu Dhabi, investors said.
UK car dealer Pendragon has issued its second profit warning in five months, saying the company expects to miss full year profit targets by £12 million.
Chilean stocks fell in early afternoon trade on Tuesday, as Chile's giant private pension funds (AFPs - the Association for Financial Professionals) sold stocks, while the peso weakened against the dollar.
The U.S. dollar was higher against the euro, the yen and the Swiss franc on Tuesday following news that Citigroup Inc. will sell a $7.5 million stake to Abu Dhabi Investment Authority.
Oil fell below $95 a barrel on Tuesday as investors bet that the OPEC exporter group will boost supply for a second time this year at a meeting next week to cool near-record prices.
U.S. stocks rebounded during Tuesday mid-day trading following news that Abu Dhabi Investment Authority's would invest $7.5 billion in Citigroup Inc, raising investor confidence in the bank.
Housing and credit troubles took more of a toll on the U.S. economy as prices on pre-owned single-family homes tumbled in the third quarter and consumer confidence in November sank to a two-year low, reports on Tuesday showed.
Pakistan's General Pervez Musharraf said farewell to military colleagues on Tuesday as he prepared to become a civilian president ahead of January's general election.
President George W. Bush told Israeli and Palestinian leaders gathered for a Middle East conference on Tuesday that the time was right to work toward peace but cautioned the path would be difficult.
Citigroup Inc is selling up to 4.9 percent of itself for $7.5 billion to the Gulf Arab emirate of Abu Dhabi, giving the largest U.S. bank fresh capital as it wrestles with the subprime mortgage crisis and the resignation of its chief executive. The capital injection will shore up Citi's balance sheet, which has been hurt by some $6.8 billion of writedowns and losses in the third quarter, and the potential for another $11 billion in the fourth quarter.
A security flaw in Apple Inc's Quicktime media software can be taken advantage of by malicious programs, according to security researchers, making applications like iTunes that depend on the standard open to hacker attacks.
Tata Motors, a group company of India's leading tea-to-truck business conglomerate is reportedly ahead in the race to acquire ailing U.S. automaker Ford Motor Co.'s British luxury car brands Land Rover and Jaguar which was put up for sale earlier this year.
GlaxoSmithKline Plc Monday reached an agreement with Merck for the acquisition of marketing rights for Mecavor in the United States.
Crude oil declined for a second day in New York as sliding U.S. equity markets heightened speculation OPEC (Organization of the Petroleum Exporting Countries) will increase output to cap prices and reinforce global demand.
Oil fell on Tuesday on expectations that OPEC may increase output and following a decline in global stock markets. U.S. oil fell dropped 80 cents to $96.90 a barrel by 11:09 p.m. EST, after shedding more than $1.00 earlier. London Brent crude fell by 61 cents to $94.71 a barrel.
Gold prices rose to a two-week high on Monday following investor concerns over the dipping dollar, soaring oil prices and speculation over further US interest cuts.
Leading U.S. retailer Wal-Mart said Monday it is nearly tripling the number of its online sales this year, offering deals for the entire week entire week.
The hit a two year low against the yen and hovered near record lows against the euro on Monday as financial services firms continued to warn about the slowing economy and lower expectations, raising the chance that the Federal Reserve may but interest rates.
U.S stocks declined on Monday after turbulent Monday trading as financial sector woes deflated holiday sentiment entering the post Thanksgiving week. The Dow Jones Industrial Average plunged 237.44 points, or 1.83 percent, to close at 12,743.44, while the tech-heavy Nasdaq Composite Index was down 55.61 points, or 2.14 percent, at 2,540.99.
US stocks were nearly flat in Mid-day trading on Monday, recovering after earlier losses following continued concerns over a weakening credit market and a worsening subprime mortgage situation.
Crude oil futures fell on Monday amid expectations that oil cartel OPEC could decide to boost supply at next week.
Citigroup, the No. 1 U.S. bank by assets, is planning major job cuts over the coming months, CNBC television reported on Monday.
