IBT Staff Reporter

Offshore financial centers which have thrived under a veil of bank secrecy will have to embrace transparency to survive a global crackdown on tax cheats that is menacing the private banking sector in Switzerland and beyond.

Citigroup plans to overhaul its board as part of a capital-boosting deal with the U.S. government, but the banking giant may struggle to find qualified people willing to join as directors.

Yahoo Inc paid its financial advisers millions of dollars last year to defend the Internet company against Microsoft Corp's unsolicited buyout offer, according to a filing.

Wall Street is unlikely to get a reprieve next week as relentless worries about U.S. banks and the economy could embolden bears to drive the market below the 12-year lows hit on Friday.

U.S. stocks fell and the S&P 500 marked its worst-ever start to a year on Friday, after the government said it will take a large stake in Citigroup's common shares, fanning fears it will increase its role in other major banks.

American International Group Inc may securitize some U.S. life insurance policies and have the interest rate on a government loan lowered, as talks continue to help the insurer deal with its financial problems, a source familiar with the matter said on Friday.

President Barack Obama said on Friday he would pull U.S. combat troops out of Iraq in 18 months as he unveiled a new strategy that stressed diplomacy and engagement with foes like Iran and Syria.

The U.S. government will boost its equity stake in Citigroup Inc to as much as 36 percent, bolstering the bank's capital base in the latest emergency effort to save the banking giant.

Stocks fell and the S&P 500 closed at a 12-year low on Friday, after the government said it will take a large stake in Citigroup's common shares, fanning fears it will increase its role in other major banks.

The U.S. economy suffered its deepest contraction since early 1982 in the fourth quarter, shrinking at a much worse-than-expected 6.2 percent annual rate as exports plunged and consumers slashed spending.

Stocks fell and the S&P 500 closed at a 12-year low on Friday, after the government said it will take a large stake in Citigroup's common shares, fanning fears it will increase its role in other major banks.

General Electric Co plans to cut its quarterly dividend by 68 percent to 10 cents a share, starting in the second half of 2009, a move that it said would provide it with more flexibility in the face of a recession.

When Nortel Networks Corp reports its quarterly results on Monday, the focus is likely to fall on the top line as investors look to see how well sales at the ailing telecom equipment maker are holding up in the global economic meltdown.

Citigroup will soon announce replacements on its board of directors as the struggling banking giant's shares continue to sink. The New York-based firm must now also deal with its new largest shareholder, the U.S. government.

Oil prices fell 1 percent on Friday, pulled lower by U.S. data showing the economy of the world's largest energy consumer shrank more than expected in the final three months of 2008.

The U.S. government will boost its equity stake in Citigroup Inc to as much as 36 percent, bolstering the bank's capital base in the latest emergency effort to save the ailing banking giant.

Stocks dipped on Friday as a move by the U.S. government to take a large stake in common shares of embattled Citigroup fanned fears it will take a bigger role in overseeing some troubled major banks.

Chrysler LLC, which is seeking $5 billion in additional federal aid to survive, has lowered the thermostat, dimmed the lights and stripped the clocks from the walls of its sprawling headquarters to save cash.

The U.S. government will boost its equity stake in Citigroup Inc to as much as 36 percent, bolstering the bank's capital base in the latest emergency effort to save the ailing banking giant.

General Electric Co plans to cut its quarterly dividend to 10 cents a share starting in the second half of 2009, a move that it said would provide it with more flexibility in the face of a recession.

General Electric's Energy Financial Services unit signed a deal to invest $150 million to partner with ATP Oil & Gas Corp. to operate a floating oil and gas production unit in the deep waters of the Gulf of Mexico.

Bangladesh Prime Minister Sheikh Hasina drew praise on Friday for bringing a swift end to a mutiny by paramilitary troops who slaughtered scores of their officers, with bodies found in a mass grave pushing the death toll past 70.

Sagem Communications signed a trademark licensing agreement with Xerox Corporation with the aim of developing, marketing and supporting a new line of Xerox fax devices.

The European unit of U.S. carmaker General Motors said it planned to spin off its German arm Opel and needed 3.3 billion euros ($4.2 billion) in state aid to avert job cuts and site closures.

Ford Motor Co expects U.S. auto industry sales to drop to about a 9 million unit range on an annualized basis in February as retail demand slipped, the automaker's chief sales analyst said on Friday.

Accused swindler Bernard Madoff moved $164 million from his firm in Britain to New York in the weeks before he was arrested on a charge of running the largest Ponzi scheme in Wall Street history, according to court papers.

The court-appointed receiver overseeing the financial empire of Texas billionaire Allen Stanford, who is charged with fraudulently selling $8 billion in certificates of deposit, has located $90 million in assets so far, an FBI agent said on Friday.

Earlier this week, consumer electronics maker Apple released an updated version of its popular web browser, Safari, bringing with it a slew of new features.

Billionaire investor Wilbur Ross said an uncontrolled bankruptcy of General Motors Corp would be a disaster and a prepackaged reorganization would be a better solution.