Cayman Net News
   Welcome to Cayman Net News Online: Today's print edition 
Search: web our site     



News from the Cayman Islands for
BUSINESS NEWS
Prev    Next

Business Round-Up

Published on Sunday, October 18, 2009 Email To Friend    Print Version

Citi beats forecasts with $101 million profit

NEW YORK (AFP): Struggling banking giant Citigroup topped expectations last week, posting a third-quarter profit of 101 million dollars. Because of special dividends required from a massive government bailout, the results amounted to a loss for shareholders of 27 cents per share. But that was better than the expected loss of 38 cents per share. Citigroup has received some 45 billion dollars in capital from the US Treasury to shore up its finances, some of which has been converted to common stock.

That has given the government a stake of 34 percent in what was once the world’s biggest financial group, which is now working to slim down and repay the government.

“We continue to execute steadily against our plan, and sustainable profitability remains our primary goal in the near term,” said Vikram Pandit, chief executive. “While consumer credit trends are improving in international markets, the US consumer credit environment remains challenging.”


Dow 10K good for psyche, but is that all?

NEW YORK (Reuters): The Dow Jones industrial average topped 10,000 for the first time in a year last week, piercing a level major investors see as merely psychological but which may serve as a buying signal to retail stock pickers. The milestone points to the resiliency of the market’s runup since the lows of early March and growing comfort with the economy’s path. But investors warned that it could serve as a trap, something that galvanizes interest from regular investors while institutions pare back positions.

 
Reads : 2625

Comments:

No comment for this topic yet. Be the first one to give comment.

Back...

Send us your comments!  

Send us your comments on this article for publication in our Readers' Forum or as a Letter to the Editor. All fields are required and in the interest of openness and transparency we will no longer accept anonymous submissions. We therefore request that all submissions include a name for publication, regardless of content. We will in special circumstances protect a writer's identity only after we have established good cause for anonymity, otherwise we will not be able to publish the submission.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, it will be a waste of your time typing your submission because we will never see it!

Your Name:
Your Email: (Validation required)
Comments:
Enter Validation Code *


 
Click here for the latest print edition