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Citigroup Looks to Slim Down, Shed Over $400 Billion in Assets
Citigroup Inc. (NYSE:C) plans to wind down more than $400 billion in assets over the next two to three years as the financial-services giant moves to slim down under new Chief Executive Vikram Pandit.
Clear Channel Profit Falls Short; Sales Rise
Clear Channel’s (NYSE:CCU) first-quarter results fell short of Wall Street’s estimates, and the company declined to provide an outlook due to the pending buyout deal.
Circuit City Puts Itself Up for Sale, Hires Goldman
Circuit City Stores Inc. (NYSE:CC), pressured by investor Mark Wattles to raise its stock price, put itself up for sale and will let Blockbuster Inc. (NYSE:BBI) and Carl Icahn (NYSE:IEP) review its books to prepare a bid.
Stocks Retreat in Europe and Asia; U.S. Index Futures Decline
Stocks dropped in Europe and Asia and U.S. index futures fell as oil reached an all-time high above $124 a barrel and American International Group Inc. (NYSE:AIG) said it needs to raise $12.5 billion after two straight record losses.
Wachovia’s Thompson Loses Chairman’s Title After Loss Mounts
Wachovia Corp. (NYSE:WB) Chief Executive Officer Kennedy Thompson, under fire for buying a California lender near the housing market’s peak in 2006, was stripped of his role as chairman of the company, which is the fourth-largest U.S. bank.
Crude Oil Rises to Record Above $124 a Barrel on Supply Concern
Crude oil rose to a record $124.73 a barrel in New York, set for the biggest weekly gain since March last year, on concern supplies of diesel and gasoline may be insufficient to meet demand during the U.S. summer driving season.
Harris Corp. May Consider a Sale
Electronics and defense company Harris Corp. (NYSE:HRS) has begun exploring its strategic options, and could eventually choose to sell itself, according to people familiar with the matter.
Property Mogul Poised to Take a Second Fall
Sixteen years ago, developer Ian Bruce Eichner was forced to give his lenders the keys to his newly finished office tower in Times Square. The empty building, a symbol of one of the worst downturns in U.S. commercial real-estate history, ultimately cost his lenders and partners about $200 million.
Google, Yahoo! Pact Looks Likely
Internet behemoth Google (NASDAQ:GOOG) is expected to work out a deal with Yahoo! (NASDAQ:YHOO), but it still has concerns over sharing proprietary information with its Web-search rival.
EDF Submitted British Energy Takeover Bid, People Say
Electricite de France SA (EPA:EDF), Europe’s biggest power producer, made a takeover offer for British Energy Group Plc (NYSE:BT), said two people with knowledge of the proposal.
Superior Industries Rises Most in 20 Years on Profit
Superior Industries International Inc. (NYSE:SUP), the world’s second-largest maker of automotive wheels, jumped the most in 20 years after posting a first-quarter profit that beat analysts’ estimates.
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