The United States banking giant Citigroup announced it wants to sell 400 billion US dollars of assets over the next three years as part of its bid to return to profit. It has 500 billion US dollars of legacy assets that it wants to reduce to 100 billion
A staunch supporter of US presidential hopeful Hillary Clinton, South Dakota Senator George McGovern called on the New York Senator to drop out of the race and let Senator Barack Obama secure the Democratic Party nomination.
A new opinion poll from CNN released Thursday shows that 71% of the US public disapproves of President George Bush handling of his job, making him the most unpopular in modern US history.
The United States Federal Reserve cut on Wednesday its key interest rate 25 points from 2.25% to 2% as it aims to avoid a possible US recession. It is the seventh rate cut since last September, when the rate was cut from 5.25% to 4.75% and in the range of what markets were expecting.
Hopefuls Hillary Clinton and Barack Obama entered Wednesday the final phase of the US Democratic presidential primary with Clinton saying her decisive Pennsylvania win proved she was the best candidate to beat Republican John McCain in the race for the White House.
Argentina is too an important country to be left out of international money markets, said US Under Secretary of State for Latinamerica Thomas Shannon following his recent visit to Argentina when he met with President Cristina Fernandez de Kirchner.
US banks continue in turmoil reporting lower profits, write-downs and hunting for fresh funds Bank of America reported a 77% drop in profits in the first three months of 2008, hit by trading losses and a 6 billion write-down to cover bad loans. National City Corporation from the Midwest admitted it was looking for 7 billion US dollars.
New York based Citigroup has suffered a second massive loss and is cutting 9,000 jobs as the credit crisis continues to take its toll on the biggest US bank.
Merrill Lynch posted its third straight quarterly loss, its first of 2008, after more write-downs linked to the embattled credit markets. The world's largest brokerage lost 6.5 billion US dollars in write downs on subprime mortgages and other risky assets.
The United States fourth-largest bank Wachovia Corporation reported a 393 million US dollars loss in the first quarter and has been forced to cut its dividend and seek a 7 billion US dollar cash injection to make up its mortgage business.