Reuters - Citigroup Inc said on Friday it plans
to shed $400 billion of assets within three years and boost
revenue by up to 10 percent annually, in a bid to restore
profitability after huge losses tied to flagging mortgage and
credit markets.
Reuters - Stocks fell on Friday as the price of
oil set another record and concerns about the financial sector
flared up again after American International Group Inc
reported a massive loss.
Reuters - American International Group ,
after disappointing with a worse-than-expected loss on
Thursday, did little to buoy investor spirits on Friday,
telling shareholders it does not yet see signs of a rebound in
the market for mortgage assets, which have cost it dearly over
the past two quarters.
Reuters - Oil jumped to a record above $126 a
barrel on Friday, extending gains to more than 11 percent since
the start of the month on fuel supply concerns and a rush of
speculator buying.
Reuters - Countrywide Financial Corp
shares fell nearly 6 percent on Friday on renewed speculation
that Bank of America Corp will renegotiate or cancel
its agreement to buy the largest U.S. mortgage lender.
AP - The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. Analysts forecast that trade would continue to be one of the economy's few bright spots this year.
AP - Consumer electronics retailer Circuit City Stores said Friday that it will allow Blockbuster to review its books in connection with the video-rental chain's bid to buy the company.
