New regulations will require investors to bear the risk of South African bank failures.
Citigroup expects more banks in Africa’s largest economy to go to market in order to take advantage of lending opportunities.
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The commodity giant is puportedly trying to cut debt costs by looking for a R160-billion loan.
South Africa could have greater investor inflows should we list local government bonds in Citigroup’s world government bond index.
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/ 2 December 2011
Citigroup faces a day of reckoning in court over its selling of financial instruments in the run-up to the subprime mortgage crisis.
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/ 18 January 2011
Citigroup posted a $1,3-billion quarterly profit on Tuesday, as losses on bad loans fell.
Citigroup was profitable in the first two months of 2009 and is confident about its capital strength, chief executive Vikram Pandit said.
American International Group is close to a deal with the United States government that would ease the terms of its bailout.
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/ 28 February 2009
The US government will boost its stake in Citigroup to as much as 36%, bolstering the bank’s capital base in the latest effort to save the bank.
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/ 24 February 2009
The US vowed to prop up ailing banks if needed, with the government set to take a bigger stake in Citigroup and inject yet more cash into insurer AIG.
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/ 23 February 2009
Citigroup is in talks that could result in the United States government increasing its stake in what was the country’s most valuable bank.
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/ 11 February 2009
Glut expected on market as demand plummets for 2008’s must-have executive perk.
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/ 30 January 2009
South African bonds overlooked a weaker rand to open firmer on Friday after credit extension and money supply data surprised to the downside.
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/ 29 January 2009
SA’s PPI slowed to an 11-month low of 11% year-on-year in December, lending further weight to the case for an aggressive interest-rate cut next week.
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/ 16 January 2009
Ailing US banking giant Citigroup reported on Friday that it was splitting into two businesses to restore profitability.
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/ 16 January 2009
Bank of America was rescued by the US government on Friday through a -billion bailout.
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/ 15 January 2009
Citigroup and Bank of America faced new doubts over their ability to fund their massive losses as their shares sank on Wednesday.
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/ 12 January 2009
Policymakers facing mounting job losses prepared new measures to ease the pain on Monday.
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/ 25 November 2008
Barack Obama on Monday promised an extraordinary multibillion-dollar economic package to deliver a jolt to the United States.
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/ 25 November 2008
Asian stocks soared on Tuesday after stellar gains on US and European markets as investors welcomed a rescue of US States banking giant Citigroup.
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/ 24 November 2008
SA markets surged higher on Monday, boosted by strong metals prices and a global stocks rebound after a US government rescue package for Citigroup.
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/ 24 November 2008
The US government agreed to prop up Citigroup with more than -billion, the latest bailout in a sector crippled by exposure to toxic debts.
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/ 22 November 2008
Wall Street enters the year-end holiday season this week with little to cheer about as the worst bear market in decades appears to be grinding on.
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/ 17 November 2008
A brutal financial crisis showed its teeth on Monday as banking giant Citigroup announced a massive 50 000 job cuts.
Multinational media company Naspers announced on Monday that, following approaches for the sale of its internet service provider business MWeb, it is initiating an auction process. MWeb is one of the largest residential internet service providers in South Africa and also owns the largest VSAT corporate internet base in sub-Saharan Africa.
UBS will cut 5 500 jobs in one the biggest purges seen so far in the financial markets crisis, as the Swiss wealth-management titan slashes at the investment bank that plunged it into turmoil. UBS also said it has a preliminary deal with United States asset manager BlackRock to sell a -billion portfolio of subprime mortgages.
Citigroup, the largest United States bank, on Friday posted its second straight quarterly loss, hurt by more than -billion in write-downs and increased reserves for credit losses. The loss totalled ,11-billion, or ,02 per share, and compared with a year-earlier profit of ,01-billion, or ,01 per share. Revenue fell 48% to ,22-billion.
Asian stocks tumbled on Monday followed by losses across European and United States markets on concern over company earnings and increasing gloom about prospects for the global economy, analysts said. Wall Street stocks opened lower as Wachovia bank, one of America’s largest retail banking groups, announced a net loss of $350-million.
More than 20 000 people are forecast to lose their jobs on Wall Street as the credit crunch bites into business at financial institutions over the next two years. New York’s Independent Budget Office, a non-partisan agency which scrutinises the city’s finances, estimates that profits on Wall Street fell by 80% during 2007 to ,2-billion — the lowest level since 1994.
The global credit crunch claimed its biggest victim yet on Friday when the United States Federal Reserve orchestrated an emergency bail-out for Bear Stearns after a cash crisis prompted a run on the US’s fifth-biggest investment bank. President George Bush sought to calm fears of a deep recession in the world’s biggest economy.
An affiliate of United States-based buyout firm Carlyle Group has defaulted on about ,6-billion of debt and expects its lenders to seize remaining assets as the global credit crunch tightens around leveraged investors. A ”successful refinancing is not possible,” Carlyle Capital said.
Oil hit a record high of a barrel on Monday, reversing earlier losses as investors sought oil as a hedge against a depressed dollar and inflation. A rush by financial funds into commodities and political tensions are the prime drivers of a rally that has lifted oil’s average to above for the year.