Disgusting; U.S. Pisses Away $306b on Citigroup Update: Vikram Pandit named CEO of Citigroup on December 11. Click here for details. Vikram Pandit is that rare Indian who has made it big within the stratospheric heights of the financial sector in New York. A Mumbai native, Vikram Pandit is CEO of Citigroup’s Institutional Clients Group comprising of Citi […]
Embattled financial services giant Citigroup is expected to take another mega write-down of $8 billion-$11 billion on top of the $5.9 billion write-down the bank took in early October, according to reports coming out of New York City. The huge write-down is necessary in view of the falling value of sub-prime mortgage securities held by […]
Citigroup CEO Charles Prince is toast and is expected to quit at an emergency board meeting scheduled for Sunday, according to the Wall Street Journal (subscription required). And the word on the street is that Citi will report another big write-off and more losses. In more bad news for Citi, the Securities and Exchange Commission, which […]
Higher operating expenses caused Rediff’s profits to fall by 40% in its second quarter to $890,000 (3.04 cents per ADS) compared to $1.5 million (5.14 cents per ADS) in the year earlier period. Revenues rose 18% to $7.8 million from $6.6 million in the year-ago period. Operating expenses increased by 29% to $5.39 million compared […]
India has fallen a few notches in the latest Global Competitiveness Index released by the World Economic Forum. India’s rank fell to 48 in the 2007-2008 GCI Index behind former Communist nations like Hungary, Czech Republic, Slovak Republic and Latvia. Last year India fared better with a rank of 42. The United States maintained its status […]
Internet darling Google’s shares surged past $700 for the first time on Wednesday barely a few weeks after the stock breached the $600 barrier. Defying commonsense, Google shares closed at $707 Wednesday giving the Internet search company a market capitalization of $220.7 billion. Consider this – Google’s market capitalization is now higher than that of […]