NEW YORK - AILING US banking giant Citigroup reported on Friday a larger-than-forecast 2008 fourth-quarter net loss of US$8.29 billion (S$12.4 billion) and said it was splitting into two businesses to restore profitability.
BRUSSELS - THE European Commission on Friday ruled out a further relaxation in state aid rules to allow governments to prop up the struggling car industry, warning against a 'race to subsidies.'
WASHINGTON - US CONSUMER prices fell 0.7 per cent in December, capping a 2008 inflation rate of 1.8 per cent amid a deepening recession, government data showed on Friday.
NEW YORK - US STOCKS rallied at the opening on Friday after a US government rescue injection of US$20 billion (S$30 billion) into Bank of America helped ease fears about a further deterioration of the banking sector.
