Regional tensions and China's growth has oil kissing $71 levels
London: Oil prices broke new records, going above $71 a barrel, over mounting tensions over Iran's nuclear ambitions and rapid economic growth in China.

At 1600 GMT, Brent North Sea crude traded at $70.94 a barrel, up 37 cents from Thursday's closing level in London, and off a new high reached earlier Monday of $71.40. New York's main contract light sweet crude for May delivery, was up 58 cents from Thursday at $69.90 a barrel.

Prices had last set a record in New York of $70.85 on August 30, after Hurricane Katrina hammered oil production facilities in the US Gulf of Mexico region.

Analysts said news that China's economy grew at a blistering pace of 10.2% in the first quarter has confirmed that overall global energy demand will remain strong.
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Citigroup posts record figures
New York: Record revenues from its investment banking and overseas businesses helped Citigroup, the world's biggest bank, post a 4 per cent rise in first-quarter profits. Profits topped $5.6bn, up from $5.4bn a year ago on revenues that rose 5 per cent to $22.2bn.

The company said that its US retail banking business had been weak, however, because of a dip in consumer confidence.

Globally, profits jumped 47 per cent and revenue rose 19 per cent.

The bank's annual meeting also marked a change of guard at the bank, with chief executive Charles Prince taking over as chairman from Sanford Weill.

Citigroup had won a victory earlier this month when the Federal Reserve lifted its year-long ban on big acquisitions, citing the bank's improved internal controls after several regulatory scandals. Prince however said, "This letter does not in any way change our strategic initiatives or our primary focus on organic growth."

Corporate and investment banking profit rose 15 per cent to $1.9bn, helped by record results in emerging markets trading, municipal bonds and credit products. Revenue from equity markets surged 67 pc while fixed income rose 8 pc.
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IRS hits Symantec with $900 million tax bill
Cupertino, USA: The U.S. Internal Revenue Service has claimed that Symantec owes $900 million in back taxes related to its acquisition of Veritas Software, the security company said Monday.

Symantec said it strongly believes that the IRS's positions are inconsistent with applicable tax law and existing regulations, and that it will petition the tax court to protest the assessment. The security software maker's shares fell nearly 5 percent on the news.
Symantec said IRS claims the company owes additional taxes, plus interest and penalties, for the 2000 and 2001 tax years based on an audit of recently-acquired Veritas.

The IRS notice is only the most recent in a series of bad news for Symantec, which in recent months has seen investor concern rising over a number of high-level executive departures and questions being raised over the Veritas deal.

Symantec shares have dropped almost 30 per cent since it closed its $10.25 billion acquisition of storage software specialist Veritas in July.
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Chinese banking major may pick up stake in Bear Stearns
New York: Preliminary talks that Bear Stearns is holding with China Construction Bank, may result in a deal that could involve the state-controlled Chinese lender taking a large minority stake and a board seat at the US investment bank.

The link up with CCB would see Bear Stearns following in the footsteps of its rivals, such as Morgan Stanley and Goldman Sachs, which have recently established footholds in China's economy through deals with the country's financial institutions.

But the deal could raise hackles in the US as foreign investment has already become a hot issue in the country. Apossible structure being reportedly considered by the two bank's is the CCB, second largest of the big four state-controlled Chinese banks, buying Bear Stearns convertible bonds and taking a seat on the board. Those bonds could be translated into an equity stake of up to 20 per cent of Bear Stearns, worth $17.4bn.

However, CCB has denied it was preparing to invest in Bear Stearns. Bear Stearns declined comment.
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