OPEC likely to cut production as crude oil price falls
OPEC member countries are considering a cut in oil production to help contain the recent decline in price. However the members have not yet agreed on how to share the reduced output.

The members are supporting a proposal to cut the total output by one million barrels a day. This would be the first time OPEC had cut its quotas in two years. OPEC, which accounts for 40 percent of the world's oil exports, may call an emergency meeting later this month to hammer out the deal, according to the oil ministers from Iran and Algeria.

The Organization of the Petroleum Exporting Countries has not formally reduced its output ceiling since the second quarter of 2004, and any talk of how to divide the lower production may lead to acrimonious negotiations as countries fight for their market share. However, concerns over slumping oil prices may force OPEC to act.

Crude oil futures in New York are down 24 percent since touching a record trading price of $78.40 a barrel in mid-July.
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Citigroup looks at acquisitions outside US
London: Citigroup is looking at acquiring banks outside the United States in order to reduce its dependence on its home market, the group's chief executive Charles Prince told the media. The target is to increase the revenue of Citigroup coming from outside the US to 60 pct in the next few years, from 45 pct currently.

Citigroup has considered several potential deals with banks in Taiwan, Turkey, Central America, China and Western Europe and the results are expected by the end of the year.

Prince also warned Citigroup's managers that they may soon have to tighten their belts, in order to fund the investment.
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