Citigroup posts loss of revenues
New York: Citigroup Inc has reported a loss in net revenues but a rise in profits.

The world's largest financial services firm according to market value-Citigroup - said net income dropped 23 percent to $5.5 billion, after the sale of its insurance unit last year raised 2005's third-quarter earnings to a record $7.1 billion.

Profits from operations - which excludes gains from asset sales - increased six percent on a year earlier to $5.3 billion, while revenue at the New York-based bank was roughly even for the quarter at $21.4 billion.
Back to News Review index page  

Bank of America profit soars
Bank of America's third-quarter earnings have risen to a record $5.42 billion, up from $3.84 billion a year earlier, mostly on the back of the sale of its Brazilian unit and the acquisition of MBNA Corp. Bank of America's revenues increased 32 percent to $19 billion.
Back to News Review index page  

OPEC to cut oil output from Nov 1
Dubai: After a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) it was decided to cut oil output by 1.2 million barrels per day, to check falling global oil prices. OPEC has decided to cut the group's oil output by 1.2 million barrels per day (bpd) to 26.3 million bpd from November 1. The meeting, which ended in the early hours on Friday, decided to review its decision in the group's next meeting scheduled for December 14 in Nigeria. The meeting was held under the chairmanship of UAE Energy Minister Mohammed bin Dhaen Al Hameli.

OPEC announced the move as Saudi Arabia said it ready to shoulder one third of the reduction.

Saudi Arabia currently produces about one third, or 9.1 million bpd, of OPEC's actual oil output. The UAE energy minister said his state would be cutting 90,000 barrels from its current daily output of about 2.5 million barrels.
Back to News Review index page