New Citigroup CEO
New York: Citigroup Inc. has promoted corporate and investment banking head Robert Druskin to chief operating officer. Druskin, 59, will remain CEO of the commercial and investment banking unit, and will also become chairman of that unit. He will join Treasury Secretary Robert Rubin as members of the office of the chairman. All changes are effective Jan. 1.
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Media companies plan another YouTube
New York: Fox TV, Viacom, CBS and NBC Universal are said to be in talks to creat a website that would be the primary web source for videos from their television networks, in effect a rival to YouTube. The companies' aim was to cash in on the fast-growing market of web-video advertising and they had also discussed building a web video player that could play clips.

In less than two years, YouTube has grown from a Silicon Valley start-up to the most popular online video-sharing site that boasts more than 100 million daily views. It was acquired by Google last month for US$1.65 billion ($2.41 billion) in stock.
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Texas Instruments scales down Q4 financial targets
San Francisco: Texas Instruments Inc., the world's largest provider of mobile-phone chips, has cut its fourth-quarter financial targets, and is the latest semiconductors maker that expects weaker-than-expected sales. TI has forecast sales in the range of $3.35 billion to $3.50 billion, down from its previous forecast of $3.46 billion to $3.75 billion. The company also cut its forecast for earnings per share from operations to a range between 37 cents and 40 cents from its previous range of 40 cents to 46 cents a share.
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US warns China of trade related complaints
Washington: The United States has warned China it may face formal complaints at the World Trade Organization unless it does something about U.S. concerns over piracy and industrial policies that are costing American businesses billions of dollars.

The U.S. trade deficit with China has soared from $83 billion in 2001 to a record $202 billion last year and is on to track to set a new record this year. The growing trade gap has fueled demands in Congress for tough U.S. action to ensure China plays by the rules.

China however feels that it has honored its WTO commitments fairly well.
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