In the last one month, the RBI has infused liquidity of Rs 2,70,000 crore (Rs 2,700 billion) by cutting the Cash Reserve Ratio (the amount banks must keep with the apex lender) by 350 basis points and Statutory Liquidity Ratio by 100 basis points. RBI has also reduced the short term lending rate (repo) by 150 basis points to 7.5 per cent from 9 per cent last month.
US-based Citigroup attracted the attention of hundreds of people within minutes of it posting messages on social networking platforms, Twitter and Facebook, last night about banking services on Facebook.
Now there might be lots of 'likes' for Facebook but going forward user fatigue could pose the biggest risk for the world's largest social networking site, says a report.
Global research firm Citigroup, citing data compiled by emerging market fund flow tracker EPFR, said in a report that of the outflows registered by Asian funds, investors put in $209.9 million in China-dedicated funds. Meanwhile, Asian equity funds inflow declined to $46 million in the first week of December, while it was at $350 million in the third week of November.
The move comes after the financial services firm announced that it will lay-off 4,500 employees or 2 per cent of its workforce globally.
RBI could ease monetary policy by mid-2009 when inflation moderates to the 8 per cent level, it said. While the US liquidity shocks didn't help, the tight funding conditions have more to do with India-specific factors, brought about initially by RBI tightening moves to fight soaring inflation, it said.
As per a regulatory filing by Citi, Pandit's pay package for 2011 included a salary of $1.67 million, a cash incentive of $5.33 million and stock options valued at $7.98 million, totalling to $14.98 million.
Market ended lower for the third straight session led by IT stocks amid downgrade by Citigroup.
While the April-February deficit is pegged at 5.3 per cent of GDP, the final print may be a tad lower due to revenue push and expenditure cuts seen in March, the last month of 2013-14 fiscal year, it said.
Encouraged by improvement in corporate earnings and decent monsoon forecasts, Citigroup has raised its BSE Sensex target to 28,800 for the fiscal year ending March 2017.
The agency had in May projected an economic growth between 7.7 and 8 per cent for this fiscal and Monday's revision comes within a week of rival Fitch Ratings, and Citigroup revising the same to 7.5 per cent from 7.7.
Sahai, who did his master's in economics from the University of Delhi, is currently head of Citi's Securities and Fund Services business.
The hedge fund servicing unit would be headed by John Nicholson, a former Barclays Capital executive, who would become the managing director in Citi's US trading team, the Financial Times reported.
Senior executives and auditing firm Ernst & Young have been criticised, among many others, for the failure of Lehman Brothers, by an official report that delved deep into the collapse of once-famed Wall Street major.
Citigroup has appointed Shirish Apte and Stephen Bird as chief executive officers for the financial services entity's Asia-Pacific operations, with immediate effect.
Citigroup's chief executive Vikram Pandit has started writing blog posts on a newly launched website, a move termed as an effort to gather public support and rebuild the troubled firm's old image.
It maintained, however, that RBI's lending (repo) and borrowing (reverse repo) rates to banks will rise by 75 basis points (0.75 per cent) in 2010, in view of rising prices coupled with the surge in industrial production.
Less than we used to --but we like some banks better than before.
India's infrastructure sectors, for long shunned by investors due to long gestation periods and hazy policies, have finally become attractive.
Citigroup chief executive Vikram Pandit will take home a salary of only $1 this year. He had in January said that he would accept only $1 as pay till the bank turned in profits. He will also not get any stock options this year, even as the beleaguered banking major labours under the burden of a government bailout.
The Reserve Bank is likely to reverse its soft rate regime by as early as April next year and increase its key policy rates by 125 basis points each by 2010-end due to rising food prices, global financial major Citigroup has said.
Citibank has regained its top position after slipping to the second slot behind Bank of America in the previous rankings released in December 2007, compiled by global mobile and internet performance solutions provider Keynote Systems. Bank of America has slipped to the second position in the latest rankings released late last night and is followed by Wells Fargo and Chase at third and fourth ranks, respectively.
State-owned India Infrastructure Finance Company Ltd has tied up with Infrastructure Development Finance Company, and global equity investors Citigroup Inc and Blackstone Group to launch a $5 billion infrastructure fund.
Days after Citi's global CEO Vikram Pandit said the group planned to reduce head-count by 52,000, there are reports that the financial major will lay off over 1,000 employees in India. The financial services company has around 10,000 employees in India.
Hyderabad-based ICSA (India) is divesting 14 per cent of its stake to Citigroup Venture Capital International Growth Partnership Mauritius for $30 million
According to a report by the research arm of Citigroup, although SingTel will have no direct involvement in the Bharti-MTN deal, its holdings in Bharti may reduce due to the increased size of the merged entity. '...SingTel has no direct deal involvement and that the current 30.5 per cent (effective) stake in Bharti dilutes to 19.4 per cent. SingTel likely becomes a smaller shareholder in a larger entity,' the Citigroup report said.
A robust growth in revenue notwithstanding, analysts are sceptical about the first report card of India Inc in the current fiscal and expect the continuing cost pressures to lead to a fall in their first quarter profitability.
Foreign investors sold $2.8 bn stocks in the past quarter alone. FIIs trimmed their holding in the BSE 500 companies by nearly two percentage points to 17.8 per cent, bringing it back to June 2005 levels, according to a Citigroup report. FIIs pulled out shares worth $2.8 billion over the past quarter.
New York-based Citigroup Property Investors on Tuesday announced its partnership with Nitesh Estates, a leading real estate developer in Bangalore, to develop a $100 million 250 room luxury hotel in the city.
According to a study by the brokerage division of global financial services major Citigroup, promoter holding went up to 58 per cent in the BSE-500 companies in the second quarter this fiscal from 54 per cent in the previous three-month period. In contrast, FIIs, mutual funds, banks, insurance companies and retail investors cut down their holdings.
Asian countries (ex-Japan) including India and China, are now the most expensive region in the world as strong inflows into Asian funds are stretching valuations, according to analysts. Yet, Asian equities continue to attract big money. The region is trading at 29 per cent premium against the developed world and 14 per cent against global emerging markets (GEM) on price to earnings (P/E) multiple, said a report by the Citigroup.
Global financial services giant Citigroup has identified Jet Airways, Indraprastha Gas, Gokaldas Exports and Abhishek Industries as potential targets for leveraged buyouts by smaller companies looking for a presence in India, while acknowledging that
Defence major Boeing on Monday proposed greater business engagement with India, as Prime Minister Narendra Modi promised the US companies to provide friendlier business environment in the country.
Private equity fund Texas Pacific Group and global financial services major Citigroup have put in their bids to acquire nearly 40 per cent stake held by the promoters in Sharekhan
US-based global technology giant IBM expressed keen interest in participating in India's newly-launched initiatives like Smart Cities and Digital India.
Indiabulls Financial Services Ltd on Thursday said it has priced its global depository receipt issue at $5.42 per GDR or Rs 235 per share of Rs 2 each, taking value offering to $130.8 million.
'The government has used the current macro situation to its advantage.'
