InfoAnda - Citi to repay 20 billion dollars in plan to exit bailout

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Psy's Gangnam Style makes YouTube history with 1 billion views | | 22 December 2012
Film producer Richard D. Zanuck dies at age 77 | | 14 July 2012
US unemployment surges to 7.2 pct, 524,000 jobs lost | 10 January 2009

Amid newspaper woes, NY Times launches San Francisco edition | 16 October 2009

Forum Views () Forum Replies ()

Read more with google mobile : Citi to repay 20 billion dollars in plan to exit bailout

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Citi to repay 20 billion dollars in plan to exit bailout AFP - Tuesday, December 15 Send IM Story Print A man walks outside a Citibank branch at the headquarters of US banking giant Citigroup in New York. Citigroup announced plans Monday to repay 20 billion dollars in government aid in a big step toward emerging from a massive bailout. WASHINGTON (AFP) - – Citigroup unveiled plans Monday to repay 20 billion dollars in government aid and outlined a plan to emerge from a massive bailout, in a fresh sign that the banking sector is closer to standing on its own. Citi, which was kept afloat by a series of state rescues during the financial crisis, said it would sell 20.5 billion dollars in new securities under the plan to replace the capital aid. The proceeds will be used to buy back the preferred shares held by the US Treasury under the Troubled Asset Relief Program (TARP). The plan also calls for the Treasury to sell five billion dollars of the common stock held in Citi and "to sell the remainder of its shares in an orderly fashion over the next six to 12 months," a Citigroup statement said. The rescue of Citigroup was the most extensive for the US banks hit by the financial crisis last year. The government injected a total of 45 billion dollars in the firm, once the world's biggest banking group. It converted a portion of that to common stock earlier this year in exchange for a stake of around 34 percent in Citi. The agreement also calls for an end to additional state guarantees to Citi in a so-called loss-sharing agreement. "We are pleased to be able to repay the US government's trust preferred securities and to terminate the loss-sharing agreement," said Citigroup chief executive Vikram Pandit. "We owe the American taxpayers a debt of gratitude and recognize our obligation to support the economic recovery through lending and assistance to homeowners and other borrowers in need." Citi had to get approval from the Treasury, which injected over 300 billion dollars into banks in an effort to stabilize the financial system and keep credit flowing. "We are pleased that Citigroup is moving ahead with plans to pay the taxpayers back," the Treasury said in a statement. "Treasury has repeatedly stated that the United States never intended to be a long-term shareholder in private companies. As banks replace Treasury investments with private capital, confidence in the financial system increases, government's unprecedented involvement in the private sector diminishes, and taxpayers are made whole." The Treasury statement added: "While much work lies ahead to improve lending and spur job creation, today's announcement by Citigroup takes us another step in the right direction." Citi said the repayment to the Treasury would result in a pretax loss of some eight billion dollars, but would save the firm 1.7 billion dollars a year in interest on the securities. The end of the state guarantee will result a loss of 2.1 billion dollars, offset in part by annual savings of 500 million dollars. "As I have stated many times over the past year, we planned to exit TARP only when we were convinced that it was prudent to do so," Pandit said. "By any measure of financial strength, Citi is among the strongest banks in the industry, and we are in a position to support the economic recovery." Citi's announcement means that all the major US banks that received capital injections, with the exception of Wells Fargo, have repaid or are in the process of repaying the government. Officials committed 250 billion dollars to bank recapitalization under the plan including 125 billion to the nine largest banking firms. Bank of America said last week it had completed repayment of 45 billion dollars to the Treasury after raising new capital. Also last week, the US Treasury announcing it was extending the authority of the 700-billion-dollar financial bailout to October 2010 even though officials said the program would be wound down and cost less than expected. Officials said the government expects to recover all but 42 billion dollars of the 364 billion in TARP funds disbursed in the fiscal year ended September 30, and projects "a positive return" from the investments in banks. Recommend Send IM Story Print News Search Top Stories BA travellers face Christmas strike misery New NASA satellite blasts off on space-map mission Citi to repay $20 bln in plan to exit bailout Dubai to pay debt with $10 bln Abu Dhabi handout Koalas, penguins at risk of extinction: study More Top Stories » Most Popular Most Viewed Most Recommended Top British banker admits 'mistakes' on bonuses Dubai to pay debt with $10 billion Abu Dhabi fund Tiger Woods' girlfriend apologizes in TV interview Fed likely to dampen speculation on early exit US jobless rate 'could rise further' More Most Viewed » Global stocks mixed amid Dubai debt crisis Tiny magnetic discs could kill cancer cells: study Virgin unveils spaceship to offer space tourism Tiger Woods' girlfriend apologizes in TV interview Dubai blackout over debt plans to hit Gulf markets More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Tuesday, 15 December 2009
Iran worked on atom bomb part in 2007
BA travellers face Christmas strike misery
France earmarks millions to digitise treasures
US-TECH Summary
New NASA satellite blasts off on space-map mission
Israel eases restrictions on Palestinians for Xmas
Citi to repay 20 billion dollars in plan to exit bailout
CEOs' switch from cost cutting to boost IT: Gartner
Iran worked on atom bomb part in 2007: report |
Dubai to pay debt with $10 bln Abu Dhabi handout
Officials: World power meeting on Iran canceled
NBA launches Web, mobile sites for fans in India
Hamas PM vows to 'liberate Palestine' at Gaza rally
U.N. Bhutto assassination inquiry needs more time: Ban |
Spain jails 11 for attempted Barcelona metro attacks |
Brazil, U.S. find common ground on Honduras: official |
Jordan king swears in new conservative government |
Google phone with T-Mobile contract in January: source |
Fla. hotel guests move after Legionnaires' kills 1
Afghan conference seeks 'confession' on corruption
U.S. Supreme Court to hear text message privacy case
CEOs' switch from cost cutting to boost IT: Gartner |
Court won't revive gun lawsuit
Walkout heightens failure fears for climate marathon
Egypt puts archives on Web to boost Arabic content |
Colo. court: Immigrants records illegally searched
Iran to try 3 Americans who crossed Iraqi border
Evacuation ordered as Philippine volcano spews ash
Thousands evacuate after gas leak in central Ohio
Teen sentenced to 30 years in Florida gang rape
Pakistan seeks clues on jailed Americans
Liberia victims face Taylor's son in US court
Philippines raises volcano alert, orders evacuation
Judge hears arguments in Va. Tech lawsuit
Hong Kong cable network blocked in China
Big bird gets talon caught in DC Metro escalator
India inflation hits 10-month high
China launches landmark Central Asia gas pipeline
Pakistan stocks up on Dubai bailout; rupee lower
Downey Jr. adds punch to stuffy Holmes films |
Hurt Locker gains traction in awards heavy week |
Steps from Eiffel Tower sell for 85,000 euros
Leona Lewis attacker held under UK mental health laws |
Crack: a rising scourge on the streets of Latin America
Chemical plant helps Dutch aubergine grower
Drug traffickers intimidating Mexico journalists
Stephanopoulos starts early shift as 'GMA' co-host
US-ENTERTAINMENT Summary
Tiger Woods finds celebrity media impossible to tame |
Leona Lewis attacker held under UK mental health laws
Schizophrenic detained for punching pop singer Lewis
'Basterds,' 'Nine' among top Critics' Choice picks
"Basterds," "Nine," lead Critics' Choice field
Iran makes arrests over torn Khomeini picture
Berlusconi in hospital at least till Wednesday: doctor
Boeing's 787 Dreamliner to make first flight Tuesday
Apple cites strong iMac demand amid shipping delays
Obama urges Lebanon to clamp down on arms smuggling |
Car bombs kill four, wound 15 in Baghdad
Courtney Love loses custody of daughter: court
Blast in Kabul diplomatic district, four killed |
Samsung Electronics names new CEO
Google phone with T-Mobile contract in Jan: source
Last US banking giants to repay state bailouts
Built back better in Aceh five years after tsunami |
US Afghan surge to begin this week
Egypt puts archives on Web to boost Arabic content
Obama talks tough with 'fat cat' bankers
Big powers scrap meeting on Iran nuclear program
Wells Fargo to repay all 25-billion-dollar US loan
Costa Rica latest stop for Mexican drug gangs |
Plastics component affects intestine: study
Fidel Castro says Obama's smile can't be trusted |
World's longest sea bridge may boost South China economy |
UK court issued arrest warrant for Livni: report |
Samsung Electronics names new CEO
Palace politics: Royal audience stirs controversy
SKorea to give medical aid to NKorea this week
Family members found dead in S. California home
Thais probe destination for seized NKorean weapons
Judge's ruling puts Navajo president back on job
Apple cites strong iMac demand amid shipping delays |
Suicide bomb blast near hotel in Kabul
Colo. man settles claims in 'popcorn lung' lawsuit
Craigslist CEO: Was told eBay's Whitman a monster |
Large explosion near hotel in Kabul
China cop labeled a martyr after drinking death
Mo. reported inflated food stamp figures to feds
Mayon volcano in Philippines oozes lava; alert up
Man convicted of torturing 76-year-old Calif woman
Top US officer: Taliban harder to defeat
La. student falls under bus during scuffle, dies
Samsung Electronics names new CEO |
Malaysia arrests 3 Thais with homemade explosives
Malaysia police rescue 6 babies from traffickers
2 guilty of killing CA teen, hiding body in drum
Pakistani stocks trade halted on technical glitch
NZ raises growth forecast and cuts long-term borrowing
ADB: East Asia economies recovering at faster pace
Fitch: no NZ rating impact from debt f'cast revision
Hollywood writers take their research seriously
ADB raises Asian growth forecasts
Mel Gibson to direct DiCaprio in Viking movie: report
Japan's economy 'very severe': PM
Journalists threaten to fight Indonesia censorship
Pakistan
Golden Globe nominations don't ensure Oscar love |
Samsung promotes former boss' son to key post
FACTBOX-Five political risks to watch in South Korea
Courtney Love loses guardianship of daughter |
Robert Downey Jr. adds punch to stuffy Holmes films |
Taiwan dollar firms as Dubai woes ease; eyes c.bank
Movie race wide open ahead of key awards week |
Americans turn to TV as recession hits spending |
Josie and the Pussycats purring again
Josie and the Pussycats purring again |
Americans turn to TV as recession hits spending: survey
Lovely Bones overcomes rough start |
Rural communities lead Nepal's green fightback
Hollywood writers take their research seriously |
Richard Dreyfuss film eyes awards-season glory
Nanny Returns to New York's now troubled elite |
Sports Illustrated puts Stephen Colbert on cover
Dexter season finale slashes records |
US couple offers hope to disabled Chinese children
Britain's X Factor revives talent show fortunes
Marriage is good for the health: global study
No mystery: 'Sherlock Holmes' a smash
Hollywood writers take their research seriously
Iran prosecutor says Web sites insulted president
Blast near Pakistani minister's home, 20 dead |
Microsoft suspends Juku after plagiarism claims
Karzai warns corruption fight will take years
Greek promise of cutbacks leave analysts sceptical
Berlusconi attacker apologizes for cowardly act |
Officials: Bomb attacks in north Iraq city kill 4
Coconut-carrying octopus stuns scientists
LG sets 3D TV target, to offer new lineup in 2010
Rival student groups hold rallies in Tehran: report |
Abbas sticks by terms for talks, rules out violence
US authorities approve Kraft bid for Cadbury
Bombs kill eight in Baghdad, northern Iraq |
Karzai in anti-graft speech defends convicted mayor |
Israel slams British arrest warrant against Livni
Spymaster sees Israel as world cyberwar leader |
Suicide attack near Kabul hotel kills eight
China warns West from taking up dissident case |
Bombers breach Baghdad security again, killing four
Abbas sticks by terms for talks, rules out violence |
Suspected suicide bomb kills one in Kabul
Pacific island recognizes Georgian rebel region |
Statuette used to hit Berlusconi does brisk trade |
LG sets 3D TV target, to offer new lineup in 2010
AP NewsAlert
Efforts under way to make Web more accessible
Afghan official: 8 killed in suicide bombing
Motivational speaker accused in Las Vegas death
LG sets 3D TV target, to offer new lineup in 2010 |
Pakistan extends custody of US militant suspects
Australia, Japan want huge cuts in nuclear arsenals
Sun Micro wins intellectual property cases |
Microsoft suspends Juku after plagiarism claims |
NC mom sentenced for putting son in boiling water
China says asylum-seeking Uighurs suspected criminals
Obama to pitch energy-saving home remodeling
Official: Explosion kills 10 in central Pakistan
Blast near Pakistani minister's home
The nation's weather
US Senate nears health care bill with new compromises
20,000 evacuated as Philippine volcano oozes lava
AP sources: Ill. prison to get Gitmo detainees
Philippine clashes kill 9 rebels, 1 soldier
NEC Electronics, Renesas eye profit, cost cuts |
Obama to work to solidify support for health bill
Thousands flee as Philippine volcano spews lava
Obama touting home energy efficiency program
Female vets face homelessness, dearth of services
Pakistani rupee at record low; stocks lower on bomb
RPT-DEALTALK-Political hurdles may slow China-Taiwan bank M&A
China defends high-tech procurement rules: govt
FACTBOX-Five political risks to watch in Taiwan
S.Korea Nov LNG, coal imports up on year
Up in the Air, Nine lead Golden Globes |
EU group urges China to delay indigenous tech rule
Expert says drug traffickers recruiting from Iran
French rocker Hallyday wakes from coma
Polanski film in competition at Berlin festival |
Cameron lauds Fox for risking big bucks on Avatar |
The buddy cop genre lives again on `NCIS' spinoff
Barack Obama statue attacked by Facebook critics
Actors' techniques draw from rival sources |
Tiger Inc.'s image crash to make sponsors cautious
Patient countersues Indonesian private hospital
Costume exhibition celebrates Diaghilev's passion
Victims of Zimbabwe blitz struggle to build houses
Swastikas on the tree: how the Nazis stole Christmas
Golden Globe nominations don't ensure Oscar love
98-Year-Old Woman Charged With Murder Of 100-Year-Old Roomate
Police Auction Motorized Bar Stool
Edmonton Registers Record-Low Cold Weather
NJ Quadriplegic Wins Right To Operate 12-Gage Shotgun With Breathing Tube
Oklahoma Woman Arrested For Stealing Ambulance
Italian PM Berlusconi Suffers Broken Nose, Split Lip In Attack By Man With Statue
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01