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...energy and chemical giant Occidental Petroleum. Oxy Pete will pay $250 million for the unit, which specializes in oil and gas trading. Phibro is not a huge business for Citigroup. But it was one of the few businesses that continued to make money for the giant bank during the credit crisis. Phibro and Citi's global payment-processing business have long been seen as two areas in which the bank outperforms its competitors. Now one of Citi's profit jewels is gone...
...just the latest sale for Citi, which has been paring back its businesses for well over a year. Earlier this year, the bank sold its Salomon Smith Barney brokerage unit to Morgan Stanley. Also gone are Citi's Diners Club credit-card business, its Japanese brokerage operations, a technology-services unit and some of its overseas divisions...
...Army enlistment data for about 2.7 million men born between 1915 and 1922 and found other trends among flu babies. "Men born in 1919 were shorter by about 0.05 in. relative to surrounding cohorts," says Finch. That's only about a millimeter's difference, or the thickness of a credit card, but he thinks that's significant and somehow related to maternal flu exposure. "I am confident because it's only restricted to that one year," Finch says. (See what you need to know about the H1N1 vaccine...
Then come the tax breaks. The stimulus bill approved in February included an $8,000 tax credit for first-time home buyers - at a cost of about $14 billion for the year. That's set to expire, but there's talk in Congress of extending or even expanding it. A much bigger deal is the income tax deduction for mortgage interest paid - which has been with us as long as there's been an income tax - at a cost estimated by the Congressional Joint Committee on Taxation at $80 billion this year. The deduction for property taxes costs an additional...
...college towns, Oren Peli's haunted-house thriller expanded on Friday to full playdates at 159 venues and scared up a phenomenal $7.1 million. That's $44,475 per screen, making this the highest-ever average for a medium-size release. Paramount Pictures' clever viral media campaign helped, but credit the movie's breakout status to old-fashioned word of mouth and newfangled word of thumb. Twitter strikes again. (See 10 ways Twitter will change American business...