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...latest indication that Citi is for sale came on Oct. 9. The bank sold its Phibro commodities-trading unit to 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...
...Then there is Phibro. Based in Westport, Conn., the unit was originally included among the businesses that Citi wanted to hang on to. And for good reason: Phibro has been profitable every year since 1997, averaging a gain of nearly $400 million a year for the past half-decade. But earlier this year, it was revealed that the head of that unit, Andrew Hall, had been paid $100 million for his work in 2008 and was set to get a similarly large check for 2009. Citigroup is subject to government-imposed pay caps as a term of the financial...
...Andhra Pradesh on a low-pressure system over the Bay of Bengal. So far, over 250 people have died in flooding made worse when officials were forced to open dams for fear they might burst. Some 1,500 relief camps have been set up for the estimated 2.5 million people who were displaced as the raging water destroyed entire villages, washing away roads, bridges, crops and livestock. (See pictures of India's 2008 floods...
Although flooding has recently become commonplace in India - in 2008, over 3 million people were displaced when the Kosi river in Bihar burst its banks - but this year's deluge came as a shock because if followed a protracted drought, and a monsoon season branded a dud by the authorities. To experts who've tracked the effects of climate change, however, the flooding came as no surprise. In its fourth assessment report in 2007, the Inter- Government Panel on Climate Change (IPCC) predicted that more extreme droughts, floods, and storms, would become commonplace in the future, and that these intense...
Meager monsoons mean meager crops, and meager income, for Indian farmers. This year alone, the loss to crop yields and property in the two states has totaled almost $7 million. Dr. William Cline, a senior fellow at the Center for Global Development (CGD) and the Peterson Institute for International Economics says that of all the potential damage that could occur from climate change, damage to agriculture is likely to be the most devastating. "In the southern parts of India, damage will be substantial and similar to that in other countries also located close to the equator," he says. "In these...