Word: quartered
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While much of Wall Street and the rest of the financial sector are finally seeing some sun, the storm clouds around Citigroup just don't seem to be breaking. The company said on July 17 that it earned $3.4 billion in its second quarter. It was the second quarter in a row that Citi had announced a profit, after many critics said the company was done for. In a press release, Citigroup CEO Vikram Pandit triumphantly said, "Our financial results today reflect the incredibly dedicated efforts of all of our people around the world and their success in implementing...
...days since the bank boasted of its profits, the company's stock has fallen nearly 10%, to a recent $2.80. Shares of rivals Goldman Sachs and JPMorgan - both of which also produced profits in second quarter - have risen in the same time. (See 10 things to buy during the recession...
...Moreover, a look beneath its recent earnings report reveals that Citi is still struggling to extricate itself from the credit crisis. All of Citi's profits and then some in the second quarter were the result of a onetime gain on the sale of 50% of the company's Smith Barney brokerage division to Morgan Stanley. Take that out as well as some other onetime events, and CreditSights' Hendler says the company actually lost 70 cents a share, or about 30% more than it did in the same three-month period a year ago. (See the top 10 bankruptcies...
...ministers were involved in inciting, financing and participating in violence last year following Kenya's disputed December 2007 election. The Kenya National Commission on Human Rights listed 219 people and organizations as suspects in crimes against humanity after political violence killed nearly 1,300 and displaced more than a quarter of a million. "We got our information from Kenyans," says Florence Simbiri-Jaoko, the chairperson of the government-run body. "We have made recommendation for further investigations. Once these further investigations are carried out, through whichever mechanism is agreed, if there is sufficient information to warrant their prosecution, then...
...foreign community will be as forgiving. Over the past year, Indonesia has profited from the political uncertainty in regional neighbors Thailand and Malaysia, with foreign investors considering the once turbulent country as an alternative location to park their cash. Indonesia recorded 4.1% year-on-year growth in the first quarter of this year, a particularly impressive feat given the global economic crisis. A peaceful presidential election on July 8 underscored the feeling that Indonesia, just 11 years after emerging from dictatorial rule, was transforming into a democracy serious about tackling corruption and wooing foreign investors with its stable political climate...