Strategic Finance
Citigroup Inc in new bullish signal |
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| Strategic Finance | |
| Written by Roberta Murray | |
| Thursday, 08 July 2010 | |
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Morning Business News, 8 July 2010: Citigroup Inc, Prudential chairman, Europe imposes toughest pay restrictions in the world and Tony Hayward intensifies efforts to shore up BP finances.
Citigroup Inc (NYSE:C) is worth having a look at should you be thinking about getting back into the markets. This signals a Buy at 391 say Delta Index. The analysts suggest putting a stop in at 372 should the market in fact move against you. And if you are looking to take profit then target 425. Citigroup Inc climbed higher with other financial stocks yesterday to end its session on Wall Street at 3.90. This morning Citigroup futures are higher by 0.26% Prudential ponder new charimanLeading shareholders in the Prudential were considering last night whether to back Sir Richard Lapthorne, the controversial Cable & Wireless boss, as the insurer’s next chairman. Sir Richard, who has held discussions with investors over the past three weeks, wants the job if he gets sufficient support, says the Times. Can London escape the toughest pay restrictions in the world? The City watchdog is considering whether Britain can claim exemption from European laws that will introduce the toughest pay restrictions in the world. Lawyers at the FSA are exploring the possibility of claiming that the UK financial services sector is already adequately regulated by its own Code, writes the Telegraph. European bank stress testsEurope's bank regulators have revealed a list of 91 banks facing stress tests but declined to offer any details on the weightings given to potential losses on sovereign debt, reducing the chance that the exercise will restore confidence in the region's battered banking system, reports the Telegraph. Tony HaywardTony Hayward intensified his efforts to shore up BP’s finances yesterday in meetings with two of the world’s largest sovereign wealth funds. As the clean-up operation in the Gulf of Mexico entered its 80th day, Mr Hayward used a one-day visit to the United Arab Emirates to hold talks with the Abu Dhabi Investment Authority, which has assets estimated at $627 billion (£413 billion), and Mubadala, another state-backed investment group thought to have $13 billion, according to the Times.
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