Share this story
Close X
Switch to Desktop Site

News In Brief

Citigroup said it would split its stock three-for-two and follow that by raising its quarterly dividend by 16.7 percent - to 14 cents a share. The announcement came a day after Citigroup, the biggest US financial-services company, posted a first-quarter surge in net income to a record $2.36 billion, driven by a sharp turnaround in its corporate banking and securities business.

An ambitious plan by the giant but heavily-in-debt South Korean conglomerate Daewoo to sell off all but eight of its 34 subsidiaries was met with skepticism by analysts. The company announced that by October it will unload - among other holdings - its shipbuilding division, four electronics companies, and two Hilton hotels. Those are worth a combined $5.8 billion, which Daewoo proposes to use for paying down debt and reinvesting in its automobile plants. Economists questioned whether buyers can be found that soon.

About these ads

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.