Citigroup may need to raise as much as US$10bn in new capital

The WSJ reports that Citigroup may need to raise as much as US$10bn in new capital.

Bloomberg data shows that short selling of banks is accelerating.   Short selling of the 18 banks undergoing the stress tests were twice as high on 15 April 09 as they were in July 08.  Between 27 Feb – 15 Apr 09, average short interest rose 47%, with Citigroup’s increase the most at 509%.

 

LONDON IS CLOSED TODAY

Fiat plans to purchase GM Europe (Opel and Saab) for an undisclosed amount.

Deutsche Telekom may sell its T-Mobile UK unit to France Telecom.

Solarworld reports Q1 figures above consensus, nothing mentioned on outlook.

Metro is planning to focus on China to become the world’s biggest consumer-electronics retailer. Metro is planning up to 300 more Media Markt stores in China in the medium future.

Bayer is not interested in large takeovers as it focuses on its goal to reduce debt toward EUR 10bn from EUR 14bn by the en d of the year.

Daimler and BMW said April U.S. car sales were down by 31 and 38% respectively.

Philips acquires Canadian Traxtal to expand its health-care business.

AB InBev is near a deal with KKR to sell South Korean beer assets for USD 1.8bn.

 

 

 

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