“Citigroup dumps Phibro, avoids showdown with U.S. - Star-Press” plus 4 more |
- Citigroup dumps Phibro, avoids showdown with U.S. - Star-Press
- Business briefs - Dubuque Telegraph Herald
- Head Of Studio & Production- On-line Fashion Business - Retail Bulletin
- Business As Usual - Philippine Star Online
- Civic group gets grant to set up business center - sign on sandiego.com
| Citigroup dumps Phibro, avoids showdown with U.S. - Star-Press Posted: 10 Oct 2009 06:03 AM PDT (3 of 3) Kline said Phibro would continue to make speculative trades in energy commodities as it did with Citigroup, but it will also help Occidental find buyers for the oil and natural gas it produces. Phibro, based in Westport, Conn., trades energy, metal and agricultural commodities. Its predecessor company acquired privately held Salomon Brothers in 1981 in a $550 million deal, with Salomon managing partner John Gutfreund heading the combined company that retained the Salomon name. That deal came amid a series of big Wall Street takeovers. It was during the Phibro-Salomon combination that a Salomon partner, Michael Bloomberg, lost his job. Bloomberg went on to found financial news conglomerate Bloomberg Inc. and is now running for a third term as New York City mayor. Salomon was later bought by Sanford Weill's Travelers Group Inc. conglomerate, which in 1998 acquired Citicorp and renamed itself Citigroup Inc. Salomon was subsumed into the Smith Barney brokerage, which is now part of a joint venture between Citigroup and Morgan Stanley. The commodities operation, still named Phibro, will now be part of Occidental. Phibro has been profitable each fiscal year since 1997, making about $200 million per year in pretax earnings from 1997 to 2009, Occidental said. The latest deal for Phibro consists of cash, marketable securities and commodities positions. The acquisition is expected to close by the end of the year. Shares of both companies dropped in afternoon trading. Citigroup stock fell 2 cents to $4.63 a share and Occidental fell 55 cents $79.54. Jim Byrne, an analyst with BMO Capital Markets-Canada, said the transaction isn't mean guaranteed success for Occidental. Though Phibro has made money in the past decade, oil and natural gas trading isn't a sure bet. Both commodities have fluctuated wildly on the New York Mercantile Exchange during the past year. "I would hate to see a bad bet impact the rest of Occidental's business," Byrne said. ------ AP Economics Writer Martin Crutsinger contributed to this story from Washington D.C. | |||||||||||||||||||||||
| Business briefs - Dubuque Telegraph Herald Posted: 09 Oct 2009 08:41 AM PDT | |||||||||||||||||||||||
| Head Of Studio & Production- On-line Fashion Business - Retail Bulletin Posted: 10 Oct 2009 08:11 AM PDT 
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| Business As Usual - Philippine Star Online Posted: 10 Oct 2009 07:57 AM PDT | |||||||||||||||||||||||
| Civic group gets grant to set up business center - sign on sandiego.com Posted: 10 Oct 2009 08:11 AM PDT EL CAJON: The El Cajon Community Development Corp. has received a $2,737 grant from the El Cajon Rotary Club to help set up a new community and business center downtown. The center, at the Community Development Corp.'s new offices at 131 E. Main St., has two classrooms, a private consulting office, computers and a library of business books and audiovisual materials. For more information about the resource center, contact the El Cajon Community Development Corp. at (619) 401-8858 or online at downtownelcajon.com.—Anne Krueger Neighborhood cleanup scheduled for Oct. 24EL CAJON: Volunteers are invited to a neighborhood cleanup Oct. 24 at East Park Avenue and Roanoke Road in downtown El Cajon. The event, from 9 to 11 a.m., will be part of USA Weekend magazine's annual "Make a Difference Day," a national effort celebrating communities that work together for change. Cleaning tools and supplies will be provided by the El Cajon Community Development Corp., which is sponsoring the event. Refreshments will be provided. Electronic waste such as computers, laptops, printers, cell phones, televisions and batteries can be dropped off. The San Diego Rescue Mission will collect working electronics, furniture, household articles, baby items and clothes. Those interested in participating can contact the Community Development Corp. at (619) 401-8858 or e-mail Erica Nagy at Erica@DowntownElCajon.com.—Anne Krueger Retirement community to host senior health fairLA MESA: A senior health fair will be held Tuesday at Grossmont Gardens, a retirement community in La Mesa. The event will be held from 10 a.m. to 2:30 p.m. in the Grossmont Gardens auditorium at 5480 Marengo Ave. Speakers will address senior health concerns, and refreshments and raffle prizes will be offered. Sponsors of the fair include Elderhelp of San Diego, the American Red Cross and UCSD's Senior Behavioral Health Program.—Anne Krueger Union-Tribune | |||||||||||||||||||||||
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