Singapore sovereign wealth fund cuts its stake in Citigroup to below 5 percent from 9 percent

October 11th, 2009 Abu Dhabi fund buys into Banco Santander BrasilDUBAI, United Arab Emirates — The Abu Dhabi investment fund with the biggest stake in Mercedes-Benz said Sunday it has spent $328 million for a piece of a Brazilian bank recently floated by Spanish financial giant Banco Santander. Aabar Investments' deal — the latest in a string of big bets by the fund this year — is another sign that Gulf governments are regaining their appetite for fresh investments and have plenty of cash left to spend despite the economic downturn.

October 5th, 2009 Citi Wealth Management shifts to fee-based modelNEW YORK — Citigroup Inc. said Monday it is switching to a fee-based model in its retail investment business, eliminating commissions for its 600 in-house financial advisers by the end of next year.

September 30th, 2009 Singapore's GIC recovers after last year lossSINGAPORE — Singapore state investment company GIC said Tuesday its investments fell more than 20 percent in the 12 months ending March, but have recovered more than half that loss as global stocks surged in recent months. Government of Singapore Investment Corp., known as GIC, said in an annual report that the loss during its last fiscal year pulled down the fund's 20-year nominal annual rate of return in Singapore dollar terms to 4.4 percent from 5.8 percent.

September 22nd, 2009 Hedge fund sells part of its New York Times stockNEW YORK — Harbinger Capital Partners LLC says it has sold part of its 20 percent stake in The New York Times Co., but still considers the company a core holding. The hedge fund said in a securities filing this week that it sold 5 million Times shares at $8.25 each.

September 22nd, 2009 Singapore cuts Citigroup stake to below 5 percentSINGAPORE — A Singapore sovereign wealth fund has cut its stake in Citigroup Inc. from 9 percent to below 5 percent, realizing a $1.6 billion profit as it reduced its holding to the level planned before a recent exchange of preferred stock.

September 22nd, 2009 Macy's, AMD, Citigroup, New York Times big moversNEW YORK — The following stocks were among those that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE: Macy's Inc., up 98 cents at $18.77 A Citigroup analyst upgraded the department chain, saying she's optimistic about localized offerings at stores and sees improved margins. FactSet Research Systems Inc., up $5.31 at $67.66 Shares hit a 12-month high after the financial research provider's fourth-quarter profit rose and its outlook beat expectations.

September 16th, 2009 Citi plans to sell remaining Smith Barney stakeNEW YORK — Citigroup Inc. CEO Vikram Pandit confirmed Wednesday that the bank plans to eventually sell the remaining stake in its Smith Barney brokerage venture to Morgan Stanley, which owns the other half.

September 14th, 2009 Report: Citigroup plans to pare US stakeNEW YORK — Citigroup Inc. is reportedly considering a plan in which the Treasury Department would sell part of its holdings in the bank, while the bank would issue new shares to the public as part of a multibillion-dollar stock offering.

September 6th, 2009 Kuwait fund: No plans to sell Citi, Merrill stakesDUBAI, United Arab Emirates — Kuwait's sovereign wealth fund says it has no plans to sell off the stakes it took in Citigroup and Merrill Lynch because it has faith in the U.S. banks' long-term potential.

August 7th, 2009 China fund lost 2.1 pct on global portfolio in '08BEIJING — China's sovereign wealth fund said Friday it lost 2.1 percent last year on its global portfolio and defended its performance as being better than other such funds amid worldwide financial turmoil. The China Investment Corp., launched in 2007 with $200 billion in assets, was the target of criticism at home after early investments in U.S.

July 21st, 2009 Singapore Temasek, new CEO part over strategySINGAPORE — Singapore government investment fund Temasek said Charles W. Goodyear won't take over as chief executive because of differences in strategy, a surprising reversal that leaves the wife of the prime minister in the company's top job.

June 19th, 2009 Porsche's 9-month profit drops to €4.6 billionBERLIN — Automaker Porsche SE said Friday its nine-month profit dropped 15 percent to €4.6 billion ($6.4 billion), excluding its holdings of Volkswagen AG, as the global economic crisis drove down demand for new cars. The Stuttgart-based luxury carmaker said its sales from Aug.

June 19th, 2009 Porsche's 9-month profit drops to euro4.6 billionBERLIN — Automaker Porsche SE said Friday its nine-month profit dropped 15 percent to euro4.6 billion ($6.4 billion), excluding its holdings of Volkswagen AG, as the global economic crisis drove down demand for new cars. The Stuttgart-based luxury carmaker said its sales from Aug.

May 4th, 2009 Singapore stocks rise 5.6 percent to 6-month highSINGAPORE — Singapore stocks jumped to a six-month high Monday on growing investor optimism that the worst of the global economic downturn may be over. The Straits Times index rose 108.43, or 5.6 percent, to 2,028.71.

May 1st, 2009 Sovereign Bank laying off 950 workersPHILADELPHIA — Sovereign Bank officials say they will cut 950 jobs, or almost 9 percent of its work force, as part of cost-saving measures in response to the economic downturn. The cuts come just a few months after Philadelphia-based Sovereign Bank, the banking unit of Sovereign Bancorp Inc., laid off 1,000 workers in December.