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Feb 24: Apple ponders cash

  • Feb 24: Apple ponders cash

    Feb 24: Apple ponders cash

  • Brics to mull plans for multilateral bank

    A security official stands guard outside the Sheraton Hotel, the venue of Brics Summit in Sanya, China's Hainan province.

    Officials from top emerging market countries will discuss fledgling plans to set up a multilateral bank to fund projects in developing nations during upcoming Group of 20 meetings, a senior Brazilian government official said on Thursday.

    Brazilian, Chinese, Russian and Indian delegates will meet for talks on Saturday morning on the sidelines of the G20 talks being held in Mexico City.

    "The idea is for the Brics to offer the capital for this bank, but we still need to discuss if this bank will serve to give out loans to other emerging market countries," said the official.

  • Too much tweeting is unhealthy: Twitter co-founder

    Don't spend hours tweeting, it's "unhealthy" -- that's the message from Twitter's boss. Biz Stone, co-founder and creative director of Twitter, has told the popular micro-blogging site's 500 million users that spending hours tweeting is not healthy.

    He says he'd prefer that people visit the popular social networking site frequently than sacrifice their life to it.

    Instead fans should use the site to find what they want -- and they go and do something else, 'The Daily Telegraph' online quoted Stone as telling a conference in Montreal.

  • AIG posts huge 4th-quarter profit on tax benefit

    A woman walks past the AIG Building in Tokyo.

    Bailed-out insurer American International Group reported a $19.8 billion profit for the fourth quarter, after an accounting change that allowed the company to record an enormous one-time benefit.

    The move, which sent the company's shares up by about 6%, essentially means AIG will not pay tax on tens of billions of dollars in income in the coming years, thanks to benefits that stem from its financial crisis-era losses.

    AIG said in the third quarter that its results in the fourth quarter would determine whether it could release a so-called valuation allowance against the tax assets.

  • Citi sells stake in HDFC at 6% discount

    A Citibank sign is seen outside of a bank outlet in New York March.

    Citigroup Inc said it sold its stake in Housing Development Finance Corp for $1.9 billion, as the bank steps up efforts to strengthen its capital base.

    Citi said on Friday it would likely record an after-tax gain of about $722 million from the sale of its 9.9% holding in India's biggest mortgage lender.

    The share sale, the largest in India this year, follows the sale of stakes in other Indian financial firms by international investors including US private equity firm Carlyle and Singapore state investor Temasek in recent weeks.

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