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Citigroup Q4 Net Income Declines On Higher Expenses; Revenues Up 1%

Citigroup Inc. (C) said its fourth quarter net income declined 26% from the prior-year period, reflecting higher expenses, partially offset by higher revenues and lower cost of credit. The company noted that its results for the quarter included a pre-tax impact of approximately $1.2 billion related to the divestitures of Citi’s consumer banking businesses in Asia. Revenues increased 1% from the prior-year period, primarily driven by strong growth in Investment Banking in the Institutional Clients Group and higher revenues in Corporate / Other, partially offset by lower revenues across regions in Global Consumer Banking.

Adjusted earnings per share was $1.99 compared to $1.92, last year, an increase of 4%. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $1.37, for the quarter. Analysts’ estimates typically exclude special items.

Fourth quarter net income was $3.2 billion, or $1.46 per share, compared to $4.3 billion, or $1.92 per share, last year.

Fourth quarter revenues were $17.0 billion compared to $16.8 billion, a year ago. Analysts on average had estimated $16.77 billion in revenue. Operating expenses were $13.5 billion, up 18%. Excluding the impact of Asia divestitures, expenses increased 8%.

Shares of Citigroup were down 3% in pre-market trade on Friday.

Suzuki Motorcycle India crosses 6-million unit milestone

Suzuki Motorcycle India has rolled out its six millionth two-wheeler at its factory in Gurugram, Haryana. The milestone was achieved 15 years after the company commenced independent operations in India in 2006. The manufacturer had previously operated in a joint venture with TVS between 1982 and 2001.

Satoshi Uchida, MD, Suzuki Motorcycle India, says, “This year marks the completion of Suzuki Motorcycle India’s 15 years in the country. It is heartening to announce the roll out of our six millionth Suzuki two-wheeler product in India from our Gurugram plant. We are grateful to all our customers for the trust and loyalty they have shown in the brand.”

“We are delighted that we could reach this landmark despite the challenges thrown by the second wave and the global semiconductor shortage across the world,” Uchida added.

The Gurugram plant has an annual production capacity of 5,40,000 units and is home to models such as the the company’s top-selling Access 125 scooter, Burgman Street, Gixxer 150 and 250 series, and the recently-launched Avenis 125 scooter, which has ridden out to become the six-millionth scooter off Suzuki’s assembly line. The Avenis was introduced in November 2021.

England’s COVID R number now stands at between 1.1 and 1.5

England’s COVID R number now stands at between 1.1 and 1.5 – a slightly wider range than last week’s estimate of 1.2 to 1.5.

The latest figure from the UK Health Security Agency (UKHSA) means that for every 10 people infected with coronavirus, they will on average pass the disease to between 11 and 15 other people.

As it remains above 1, it means the epidemic is still growing rather than shrinking.

However, the daily growth in infections has fallen slightly – now at +1% to +5%, down from +3% to +6%.

Opinion | More Mojo, Joe!

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Gold Puts Up Strong Resistance

Gold Futures for February Settlement oscillated between $1819.10 and $1829 as the yellow metal put up brilliant resistance in the face of hardening bond yields triggered by interest rate hike expectations.

Gold Futures is currently trading at $1822.85, up 0.08 percent from the previous close of $1821.40.

The strong showing by Gold is amidst a global rout in equities, bracing for an immediate rate hike by the Fed. equities in Europe and Asia have fallen while Bond yields have surged globally.

The surge in the dollar denominated prices of the precious metal is also notwithstanding the Dollar Index rising by 0.07 percent overnight to 94.86.

One person dies in three-vehicle crash in SE Denver on Friday

Denver police are investigating a three-vehicle crash in southeast Denver on Friday that left one person dead.

The crash happened at about noon in the area of East Alameda Avenue and South Dayton Street, police said. The person who died was pronounced dead at the scene.

Eastbound Alameda Avenue was closed in the area because of the crash. An investigation is ongoing.

Crude Oil Prices Rebound To New Two-Month Highs

Following the pullback seen in the previous session, the price of crude oil showed a strong move back to the upside during trading on Friday.

Crude oil for February delivery surged $1.70 or 2 percent to $83.82 a barrel after falling $0.52 or 0.6 percent to $82.12 a barrel in the previous session.

For the week, the price of crude oil spiked by 4.1 percent, reaching its highest level in over two months.

The rebound by the price of crude oil came as traders remain optimistic about the outlook for energy demand despite worldwide surge in coronavirus cases as a result of the Omicron variant.

Indications of tight near-term supply amid supply disruptions in some regions also contributed to the notable increase in oil prices.

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