Welcome to another round-up of the financial news we’re keeping an eye on this week. In addition to a few deals happening here and there – including AIG’s announcement that it will sell its Alico business to MetLife, and Royal Dutch Shell and PetroChina offering to buy Arrow Energy of Australia – here’s what we’ll be watching (in addition to all of the best- and worst-dressed recaps from the Oscars):
Markets: The Wall Street Journal reports U.S. stocks opened slightly higher this morning, due to rising commodities prices that boosted materials and energy and easing concerns on Greece’s budgetary issues. U.S. financial stocks rose after AIG agreed to sell its American Life Insurance Co. to MetLife for approximately $15.5 billion cash and stock. The Dow Jones Industrial Average was up 12 points in early trading and McDonald’s was its strongest performer. Economic data for the beginning of the week is skimpy, but announcements around the Treasury budget will take place Wednesday, with data on international trade and jobless claims Thursday, and retail sales and consumer sentiment data out on Friday. Read more from: The Associated Press.
Banking: The Wall Street Journal has an interesting article this morning discussing the Fed’s tussle with Congress for control over bank regulation. According to the article, the Fed has reorganized its 3000 bank supervisors and in some cases pitted officials at the 12 regional Fed banks against those in the capital. The next few months will prove crucial as to who will win the battle. For the full article please click here.
Digital Media: This week Citigroup launched a new web-based branding campaign (which lives at www.new.citi.com) in an effort to rebuild customer trust by positioning the company as a more transparent, accessible and conversational corporation. The internet roll-out features personal blog posts from Chief Executive Officer Vikram Pandit, as well as testimonial videos from CitiMortgage President Sanjiv Das and CitiRisk’s Chief Risk Officer Brian Leach. Read more here.
For what it’s worth, my vote for Best Dressed goes to Demi Moore. See you next week.
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