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Morgan Stanley, Citi disclose venture

Citigroup, Inc. is said to have been taking its first and major step in reorganizing the entire company as it recently disclosed an agreement, a venture with Morgan Stanley.

Citigroup also plans to substantially trim proprietary trading, which had been consuming significant amounts of scarce capital. The new strategy is expected to be announced when the bank reports fourth-quarter results Jan. 22, the Journal reported.

Shares of Citigroup rose 5.4% to $5.90 Tuesday, reversing losses from earlier in the day. Morgan Stanley shares added 7 cents to close at $18.86.

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Global Economy to slow this year, will recover on 2010

European Central Bank President Jean-Claude Trichet predicted that the year 2009 will be a gloomy year for global economy but will make a recovery comes 2010.


In general, central bankers were still keen to make sure inflation expectations remained solidly anchored, he said.

Trichet made no comment on ECB interest rates before a policy meeting on Thursday, when analysts expect the Governing Council to cut euro zone rates -- currently the highest in the Group of Seven -- by another 50 basis points to 2.0 percent.

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2.6m lost US jobs in 2008

The total loss jobs in the US for the year 2008 was estimated to 2.6 million, and have been said to be the worst year for jobs since 1945.

The unemployment rate rose to 7.2% last month from 6.7% in November - its highest rate since January 1993.

The steep annual drop in jobs marked the highest yearly job-loss total since 1945, the year in which World War II ended.

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Obama plans substantial overhaul of financial markets

"Substantial Overhauling" might happen to financial markets in the coming months soon after the inauguration of the president elect Barack Obama as claimed that Wall Street has not worked, so its need a substantial overhauling which will include major twist in some regulatory agency.


Obama also said he wants to avoid living in a "bubble" and will pay close attention to how financial markets react to his policies.

"Given the sensitivities of the market, I've got to pay some attention to market psychology," he said. "Because part of what we have right now is such a loss of trust both in the marketplace and in government. Restoring that trust— restoring that confidence—is going to be very important."

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ALCOA to cut jobs, slash operations

One of the US largest aluminum producers, Alcoa is reportedly cutting almost 15, 200 thousands jobs and would slash major operations due to global economic downturn.


"Alcoa is going to get hit by some really big metal price declines and the only way to fix it is to reduce output," said analyst Charles Bradford, of Bradford Research/Soleil.

"I think they need to do more. That's the only thing you can do to get the price going." Kevin Kruszenski, head of listed trading at KeyBanc Capital Markets in Cleveland, said the cuts could help Alcoa in the long run.

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Obama readies push for recovery plan, includes massive tax cuts

A massive tax cuts in the US is included in the recovery plan by the new US President-elect Barack Obama as he will meet on Monday with leaders of both parties to discuss the possibility of the plan. The new administration will likewise tackle renewable energy and infra projects.

Obama offered his most detailed sketch yet of his proposal, which he called the American Recovery and Reinvestment Plan, in his weekly radio and video address on Saturday. He said he would propose to:

• provide tax breaks to workers;
• double renewable energy production and make public buildings more energy efficient;
• rebuild crumbling roads, bridges and schools;
• computerize the health care system;
• and modernize classrooms, labs and libraries.

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