And catch this:
Asian stock markets resume slide after US rout
HONG KONG, March 6 — Asian stock markets resumed their downward slide today after
Wall Street fell to its lowest levels in more than 12 years amid deepening fears about the
future of General Motors Corp and major financial companies.
The region's retreat marked a return to the selling that had gripped global equities markets
until a brief rally earlier this week on hopes China would announced major new stimulus
measures.
Investors, already deflated after Beijing failed to deliver, were rattled by a warning from
General Motors that the struggling automaker may have to file for bankruptcy.
Along with growing uncertainty about the financial system, the news led to yet another rout
in US markets with banking stocks suffering some of the steepest drops. Citigroup Inc.,
stilling reeling despite billions of dollars in government aid, fell below US$1 (RM3.70) a
share.
"You can buy Citi at the 99 cent store now," said Paul Schulte, a chief Asia equity strategist
at Nomura International in Hong Kong. "It's nauseating. We keep grasping at straws to find
hope, and the markets keep punishing us."
Investors were also holding back ahead of what is expected to be an especially bleak US
employment report later today.
Every major Asian market traded into the red, though,,,,,,
And another headline today:
BCHB overtakes Citigroup among world’s top
banks
KUALA LUMPUR, March 6 —Bumiputra-Commerce Holdings Bhd has overtaken Citigroup Inc, the US bank which was once the world’s biggest bank, by market value, according to a Bloomberg report.
Bloomberg said that Citigroup fell as low as 97 US cents (RM3.60) in New York Stock
Exchange composite trading before closing at US$1.02, marking an 85 per cent decline this
year and giving the New York-based company a market value of US$5.7 billion.
Bumiputra-Commerce Holdings Bhd's market capitalisation as of today is RM22.2 billion
while its assets are valued at RM210 billion.
Based on data compiled by Bloomberg on the American bank, Citigroup Inc's market value
dropped below US$1 in New York trading for the first time as investors lost confidence the
shares can recover after more than US$37.5 billion in losses and a government rescue.
At its peak in late 2006, Citigroup stock was worth US$55.70, for a market value of
US$277.2 billion.
people, let's launch a takeover of citigroup.
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