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Citigroup come back ;)

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Saudi investor Alwaleed sees Citi posting a profit in 2010

Souhail Karam and Ulf Laessing
RIYADH

RIYADH (Reuters) - Saudi billionaire Prince Alwaleed bin Talal, head of Kingdom Holding and a shareholder in Citigroup, said the U.S. bank had put the worst behind it and would post a profit this year and next.

Alwaleed, one of the world's wealthiest individuals, said the worst was behind Citigroup, that global markets were close to the end of the crisis and his Kingdom Holding would post a profit in the fourth quarter.

"The turnaround for Citi is already happening right now. The shares are up right now so the worst is over," Alwaleed told Reuters, speaking in his office in Kingdom Tower's headquarters.

"In 2010, I'm looking for stabilization and profitability also. I'm expecting 2010 to be profitable for Citi," he said.

Asked if the first quarter of 2010 would be profitable for Citi, Alwaleed said: "I don't know, but I hope (so)."

Alwaleed said last week that Kingdom would slash its capital by almost half while agreeing to transfer free-of-charge 180 million Citi shares -- which he valued at $3.31 each -- from his own pocket on to Kingdom's balance sheet.

The global financial crisis and economic slowdown have had a severe impact on the profitability of Kingdom Holding, which derives the bulk of its revenues from shareholdings' dividends and its hotel business.

The firm's investment in Citi is worth some $4.3 billion, based on Citi's closing price on Friday. Kingdom also holds investments in real estate, property and equipment and intangible assets which it estimated at $7.1 billion by end-September.

Alwaleed told a news conference the capital decrease at Kingdom, in which he holds a 95 percent stake, would cancel all accumulated losses at the diversified investment firm, and that results for the last quarter and full-year 2009 would be positive.

He said Kingdom was in talks to buy into four "global" firms but declined to be more specific.

"We are going to make an announcement to make a big investment in Africa," he also told Reuters but declined to elaborate.

(Reporting by Souhail Karam and Ulf Laessing; writing by Thomas Atkins; editing by Amran Abocar, Rupert Winchester and Sharon Lindores)
www.reuters.com:80/article/idUSTRE60A...

Dat klinkt beter dan de Dubai ellende.

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Wat is het hier stil! De comeback is volgens mij de laatste dagen aan de gang! Nog wel een weg te gaan naar de $ 5.

Grt.
Lordjord
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Nou, ik zit ook al een aantal dagen te genieten hoor. Citigroup was wel aan een mooie stijging toe. Volgens vele geluiden komt er weer vertouwen in de winstgevendheid van de bank. Dit jaar verdubbeling?
Nu alweer +4,5 % op 4,14, succes..
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Ik zit echt met verbijstering te kijken naar het aandeel. Wat een comeback weer.
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als we naar de 5 dollar gaan geloof ik er weer in.Dan kan het nog hoger en mss stijgen zoals BAC en kan de 10 dollar dit jaar erin zitten.Laat ons duimen :-)
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spijtig maar we zitten nu momenteel op 4.04 is - 0,14.was voorbeurs open op 4.21 en zo snel gezakt terwijl dow zou stijgen :-(
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Het gaat wel hard nu, al weer 5% erbij :-)
Weet iemand wanneer de cijfers komen?
Grt warrior.
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quote:

warrior schreef:

Het gaat wel hard nu, al weer 5% erbij :-)
Weet iemand wanneer de cijfers komen?
Grt warrior.
19 april 8.00 a.m. amerikaanse tijd
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Cramer en CNBC zijn weer vet aan het pumpen. Ben benieuwd waar het schip deze keer strand. Aug/oct zelfde verhaal.
Maar wel indrukwekkende stijging vandaag, 4,91rt, dh 4,92 so far.
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