IN BRIEF

NEW YORK

Citigroup loss is less than analysts expected

Citigroup on Friday became the latest big bank to quell Wall Street's worries about a financial sector implosion, posting a $2.5 billion second-quarter loss that was smaller than expected.

Citigroup, the nation's largest banking company by assets, lost the equivalent of 54 cents per share in the April-June period. In the same period a year earlier, the bank earned $6.23 billion, or $1.24 per share.

The shortfall was tamer than the 66-cent-per-share loss expected by Thomson Financial analysts.

Citigroup's securities and banking division wrote down the value of its assets by $7.2 billion, before taxes, and an asset revaluation cost its consumer lending business $745 million.

Citigroup shares rose $1.38, or 7.71 percent, to close at $19.35 on the New York Stock Exchange.

NEW YORK

Freddie Mac chairman pocketed millions in '07

Freddie Mac Chairman and Chief Executive Richard Syron pocketed nearly $19.8 million in compensation last year, a Friday filing with the Securities and Exchange Commission shows, even though the mortgage company's stock lost half its value in 2007.

If Syron stays at Freddie Mac's helm through the end of next year, he'll receive nearly $20 million in stock awards if the board says he has met certain goals. Of that, he is guaranteed to get $8.8 million in stock grants this year regardless of performance.

For 2007, Syron received a $1.2 million salary, a $3.45 million bonus, including $1.25 million to remain at the company, and $771,585 in other compensation. He also received stock and options valued by the company at $14.3 million at the time they were awarded.

If Syron resigns or is fired with cause, he'll owe the company $1.25 million. But if he is fired without cause, he will pocket $19.1 million.

NEW YORK

Oil prices post largest weekly decline ever

The price of oil recorded its biggest weekly drop ever, and a gallon of gasoline finally pulled back from its record high. So is it time to declare the energy bubble popped?

Experts won't go that far yet.

"It's too early to say we've seen the worst of it," said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J. "We would be Pollyannish if we believe one week represents a trend."

Light, sweet crude for August delivery fell 41 cents Friday to settle at $128.88 on the New York Mercantile Exchange -- well below its trading record of more than $147 a week earlier.

The average price of a gallon of regular gasoline fell about a penny for the day, to $4.105, according to auto club AAA, the Oil Price Information Service and Wright Express. Diesel prices dipped three-tenths of a cent to $4.842 a gallon.

In Las Vegas, the price of a gallon of regular self-serve unleaded gasoline was $4.198 on Friday, AAA said in its Daily Fuel Gauge report. The price is down 1.7 percent from $4.272 a month earlier, but up 40.3 percent from $2.993 a year earlier, AAA said.

TRENTON, N.J.

Teva Pharmaceutical to buy generic-drug maker

Teva Pharmaceutical said Friday it will buy rival generic drugmaker Barr Pharmaceuticals for nearly $7.5 billion in a move that will boost Teva's dominance as the world's biggest generic drugmaker.

The deal continues consolidation of the generic-drug sector, driven by growth prospects as governments and other payers turn to the lower-priced medications and by the impending expiration of brand-name drug patents worth billions of dollars a year.

Israel-based Teva Pharmaceutical Industries Ltd. said acquiring Montvale, N.J.-based Barr Pharmaceuticals, the world's No. 4 generic drug maker, will also expand its presence in U.S. and other key markets.

HOUSTON

Exploration spending boosts Schlumberger

Oilfield services provider Schlumberger Ltd. opened the petroleum sector's midyear earnings period on a strong note Friday, reporting a nearly 13 percent jump in profit driven by robust spending among customers searching for new sources of crude and natural gas.

The company, a bellwether oilfield services contractor, said its net income rose to $1.42 billion, or $1.16 a share, compared with $1.26 billion, or $1.02 per share, a year earlier.

Revenue rose 19.7 percent to $6.75 billion from $5.64 billion.

Analysts polled by Thomson Financial on average expected earnings per share of $1.12 on revenue of $6.48 billion.

GENEVA

Agency rules against China trade practices

The World Trade Organization made public its first official condemnation of Chinese commercial practices on Friday, releasing a February ruling that sided with the United States, the European Union and Canada in a dispute over car parts.

The verdict, findings of which The Associated Press obtained five months ago, found that China was breaking trade rules by taxing imports of auto parts at the same rate as foreign-made finished cars.

In the decision, the three-member WTO panel ruled against China on nearly every point of contention with the United States, the 27-nation EU and Canada. The panel found that Chinese measures "accord imported auto parts less favorable treatment than like domestic auto parts" or "subject imported auto parts to an internal charge in excess of that applied to like domestic auto parts."

Cage selling home in LV for $9.95 million

Actor Nicolas Cage is leaving Las Vegas.

The Oscar winner is selling his seven-bedroom, 14,000-square-foot home at 511 Spanish Heights Drive in Las Vegas for $9.95 million.

Although the residence has been on the market since late fall, Cage's ownership was only recently revealed.

The 5-year-old home, on a one-third-acre lot, has a 16-car garage, 51/2 baths, a movie theater and an elevator. It's inside gated Spanish Trail in the southwest valley.

Cage bought the property in 2006 for $8.5 million, and a smaller house nearby on the same street for $2.25 million, county records show. He sold that house last year for $2.3 million.

The actor won an Oscar for the 1995 movie "Leaving Las Vegas."

NEW YORK

Treasury prices drop amid investor concerns

Treasury prices declined for a third straight session Friday after Citigroup's second-quarter report eased investor concern.

The 10-year Treasury note fell 0.78 points to 98 0.28 points. Its yield rose to 4.09 percent from 4.00 percent on Thursday, according to BGCantor Market Data.

The 30-year long bond -- typically the most sensitive to inflation worries -- fell 0.69 to 95.56. Its yield rose to 4.65 percent from 4.61 percent on Thursday.