Citigroup CEO resigns, is replaced by Rubin
Citigroup Inc. said Sunday that Chairman and Chief Executive Charles Prince, beset by the company’s billions of dollars in losses from investing in bad debt, has retired and is being replaced as chairman by former Treasury Secretary Robert Rubin.
In an announcement after an emergency meeting of Citi’s board, the nation’s largest banking company also said Sir Win Bischoff, chairman of Citi Europe and a member of the Citi management and operating committees, would serve as interim CEO. Rubin, a former co-chairman of Goldman, Sachs & Co., has served as the chair of Citi’s executive committee.
Prince’s resignation was expected after Citi revealed it had to write down billions in bad debt. He joined former Merrill Lynch & Co. CEO Stan O’Neal, who resigned from the investment bank last month, as the highest-profile casualties of the debt crisis that has cost billions at other financial institutions as well.
In a separate statement, Citi said it would take an additional $8 billion to $11 billion in writedowns. It has already said it was writing down $6.5 billion in assets.
Atlantic City casinos courting Asian bettors
Casinos in this resort are betting on Asian gamblers to help them overcome dipping slots revenue.
Casinos are taking steps to attract Asian gamblers, such as hiring employees who speak Asian languages, adding Asian-themed restaurants and beefing up advertising in areas such as New York’s Chinatown.
According to the Philadelphia Inquirer’s Sunday edition, Asian gamblers make up 15 percent to 20 percent of Atlantic City’s revenue.
They also make up one-third of the casinos’ table-game revenue, which is important considering that income from slots has fallen by about 8 percent over last year as neighboring states allow slots gambling.
“With all of the slots capacity in Pennsylvania and New York, we have to aggressively find a way to stem the flow out of Atlantic City,” Michael Asanloo of Harrah’s Entertainment Inc. told the newspaper.
Gasoline prices jump 16 cents higher
The national average price for gasoline rose about 16 cents over the past two weeks, according to a survey released Sunday.
The average price of regular gasoline Friday was $2.96 a gallon, midgrade was $3.08 and premium was $3.19, oil industry analyst Trilby Lundberg said.
The lowest price was in Newark, N.J., where a gallon of regular cost $2.73 on average. The highest was in San Francisco at $3.28, according to the Lundberg Survey of 7,000 stations.