Citigroup Inc. (NYSE: C) has been working on a plan to cut the U.S. government’s 34 percent stake in the firm through a multibillion-dollar stock offering. The company is interested in issuing new shares to the public and the Treasury Department would sell at least a portion of its Citigroup holdings. -The Wall Street Journal

Best Buy Co. (NYSE: BBY), the largest U.S. electronics chain, said Tuesday that its second-quarter profit dropped to $158 million, or 37 cents a share, from $202 million, or 48 cents a share, a year earlier. Revenue in the quarter ended Aug. 29 rose to $11 billion from $9.8 billion. Best Buy raised the bottom end of its full-year forecast to profit excluding items of $2.70 to $3 a share after first-half sales moderately beat the company’s projections. -Marketwatch

Vice President Joe Biden arrived in Iraq today on a previously unannounced mission to confirm that the White House remains focused on the Iraq war despite military pullbacks and increased attention on Afghanistan. The trip is Biden’s third for the year and will serve as a chance to meet with the full range of Iraqi leaders both in Baghdad’s central government and those of the Kurdish region in the northeast of the country. Biden, who oversees Iraq policy for the Obama administration, made his last visit to the country in July to spend U.S. Independence Day with the troops. During that trip, he also met with his son, Beau, who is an Army captain serving in Iraq. -Associated Press

The number of millionaire households in the world dropped from 11 million in 2007 to 9 million last year, a fall of almost 18%, according to The Boston Consulting Group. The figure was worse in North America where the drop was 22%. The study’s other important top-line statistic is that “Global wealth fell from $104.7 trillion in 2007, measured in assets under management, to $92.4 trillion in 2008—a decline of 11.7 percent. It was the first decline since 2001.” -24/7 Wall St.

U.S. automaker Ford Motor Co. (NYSE: F) has lost $30 billion in the past three years, but is on target with its plans to slow cash losses in this year’s second half, Chief Financial Officer Lewis Booth said. He also stated, “I’m comfortable with our guidance that we will do better in the second half.” Ford is targeting a profit for 2011 after failing to post a positive annual result since 2005. Government trade-in incentives in the U.S. and in European countries including Germany and the U.K. may help Ford reduce cash losses as it increases production. -Bloomberg

-Jutia Group