Citigroup (NYSE: C) may be forced to liquidate its stake in Mexico’s Banamex. When the company bought into Banamex in 2001, it was owned by private interests. However, Mexican law forbids foreign governments to have a dominant interest in Mexican banks, and over the past year the U.S. government has acquired a 34% state in Citigroup, making it possible for the Mexico to argue that the U.S. government owns Banamex. Incidentally, Uncle Sam also has dominant interests in companies like American International Group (NYSE: AIG), Bank of New York Mellon (NYSE: BK) and Bank of America (NYSE: BAC), all of which have major investments in Mexican banks as well. -Forbes

General Electric (NYSE: GE) Energy unit said today that its latest turbine design for natural gas power plants will utilize less fuel and emit less carbon dioxide than existing GE turbines. The division is introducing an upgraded Frame 7FA gas turbine to help power plant operators trim down costs and emissions. A typical combined-cycle plant using two new 7FA gas turbines with a single steam turbine would save $2.1 million per year at a gas price of $6 per million British thermal units, compared to a plant with GE’s existing 7FA turbine. The more efficient plant would also avoid emissions of 19,000 metric tons of CO2 annually compared to the previous version, the equivalent of the heat-trapping emissions of nearly 3,800 cars. –Reuters

President Barack Obama, during a visit to a solar energy facility in Arcadia, Florida, is announcing today that he is making available $3.4 billion in government support for 100 projects aimed at modernizing the power grid. The projects include installing "smart" electric meters in homes, automating utility substations, and installing thousands of brand new digital transformers and grid sensors. The $3.4 billion in grants from the government’s economic stimulus program will be matched by $4.7 billion in private investments. –Daily Finance

India’s central bank took its first step toward tightening monetary policy, keeping interest rates steady but in a surprise move requiring banks to set aside more bonds as reserves. The Reserve Bank of India’s decision today to raise the statutory liquidity ratio will soak up some liquidity from the banking system, which has threatened to magnify inflationary pressures and undercut a nascent recovery in India’s economy. –The Wall Street Journal

BP Plc (NYSE: BP) Europe’s second largest oil company, posted third quarter earnings that exceeded analyst estimates and raised cost-cutting targets for the year, sending shares to a 16-month high. Earnings exclude one-time items and inventory changes which fell 47% to $4.67 billion from a year earlier. This exceeded the $3.25 billion median estimate of 11 analyst.

Cisco Systems (NASDAQ: CSCO) stated that it would buy privately held security software company ScanSafe for about $183 million to expand in a fast-growing segment of the Web-based security market. -Reuters

-Jutia Group