Citigroup (NYSE:C) plans to sell or split off its $10 billion Citi Private Equity unit, expanding the list of money-management businesses the U.S. bank is disposing of to reduce debt, people familiar with the matter said, according to Bloomberg. Shares advanced over 1% before the bell.In other news Johnson & Johnson (NYSE:JNJ) said Monday Boston Scientific (NYSE:BSX) will pay the company $1.73 billion to settle two suits related to patents for stents. –AOL Money and Finance
President Barack Obama proposes a $3.8 trillion fiscal 2011 budget today that calls for $100 billion in additional stimulus spending and projects this year’s deficit will hit a record $1.6 trillion. The plan would reduce the shortfall in part by imposing more than $800 billion in higher taxes and fees on those earning more than $250,000, banks that benefited from the financial industry bailout and the oil, gas and coal industries. The spending blueprint being sent to Congress for the fiscal year that begins Oct. 1 reflects the administration’s struggle to boost the economy and job growth — both top concerns of voters — while tightening the government’s belt to reduce deficits in the years ahead. -Bloomberg
Toyota (NYSE:TM) provided details about its plan to fix recalled gas pedals in the United States early Monday morning. The carmaker has recalled 2.3 million vehicles in the U.S. In a statement, Toyota explained that dealers should get parts for the repairs later this week. But the 4.2 million customers affected may have to wait a while for repairs. In other news, Exxon Mobil (NYSE:XOM) reported a 23% decline in fourth-quarter earnings as higher oil prices squeezed profit margins in its refining business. XOM posted earnings of $6.05 billion, or $1.27 a share, beating estimates of $1.19 a share. Shares climbed 2% in premarket trade. –Daily Finance
Crude oil futures edged higher Monday, but worries over the global economic outlook continued to weigh on sentiment. "Overall, I’m bearish–fundamentals don’t look great [and] the economy is still shaky," an oil broker in London said. The front-month March Brent contract on London’s ICE futures exchange recently was up 43 cents at $71.89 a barrel. The front-month March contract on the New York Mercantile Exchange was trading 39 cents higher at $73.28 a barrel. –The Wall Street Journal
The economy of resource-rich Russia contracted nearly 8% last year, as prices for its key commodity exports — particularly oil — fell sharply. Gross domestic product declined 7.9% in 2009, according to media reports on Monday, citing preliminary data from the Federal Statistics Service in Moscow. Most economists expected a contraction of 8.5%. The decline comes after Russia’s GDP grew 5.6% in 2008. The sharp drop in oil prices in 2009 weighed heavily on the Russian economy, which is very dependent on oil and gas exports. –MarketWatch
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