Citigroup (NYSE:C) is reportedly in talks to sell a hedge-fund business with about $4 billion in assets. Citigroup is in advanced talks to sell its fund-of-funds business to SkyBridge Capital, a New York alternative-asset manager. –UB News
Toyota (NYSE:TM) CEO Akio Toyoda says the company grew too fast to keep up with safety controls. He is apologizing Wednesday before a House committee investigating deadly flaws that sparked the recall of 8.5 million cars. Other news, Toll Brothers (NYSE:TOL) posted on Wednesday a narrower fiscal first quarter loss of $40.8 million, or 25 cents a share, amid a slow recovery of the housing market. Revenue declined 20% to $326.7 million. –Daily Finance
Goldman Sachs (NYSE:GS) is unpopular with the American public because it “brings envy,” Jon Corzine, the firm’s former co-chief executive officer, said. “When you’re successful it brings envy,” said Corzine, the former governor of New Jersey. “People are broadly frustrated.” –Bloomberg
Government bonds remained under pressure Wednesday as Greek workers kicked off a nationwide strike to protest government austerity measures, possibly complicating the country’s hopes of placing a new 10-year bond soon to cover funding gaps. Greek 10-year yield spreads over euro-zone benchmark German bunds rose to 3.40 percentage points from 3.35 percentage points late Tuesday, and are up by some 0.20 percentage points since Monday’s close. This means that Greek 10-year bonds yield at around 6.54%, more than twice the 3.13% level of 10-year German bunds. –The Wall Street Journal
Tax preparer H&R Block (NYSE:HRB) said that it will miss its internal estimate for fiscal 2010 earnings because it is preparing fewer tax returns than it expected to, sending shares down more than 10%. The company said it prepared 5.6% fewer same-office tax returns at its retail business through February 15 that it did a year ago. It said in total, it has prepared 6.3% fewer returns than a year ago. -MarketWatch
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