Citigroup Inc., the battered financial services company, is cutting at least 10,000 jobs according to the Wall Street Journal (WSJ), which cited people familiar with the matter. The company has already slashed more than 23,000 jobs over the last four quarters and is ready for some more, to save its bottom line. The WSJ also reported that Citigroup is notifying some credit card customers that their interest rates are being raised by an average of three percentage points. It was also reported that Citigroup executives bought 1.2 million shares today to stop the free-fall in the shares. In October 2008, Citigroup, the nation's fourth-largest bank in terms of deposits, was selected by the US Treasury for a $25 billion cash injection in exchange for stock, along with nine other US banks.
Microsoft is Expanding Windows Live with a Facebook-Like Structure
Over the next several weeks, Microsoft will be tweaking its Windows Live online services, giving it a social networking look-and-feel by incorporating Facebook-like features. According to Microsoft, the proposed restructuring will enhance Windows Live to a great extent. Users will be able to add third-party sites like LinkedIn, Flickr, Photobucket, and Twitter to their profiles through a new feed. All activities done on third-party sites through feeds like photo sharing, reviewing, and updation of profiles will be automatically published to their Windows Live network. Microsoft also proposes to upgrade its email and messaging service with more personalization capabilities with an enhanced chatting interface and other features. The expansion of Windows Live features into a social networking site comes as a surprise for many analysts as Microsoft invested $240 million in the popular online service last year.
Electronic Arts Announces New Wii Fitness Franchise
With the exercise gaming rage, EA Sports announced a new fitness franchise EA Sports Active exclusive to the Nintendo’s console which will be launched next spring. EA Sports President Peter Moore said that ''EA Sports Active and our entrance into the fitness space is an exciting and groundbreaking milestone for EA Sports.'' The game is developed by EA Canada in Vancouver and will sell against Nintendo's own exercise software Wii Fit, which was launched in December and last spring in some parts of the world. EA Sports Active is touted to be sold at $59.99, significantly cheaper than Wii Fit's $89.99, as it will not include Nintendo's Balance Board. But the game can be played by two players, an edge over the Wii Fit as it supports a single player. The game is designed according to the advice rendered by fitness expert Bob Greene—best known as Oprah's personal trainer—and a few other fitness trainers.
