A survey carried out by Tesco Finance has found that nearly half of the people talked to are taking steps to be more eco-friendly, though it is saving money rather than saving the planet that is the motivator.
As the cost of gas, electric and petrol soars ever upwards so about two thirds of people in the Tesco Finance survey say they make sure electrical items are switched off rather than left on standby. Three quarters of people now use low energy lightbulbs too.
A smaller percentage, around 20 percent of people surveyed, told Tesco Finance that going green was just too expensive. There are aspects of this that are true, but it is in the practical aspects that consumers can save money by thinking green.
Citibank parent Citigroup is understood to be under investigation by the financial regulator of the United States with regard to some potential breaches of securities law.
The issue revolves around the marketing and selling of what are called auction rate securities. These are a type of bond, most commonly used by municipal authorities when looking to generate funds and the question being looked into is whether the actual risks were understated by Citibank.
No comments have been forthcoming from Citibank so far regarding their discussions with the regulators. Instead they have a statement that says they have worked closely with all parties to make everything go smoothly.
Citibank has revealed that it intends to reduce its portfolio having suffered at the hands of the sub prime lending difficulties in the USA.
Of all the financial institutions to suffer over the American mortgage problems Citibank felt the pain more than any other. The sub prime area of lending is one that they were heavily involved in. Due to this they are to sell around 20 percent of their assets over the next couple of years, worth around USD400 billion.
They have already announced the areas of business where the cuts will be made, namely consumer banking and securities banking. Citibank has stated it has an objective of generating revenue growth of 10 percent within 36 months, and these cuts are part of their plan. By freeing up resources they can focus more on the areas where growth can be achieved whilst reducing their exposure to potentially difficult markets.
