UNDERSTATED: Goldman analysts said Citigroup could write off up to US$18.7 billion in the fourth quarter from its bad-loan exposure and slash its dividend by 40 percent
When Citigroup warned early last month that it was likely to write down its portfolio by US$8 billion to US$11 billion in the fourth quarter because of exposure to bad loans, investors recoiled at the size of the losses. Some now say those early estimates appear drastically understated.

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The accounting company Deloitte & Touche has agreed to pay US$38.25 million as part of a US$325 million settlement of investor claims of misconduct by Delphi Corp -- the largest auto parts supplier in the US -- and those that oversaw its finances.

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Sales of new homes in the US last month are forecast to post a decline, approaching an 11-year low and signaling no end to the housing recession that's threatening to stall growth next year, economists said ahead of the release of official figures.

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GROWING TREND: Warner's decision to offer songs by its artists in MP3 format through Amazon.com's digital music stores leaves one last major holdout -- Sony BMG Music
Warner Music Group, a major holdout on selling music online without copy protection, caved in to the growing trend and agreed to sell its tunes on Amazon.com Inc's digital music store.

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Apple Inc is preparing to announce next month the long-rumored launch of a movie rental service through its online iTunes Store, as well as a groundbreaking licensing deal of its anti-piracy technology -- moves that could dramatically boost the appeal of digital movie distribution.

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■ OIL

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