In Short

A round-up of today's other stories in brief...

Citigroup profit report boosts optimism over recovery

Citigroup reported its third straight quarterly profit, beating forecasts and boosting optimism that the banking sector is on track to recover even amid a tepid economic expansion.

Relief about the improving results, bolstered by slowing credit losses and reduced reserves for bad loans, outweighed lingering concern about the foreclosure crisis.

Citigroup, whose problems during the financial crisis were so severe that it needed three different taxpayer rescues, is the second of the top banks to beat forecasts. JPMorgan Chase posted better-than-expected earnings last week. Bank of America, is due to report today. – (Reuters)

Cost of borrowing falls to lowest in a month as yield dips below 6%

THE COST of Irish borrowing dipped to a one-month low yesterday as the yield on 10-year Government bonds fell below 6 per cent, writes Ciara O'Brien.

The yield dipped as low as 5.976 per cent at lunchtime having closed at 6.12 per cent on Friday.

Yields on 10-year bonds have edged lower in recent weeks as the Central Bank published its final figure for the cost of the bank bailout, following a high of close to 7 per cent at the end of September.

Minister for Finance, Brian Lenihan, told investors at the end of September that the National Treasury Management Agency would return to the bond markets “in the normal way” in early 2011.