Citi analysts assume oil prices will peak this summer before crashing next year.&nbsp;

"We essentially think ... global inventories will be building a lot next year," Citi's global energy strategist Eric Lee told Yahoo Finance this week. West Texas Intermediate crude CL=F rose less than a per cent on Thursday to remain nearly at $82 per barrel, while Brent BZ=F, the international benchmark price, advanced more than a per cent to just over $85 per barrel.&nbsp;

"We do think that there is a bit of a tight stretch [with supply] through the summer, so we do see prices staying in the low- to mid-80s for a little longer. But as we're looking through the second half of the year into 2025, we really see markets getting a lot weightier," said Lee.&nbsp;

Lee expects Brent crude to begin its slide into the $70 range later this year and into the $60 range in 2025. The forecast comes amid recent signals from what's known as oil alliance OPEC+ that it would start phasing out voluntary production cuts, a move curated in response to member countries' hues and cries about losing market share.&nbsp;

"In our base case, we have 1.4 million barrels [of] global oil stock building next year after a roughly balanced market this year," said Lee. "I think when the market sees that, that is bearish for the price."&nbsp;

&nbsp; 
In addition, he sees oil demand growth slowing further out because of the acceleration in electric vehicle adoption. "Oil demand can grow at a slower and slower rate relative to GDP and in fact peak before the end of this decade," Lee said.&nbsp;

Although Citi is known for relatively bearish calls on crude, other analysts also predict a price downtrend next year. JPMorgan strategists call for Brent to average $75 per barrel in 2025, down from $83 this year.&nbsp;

"Global oil demand growth will likely decelerate from 1.4 million barrels per day this year to 1 million barrels per day in 2025 as the last phase of the post-pandemic rebound dissipates and advancing energy efficiencies and an expanding electric vehicle fleet gain ground," Natasha Kaneva, head of global commodities strategy at JPMorgan, said in a recent note.&nbsp;

A consensus cited by Goldman Sachs, specifically, views Brent averaging $84 per barrel this year on the back of a supply squeeze over the summer while saying that the firm expects the international benchmark to average $82 per barrel by 2025.&nbsp;

These oil price outlooks depict a complicated interaction of the dynamics of supply, inventory levels, and especially fast-changing patterns in demand. Should OPEC+ alter its production strategy and see an accelerated pace in terms of the global path to electric vehicles, as previously mentioned, the watch for market participants will be these evolving events shaping future price trends. A potential drop of such nature may hit a reckoning on energy markets and the economy at large, everything from consumer prices to geopolitics.&nbsp;

Citi analysts assume oil prices will peak this summer before crashing next year. "We essentially think ... global inventories will be building a lot next year," Citi's global energy strategist Eric Lee told Yahoo Finance this week.

Citi analysts assume oil prices will peak this summer before crashing next year. "We essentially think ... global inventories will be building a lot next year," Citi's global energy strategist Eric Lee told Yahoo Finance this week. West Texas Intermediate crude CL=F rose less than a per cent on Thursday to remain nearly at $82 per barrel, while Brent BZ=F, the international benchmark price, advanced more than a per cent to just over $85 per barrel. "We do think that there is a bit of a tight stretch [with supply] through the summer, so we do see prices staying in the low- to mid-80s for a little longer. But as we're looking through the second half of the year into 2025, we really see markets getting a lot weightier," said Lee. Lee expects Brent crude to begin its slide into the $70 range later this year and into the $60 range in 2025. The forecast comes amid recent signals from what's known as oil alliance OPEC+ that it would start phasing out voluntary production cuts, a move curated in response to member countries' hues and cries about losing market share. "In our base case, we have 1.4 million barrels [of] global oil stock building next year after a roughly balanced market this year," said Lee. "I think when the market sees that, that is bearish for the price." In addition, he sees oil demand growth slowing further out because of the acceleration in electric vehicle adoption. "Oil demand can grow at a slower and slower rate relative to GDP and in fact peak before the end of this decade," Lee said. Although Citi is known for relatively bearish calls on crude, other analysts also predict a price downtrend next year. JPMorgan strategists call for Brent to average $75 per barrel in 2025, down from $83 this year. "Global oil demand growth will likely decelerate from 1.4 million barrels per day this year to 1 million barrels per day in 2025 as the last phase of the post-pandemic rebound dissipates and advancing energy efficiencies and an expanding electric vehicle fleet gain ground," Natasha Kaneva, head of global commodities strategy at JPMorgan, said in a recent note. A consensus cited by Goldman Sachs, specifically, views Brent averaging $84 per barrel this year on the back of a supply squeeze over the summer while saying that the firm expects the international benchmark to average $82 per barrel by 2025. These oil price outlooks depict a complicated interaction of the dynamics of supply, inventory levels, and especially fast-changing patterns in demand. Should OPEC+ alter its production strategy and see an accelerated pace in terms of the global path to electric vehicles, as previously mentioned, the watch for market participants will be these evolving events shaping future price trends. A potential drop of such nature may hit a reckoning on energy markets and the economy at large, everything from consumer prices to geopolitics.

Oil prices set to soar this summer, plunge in 2025: Citi analysts

Citi group is planning to wind down its retail bank in the United Kingdom, aiming to further streamline operations as part of its chief executive's strategy.

World Business Watch: Citi bank plans to scrap UK retail banking as part of strategic refresh

Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure.

The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank. Customers who don’t meet the criteria for this new service will see their accounts closed.

“Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” Citi said in a statement.

&nbsp;“No final decision can be taken until that process concludes,” said Citi, which has only one branch in the UK, based at Canary Wharf in London.

The bank further said that an “overwhelming majority of clients would not be affected until 2023.”

Last year, the US lender announced to wind down its consumer banking operations in 13 markets across Asia, Europe and the Gulf.

Earlier this year in January, Citi made changes to its business structure as a piece of a broader strategy to move away from global retail banking.

The firm first closed its Mexican retail banking arm, Citibanamex, and sold consumer banks in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s United Overseas Bank.

Citi’s exit from the UK market coincides with its rival Wall Street peers, JP Morgan and Goldman Sachs, entering the markets with the launch of their digital bank operations in the region, with an aim to expand its international consumer business.&nbsp;

The JP Morgan executives in May said that its consumer bank Chase had added over half a million customers in Britain.

Goldman is also offering savings accounts under its consumer arm Marcus in Britain.

(With inputs from agencies)

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Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure. The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank.

Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure. The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank. Customers who don’t meet the criteria for this new service will see their accounts closed. “Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” Citi said in a statement. “No final decision can be taken until that process concludes,” said Citi, which has only one branch in the UK, based at Canary Wharf in London. The bank further said that an “overwhelming majority of clients would not be affected until 2023.” Last year, the US lender announced to wind down its consumer banking operations in 13 markets across Asia, Europe and the Gulf. Earlier this year in January, Citi made changes to its business structure as a piece of a broader strategy to move away from global retail banking. The firm first closed its Mexican retail banking arm, Citibanamex, and sold consumer banks in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s United Overseas Bank. Citi’s exit from the UK market coincides with its rival Wall Street peers, JP Morgan and Goldman Sachs, entering the markets with the launch of their digital bank operations in the region, with an aim to expand its international consumer business. The JP Morgan executives in May said that its consumer bank Chase had added over half a million customers in Britain. Goldman is also offering savings accounts under its consumer arm Marcus in Britain. (With inputs from agencies) WATCH WION LIVE HERE:

Citigroup plans to shut down its lone retail bank in UK

Citi launched on Monday a global technology hub at its Bahrain offices, the first of its kind in the region and with the aim of employing 1,000 coders over the next decade.

The hub, based at Citi`s Bahrain premises, was set up in partnership with Tamkeen, a government-funded labour fund, and Bahrain`s Economic Development Board (EDB), which are also investing, a Citi executive said.

Under the plan, Citi will hire at least 100 people in coding-related roles each year over the next 10 years.

The new hires will initially work on two of the bank`s main platforms, Citi Velocity and Citi FX Policy, said Ala`a Saeed, Citi FX`s global head of electronic platforms and distribution.

"Selecting our two flagship systems to develop out of here in Bahrain is a huge endorsement of the talent and the calibre of people that we`ve found here," he said.

Tamkeen will subsidise a portion of the salaries and cover training costs locally and abroad, said Tamkeen Chief Executive Hussain Mohammed Rajab, without disclosing figures.

Bahrain, where Citi has operated for 50 years, has sought to market itself as a financial technology hub for the Middle East and North Africa in a bid to revive its reputation as a regional banking and business centre.

The heavily indebted state, which does not have the oil or gas resources of its Gulf neighbours, received a $10 billion bailout in 2018 from some of its Gulf allies to avoid a credit crunch.

Citi launched on Monday a global technology hub at its Bahrain offices, the first of its kind in the region and with the aim of employing 1,000 coders over the next decade.

Citi launched on Monday a global technology hub at its Bahrain offices, the first of its kind in the region and with the aim of employing 1,000 coders over the next decade. The hub, based at Citi`s Bahrain premises, was set up in partnership with Tamkeen, a government-funded labour fund, and Bahrain`s Economic Development Board (EDB), which are also investing, a Citi executive said. Under the plan, Citi will hire at least 100 people in coding-related roles each year over the next 10 years. The new hires will initially work on two of the bank`s main platforms, Citi Velocity and Citi FX Policy, said Ala`a Saeed, Citi FX`s global head of electronic platforms and distribution. "Selecting our two flagship systems to develop out of here in Bahrain is a huge endorsement of the talent and the calibre of people that we`ve found here," he said. Tamkeen will subsidise a portion of the salaries and cover training costs locally and abroad, said Tamkeen Chief Executive Hussain Mohammed Rajab, without disclosing figures. Bahrain, where Citi has operated for 50 years, has sought to market itself as a financial technology hub for the Middle East and North Africa in a bid to revive its reputation as a regional banking and business centre. The heavily indebted state, which does not have the oil or gas resources of its Gulf neighbours, received a $10 billion bailout in 2018 from some of its Gulf allies to avoid a credit crunch.

Citi launches tech hub in Bahrain to develop its digital platforms

Alphabet Inc's&nbsp;Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app, initially in partnership with Citigroup Inc&nbsp;and a small credit union at Stanford University.

The project, codenamed Cache, comes as rivals <a href="https://www.wionews.com/world/libras-association-is-independent-facebook-wont-be-part-of-it-even-outside-the-us-till-regulators-approve-zuckerberg-to-us-house-panel-257767">Facebook Inc&nbsp;</a>and Apple Inc&nbsp;are expanding their own efforts in consumer finance, a broad area that ranges from digital payment apps to bank accounts, brokerage accounts and loans, and which offer Silicon Valley new sources of revenue and new opportunities to strengthen ties with users.

US&nbsp;regulators and lawmakers have expressed concern about how those companies' massive influence and poor records on data privacy will play out as they try to gain ground in finance. The scrutiny most recently prompted Facebook's partners to pull back from plans to support the launch of a digital currency.

Google said it has held initial talks with regulators, though it declined to specify which ones, about compliance issues related to the new checking accounts.

Asked about Google's plans, US&nbsp;Senator Mark Warner, a Democrat on the Senate panel that oversees banking, expressed reservations.

"There ought to be very strict scrutiny," Warner told CNBC about tech giants such as Facebook or Google entering new fields before rules governing them were in place.

Google spokesman Craig Ewer said the company's lead partners were Citi and Stanford Federal Credit Union and that more details would be known within months.

"We’re exploring how we can partner with banks and credit unions in the U.S. to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account," Ewer said in a statement, referring by acronym to two US&nbsp;agencies that insure deposits.

Stanford Federal and Citi confirmed their roles.

"This agreement has the potential to expand the reach and breadth of our customer base," Citi spokeswoman Liz Fogarty said. "Privacy and transparency are, and will continue to be, critical priorities."

Joan Opp, president and chief executive of Stanford Federal, described the deal as "critical to remaining relevant and meeting consumer expectations."

Traditional banks have long partnered with companies outside the industry to lure deposits or expand their loan books.

The most recent prominent example is Goldman Sachs Group Inc&nbsp;teaming up with <a href="https://www.wionews.com/business-economy/apple-co-founder-says-apple-card-algorithm-gave-wife-lower-credit-limit-261266">Apple Inc&nbsp;on a credit card</a> this year, but other regulated banks, including JPMorgan Chase &amp; Co, Citigroup Inc.&nbsp;American Express Corp&nbsp;and Green Dot Bank, have teamed with companies, including Amazon.com Inc, Walmart Inc, Delta Air Lines Inc&nbsp;and Home Depot Inc&nbsp;to offer co-branded products.

The Wall Street Journal reported earlier on Google's plan and quoted Caesar Sengupta, general manager and vice president of payments at Google, as describing an approach of partnering deeply with banks.

"It may be the slightly longer path, but it's more sustainable," Sengupta said.

Leaning on the regulatory and financial know-how of banks could allow Google to proceed without engaging much with bank regulators.

For instance, deposits are stored in an account managed by a regulated bank and protected by the Federal Deposit Insurance Corp (FDIC) and National Credit Union Administration (NCUA), and if the lender does not share consumers’ financial data with Google, there may not be a regulatory problem or license requirements.

Google's biggest success in financial services has been in India, where it has over 67 million monthly users for Google Pay, which is used to digitally pay for groceries, Uber rides and other transactions.

Though still behind Indian rivals, the Google Pay app's popularity in India has overshadowed its usage in the United States and other countries, where it can be used for cashless payments in stores and money transfers.

Sengupta had overseen the Indian service, formerly known as Tez, as head of Google's emerging markets product team. Chief Executive Sundar Pichai last year sought to build on the Indian app, developed by a team of about 150 employees in Asia, and merged it into Google's broader payments organization.

The move has given Sengupta oversight of several thousand workers worldwide, including those who maintain tools to help Google charge its advertisers and app store users.

Former Google Pay employees said the company faces a massive challenge gaining users for payment tools in locations such as the United States that have robust financial products already. High interest rates on deposits or major loyalty perks could become important incentives for Google to draw consumers, the former employees said.

On Tuesday, Facebook launched a unified payment service through which users across its platforms can make payments without exiting the app, named Facebook Pay.

The effort is separate from Facebook's plan to launch its Libra cryptocurrency, which has met with skepticism from US, European and Australian regulators concerned about the risk of money laundering and the security of transactions and user data.

Alphabet Inc's Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app, initially in partnership with Citigroup Inc and a small credit union at Stanford University.

Alphabet Inc's Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app, initially in partnership with Citigroup Inc and a small credit union at Stanford University. The project, codenamed Cache, comes as rivals Facebook Inc and Apple Inc are expanding their own efforts in consumer finance, a broad area that ranges from digital payment apps to bank accounts, brokerage accounts and loans, and which offer Silicon Valley new sources of revenue and new opportunities to strengthen ties with users. US regulators and lawmakers have expressed concern about how those companies' massive influence and poor records on data privacy will play out as they try to gain ground in finance. The scrutiny most recently prompted Facebook's partners to pull back from plans to support the launch of a digital currency. Google said it has held initial talks with regulators, though it declined to specify which ones, about compliance issues related to the new checking accounts. Asked about Google's plans, US Senator Mark Warner, a Democrat on the Senate panel that oversees banking, expressed reservations. "There ought to be very strict scrutiny," Warner told CNBC about tech giants such as Facebook or Google entering new fields before rules governing them were in place. Google spokesman Craig Ewer said the company's lead partners were Citi and Stanford Federal Credit Union and that more details would be known within months. "We’re exploring how we can partner with banks and credit unions in the U.S. to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account," Ewer said in a statement, referring by acronym to two US agencies that insure deposits. Stanford Federal and Citi confirmed their roles. "This agreement has the potential to expand the reach and breadth of our customer base," Citi spokeswoman Liz Fogarty said. "Privacy and transparency are, and will continue to be, critical priorities." Joan Opp, president and chief executive of Stanford Federal, described the deal as "critical to remaining relevant and meeting consumer expectations." Traditional banks have long partnered with companies outside the industry to lure deposits or expand their loan books. The most recent prominent example is Goldman Sachs Group Inc teaming up with Apple Inc on a credit card this year, but other regulated banks, including JPMorgan Chase & Co, Citigroup Inc. American Express Corp and Green Dot Bank, have teamed with companies, including Amazon.com Inc, Walmart Inc, Delta Air Lines Inc and Home Depot Inc to offer co-branded products. The Wall Street Journal reported earlier on Google's plan and quoted Caesar Sengupta, general manager and vice president of payments at Google, as describing an approach of partnering deeply with banks. "It may be the slightly longer path, but it's more sustainable," Sengupta said. Leaning on the regulatory and financial know-how of banks could allow Google to proceed without engaging much with bank regulators. For instance, deposits are stored in an account managed by a regulated bank and protected by the Federal Deposit Insurance Corp (FDIC) and National Credit Union Administration (NCUA), and if the lender does not share consumers’ financial data with Google, there may not be a regulatory problem or license requirements. Google's biggest success in financial services has been in India, where it has over 67 million monthly users for Google Pay, which is used to digitally pay for groceries, Uber rides and other transactions. Though still behind Indian rivals, the Google Pay app's popularity in India has overshadowed its usage in the United States and other countries, where it can be used for cashless payments in stores and money transfers. Sengupta had overseen the Indian service, formerly known as Tez, as head of Google's emerging markets product team. Chief Executive Sundar Pichai last year sought to build on the Indian app, developed by a team of about 150 employees in Asia, and merged it into Google's broader payments organization. The move has given Sengupta oversight of several thousand workers worldwide, including those who maintain tools to help Google charge its advertisers and app store users. Former Google Pay employees said the company faces a massive challenge gaining users for payment tools in locations such as the United States that have robust financial products already. High interest rates on deposits or major loyalty perks could become important incentives for Google to draw consumers, the former employees said. On Tuesday, Facebook launched a unified payment service through which users across its platforms can make payments without exiting the app, named Facebook Pay. The effort is separate from Facebook's plan to launch its Libra cryptocurrency, which has met with skepticism from US, European and Australian regulators concerned about the risk of money laundering and the security of transactions and user data.

Google Pay to offer checking accounts through Citi, Stanford Federal

Citigroup listed seven companies as potential takeover targets for Apple, including Netflix, Walt Disney and Tesla, as a way to put its cash hoard of more than $250 billion to work.

With over 90 per cent of its cash sitting overseas, a one-time 10 per cent repatriation tax would give Apple $220 billion for acquisitions or buybacks, Citigroup analyst Jim Suva said in a note to clients.

US&nbsp;President Donald Trump&#39;s tax blueprint, which was unveiled last month, proposes allowing multinationals to bring in overseas profits at a tax rate of 10 per cent versus 35 per cent now. &quot;Since one of the new administration&#39;s top priorities is to allow US companies to repatriate overseas cash at a lower tax rate, Apple may have a more acute need to put this cash to use,&quot; Suva said.

The analyst is rated three out of five stars for his recommendations on Apple, according to Thomson Reuters StarMine. The other potential acquisition targets include video game developers Activision Blizzard, Electronic Arts and Take Two Interactive Software as well as video streaming service Hulu. The analyst said the targets were screened considering five criteria - strategic fit, global scale, transaction size, few non-strategic assets and likely impact on Apple&#39;s share price.

Under pressure from shareholders to hand over more of its cash hoard, Apple recently boosted its capital return program by $50 billion, increased its share buyback program by $35 billion and raised its quarterly dividend by 10.5 per cent.

(Reuters)

A one-time 10 percent repatriation tax would give Apple $220 billion for acquisitions or buybacks

Citigroup listed seven companies as potential takeover targets for Apple, including Netflix, Walt Disney and Tesla, as a way to put its cash hoard of more than $250 billion to work. With over 90 per cent of its cash sitting overseas, a one-time 10 per cent repatriation tax would give Apple $220 billion for acquisitions or buybacks, Citigroup analyst Jim Suva said in a note to clients. US President Donald Trump's tax blueprint, which was unveiled last month, proposes allowing multinationals to bring in overseas profits at a tax rate of 10 per cent versus 35 per cent now. "Since one of the new administration's top priorities is to allow US companies to repatriate overseas cash at a lower tax rate, Apple may have a more acute need to put this cash to use," Suva said. The analyst is rated three out of five stars for his recommendations on Apple, according to Thomson Reuters StarMine. The other potential acquisition targets include video game developers Activision Blizzard, Electronic Arts and Take Two Interactive Software as well as video streaming service Hulu. The analyst said the targets were screened considering five criteria - strategic fit, global scale, transaction size, few non-strategic assets and likely impact on Apple's share price. Under pressure from shareholders to hand over more of its cash hoard, Apple recently boosted its capital return program by $50 billion, increased its share buyback program by $35 billion and raised its quarterly dividend by 10.5 per cent. (Reuters)

Netflix, Tesla listed as potential takeover targets for Apple

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