Citigroup profit cut on subprime woes; oil falls below $90
CBS
Transcript
[Music] the effects of the subprime mortgage mess appear to be deeper and more widespread than first thought banking giant City Group in wall Street's four largest brokerage firms had their profit estimates cut a number of analysts believe the company's profits will be squeezed by the mortgage and credit crisis and a Slowdown in mergers and Acquisitions a recent Plunge in oil prices could soon show up at the pump if crude remains below $90 a barrel gasoline retailers could pass along those falling wholesale prices to Consumers one analyst predicts gas prices will drop by 20 cents a gallon in time for Christmas Continental is the first airline to test a paperless boarding pass passengers flying out of Houston will be able to receive their boarding passes electronically on their cell phones or pdas the government says it increases the ability to detect fraudulent boarding passes and reduces paper use Continental hopes to roll out paperless boarding passes Nationwide in the coming months and Disneyland may be headed for mainland China a Chinese spokesman says Shanghai is waiting for the central government to approve the project if approved the Disneyland Park would be built after 2010 when China is expected to host the World Expo that's your money watch track the latest business headlines at cbsnews.com in New York I'm Alexis christopherus