PRESS DIGEST - Washington Post Business - May 10
WASHINGTON, May 10 (Reuters) - The Washington Post included the following items on the front page of its business section on May 10. Reuters has not verified these stories and does not vouch for their accuracy.
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Since Congress and President George W. Bush unveiled an economic stimulus package Jan. 24, the price of the OPEC basket of crude oil has jumped by $32.51 a barrel, raising the cost of U.S. oil imports enough to offset the entire stimulus package over the course of the year.
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The U.S. trade deficit narrowed more than expected in March as American consumers, stung by the economic downturn and higher prices for foreign-made goods, drove down import demand sharply. Exports dipped, too, suggesting a softening of the global economy as well.
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Dodge & Cox, a San Francisco money management firm, disclosed on Friday that it had acquired a 10.5 percent stake in Sallie Mae, the nation's largest student loan company.
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NEW YORK - Citigroup said on Friday it would shed about $400 billion in real estate, loans and other assets over the next few years as it tries to return to profitability after massive losses in the mortgage and credit markets.
