Citigroup Inc.

Turkey's sovereign wealth fund (Varlık Fonu) hired Citigroup Inc. and Industrial Commercial Bank of China Ltd. to coordinate a 1 billion-euro ($1.14 billion) syndicated loan, people with knowledge of the matter told Bloomberg.

Members of the families that own Turkey’s two biggest groups of companies sold a combined total of about $575 million in shares in their respective groups, as the benchmark Turkish stock index closed at a record high on Wednesday.

By Simon Kennedy

Citigroup Inc. economist Ebrahim Rahbari is again trying his hand at etymology.

In February 2012, he coined the term "Grexit" to describe the risk of Greece leaving the euro area. At the time, he and his fellow economists at Citigroup put the probability at 50 percent within the next 18 months and later raised it to 90 percent by 2014.

European stocks are already enjoying their strongest start to a year in more than two decades. Citigroup Inc. says there’s still further to go.

By Nicholas Comfort

The euro area’s biggest banks will show a 6 billion-euro ($7.6 billion) capital gap in the European Central Bank’s tests of the quality of their assets and ability to withstand economic shocks, said Citigroup Inc.

Oil traders have the greatest incentive in four years to store crude at sea and sell it as prices rise, prompting speculation about a revival in the trade once used by companies including BP Plc and Citigroup Inc.

Brent for September traded at $107.60 a barrel at 2.42 p.m. on Wednesday, $1.16 more than the same grade for August, according to the ICE Futures Europe exchange.

From Bloomberg

Bulgaria approved a 1.5 billion-euro ($2 billion) Eurobond sale, the first in almost two years, as the ruling coalition announced it was preparing the way for early parliamentary elections.