Corporate Bits | Citigroup’s profit sinks 27 percent

Citigroup’s profit fell nearly 27 percent in the first quarter, hurt by weak results at its consumer bank and trading business. But the company’s earnings still beat Wall Street expectations.
The New York-based financial conglomerate quarter continued to clean up its balance sheet and slim itself down from the depths of the financial crisis. Citi Holdings, the so-called bad bank that holds most of Citi’s toxic assets left over from the bubble years, posted its seventh straight quarterly profit. The value of Citi Holdings’ investments fell 44 percent from a year earlier as the bank sold off complicated derivatives, bonds and other assets.

h&m reveals 2015 sustainability report

The H&M Conscious Actions Sustainability Report 2015 shows a steady increase in sustainably sourced materials and progress when it comes to the company’s use of renewable electricity.
According to a H&M press release,  the use of sustainably sourced materials is growing every year – this figure now represents 20 percent of total material use. The clothing company claims that it has also gradually raised the use of sustainably sourced cotton.  Organic cotton, recycled cotton and Better Cotton made up close to one third of H&M’s cotton use in 2015, bringing the company closer to its goal of only using cotton from sustainable sources by 2020. The recycled cotton comes from garments collected through the H&M Garment Collecting program.
Moreover, the share of renewable electricity within the clothing company’s total global electricity use increased to 78 percent in 2015 from 27 percent in 2014. At the same time, total emissions were reduced by 56 percent compared to 2014.

sjm macau derby held yesterday

This year marked the 14th consecutive year of title sponsorship by Sociedade de Jogos de Macau, SA (SJM) for the Macau Derby.
In addition, SJM was the title sponsor of the Grand Lisboa Cup, SJM ec card Cup and Oceanus Cup, which were held at the Taipa racecourse yesterday. The racecourse also hosted the Macau Hong Kong Trophy and the Chairman’s Challenge Cup races.
According to a press release, SJM Macau Derby (Group 1 Race, 1,800 meters) attracted twelve 4-year-old horses to compete for a total prize-money of HKD2.6 million, the championship title going to “Turquoise Power”.  “Golden Double” won the first place at the Grand Lisboa Cup, a 1,500-meter race with a total prize-money of HKD650,000.
Moreover, “Mission GDragon” won the SJM ec card Cup, a 1,500-meter race, while “Sheng Li Win” scored victory in the Oceanus Cup, which is a 1,500-meter race.
The total prize-money for yesterday’s race meeting amounted to HKD9 million.