MONEY (MSM)

Amazon poised to win big as India launches annual festive shopping spree

Amazon.com Inc (AMZN.O) could emerge as the biggest winner from one of India’s most important festive – and shopping – seasons, after the e-tailer offered steep discounts, swift delivery and even gold bars to grab market share. The month-long festive season, which began on Monday, culminates in Diwali, or the Festival of Lights, but the first nine days are considered an especially auspicious time to make big purchases. Analysts say

Citigroup profit soars as lower costs trump revenue fall

Citi’s legal and related costs plunged to $376 million in the third quarter from $1.6 billion a year earlier, with the lender, under Chief Executive Michael Corbat, putting most of the problems stemming from the financial crisis behind it. U.S. banks including Citi, JPMorgan Chase & Co (JPM.N) and Bank of America Corp (BAC.N) are cutting costs to boost earnings as overnight fund rates stay near zero and fixed-income trading,