Biz Buzz

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LONG ISLAND


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Bank holds mortgage workshop

Wells Fargo will hold a workshop for distressed homeowners Tuesday and Wednesday from 9 a.m. to 7 p.m. at Nassau Veterans Memorial Coliseum, 1255 Hempstead Tpke. in Uniondale. Bank representatives will be available to discuss homeowners' questions and concerns about their mortgages. Homeowners can also find out whether they're eligible for a loan modification, and learn about options that might help avoid foreclosure. Wells Fargo has notified 40,000 of its Long Island-area customers about the event. Walk-ins are welcome but registration is recommended; call 800-405-8067 or visit Wells Fargo's website. -- Maura McDermott


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NEW YORK

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Citigroup 2Q net income drops

Citigroup's net income fell 12 percent in the second quarter, partly due to a loss on the sale of its stake in a Turkish lender. The income of $2.9 billion was still better than analysts were expecting. Citi is one of the largest international banks in the world and its results are often seen as a gauge of how the global economy is doing. Investors are particularly concerned about recent signs of a slowdown in China and India, two large markets for Citi. Citi's consumer banking business in Asia declined by less than 1 percent. "We are largely an urban bank in Asia, and cities are growing," said Vikram Pandit, Citigroup's chief executive "Urbanization is a very powerful trend . . . People are coming in the cities. That's what drives our business." -- AP


Money manager Biggs dead

Barton Biggs, the money manager whose attention to emerging markets during a 30-year career at Morgan Stanley made him one of the first global investment strategists, has died. He was 79. Biggs died Saturday, Morgan Stanley chief executive James Gorman said yesterday in a memo to employees. Company spokeswoman Jeanmarie McFadden confirmed its contents. The cause was complications from a bacterial infection, according to a person with direct knowledge of the situation who asked not to be named. Biggs predicted the bull market in U.S. stocks that began in 1982 and warned investors away from Japanese shares in 1989 before they collapsed. He sealed his fame telling investors to sell technology companies as they soared in the late 1990s, a judgment dismissed by the press and other investors until the dot-com bubble burst. -- Bloomberg News


NATION


Ex-Google exec new Yahoo CEO

Yahoo is hiring longtime Google executive Marissa Mayer to be its next CEO, the fifth in five years as the company struggles to rebound from financial malaise and internal turmoil. Mayer, 37, who starts at Yahoo Inc. on Tuesday, was one of Google's earliest employees and was most recently responsible for its mapping, local and location services. Ross Levinsohn has been running Yahoo on an interim basis and was thought to be the leading candidate after Hulu CEO Jason Kilar dropped out. Levinsohn filled in after Scott Thompson lost his job two months ago in a flap over misinformation on his official biography. -- AP


WORLD


Nokia cuts price on Lumia phone

Nokia has halved the price of the Lumia 900 in the United States in an effort to boost sales of its flagship Windows smartphone, the cellphone manufacturer announced Monday. The device is now being offered for $49.99 with a two-year contract with AT&T, down from $99.99 when it was launched three months ago. Nokia spokesman Doug Dawson called the move "a normal strategy that is put in place during the life cycle of most phones." He declined to reveal sales figures, saying they would be released in Finland-based Nokia's second-quarter earnings report on Thursday. -- AP

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