According to Reuters, Chuck Prince stepped down at CEO of Citigroup (C) and the bank indicated it may have to write off as much as another $11 billion.

Reuters writes that shares of PetroChina (PTR) doubled on its IPO debut which raised $9 billion.

Reuters reports that News Corp’s (NWS) MySpace launched a new targeted advertising program.

The Wall Street Journal writes that Kraft (KFT) is about to sell its Post cereals division for $2.8 billion.

The Wall Street Journal writes that Yahoo! (YHOO) has launched a social networking service.

The Wall Street Journal writes that Wal-Mart (WMT) and a former marketing executive with the firm have dropped lawsuits against one another.

The Wall Street Journal writes that Eli Lilly (LLY) has introduced a new blood thinner which can cause excessive bleeding.

The Wall Street Journal writes that the new Google (GOOG) phone may allow consumers to do easily on their phones what they now do on the web.

The New York Times writes that RIM (RIMM) is launching a wireless service for small to mid-sized firms.

The New York Times writes that Ford (F) and the UAW will now have to sell their new agreement to the union’s members.

The FT writes that PetroChina passed Exxon (XOM) as the world’s largest company by market cap.

Barron’s writes that shares in Mattel (MAT) could rise now that its recall issues are becoming a thing of the past.

Douglas A. McIntyre

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