Citigroup To Repay Treasury, Google To Sell Phones Citigroup says it will pay back $20 billion in bailout funds it received from the Treasury Department during the financial crisis. The bank is eager to pay back the loan so it can escape the restrictions, such as pay limits that are attached to the funds. And, Google plans to sell its own own mobile phone. It now sells mobile phone operating systems that run on other company's handsets. But early next year the Internet search giant will sell its own handset directly to consumers.
NPR logo

Citigroup To Repay Treasury, Google To Sell Phones

  • Download
  • <iframe src="https://www.npr.org/player/embed/121402265/121402251" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Citigroup To Repay Treasury, Google To Sell Phones

Citigroup To Repay Treasury, Google To Sell Phones

Citigroup To Repay Treasury, Google To Sell Phones

  • Download
  • <iframe src="https://www.npr.org/player/embed/121402265/121402251" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Citigroup says it will pay back $20 billion in bailout funds it received from the Treasury Department during the financial crisis. The bank is eager to pay back the loan so it can escape the restrictions, such as pay limits that are attached to the funds. And, Google plans to sell its own own mobile phone. It now sells mobile phone operating systems that run on other company's handsets. But early next year the Internet search giant will sell its own handset directly to consumers.

ARI SHAPIRO, host:

NPR's business news starts with a new offering from Google.

(Soundbite of music)

SHAPIRO: Google already has a mobile phone operating system. But now it plans to sell its own mobile phones directly to consumers, not through a wireless carrier as most phones are now sold.

The plans are seen as a direct challenge to Apple's iPhone. Google has also been developing an Internet-based call routing system and analysts say if the company starts offering cheap calling, it would challenge conventional mobile phone carriers as well.

RENEE MONTAGNE, host:

In overseas finance, Dubai just caught a lifeline from the neighboring emirate of Abu Dhabi. Abu Dhabi provided $10 billion in financing to help the company at the center of Dubai's financial woes. The debt troubles of that company -Dubai World - sent jitters throughout world markets because so many international banks and other investors have poured money into the company.

Dubai World will use the money for some bond repayments, though it still needs to renegotiate billions of dollars in other debts.

Copyright © 2009 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.