en-US Time Inc. is trying to sell 3 magazines as a part of its turnaround plan Time Inc. is trying to sell Coastal Living, Sunset and Golf magazines, CEO Rich Battista told Bloomberg in an interview Tuesday. The move comes on the heels of the company cutting its global staff by 300 employees as part of a restructuring plan, just last month, following up with it announcing that it was looking to sell a majority stake in Essence last week. The company embarked on the plan after deciding not to entertain buyout offers for the entire company in April. It said that the ongoing strategy would include a big digital push as well as “portfolio rationalization” — essentially asset sales.  Time Inc. has hired management consulting firm McKinsey Co. to try to figure out what stays and what direction the company should go in moving forward, the Post had reported.Join the conversation about this story » NOW WATCH: JIM ROGERS: The worst crash in our lifetime is coming Tue, 25 2017 21:57:00 GMT Citi said the same word more than 20 times in the same presentation — and it#039;s the key to the bank#039;s strategy (C) Citigroup repeatedly stressed the power of its global network during its first investor day presentation since 2008. The bank has cut the client list in its Institutional Clients Group from 32,000 in 2012 to 14,000 in 2016, as it focuses on its most profitable clients. Citigroup on Tuesday held its first investor day since the 2008, signaling that its long road to recovery since the financial crisis is largely over and that the bank has hit its stride.  "We have improved the quality and consistency of our earnings and are reaching our stated goal of being an indisputably strong and stable institution," Citi CEO Michael Corbat said during his opening remarks. "As I’ve said, our restructuring is over."  Investors liked what they heard, as Citi stock closed the day up nearly 3%.   They also heard one word over and over again throughout the day, and it helps explain how Citi orchestrated its comeback: "network." The word, which refers to the company's presence in 98 markets around the word, was mentioned 23 times alone in the presentation for the bank's Institutional Clients Group (ICG), which is its most profitable business, accounting for 70% of Citi's $15 billion in profits and nearly half its revenue the past 12 months. The oft-repeated word highlights what Citi considers one of its largest advantages over its peers: The streamlined company has become the day-to-day banker for the world's largest corporations across the globe, handling an array of recurring money and payment needs. "Our global network is what’s driving our momentum," Jamie Forese, the CEO of Institutional Client Group, said during the presentation. "[The network] cannot be easily replicated by any of our peers in today's market." In practice, this means that for many of the largest companies on earth — 84% of ICG revenues come from large multinationals — Citi is a one-stop shop nearly across the globe for daily financial services like sending and receiving money, trading financial products, using commercial credit cards, corporate lending, and exchanging currency. The bank has trading floors in 77 markets.  The businesses tied to its network are especially valuable to Citi given its utility day-in and day-out. Investment banking is a valuable business — it drove $4.9 billion in revenue for Citi the past 12 months — but Citi's large corporate clients aren't acquiring companies or issuing debt every single day, so the revenue opportunities are more periodic. Whereas these companies do need to send and receive payments consistently, and many of Citi's financial services clients need to be trading every day. "Many of competitors are capable only of competing for that episodic revenue," Forese said. "We can compete for episodic as well as the more valuable recurring opportunities." Here's a breakdown of every line of business in Citi's Institutional Clients Group, which illustrates that the services most tied to its global network account for the most revenue and have grown the quickest in recent years. A key factor driving the success of the network and the Institutional Client Group overall mirrors Citi's company-wide focus post-crisis: trimming the fat and eliminating extraneous businesses that are more trouble than they're worth.  For ICG, this involved culling its client base from 32,000 to 14,000 from 2012 to 2016, zeroing in on customers with deep relationships that drive revenue, including a heavy focus on emerging markets.  "The decision to cull the client base was a function of eliminating clients where we didn't think the network could provide anything distinctive," Forese said. "Our top 1,000 clients generate about two-thirds of our revenue." Forese said Tuesday he anticipates the ICG client base will shrink further yet.  Here's a slide showing the focus and evolution of Forese's group: Join the conversation about this story » NOW WATCH: A $16B hedge fund CIO explains what it takes to work at a hedge fund today Tue, 25 2017 22:14:02 GMT U.S. Navy ship fires warning shots near Iranian vessel By Idrees Ali WASHINGTON (Reuters) - A U.S. Navy ship fired warning shots when an Iranian vessel in the Gulf came within 150 yards (137 meters) on Tuesday in the first such incident since President Donald Trump took office in January, U.S. officials said. The last major incident was earlier in January, though there have been instances when a U.S. vessel fired a flare as well as an event in March when a U.S. Navy ship was forced to change course after multiple fast-attack vessels from the Islamic Revolutionary Guard came too close. In a statement, U.S. Naval Forces Central Command said the patrol craft, named Thunderbolt, fired the warning shots in front of the Iranian vessel after it ignored radio calls, flares and the ship's whistle. Tue, 25 2017 18:30:26 GMT Phil Mickelson#039;s former caddie praises Jordan Spieth#039;s caddie for #039;amazing#039; British Open performance Jordan Spieth was the one holding the club on Sunday at the Open Championship, but don't overlook his caddie's role in his back nine for the ages. Spieth ran into trouble on the 13th hole at Royal Birkdale, driving his ball 100 yards to the right of the fairway before declaring an unplayable lie. Facing a blind shot, the Texan estimated that he was 270 yards from the front of the green, but his caddie, Michael Greller, ran to the top of a nearby hill and realized Spieth was really around 230 yards away. Spieth's ensuing approach shot was off-line, but having the correct distance allowed him to escape with a bogey. The 23-year-old went on to rebound in style, making birdie or better on the next four holes to reclaim the lead. But it was Greller who came to the rescue when Spieth found himself in his stickiest situation of the week, and former PGA Tour caddie Jim "Bones" Mackay, who spent over 20 years on Phil Mickelson's bag, took notice. "You could make the argument that was the most critical yardage ever given to a player in the history of golf," Mackay said on Golf Channel's "Morning Drive." "Jordan is off the grid there, and Michael, once they found the ball, had to go to the top of the dune, he's got to eyeball it back to the ball, he’s got to eyeball it toward the green, add it up, and give it to his man with hopefully the right line. If he gets that wrong, and the ball goes into a bunker or into a gorse bush, they are in a lot of trouble...What Michael did there, in his little piece, because obviously he's not hitting the shot, is one of the most amazing things a caddie has ever done." That's high praise coming from Mackay, who now works as an on-course reporter for NBC and was present at the British Open. The caddie won five major titles with Mickelson, advising him on some of his greatest shots along the way. Many of the PGA Tour's player-caddie relationships have a boss-employee dynamic, but Spieth and Greller are regarded as a true partnership. Spieth has been effusive in his praise of Greller from the beginning of his career, leaning on him for advice and beginning many of his sentences with "we" in press conferences. "Mike's my right-hand man. He's the only other guy on course who can help influence what happens," Spieth said in 2015. "He's doing a great job for me. And each week we're learning a little bit more. Still are." This isn't the first time that Greller has been recognized by his peers -- he won HSBC's Caddie of the Year award back in 2015, the year he and Spieth won five PGA Tour events together. The tandem will make its next start in August at the PGA Championship.Join the conversation about this story » NOW WATCH: A 12-time Olympic medalist reveals her eating habits during training Tue, 25 2017 20:34:06 GMT US Navy releases video showing close call and machine-gun firing near an Iranian patrol boat The US Navy on Tuesday released a video of what it called an "unsafe and unprofessional" encounter between an Iranian patrol boat and the USS Thunderbolt in the Arabian Gulf. The video shows the Iranian boat coming near the bow of the US ship, which the Navy said was within 150 yards. An official told Reuters the Iranian boat ignored attempts to communicate over the radio. As the video shows, the Thunderbolt responded by firing short bursts from its machine-gun to the front of the Iranian vessel, until it veered away.  "The Iranian vessel's actions were not in accordance with the internationally recognized [Regulations for Preventing Collisions at Sea] 'rules of the road' nor internationally recognized maritime customs, creating a risk for collision," a statement from Central Command said. Watch: Here’s the video just released by CENTCOM of the USS Thunderbolt firing on an Iranian patrol boat — Paul Szoldra (@PaulSzoldra) July 25, 2017  Join the conversation about this story » NOW WATCH: A former member of the KGB explains the most valuable technique for espionage Tue, 25 2017 18:47:53 GMT Official: US Navy ship fires warning shots near Iranian ship DUBAI, United Arab Emirates (AP) — A U.S. Navy patrol boat fired warning shots Tuesday near an Iranian vessel that came close to it during a tense encounter in the Persian Gulf, an American defense official said. Iran#39;s hard-line Revolutionary Guard later blamed the American ship for provoking the incident. Tue, 25 2017 16:32:11 GMT Why Swansea Talisman Gylfi Sigurdsson Is Absolutely Worth £50m in Today#039;s Market Tue, 25 2017 15:00:51 GMT US Navy ship#039;s warning shots at Iranian boat A US Navy ship fired warning shots at an armed Iranian patrol boat Tuesday in the northern end of the Persian Gulf, according to two US defense officials. Tue, 25 2017 14:15:57 GMT Shakespeare, Under the Sky and Around the Globe Experience Shakespeare in 360 degrees and the way the Bard intended — in the great outdoors. Tue, 25 2017 10:55:28 GMT Swansea Reject Improved £45m Bid From Everton for Midfielder Gylfi Sigurdsson Tue, 25 2017 09:00:51 GMT