American Express Company (NYSE:AXP) or Discover credit card holders may soon be obtaining money from their card companies because the Consumer Financial Protection Bureau recently ordered the issuers to refund customers for illegal practices and deceptive marketing. American Express will have to repay approximately $85 million to some 250,000 customers. Cardholders who were promised $300 for enrolling in a Blue Sky Credit Card but never received the money will be paid that amount and customers who paid excessive late fees will also be reimbursed. In addition, the company will repay customers who paid off old debt when they were promised that their credit scores would improve as the payments were never reported to the credit bureaus.
The Boeing Company (NYSE:BA): Should large automatic defense spending reductions take effect in 2013, the Defense Department would protect major weapons systems and also consider furloughing civilian workers, said a statement by Pentagon Comptroller Robert Hale to Defense News.
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Cisco Systems, Inc. (NASDAQ:CSCO) has concluded its sales partnership with the Chinese telecommunications equipment maker ZTE Corp. (ZTCOY), subsequent to an internal inquiry into allegations that the company sold Cisco networking gear to Iran, according to Reuters.
Chevron Corporation (NYSE:CVX) and partners Noble Energy and ODYE (SL) Ltd. have been awarded a participating interest in deepwater offshore blocks SA 8A-10 and SL 8B-10 by the government of Sierra Leone. The two blocks were unified into one concession and lie between 75 and 110 miles southwest of Freetown, covering a combined area of around 2,100 sq. miles. The new blocks have average water depths between 4,900 to 9,800 feet. Chevron (SL) Ltd. will be operator with a 55 percent interest with Noble Energy SL Ltd. at 30 percent, and ODYE (SL) Ltd with 15.
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