JPMorgan Chase & Co. (NYSE:JPM) was the first ever actively trading company to be sanctioned by the Federal Energy Regulatory Commission (FERC), which revoked JPMorgan Ventures Energy Corp’s right to trade power for six months during 2013. Additionally, the FERC has proposed fines for some of the largest banks in the world, including Barclays Plc (BARC:LSS) and Deutsche Bank AG (DBK:ETR).
Rockwell Automation Inc. (NYSE:ROK) has stated that the U.S. Navy awarded it with a $21.7 million contract for programmable automation controllers, variable frequency drives, software, and engineering support services operating machinery control systems on U.S. Navy and Coast Guard surface ships. The award enables the Navy and other Department of Defense agencies to acquire engineered systems and services from Rockwell Automation vital to daily and strategic shipboard operations, domestically and globally.
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Citigroup, Inc. (NYSE:C) has named Dinesh Sharma as its consumer banking head for the Middle East and North Africa, according to a statement made Sunday.
Bank of America (NYSE:BAC): MBIA Inc. (NYSE:MBI) has finished its consent solicitation, which will result in the amendments to indentures governing certain Senior Notes and Debentures that have been described in the company’s consent solicitation statement for November 7. The amendments substitute one of the company’s subsidiaries, National Public Finance Guarantee Corporation, for another subsidiary, MBIA Insurance Corporation, according to the definitions of Restricted Subsidiary in the Indenture, dated as of August 1, 1990, and Principal Subsidiaries in the Senior Indenture, dated as of November 24, 2004, pursuant to which the Notes were issued. Furthermore, the company revealed in a filing that, “The primary effect of the Amendments is to eliminate the risk that a rehabilitation or liquidation proceeding involving MBIA Corp. by the New York State Department of Financial Services would cause an event of default under the 1990 Indenture or the 2004 Indenture, as defined therein.” The Fly has stated that on November 13, Bank of America (NYSE:BAC) began an offer to purchase any and all of the outstanding 5.70 percent Senior Notes due 2034 issued by MBIA in cash. In the tender offer, BofA claims that it thinks that “if the MBIA Consent Solicitation is successful, the risk of MBIA Insurance Corporation being placed in rehabilitation or liquidation will increase, which would jeopardize all policyholder claims, including Bank of America’s claims under these transactions.”