BofA Is Among Big Banks Censured By Singapore Authorities and 2 Other Hot Stocks to Watch
Bank of America Corporation (NYSE:BAC): Current price $13.12
On Friday, monetary regulators in Singapore censured 20 of the top banks in the world in regards to attempts at manipulation of local benchmark interest rates that form a part of a larger rate-rigging scandal being examined by authorities worldwide. The financial institutions included the Wall Street giants Bank of America and JPMorgan Chase & Co., and were found to lack adequate risk management and internal controls, which permitted some of their traders to try to modify rates which included the Singapore interbank offered rate, known as Sibor. As a part of its inquiry, the Monetary Authority of Singapore reported that 133 traders at firms such as Credit Suisse, Citigroup and ING attempted to influence the local benchmark rate to their own financial gain during a five-year period that begun in 2007.
Cliffs Natural Resources (NYSE:CLF): Current price $18.42
Cliffs says that it is temporarily suspending the environmental assessment activities for its Chromite Project in Northern Ontario, because of certain unresolved pertinent matters. The miner pointed to several problems responsible for the suspension of the environmental assessment process for the Project, among which include delayed approval of the terms of reference for the provincial Environmental Assessment process, land surface rights disputes that have yet to be resolved, agreements with the Government of Ontario that are not finished but are key to the project’s economic viability and uncertainty concerning the federal EA process because of a current judicial challenge by a group of the impacted First Nations.
Safeway (NYSE:SWY): Current price $24.38
Analysts at Susquehanna believe that Safeway’s divestiture of its Canadian asset on Thursday should not be considered a catalyst for value expansion, but instead should lead to valuation challenges that have not been priced into the shares, according to theflyonthewall.com. Further, The firm anticipates that the remaining company will trade at a discount to where it had been prior to the transaction. Presently, shares are rated Negative with a price target of $14.