Chevron MOVES Forward With Lianzi Development and 3 Dow Movers Seeing Action

Bank of America Corporation (NYSE:BAC): The United States Congress is being lobbied by banks to extend the special type of deposit insurance that covers all deposits, even those above $250,000, which the Federal Deposit Insurance Corp. now covers, says Reuters. The special insurance expires at the end of 2012, and without it banks are worried that some firms could withdraw billions from their accounts.

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Chevron Corporation (NYSE:CVX) has reported that its subsidiary will go forward with the development of the Lianzi field, that lies in a unitized offshore zone between the Republic of Congo and the Republic of Angola, 65 miles offshore in about 3,000 feet of water. The field will be developed through a tieback to the existing Benguela Belize Lobito Tomboco platform in Angola Block 14. The $2 billion development will be comprised of a sub-sea production system and a 27-mile electrically heated flowline, which marks the first of its kind at this water depth, to transport the oil from the field to the BBLT platform. The first production should come in 2015, and at that time the project is expected to produce a maximum of 46,000 barrels of oil equivalent per day.

General Electric Co. (NYSE:GE), a global partner of the Olympic Games, said it has topped $1 billion in infrastructure sales over the past four Olympic Games. Since 2006, the company has collaborated closely with host countries, cities and organizing committees to supply infrastructure solutions for Olympic Games venues, health centers and commercial buildings. The purpose of the technology is to support the organizing committees’ goals of building sustainable Olympic Games that enhance the host city and also to supply state-of-the-art healthcare for Olympic athletes.

International Business Machines Corp. (NYSE:IBM) and CEMEX S.A.B. de C.V. (NYSE:CX) have reached a 10-year strategic partnership through which the latter will provide world-class business process and information tech services. Also, IBM will supply CEMEX with business consultant services so as to detect and drive sustainable improvements in profitability, employing the entire repertoire of IBM’s capabilities, including research and development knowhow.

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