Fed Approves Resubmitted Capital-Adequacy Reports from Citi, SunTrust
The Federal Reserve approved the revised capital-adequacy assessments of Citigroup Inc. (C) and SunTrust Banks Inc. (STI), the two banks said Wednesday.
Citi CEO Pandit: Basel's Rules Address Capital Needs Well
Citigroup Inc. (C) Chief Executive Vikram Pandit conceded the bank's strategy had gone astray even before the financial crisis and endorsed new international capital rules, which address concerns about bank capital "very well." In a speech Wednesday at the Lee Kuan Yew School of Public Policy in
Quality Systems Elects Two Directors Nominated by Dissident Board Member
Quality Systems Inc. (QSII) has elected two directors nominated by dissident board member Ahmed Hussein, and seven of the eight nominees named by the company, amid a long-running proxy battle.
FTC Clears Facebook's Proposed Instagram Deal
The Federal Trade Commission said late Wednesday it closed its investigation into Facebook's proposed purchase of Instagram Inc. without taking any action, in effect allowing the deal to proceed.
Focus Media's Profit Rises 38%
Focus Media Holding Ltd.'s (FMCN) second-quarter earnings rose 38% as the Chinese digital-advertising company recorded strong revenue gains in its LCD display and poster frame segments.
Chevron: Richmond, Calif., Refinery Running at Reduced Rates
Chevron Corp. (CVX) continues to produce transportation fuels at its Richmond, Calif., refinery, but at reduced rates, a spokesman said Wednesday.
Hain Celestial to Buy Premier Foods Brand
Hain Celestial Group Inc. (HAIN) has agreed to acquire Premier Foods PLC's (PFD) portfolio of packaged grocery brands for 200 million pounds sterling ($317.6 million) in cash and stock as the natural- and organic-products company looks to expand in the U.K. and also reported its fiscal
BP Says Contaminated Gasoline Reached 220 Gas Stations
BP PLC (BP, BP.LN) said Wednesday that 220 gasoline stations in northwest Indiana, southern Chicago and Milwaukee received a bad batch of gasoline produced at its refinery in Whiting, Ind.
Attorneys Tussle Over Merchant Swipe-Fee Settlement
Attorneys involved in a class-action settlement over Visa Inc. (V) and MasterCard Inc. (MA) transaction-processing fees are tussling over whether merchants who oppose the deal should have access to certain court documents.
Ericsson To Sell Fiber-Access Assets to Calix
Swedish telecommunications gear vendor Ericsson (ERIC) has agreed to sell its fiber-access assets to U.S. broadband-equipment supplier Calix Inc. (CALX).