Tuesday, January 26WE ACCEPT QUALIFIED GUEST POSTS

Business

Boeing Statement on 737 MAX software
Business

Boeing Statement on 737 MAX software

CHICAGO, IL (STL.News) - The safety of our airplanes is Boeing’s highest priority.  During the FAA’s review of the 737 MAX software update and recent simulator sessions, the Federal Aviation Administration (FAA) identified an additional requirement that it has asked the company to address through the software changes that the company has been developing for the past eight months. The FAA review and process for returning the 737 MAX to passenger service are designed to result in a thorough and comprehensive assessment.  Boeing agrees with the FAA's decision and request, and is working on the required software.  Addressing this condition will reduce pilot workload by accounting for a potential source of uncommanded stabilizer motion.  Boeing will not offer the 737 MAX for certification by th...
SEC Charges New Defendant, Jason Sugarman, in $43 Million Tribal Bonds Scheme
Business

SEC Charges New Defendant, Jason Sugarman, in $43 Million Tribal Bonds Scheme

Washington DC (STL.News) - The Securities and Exchange Commission today charged a Los Angeles man for his role in a fraudulent scheme to gain undisclosed control over two registered investment advisers so that he, his partner, and their associates could steal $43 million of client funds they purported to invest in Native American tribal bonds. The SEC alleges that Jason Sugarman, formerly associated with a registered broker-dealer and investment adviser, directed the scheme along with Jason Galanis, whom the SEC has previously charged with securities fraud.  According to the SEC’s complaint, Sugarman secured financing to acquire control of investment advisers so that he and his associates could use client funds to purchase Native American tribal bonds.  The SEC further alleges that Sugarm...
Federal Reserve Board announces approval of proposals by Texas Independent Bancshares, Inc, Texas First Bank
Business

Federal Reserve Board announces approval of proposals by Texas Independent Bancshares, Inc, Texas First Bank

Washington (STL.News) - The Federal Reserve Board on Thursday announced its approval of the proposal under section 4 of the Bank Holding Company Act of 1956 by Texas Independent Bancshares, Inc. ("TIB"), Texas City, Texas, to acquire Preferred Bancshares, Inc. ("Preferred") and thereby indirectly acquire Preferred's subsidiary federal savings bank, Preferred Bank, both of Houston, Texas.  The Board also approved the proposals under section 18(c) of the Federal Deposit Insurance Act and section 9 of the Federal Reserve Act by Texas First Bank, Texas City, Texas, to merge with Preferred Bank and to establish and operate branches at the locations of the main office and branches of Preferred Bank. CLICK to VIEW SOURCE
Intercontinental Exchange launches NYSE Board Advisory Council to Advance Board Diversity
Business

Intercontinental Exchange launches NYSE Board Advisory Council to Advance Board Diversity

Council to connect diverse board candidates with companies seeking new directors NEW YORK (STL.News) - The New York Stock Exchange (NYSE), a wholly-owned subsidiary of Intercontinental Exchange (NYSE: ICE), announced the launch of the NYSE Board Advisory Council, which will proactively address the critical need for inclusive leadership by connecting diverse candidates with companies seeking new directors. The Council, which is comprised of 15 founding member CEOs from some of the world’s largest and most well-established brands, will leverage their own personal networks to identify qualified candidates interested in serving on boards. Through a series of live events, the first to be held at the New York Stock Exchange on June 25, the Council will introduce candidates to NYSE-listed compan...
Federal agencies issue final amendments to Regulation CC regarding funds availability
Business

Federal agencies issue final amendments to Regulation CC regarding funds availability

WASHINGTON, DC (STL.News) - The Consumer Financial Protection Bureau and the Federal Reserve Board yesterday jointly published amendments to Regulation CC that implement a statutory requirement to adjust for inflation the amount of funds depository institutions must make available to their customers.  The amendments apply in circumstances ranging from next business day withdrawal of certain check deposits to setting the threshold amount for determining whether an account has been repeatedly withdrawn. Regulation CC implements the Expedited Funds Availability Act of 1987 (EFA Act).  The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the EFA Act to grant the Bureau and the Board joint rulemaking authority for funds-availability schedules, disclosure polic...
Federal Reserve Board releases results of supervisory bank stress tests
Business

Federal Reserve Board releases results of supervisory bank stress tests

Washington (STL.News) - The nation's largest and most complex banks have strong capital levels that would allow them to stay well above their minimum requirements after being tested against a severe hypothetical recession, according to the results of supervisory stress tests released Friday by the Federal Reserve Board. The most severe hypothetical scenario projects $410 billion in total losses for the 18 participating bank holding companies.  This scenario featured a global recession with the U.S. unemployment rate rising by more than 6 percentage points to 10 percent, accompanied by a large decline in real estate prices and elevated stress in corporate loan markets. The firms' aggregate common equity tier 1 capital ratio, which compares high-quality capital to risk-weighted assets, wou...
PNC Releases Results Of Annual Dodd-Frank Company-Run Stress Test
Business

PNC Releases Results Of Annual Dodd-Frank Company-Run Stress Test

PITTSBURGH, PA (STL.News) - The PNC Financial Services Group, Inc. (NYSE: PNC) announced Friday the results of its annual company-run stress test conducted in accordance with regulations of the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act.  These company-run stress tests are designed to help assess whether banking organizations have sufficient capital to absorb losses and support operations during hypothetical severely adverse economic conditions over a nine-quarter projection period.  The projection period for the 2019 test covers January 1, 2019 to March 31, 2021. CLICK to VIEW COMPLETE REPORT  
Business News: Great Southern Bancorp, Inc. announces quarterly dividend
Business

Business News: Great Southern Bancorp, Inc. announces quarterly dividend

SPRINGFIELD, MO (STL.News) - The Board of Directors of Great Southern Bancorp, Inc. (NASDAQ:GSBC), the holding company for Great Southern Bank, declared a $0.32 per common share dividend for the second quarter of the calendar year ending December 31, 2019. The dividend will be payable on July 16, 2019, to shareholders of record on July 1, 2019.  This dividend represents the 118th consecutive quarterly dividend paid by the Company to common shareholders. With total assets of $4.8 billion, Great Southern offers a broad range of banking services to commercial and consumer customers.  Headquartered in Springfield, Mo., the Company operates 98 retail banking centers in Missouri, Arkansas, Iowa, Kansas, Minnesota and Nebraska, and commercial loan production offices in Atlanta, Chicago, Dallas,...
Business News: Duke Energy Renewables’ largest solar project now online in California
Business

Business News: Duke Energy Renewables’ largest solar project now online in California

150 MW North Rosamond solar project achieves commercial operation California solar plant provides clean, renewable energy to Southern California Edison customers CHARLOTTE, NC (STL.News) - Duke Energy Renewables, a subsidiary of Duke Energy (NYSE: DUK), announced that its 150-megawatt (MW) North Rosamond solar project in Kern County, Calif., has begun commercial operation. It is the largest solar project in Duke Energy Renewables’ fleet. “North Rosamond is a great addition to our growing solar portfolio,” said Rob Caldwell, president of Duke Energy Renewables.  "California is a leader in renewable energy, and we’re pleased to support the state’s efforts by continuing to provide cost-efficient renewable energy to meet residents’ needs.” The 150-MW project, which contains over 477,000 sola...
Federal Reserve Board, Federal Open Market Committee release economic projections from the June 18-19 FOMC meeting
Business

Federal Reserve Board, Federal Open Market Committee release economic projections from the June 18-19 FOMC meeting

WASHINGTON (STL.News) - The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the June 18-19 meeting. The table will be incorporated into a summary of economic projections released with the minutes of the June 18-19 meeting.  Summaries of economic projections are released quarterly. PDF CLICK to SOURCE
US Army soldiers to receive enhance Stinger Missiles for counter-drone missions
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US Army soldiers to receive enhance Stinger Missiles for counter-drone missions

? New proximity fuze enables troops to defeat emerging threats PARIS (STL.News) - The U.S. Army is retrofitting Stinger® missiles, produced by Raytheon Company (NYSE: RTN), with proximity fuzes to help counter the growing threat of enemy unmanned aircraft systems.  The enhancement enables the lightweight, self-contained Stinger air defense system to destroy a wider array of battlefield threats by detonating its warhead near the target, while maintaining the missile's proven hit-to-kill capability. "The Stinger enhancement gives our troops exactly what they need – an affordable and effective way to defeat the growing number of enemy UAS targets in the skies above the battlefield," said Sam Deneke, Raytheon Land Warfare Systems vice president.  "The counter-UAS mission is so critical; sever...
Business News: Boeing, Air Lease Corporation Announce Commitment for Five 787-9 Dreamliners
Business

Business News: Boeing, Air Lease Corporation Announce Commitment for Five 787-9 Dreamliners

ALC adds five more 787-9s to its fleet of 56 Dreamliners The 787 is the fastest-selling widebody jet in history with more than 1,400 total orders from over 80 customers LE BOURGET, Paris (STL.News) - Boeing [NYSE: BA] and Air Lease Corporation [NYSE: AL; "ALC"], a leading aircraft leasing company, announced a commitment during the Paris Air Show to purchase five 787-9 Dreamliners, valued at $1.5 billion at list prices. "Demand for reliable, versatile, and fuel-efficient airplanes is at an all-time high," said Steven Udvar-Házy, Executive Chairman of Air Lease Corporation.  "These five Boeing 787-9 aircraft are required by our airline customers to satisfy strong ALC lease placements of the 787." Boeing has sold more than 1,400 Dreamliners since the program's introduction, making it the fa...
Aegion Corporation Awarded $5.1 Million Wastewater Rehabilitation Project for Metropolitan St. Louis Sewer District
Business

Aegion Corporation Awarded $5.1 Million Wastewater Rehabilitation Project for Metropolitan St. Louis Sewer District

SAINT LOUIS, MO (STL.News) - Aegion Corporation (NASDAQ:AEGN) today announced that its subsidiary, Insituform Technologies, LLC, has been awarded a contract valued at $5.1 million from the Metropolitan St. Louis Sewer District (MSD) to complete the rehabilitation of over 18 miles of 6- to 96-inch wastewater pipelines using Insituform® CIPP.  Insituform expects to begin the project by August 2019 and to complete the project within two years. Charles R. Gordon, Aegion President and Chief Executive Officer, said, “We are pleased to have been awarded this contract from MSD. Insituform is based in St. Louis and MSD is one of our oldest municipal customers.  Safety remains our top priority and we will work closely with MSD and our subcontractors to ensure this project is successfully and safely...
Discover Bank Ends Fees on All Deposit Products
Business

Discover Bank Ends Fees on All Deposit Products

No More Fees for Insufficient Funds, No Monthly Maintenance Fees RIVERWOODS, IL (STL.News) - Discover announced today the elimination of deposit account fees, promising to help customers keep more of what they earn and save.  Customers with a checking, savings, money market or CD account from Discover Bank now can rest easy knowing their money will stay where they put it without fees for an occasional oversight or pressing need. “Helping our customers lead better financial lives, is at the heart of everything we do, whether that’s removing fees, offering industry-leading rewards or consistently delivering distinctive customer experience,” said Arijit Roy, vice president of deposits at Discover.  “Removing all deposit account fees was an easy decision for us based on our commitment to offe...
ICE Data Indices recognized as Third Country Benchmark Administrator by the UK’s Financial Conduct Authority
Business

ICE Data Indices recognized as Third Country Benchmark Administrator by the UK’s Financial Conduct Authority

ATLANTA & NEW YORK (STL.News) - Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that ICE Data Indices, LLC has been recognized as a third country benchmark administrator under Article 32 of the European Union’s Benchmarks Regulation (BMR).  Recognition was granted by the UK’s Financial Conduct Authority (FCA) on May 24, 2019. “We are strong proponents of a robust governance framework for financial benchmarks,” said Phil Galdi, Head of Indices at ICE Data Services.  “We are proud to have been recognized as a third country benchmark administrator by the FCA, and are committed to achieving the highest standards for the indices that we administer.” ICE Data Indices, LLC and ...
Boeing to Acquire EnCore Group, an Aerospace Interiors Supplier
Business

Boeing to Acquire EnCore Group, an Aerospace Interiors Supplier

Boeing set to acquire airplane seat and galley manufacturer to build internal capabilities and broaden offerings to customers CHICAGO IL (STL.News) - Boeing [NYSE: BA] has entered into an agreement to acquire California-based EnCore Group, an aerospace interiors company that designs, certifies and produces airplane galleys and seats for airlines and also supplies products and components to Boeing. Boeing’s acquisition of EnCore Group will strengthen internal capabilities and increase innovation within its cabin vertical in order to provide greater end-to-end value to airline customers—from increased options and better products to improved capacity and availability.  The acquisition includes the entire company including EnCore Interiors, EnCore International and LIFT by EnCore.  Boeing pre...
Littoral Combat Ship 21 (Minneapolis-Saint Paul) Christened, Launched
Business

Littoral Combat Ship 21 (Minneapolis-Saint Paul) Christened, Launched

Capable, lethal and flexible ship will serve targeted missions around the world MARINETTE, WI (STL.News) - The Lockheed Martin (NYSE: LMT)-led shipbuilding team launched Littoral Combat Ship (LCS) 21, the future USS Minneapolis-Saint Paul into the Menominee River at the Fincantieri Marinette Marine Shipyard.  Ship sponsor Jodi J. Greene, Deputy Under Secretary of the U.S. Navy for Policy, christened LCS 21 just prior to launch. "LCS is the second largest ship class in the U.S. Navy, and Lockheed Martin is proud to deliver capability and added force projection with each additional hull," said Joe DePietro, Lockheed Martin vice president and general manager of Small Combatants and Ship Systems.  "LCS is ready to serve a variety of missions, and our team is working with the Navy to add letha...
Business News: Abbott declares 382nd consecutive quarterly dividend
Business

Business News: Abbott declares 382nd consecutive quarterly dividend

ABBOTT PARK, IL (STL.News) - The board of directors of Abbott (NYSE: ABT) Friday declared a quarterly common dividend of 32 cents per share. This marks the 382nd consecutive quarterly dividend to be paid by Abbott since 1924.  The cash dividend is payable August 15, 2019, to shareholders of record at the close of business on July 15, 2019. Abbott has increased its dividend payout for 47 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have increased dividends annually for at least 25 consecutive years.