On Tuesday, ACE Limited (NYSE:ACE)’s shares inclined 1.09% to $104.46.
ACE Limited (ACE) declared the appointment of Peter van Ratingen as its new Country President for its general insurance operation in the Philippines. Mr. van Ratingen succeeds Mr. Daniel Daly, who will retire on July 31, 2015.
In his role as Country President, Mr. van Ratingen will oversee the operations and business development activities of ACE’s key business lines in the Philippines namely, Property & Casualty, Accident & Health and Personal & Business Insurance. He is also responsible for the administration of regulatory relationships, planned partnerships and affinity relationships. He will report to Juan Luis Ortega, Regional President for ACE’s general insurance operations in Asia Pacific.
ACE Limited, through its auxiliaries, provides a range of property and casualty insurance and reinsurance products worldwide. The company’s Insurance North American P&C segment offers casualty insurance, environmental, inland marine, professional risk, disaster protection, vacant land and building, and claims and risk administration services; homeowners, automobile, valuables, umbrella liability, and recreational marine insurance; and wholesale excess and surplus lines property, casualty, environmental, professional liability, inland marine, and product recall coverages.
First Solar, Inc. (NASDAQ:FSLR)’s shares gained 2.10% to $45.12.
First Solar, Inc. (FSLR) declared that it has signed an agreement to supply its high performance photovoltaic (PV) modules to power the 200 megawatt (MW)AC second phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, the United Arab Emirates.
Earlier this year, a consortium led by ACWA Power, a leading water and power developer, owner and operator based in Saudi Arabia, and TSK, a Spanish engineering and construction company, was selected by the Dubai Electricity and Water Authority (DEWA) to develop, construct, own and operate the independent power project. According to the consortium, the project’s tariff of 5.84 USD cents per kilowatt-hour establishes a new global benchmark, reducing the cost of solar electricity by over 20 percent.
First Solar, Inc. provides solar energy solutions worldwide. The company operates through two segments, Components and Systems. The Components segment designs, manufactures, and sells solar modules that convert sunlight into electricity. This segment manufactures cadmium telluride and crystalline silicon modules for project developers and system integrators, in addition to owners and operators of photovoltaic (PV) solar power systems.
At the end of Tuesday’s trade, Energy XXI Ltd (NASDAQ:EXXI)‘s shares surged 8.52% to $2.42.
Energy XXI Ltd (EXXI) declared that after several constructive meetings and exchanges of information, Energy XXI has reached a contract with the Bureau of Ocean Energy Administration (BOEM) with regard to supplemental bonding requirements for the company and its auxiliaries. Energy XXI has offered $150 million of supplemental bonding, bringing the company’s total supplemental bonding to $319 million at an annual premium expense of $4.8 million, with about $10 million collateral posted. In addition, the company maintains $226 million in Letters of Credit to third parties on additional assets in the Gulf of Mexico. The BOEM has agreed to withdraw its orders with regard to supplemental bonding upon dismissal of the appeals filed by Energy XXI with the Interior Board of Land Appeals, and postponed until November 15, 2015 the issuance of any further requirements for financial assurance with respect to activities on existing properties of Energy XXI and its auxiliaries.
Energy XXI (Bermuda) Limited is engaged in the acquisition, exploration, development, production, and operation of oil and natural gas properties onshore in Louisiana and Texas, and on the Gulf of Mexico. As of June 30, 2014, the company had proved reserves of 246.2 million barrels of oil equivalent. It operated or had an interest in 984 gross producing wells on 432,954 net developed acres, counting interests in 61 producing fields. Energy XXI (Bermuda) Limited was founded in 2005 and is headquartered in Houston, Texas.
Banco Bilbao Vizcaya Argentaria SA (ADR) (NYSE:BBVA), ended its Tuesday’s trading session with 0.42% gain, and closed at $9.49.
BBVA Compass recently declared the winners of its Great Ideas for Small Business contest, assisting two entrepreneurs accelerate their paths to startup success.
Premysl Pech of Jacksonville, Fla., was named the grand prize winner, receiving $15,000 to assist grow Space Engineers Prints, a 3-D printing service. Corey Cooper of Mobile, Ala., was the runner up, taking home a $5,000 prize for his patented motorcycle safety-jacket concept. The competition, which was held in May on social media networks, underscores the bank’s dedication to assisting small businesses flourish.
Space Engineers Prints, a startup operated by Pech’s company BinaryNow Inc., gives players of the PC game Space Engineers an opportunity to order full color, 3-D plastic models of the ships and platforms they’ve designed in the game. Pech said he plans to use his prize for a software upgrade, 3-D design work, business marketing and also possibly to temporarily subsidize customers’ international shipping costs.
Banco Bilbao Vizcaya Argentaria, S.A. engages in the retail banking, wholesale banking, asset administration, and private banking businesses primarily in Spain, Eurasia, Mexico, South America, and the United States. It offers deposit products, counting personal accounts, housing accounts, savings accounts, deposit accounts, etc.; and loan products, such as personal loans, mortgages, etc.; credit cards; investment products comprising mutual funds, warrants, and pension plans; and telephone and on-line banking services, in addition to ATMs for individual customers.
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