On Tuesday, Shares of Oracle Corporation (NYSE:ORCL), gained 2.00% to $39.28.
Oracle, declared that professional services firm and Gold-level member of Oracle PartnerNetwork (OPN), TekStream Solutions, has adopted company-wide secure file sharing and content partnershipand reduced project setup costs by 30 percent using Oracle Documents Cloud Service.
For its consulting services, TekStream needed an efficient and scalable solution for accessing, sharing, and collaborating on documents with its consultants and customers. The firm wanted to be able to quickly and cost-effectively set up content partnershipinstances to support new clients and IT projects, while safeguarding sensitive client content and providing superior version administration, content segregation, and document accuracy.
Oracle Corporation develops, manufactures, markets, sells, hosts, and supports database and middleware software, application software, cloud infrastructure, hardware systems, and related services worldwide.
Shares of American International Group Inc (NYSE:AIG), inclined 0.66% to $63.66, during its last trading session.
American International Group, declared that Douglas A. Dachille, Chief Executive Officer of First Principles Capital Administration, LLC (First Principles), will become Executive Vice President and Chief Investment Officer of AIG, succeeding William N. Dooley, Executive Vice President, Investments, who is retiring. Additionally, AIG is acquiring First Principles, a privately held investment administration firm. The transaction is predictable to close in the third quarter of 2015.
Mr. Dachille will report to Peter D. Hancock, President and Chief Executive Officer of AIG, and will join AIG’s Operating Committee. Preceding to leading First Principles for 11 years, Mr. Dachille was President of Zurich Capital Markets. He began his career at JPMorgan Chase & Co., where he held a variety of positions, counting Global Head of Proprietary Trading and co-Treasurer, and built the Hybrid Derivatives business.
American International Group, Inc. provides insurance products and services for commercial, institutional, and individual customers in the United States, the Asia Pacific, and internationally.
Finally, ITC Holdings Corp. (NYSE:ITC), ended its last trade with 0.47% gain, and closed at $33.90.
ITC Holdings Corp., filed a Petition for Declaratory Order with the Federal Energy Regulatory Commission (FERC) asking for needed guidance on issues critical to the regional competitive transmission bidding processes established under Order 1000. ITC’s Petition seeks guidance from FERC as to how winning bids will be treated for ratemaking purposes: whether bids selected through FERC-approved competitive transmission solicitation processes are deemed to be just and reasonable. In addition, the Petition asks FERC to award winning binding, full revenue requirement bids protection from future rate challenges unless required by the public interest.
ITC’s Petition comes at a time when Regional Transmission Organizations (RTOs) are initiating their approved competitive solicitation processes. Southwest Power Pool (SPP) presently has an open bidding window for its first competitive project. The Midcontinent Independent System Operator (MISO) is predictable to launch its competitive process preceding to year end. Both SPP and MISO require 40-year, annual revenue requirement (project costs plus return) estimates. Based on experience in other regions, it is likely developers will seek to submit binding bids for these revenue requirements as well. Full revenue requirement bids raise questions as to how a regulated cost-of-service methodology works in a competitive environment. This question has not been addressed to date, because CAISO and PJM, the only other regions that have conducted competitive processes to award new transmission projects, only require that developers bid on project costs, not full revenue requirements.
ITC Holdings Corp., together with its auxiliaries, engages in the transmission of electricity in the United States. The company functions as conduit, allowing for power from generators to be transmitted to local distribution systems through its own systems or in conjunction with neighboring transmission systems.
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