On Friday, Shares of Petroleo Brasileiro SA - Petrobras (ADR) (NYSE:PBR), lost -1.69% to $4.07.
The Bill & Melinda Gates Foundation Trust has sued Brazil’s Petrobras to recoup stock losses stemming from a corruption scandal at the state-run oil company, according to Reuters.
According to a complaint filed late Thursday night in federal court in Manhattan, Petrobras’ “pervasive bribery and money laundering scheme” caused the trust and another plaintiff, WGI Emerging Markets Fund LLC, to lose tens of millions of dollars by investing in the company.
“Indeed, the scandal still seems to escalate by the day - as more guilty pleas, more arrests, and more secret bank accounts are uncovered,” the complaint said.
Petrobras, whose formal name is Petroleo Brasileiro SA, is facing a slew of U.S. class-action litigation claiming that years of corruption, counting bribery, inflated the value of more than $98 billion of its stock and bonds. Reuters Reports
Petroleo Brasileiro SA - Petrobras is a Brazil-based integrated energy company. The Company operates in the Exploration and Production (E&P); Refining, Transportation and Marketing (RTM); Gas and Power; Biofuels; Distribution, and International segments. E&P comprises exploration, development and production of crude oil, natural gas liquid and natural gas in Brazil. RTM covers the refining, logistics, transport and trading of crude oil and oil products activities, export of ethanol, extraction and processing of shale, and interests in petrochemical companies in Brazil.
Shares of Procter & Gamble Co (NYSE:PG), inclined 1.84% to $72.67, during its last trading session.
Procter & Gamble declared a new aim to reduce absolute greenhouse gas emissions from its facilities by 30% by 2020. The aim was developed in partnership with World Wildlife Fund (WWF). This new aim is based on the best available science and represents an important step forward in the Company’s continued efforts to minimize its greenhouse gas emissions that impact climate change.
In addition, the Company is joining the Climate Savers Program, a program sponsored by WWF to enable leadership companies to collaborate and accelerate their efforts to address climate change.
P&G selected a stretching target of 30% after considering the latest science presented by the Intergovernmental Panel on Climate Change. A 30% reduction will ensure that P&G is supporting global efforts to prevent global temperatures from surpassing two degrees Celsius, and is consistent with science-based methodologies that are assisting companies align targets with climate science.
The Procter & Gamble Company (P&G) provides consumer packaged goods. The Company operates in five segments under GBUs: Beauty, which offers a range of products ranging from deodorants to cosmetics to skin care; Grooming, which comprises blades, razors and electronic hair removal devices, such as electric razors and epilators; Health Care, which comprises oral care and personal health care products.; Fabric Care and Home Care, which comprises of a range of fabric care products, home care products and batteries, and Baby Feminine and Family Care, which offers diapers, pants, baby wipe, Bounty paper, towel and Charmin toilet paper brands.
Shares of Texas Instruments Incorporated (NASDAQ:TXN), inclined 0.90% to $47.17, during its last trading session.
The unmarked business in an office park on the outskirts of Houston claimed to make traffic lights. In reality, it was a spy-run outfit that shipped sensitive technology to the Russian military, according to the U.S., according to Bloomberg.
By claiming to be a manufacturer, Arc Electronics Inc. duped companies counting Texas Instruments Inc., Xilinx Inc. and Toshiba Corp. to sell it sensitive electronic components, some of which were then funneled to the Russian military where they could be used in radar, surveillance systems or missile guidance systems, bypassing U.S. restrictions on such sales, prosecutors said.
The identities of the companies were revealed during jury selection this week in Brooklyn federal court where three people who worked at the Houston-based exporter are on trial, accused of lying to the suppliers and U.S. officials. Bloomberg Reports
Texas Instruments Incorporated designs, makes and sells semiconductors to electronics designers and manufacturers across the world. The Company operates through two segments: Analog and Embedded Processing. The Company’s Analog segment comprises the following product lines: High Volume Analog & Logic, Power Administration, High Performance Analog and Silicon Valley Analog.
Finally, HollyFrontier Corp (NYSE:HFC), ended its last trade with 3.04% gain, and closed at $49.77, following a report that Tesoro (TSO) is interested in purchasing the smaller oil and gas refinery company.
Tesoro is rumored to have “renewed” interest in taking over HollyFrontier, according to Reuters. The news source said it was unable to verify the rumor, however. It is unclear if Tesoro has approached HollyFrontier about a potential takeover.
Earlier this year HollyFrontier’s board rejected terms Tesoro offered to acquire the company, according to Reuters. Tesoro’s offer price was not revealed at the time.
HollyFrontier Corporation is an independent petroleum refiner in the United States. The Company produces refined products, such as gasoline, diesel fuel, jet fuel, lubricant products, and specialty and modified asphalt. The Company operates through two segments, namely, Refining and HEP.
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