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Stock Market & Financial Investment News

News Breaks
January 9, 2014
08:48 EDTAAAlcoa to pay $384M to settle SEC, DOJ bribery charges
The Securities and Exchange Commission charged Alcoa Inc. with violating the Foreign Corrupt Practices Act, FCPA, when its subsidiaries repeatedly paid bribes to government officials in Bahrain to maintain a key source of business. An SEC investigation found that more than $110M in corrupt payments were made to Bahraini officials with influence over contract negotiations between Alcoa and a major government-operated aluminum plant. Alcoa lacked sufficient internal controls to prevent and detect the bribes, which were improperly recorded in Alcoa’s books and records as legitimate commissions or sales to a distributor. Alcoa agreed to settle the SEC’s charges and a parallel criminal case announced by the U.S. Department of Justice by paying a total of $384M.
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March 3, 2015
05:26 EDTAAAlcoa completes acquisition of TITAL
Alcoa announced that it has completed the acquisition of privately held TITAL. Alcoa closed the transaction, which was announced on December 15, 2014, after receiving all of the required global regulatory approvals. TITAL is a manufacturer of titanium and aluminum structural castings for aircraft engines and airframes. Alcoa sees a current 8-year production order book at 2014 delivery rates. Almost 70% of TITAL’s revenues are expected to come from commercial aerospace sales in 2019. Further, its titanium revenues are expected to increase by 70% over the next five years as manufacturers of next-generation jet engines look to titanium solutions for engine structural components. In 2014, TITAL generated revenues of approximately approximately $100M, more than half of which came from titanium products. TITAL’s business is being integrated into Alcoa’s Engineered Products and Solutions segment.
February 26, 2015
09:35 EDTAAActive equity options trading on open
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February 23, 2015
07:40 EDTAABMO Capital to hold a conference
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