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Stock Market & Financial Investment News

News Breaks
July 1, 2014
06:28 EDTBNPQYFINMA closes proceedings against BNP Paribas
The Swiss Financial Market Supervisory Authority conducted enforcement proceedings against BNP Paribas. The proceedings focused on the bank's compliance with US sanctions, especially those issued against Sudan. FINMA has concluded that in particular between 2002 and 2007 the bank persistently and seriously violated its duty to identify, limit and monitor the inherent risks, subsequently breaching supervisory provisions. FINMA has ordered additional capital requirements for operational risks and banned the bank from conducting business with companies and persons subject to EU and US sanctions. The US authorities conducted an investigation against the BNP Paribas regarding the violation of US sanctions against Cuba, Iran and Sudan. FINMA also examined whether the Swiss company, the BNP Paribas had breached Swiss supervisory law in this regard. During the probe, FINMA examined how BNP Suisse identified, limited and monitored the risks emanating from its cross-border trading business from 2002 to 2011. Business developments with business partners in countries sanctioned by the US, the bank's business and monitoring policy since 2002 and compliance with internal rules and regulations were also examined. The probe conducted by FINMA revealed that, particularly in the case of Sudan, the bank had ignored and violated US sanctions up to 2011, particularly during the period from 2002 and 2007. Reference Link
News For BNPQY From The Last 14 Days
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July 21, 2014
11:34 EDTBNPQYBNP suit prompts calls for whistleblower rewards in banking, Reuters says
BNP Paribas' $9B settlement with U.S. authorities, assisted by internal whistleblowers, has prompted calls for federal banking regulators to defend and offer incentives to individuals who report wrongdoing by banks, according to Reuters, citing comments from architect of the Securities and Exchange Commission's whistleblower representation program Jordan Thomas. Reference Link
July 10, 2014
06:24 EDTBNPQYBNP enters guilty plea in U.S. to overstepping sanctions, Reuters says
BNP Paribas entered a guilty in Manhattan federal court to overstepping U.S. sanctions after agreeing to pay $8.97B to resolve state and federal investigations that reached the highest echelons of French and American diplomacy, according to Reuters, citing comments from Assistant U.S. Attorney Andrew Goldstein. The bank's sentencing date is set for October 3. Reference Link
July 9, 2014
10:02 EDTBNPQYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Advanced Energy (AEIS) downgraded to Neutral from Buy at Dougherty... Apollo Global (APO) downgraded to Neutral from Buy at Citigroup... Artisan Partners (APAM) downgraded to Neutral from Buy at Citigroup... Autoliv (ALV) downgraded to Hold from Buy at Nordea... BNP Paribas (BNPQY) downgraded to Neutral from Overweight at JPMorgan... BP (BP) downgraded to Hold from Buy at Deutsche Bank... Carlyle Group (CG) downgraded to Neutral from Buy at Citigroup... Coach (COH) downgraded at Buckingham... Cummins (CMI) downgraded to Buy from Conviction Buy at Goldman... Garmin (GRMN) downgraded to Underperform from Sector Perform at Pacific Crest... Gigamon (GIMO) downgraded to Buy from Strong Buy at Needham... International Paper (IP) downgraded at RBC Capital... Louisiana-Pacific (LPX) downgraded at RBC Capital... Marvell (MRVL) downgraded to Underperform from Perform at Oppenheimer... McGraw Hill Financial (MHFI) downgraded to Market Perform at Raymond James... Moody's (MCO) downgraded to Market Perform from Outperform at Raymond James... Plum Creek Timber (PCL) downgraded at RBC Capital... Potash (POT) downgraded to Neutral from Overweight at JPMorgan... RGS Energy (RGSE) downgraded at Cowen... Taminco (TAM) downgraded to Neutral from Buy at Citigroup... Total (TOT) downgraded to Hold from Buy at Societe Generale... Unilever (UN) downgraded to Reduce from Neutral at Nomura... VMware (VMW) downgraded to Market Perform from Outperform at Wells Fargo... Vectren (VVC) downgraded to Hold from Buy at KeyBanc.
05:49 EDTBNPQYBNP Paribas downgraded to Neutral from Overweight at JPMorgan
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July 8, 2014
12:06 EDTBNPQYBelgium looks to meet with BNP to talk about U.S. fine, Reuters says
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