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Alcoa, Inc. (NYSE:AA) and Ma’aden’s joint venture has awarded a contract to Fluor Corporation (NYSE:FLR) to supply engineering, procurement, and construction management services for an automotive sheet factory at Ras Al-Khair in Saudi Arabia. Fluor booked $337 million into backlog in the second quarter.
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Bank of America Corporation (NYSE:BAC): A former employee at Citigroup, Inc. (NYSE:C) has been found not guilty in the first court test of the Securities and Exchange Commission’s claims that investors were misled by banks during the financial crisis when they bought mortgage-linked securities, according to the Financial Times. Citigroup had agreed to pay $285 million to resolve the charges, without admitting or denying wrongdoing, but a judge rejected that agreement, and it is on appeal.
Chevron Corp. (NYSE:CVX) is defending itself against what it calls false claims that it is responsible for alleged environmental and social damages in the Oriente region of Ecuador. The company never conducted oil production operations in Ecuador, and its subsidiary Texaco Petroleum Co. fully resolved its share of environmental impacts originating from oil production operations prior to its exit from Ecuador in 1992. After that settlement was certified by all agencies of the Ecuadorian government responsible for oversight, Texaco Petroleum received a complete release from Ecuador’s national, provincial, and municipal governments that extinguished all claims prior to being acquired by Chevron in 2001. All legitimate scientific evidence absolves Chevron and thus proves that the sites pose no significant threats to human health or the environment.
EI DuPont de Nemours & Co. (NYSE:DD): The United States House of Representatives is set to vote on a $383 million agriculture disaster aid package Thursday, according to Politico. The legislation would restore expired livestock indemnity and forage programs and allow some assistance for specialty crops as well, but the House Republican leadership does not currently want to extend the full farm aid program which is set to expire at the end of 2012.
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