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American Express Company (NYSE:AXP): U.S. credit card companies will now be allowed to enter China’s $1 trillion electronic payments market, following a favorable ruling on Monday at the World Trade Organization in regards to a dispute with China over electronic and credit card payments, says the Associated Press. However, that country might appeal the decision, and Beijing could drag implementation along for months, but if it does not comply with the ruling the United States would be entitled to hit its exports with tariffs.
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Bank of America Corporation (NYSE:BAC): When pressed about Libor, Federal Reserve Chairman Bernanke indicated that he was still not confident in the rate system, which is calculated in London and is based on an average of the borrowing costs submitted by 18 individual banks, which include three based in the United States.
Cisco Systems, Inc. (NASDAQ:CSCO) confirms that it is purchasing privately held Virtuata. “Based in Milpitas, Calif., Virtuata provides innovative capabilities for securing virtual machine level information in data centers and cloud environments. Together, Cisco and Virtuata will enable consistent and enhanced security for virtual machines allowing customers to accelerate the deployment of multi-tenant, multi-hypervisor cloud infrastructures.”
Chevron Corp. (NYSE:CVX) is now unlikely to be fined by Brazil’s oil regulatorm the National Petroleum Agency, in an amount over $24.5 million for its role in a November oil spill off the country’s coast, according to the Wall Street Journal. However, Chevron and Transocean (NYSE:RIG) are facing both civil and criminal lawsuits for their parts in the spill at the Frade offshore oil field.
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