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Bank of America (NYSE:BAC): Bank of America Merrill Lynch, a provider of corporate and investment banking, equity and debt capital markets and risk management services, has unveiled their online supply chain finance module on Trade Pro, an electronic platform. Trade Pro is the trade processing application within CashPro Online, the online banking channel for corporate clients. The new module, Trade Pro Supply Chain Finance, offers buyers and suppliers around the world a collaborative tool and technology to manage risk while freeing up working capital, streamlining business processes and reducing the costs associated with supply chain management.
Facebook, Inc. (NASDAQ:FB): Facebook Inc. has sent out invitations to a press event in New York in November to unveil some news about Facebook Gifts, the social network’s new gifting service. The invite, sent out to the media Thursday, features the text “You = Invited,” with a gift bow in the background. The event will take place at 7:30 p.m. ET on Nov. 1 at FAO Schwarz on Fifth Avenue in Manhattan. The Facebook Gifts service, which went live late last month, allows Facebook users to give each other physical gifts by sending them through the social network.
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AT&T, Inc. (NYSE:T): AT&T, Inc. disclosed that on October 18, they filed an application with the United States Department of Labor for approval to contribute in-kind assets to the trust used to pay pension benefits under the plan sponsored by AT&T and their affiliates. Specifically, AT&T’s application will seek authorization to contribute a preferred equity interest in their wireless business. AT&T said that they will work with the Department of Labor to obtain approval before the end of 2013. The preferred equity interest, with a fair market value of approximately $9.5 billion, consists of a newly-created class of preferred equity in AT&T Mobility, the holding company for AT&T’s wireless business; currently, all equity of Mobility is held by AT&T’s wholly-owned subsidiaries. As reported in the AT&T’s annual report for the year that ended on December 31, 2011, the present value of AT&T’s pension liabilities exceeded the fair value of trust assets by approximately $10.2 billion. The company said, “This contribution will significantly improve the funded status of the plan, enhancing the strength of the trust for AT&T’s employees and retirees. Prior to the contribution of the Preferred Interest, the estimated required contribution for 2013 is approximately $300 million.”
Archer Daniels Midland (NYSE:ADM): According to Reuters, Archer Daniels Midland, which bought a 10% stake in Australia’s GrainCorp, valuing the company at $2.8 billion, wants to talk about a takeover that would give the United States agribusiness a stronger platform to supply Asia.
Nokia Corporation (NYSE:NOK): According to The Verge, Nokia Corporation’s Chief Executive Officer, Stephen Elop, who previously said he has “no indications” that Microsoft (NASDAQ:MSFT) might look to launch their own Surface-branded phone, appeared to welcome such a potential entry as a “stimulant” to the Windows Phone ecosystem.
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