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JPMorgan Chase & Co. (NYSE:JPM) is among five firms sanctioned by the Financial Industry Regulatory Authority, at a total of more than $4.48 million, for unfairly arranging the reimbursement of fees they had paid to the California Public Securities Association from the proceeds of municipal and state bond offerings. FINRA sanctioned JP Morgan for a $465,700 penalty and $166,676 in restitution. The companies violated the fair dealing and supervisory rules of the Municipal Securities Rulemaking Board by obtaining reimbursement for these voluntary payments to pay the lobbying group.
Microsoft Corporation (NASDAQ:MSFT) has shut minors out of its mobile applications store in South Korea. Young users are locked out of the store as an unintended side-effect of Korea’s so-called “Cinderella law,” which blocks access to online games for users under 16 from midnight to 6 a.m. in order to stifle teenage addiction to video games. However, because of resistance, it relaxed the regulation since July so that kids under 18 now can set the time limit for themselves if the agreement of their parent or legal guardian is obtained.
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Chevron Corporation (NYSE:CVX) has reported the further drilling success by its Australian subsidiary in the Exmouth Plateau area of the Carnarvon Basin, a top hydrocarbon basin. The Pinhoe-1 exploration discovery well encountered roughly 197 feet of net gas pay in the Barrow and Mungaroo Sands. Pinhoe-1 lies in the WA-383-P permit area, located about 124 miles north of Exmouth off the Western Australia coast, and was drilled in 3,048 feet of water to a total depth of 13,396 feet. The Arnhem-1 exploration discovery well confirmed around 149 feet of net gas pay in the upper Mungaroo Sands. The well was drilled in 3,963 feet of water to a total depth of 9,557 feet. Chevron Australia is the operator of both the WA-383-P and WA-364-P permit areas and has a 50 percent stake with Shell Development (Australia) Pty Ltd holding the remaining half.
Wal-Mart Stores (NYSE:WMT) has announced the promotion of 17-year firm veteran Karen Roberts to executive vice president and general counsel. The new post is effective Feb. 1st.
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