Stocks In News: Citigroup Inc (NYSE:C); The Clorox Co (NYSE:CLX); Wal-Mart Stores, Inc. (NYSE:WMT)
Dallas, Texas, 09/23/2014 (ustrademedia) – Citigroup Inc (NYSE:C) owned consumer banking giant Citibank, N.A has sought permission and relaxation of rules from U.S. District Judge Thomas Griesa, to make a payment with context to Argentine bond payouts which are due on 30th September. The company has attempted to make a point in front of the judge that it should not be subjected to the 2012 ruling which bans payouts on the “country’s exchange bonds.” The company has plead before the Judge that in the event of Citibank Argentina defaulting on its obligations to payout the bond dividends, its Argentina entity would be liable to face both civil and criminal cases. It has also cautioned the courts here that a default could even jeopardize the banking license issued by Argentine.
The consumer and professional good manufacturer The Clorox Co (NYSE:CLX) has announced that its management team has decided to pull out of Venezuela and cease its operations in this country due to the difficult operating scenario. The firm has pointed out the high inflation rates coupled with Government imposed price bench marks as two key reasons why it has arrived at this decision. In the press briefing, The Clorox Co (NYSE:CLX) noted that the operations in Venezuela would stop with immediate effect, even as the firm attempts to sell its assets to recover a part of its investments.
Three advocacy groups in US have accused global giant and one of the biggest retailing house Wal-Mart Stores, Inc. (NYSE:WMT) of breaching the federal laws related to individual contributions that can be made to political campaigns. The groups have claimed that the retailer has breached the law by ordering its employees to make donations to a “political action committee” set up by the firm. In turn Wal-Mart Stores, Inc. (NYSE:WMT) has committed to match the employee donations dollar to dollar.