In Gazprom Deal, JPMorgan Takes on Business
When JPMorgan Chase & Co agreed to lead a $700 million bond offering for Russian gas producer Gazprom OAO, it was doing business that some U.S. banks are afraid to do, several lawyers and a banker said. Gazprom faces U.S. sanctions after the U.S. government widened its restrictions against Russia in September. U.S. companies are prohibited from providing goods or technology to Gazprom and others, although they can provide financial services to the companies, meaning JPMorgan obeyed the law in underwriting bonds for the company. Gazprom announced pricing for the deal on Thursday. Peter Kucik, a former U.S. Treasury official who left the department in March, said generally short-term transactions, such as underwriting bonds, should not be a problem. But he said U.S.
Citigroup Seeks British Court Backing on China Metals Claims
Citigroup Inc said on Friday it has started proceedings in commercial court in London to enforce its rights over $285 million of financing at two ports in China, where metals are believed to have gone missing. Citigroup said it initiated the action on July 22 after a business counterparty and a Chinese warehouse provider commenced action in British courts to establish their rights. Citigroup's disclosure, made in a quarterly financial filing with the U.S. Securities and Exchange Commission, did not name the counterparty or the warehouse operator. Standard Chartered, China's CITIC Resources Holdings Ltd, Shanxi Coal International Energy Group and other firms have also made legal claims over metals financing since May.
Bow2Stern Widens Customer Base With Acquisition
Bow2Stern/Engine Starting Products Announces Asset Acquisition of L&H Electric Co. Inc. Bow 2 Stern Services / Engine Starting Products and its owners Harry “Buster” Naquin and Shane Thibodeaux are pleased to announce the acquisition of the assets of L&H Electric Co. Inc. from Shamrock Management L.L.C. of Houma. “The acquisition broadens our customer base and brings additional products and services to our already diverse line of offerings,” said Shane Thibodeaux, former general manager of L&H Electric under its previous owner, Mr. David Henry, prior to his death in 2007. Bow2Stern Services /Engine Starting Products, a Houma-based distributor and service center for more than 65 product lines for the marine industry…
