The U.S. Federal Reserve has fined French bank BNP Paribas SA (BNPQY) $246 million for what it called "unsafe and unsound" practices in its foreign exchange markets.
The central bank found lapses in BNP's oversight and account controls, including those concerning its traders' use of online chat rooms to talk with competitors about trading positions.
In January, the Fed banned Jason Katz, one of the banks former traders, from participating in the market ever again due to his manipulation of prices. The Fed is also barring BNP from rehiring any traders involved in the activities that led to today's fine.
What's Hot On TheStreet
In a July 6 trademark application, Amazon subsidiary Amazon Technologies Inc. revealed it's planning "prepared food kits composed of meat, poultry, fish, seafood, fruit and/or and [sic] vegetables...ready for cooking and assembly as a meal," as well as primarily grain-based offerings.
The product's tagline: "We do the prep. You be the chef." Amazon already sells other companies' meal kits, including Tyson Foods Inc.'s (TSN) - Get Report Tyson Tastemakers. Martha Stewart is even offering meal kits on Amazon Fresh, the company's grocery delivery service. But, this may be the first hint of something bigger for Amazon, which would put it in direct competition with newly minted IPO Blue Apron (APRN) - Get Report.
Speaking at the National Governors Association Summer Meeting in Rhode Island on Saturday, Musk reiterated that shares of Tesla are trading at a level "higher than we have any right to deserve" based on optimism about the company's future.
"Those expectations sometimes get out of control," Musk added. Meanwhile, TheStreet reports Tesla could be at risk of a nasty surprise soon: the end of tax credits for electric cars in the U.S.
Procter & Gamble under siege: Peltz's Trian Fund Management plans to launch a fight for a board seat at Procter & Gamble (PG) - Get Report , making it the largest company to face a proxy battle, TheWall Street Journalreported Monday.
Trian, which owns about $3.3 billion of P&G stock, is said to be seeking a single board seat for Peltz at the company's annual meeting that could take place in October. P&G have reportedly been in talks for five months, but the company is said to have rejected to name Peltz as a director last week.
Sales at P&G -- and its stock price -- have stalled due to pricing pressure and competition.
As TheStreet's Ron Orol reported in June, look for the consumer packaged goods company to announce plans for spin-offs, sales or even a swap out of business units. If major M&A doesn't come soon, a Trian director-battle or white paper chock full of activist demands could be next.
And Trian likely will demand significant M&A activity. Spinoffs and other major deals often follow when the activist investor acquires a large stake. Trian and other activist fund managers often push to have large companies break themselves up with the goal of extracting value by focusing the market on various parts of a business that might be hiding inside confusing conglomerate structures.
Here is what Orol is currently reporting.
Behind the scenes: TheStreet's Tracy Byrnes has a great talk with Carly Fiorina for our new web series "Alpha Rising." Fiorina was the first woman to head a Fortune 500 company when she became CEO and president of Hewlett-Packard HPQand she was the first female officer at AT&T T . Must watch stuff.
More of What's Trending on TheStreet:
- Tesla CEO Elon Musk Basically Just Said His Car Company Is Worth Too Much
- I Just Tried Burger King's New 570 Calorie Chicken Parmesan Sandwich -- Here's How I Felt After
- Amazon Files Trademark to Get Into Meal Kits, Continuing to Haunt Blue Apron
- Millennials Are Making This Huge Mistake When Buying a Home, Say HGTV's 'Property Brothers'
- Walmart Is Going to Kick Amazon's Teeth In, so Don't Be Surprised When It Happens
- Alpha Rising: Carly Fiorina on Leadership, Micro Financing and Her Only Regret