Bank of America Resubmits Proposed Capital Plans to the Federal Reserve; Frontline Ltd. Sinks on 2nd Quarter Results

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Bank of America Resubmits Proposed Capital Plans to the Federal Reserve; Frontline Ltd. Sinks on 2nd Quarter Results

Bank of America Corporation (NYSE: BAC) announced that it has resubmitted its proposed capital plans to the Federal Reserve. “The requested capital actions contained in the resubmission are less than the 2014 capital actions to which the Federal Reserve previously did not object,” the bank said in a regulatory filing on Tuesday.  An accounting error forced the bank to suspend and revise its plan for a $4bn share buyback and its first increase in dividends since 2007.

Bank of America Corporation, through its subsidiaries, provides various banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, corporations, and governments in the United States and internationally. The company’s Consumer & Business Banking segment offers traditional and money market savings accounts, CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards; and lending related products and services, working capital management, and treasury solutions.

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Frontline Ltd. (NYSE: FRO) shares dropped 16.43% on Tuesday after the company reported 2014 second quarter earnings results. The company reported a net loss of -$12.1 million, or 13 cents per share, compared to the previous year's net loss of -$18.8 million, or 24 cents per share. The company said, "The recent negative development in the tanker market is likely to give a weaker operating result (excluding onetime gains and losses) in the second quarter."

Frontline Ltd., through its subsidiaries, is engaged in the ownership and operation of oil tankers and oil/bulk/ore carriers. The company provides seaborne transportation of crude oil and oil products, as well as raw materials, such as coal and iron ore. Its very large crude carriers (VLCCs) primarily transport crude oil from the Middle East Gulf to the Far East, Northern Europe, the Caribbean, and the Louisiana Offshore Oil Port, as well as Suezmax tankers trade in the Atlantic Basin, the Middle East, and Southeast Asia.

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