CEG deal with French utility OK'd by FERC
Constellation Energy Group has cleared one regulatory hurdle for sale of half of its nuclear power business to France's largest utility. The Federal Energy Regulatory Commission approved yesterday the $4.5 billion transaction, saying the deal "will not adversely affect competition, rates or regulations." The Baltimore company agreed in December to sell half of its nuclear business to Electricite de France. In doing so, Constellation scrapped an earlier agreement with MidAmerican Energy Holdings Co., a deal reached in September amid a liquidity crisis facing the company. Federal law prohibits full ownership or control of a U.S. nuclear plant by a foreign entity, and the deal is subject to approval by the Nuclear Regulatory Commission and the Committee on Foreign Investment in the United States. The Maryland Public Service Commission is investigating whether the deal would require its approval and has scheduled a hearing next month.
Sykesville Federal's chairman, others fined
The Office of Thrift Supervision has fined the chairman of Sykesville Federal Savings Association along with the former president and some directors for violating a cease-and-desist consent order. The executives and directors engaged in "multiple violations" of a consent order from April 2007 and, among other things, failed to ensure that the thrift filed timely and accurate reports, according to the OTS. In that 2007 consent order, bank officials agreed to update Sykesville Federal's procedures and bring in new management, said Russell Grimes, who became president and chief executive of Sykesville Federal in late October. The thrift is addressing issues the OTS raised, Grimes said. Under Tuesday's OTS order, Chairman Robert F. Wilson agreed to pay $2,000 and Evelyn L. Burns, a director and former president, agreed to pay $1,500 without admitting or denying the OTS' allegations. Similarly, seven former and current directors agreed to each pay a $1,000 penalty. Wilson and Burns could not be reached for comment yesterday.
CVS Caremark reports 4Q profit grew 17%
NEW YORK : CVS Caremark Corp., one of the nation's biggest drugstore operators, said yesterday that its profit rose 17 percent in the fourth quarter, as customers bought more CVS brand products amid the recession. The results narrowly beat Wall Street expectations, and its shares rose more than 6 percent, to close at $28.71.