Lakeway, TX -- (SBWIRE) -- 02/22/2013 -- vb-news.net, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:-
State-owned Petroleo Brasileiro Petrobras SA (ADR)(NYSE:PBR) of Brazil is in advances stages of discussion to sell stakes in some of its refineries and assets in Argentina for $400 million to Argentina's Oil Combustibles, Reuters reported on Thursday, citing sources.
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There had been a report in November last year that the Brazilian oil company was interested in selling its stake in its refineries, Dr. Ricardo Eliçabe in Buenos Aires and in the refinery Refinor in the province of Salta.
There were no details about how much stake the company was willing to part with in the refineries.
Citigroup Inc.(NYSE:C) is restructuring its executive compensation and make it more palatable to shareholders. Last year shareholders had rejected an executive pay plan, labelling it as `too generous'.
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This year Citigroup has become more cautious and has linked bonus payments to stock performance and profitability.
In a regulatory filing, the bank said it has decided to may new Chief Executive Mike Corbat $11.5 million as compensation for 2012.
Chairman Michael O'Neill and other directors met with "nearly 20" shareholders with more than 30 percent voting rights in the stock of Citigroup, in order to arrive at a consensus on the executive pay plan, the filing said.
According to the restructured plan 30 percent of the bonus for top executives will be paid in cash based on how much the company earns on assets and on total shareholder return compared with peers over three years through 2015. Another 40 percent will be a simple cash bonus and the final 30 percent will be deferred stock.
O'Neill said that the new plan '"more strongly connects compensation with performance."
The company said bonuses will be determined based on performance against goals set for each executive at the start of the year.
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