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Bank of America Business David Henry results show 

Biggest U.S. banks clear first hurdle in Fed’s annual stress tests

June 22, 2017 By Pete Schroeder and David Henry WASHINGTON/NEW YORK (Reuters) – The 34 largest U.S. banks have all cleared the first stage of an annual stress test, showing they would be able to maintain enough capital in an extreme recession to meet regulatory requirements, the Federal Reserve said on Thursday. Although the banks, including household names like JPMorgan Chase & Co and Bank of America Corp , would suffer $383 billion in loan losses in the Fed’s most severe scenario, their level of high-quality capital would be substantially…

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attack bank Business energy 

Healthcare stocks jump after Republicans unveil plan; banks, staples slip

June 22, 2017 By Sinead Carew (Reuters) – The S&P healthcare index rose 1 percent on Thursday, hitting its fifth consecutive record close following the release of Senate Republicans’ bill to replace Obamacare, while financial and consumer staple shares ended lower. The legislation aims at curbing Medicaid funding and reshaping subsidies to low-income people for private insurance. The index has risen 3.9 percent in five days. The Nasdaq biotechnology index rose 1.3 percent, for a 9.4 percent jump so far this week. While it was not clear whether the bill…

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Business consumer economic growth Heidi Heitkamp Wall Street 

U.S. regulators, lawmakers support Volcker rule revamp at hearing

June 22, 2017 By Pete Schroeder WASHINGTON (Reuters) – U.S. financial regulators and lawmakers who appeared at a congressional hearing on Thursday generally agreed that the Volcker rule, which restricts banks’ ability to make bets with their own money, needs to be reconsidered. The rule should focus only on banks that do a lot of trading, said Federal Reserve Governor Jerome Powell, who leads banking regulation for the central bank. “We believe we have the authority to draw a line between those with the big trading books (and other banks),”…

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CEO Zuckerberg tweaks Facebook mission to focus on groups

June 22, 2017 By David Ingram SAN FRANCISCO (Reuters) – Facebook Inc Chief Executive Mark Zuckerberg revised the world’s largest online social network’s mission statement on Thursday to emphasize support for hobby clubs, civil society organizations and other community groups. The move comes as Facebook faces pressure from smaller rivals such as Nextdoor and Meetup, whose online networks bring together neighbors and people in the same area with shared interests. Zuckerberg said on his Facebook page that his company’s new mission is to “give people the power to build community…

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Business IG rates Wall Street XAU 

Stocks advance on modest oil bounce

June 22, 2017 By Chuck Mikolajczak NEW YORK (Reuters) – World stock markets edged higher on Thursday, buoyed by a modest rebound in oil prices after the commodity hit 10-month lows, while the U.S. yield curve managed to stall its recent flattening. Oil edged up from November lows hit in the prior session, when U.S. crude hit its lowest intraday level since August 2016, sentiment remained negative from a supply glut that has persisted despite OPEC-led efforts to balance the market. U.S. crude rose 0.75 percent to $42.85 per barrel…

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Business Slovakia Volkswagen Slovak Zoroslav Smolinsky 

Strike at Volkswagen’s Slovak unit to continue after talks fail: union

June 22, 2017 BRATISLAVA (Reuters) – A strike at Volkswagen’s Slovak unit will continue into a fourth day after talks on wage deal failed, union chief Zoroslav Smolinsky said on Thursday. He did not specify whether or when the talks with the management will resume but added the unions would look into options to intensify the strike that has hit production at the biggest private employer in Slovakia. (Reporting by Tatiana Jancarikova; editing by Susan Thomas) Powered by WPeMatico

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