The Fed is requiring the nation’s largest lenders to prove they have enough capital to withstand an economic downturn in the future. The test will gauge the ability of banks to withstand a financial shock that includes unemployment hitting 13 percent and a 21 percent drop in housing prices.
The results will be released after markets close at about 4:30 P.M. (2030 GMT) Tuesday.
Protect Our Jobs, a coalition of labor unions and workers, needs the signatures of nearly 322,609 registered voters by July 9 to get the amendment on the November ballot, according to the Michigan Department of State.
The proposed amendment would afford workers a guaranteed right to bargain for wages, benefits and working conditions with employers in the public and private sectors, said Todd Cook, state director of We Are the People, a coalition of labor unions, students and social groups backing the initiative.
Cook said the amendment also could prevent the Legislature from imposing a proposed right-to-work law in Michigan.
“It would provide protection on all attacks on collective bargaining,” Cook told reporters.
State lawmakers in the Republican-controlled Legislature are debating whether to send Gov. Rick Snyder a right-to-work bill, which would make union membership optional as a condition of employment.
A worker repairs the Sears sign outside the Sears Grand store in Solon, Ohio. Sears Holdings Corp. said Thursday it will separate its smaller hometown stores, outlets and some hardware stores in a deal expected to raise $400 million to $500 million as it seeks to regain profitability and market share. Retail experts, however, said the company needs to make its stores more attractive to new customers. CLEVELAND, Ohio — Sears Holdings Corp., reeling from a $2.4 billion loss in its critical fourth quarter, on Thursday announced plans to split off some its Sears Hometown and Outlet stores and sell off 11 others to raise much-needed cash.
However, retail experts were generally unimpressed with that strategy to turn around the ailing company.
Sears has been struggling to reverse years of falling sales, but its most recent losses were the biggest since Kmart Holding Corp. and Sears, Roebuck and Co.
But as he gears up for the annual face-to-face meeting with shareholders, a few issues may be causing him angst. Chief among them are in China, where poor labor conditions are in the spotlight and Apple’s iPad trademark is under attack.
The meeting this Thursday comes days after Apple touched a new lifetime high of 526.29 before receding slightly. The stock may get a boost next month, when Apple is expected to unveil a new version of its best-selling iPad.
Apple shares have seen a blistering rally in the past seven weeks, gaining 100 and making Apple the most valuable U.S.
Diamond Foods, which makes Emerald Nuts and Pop Secret popcorn, and Procter & Gamble said Wednesday that they mutually agreed to end their proposed deal.
Kellogg is looking to strengthen its snacks business and make it as big globally as its cereal business. Kellogg’s snack brands include Keebler, Cheez-It and Special K Cracker Chips.
“Pringles has an extensive global footprint that catapults Kellogg to the number two position in the worldwide savory snacks category, helping us achieve our objective of becoming a truly global cereal and snacks company,” Kellogg President and CEO John Bryant said in a statement.
Diamond’s stock gained 65 cents, or 2.9 percent, to $22.95 in premarket trading, while Procter & Gamble’s stock dipped 10 cents to $64.38.
Steam escapes from Exelon Corp.’s nuclear plant in Byron, Ill. A nuclear reactor the plant shut down Monday after losing power, and steam was being vented to reduce pressure, according to officials from Exelon Nuclear and federal regulators.
BYRON, Ill. — A nuclear reactor at a northern Illinois plant shut down Monday after losing power, and steam was being vented to reduce pressure, according to officials from Exelon Nuclear and federal regulators.
Unit 2 at Byron Generating Station shut down around 10:18 a.m., after losing power from an off-site source, Exelon officials said. Diesel generators began supplying power to the plant equipment and operators began releasing steam from the non-nuclear side of the plant to help cool the reactor, officials said.
Even though the turbine is not turning to produce electricity, “you still need to cool the equipment.” said U.S. N
Scott O’Malia, a Republican CFTC commissioner, has proposed the formation of a subcommittee that would be tasked with defining and identifying high-frequency trading in futures, swaps and options.
So far there is little consensus as to what is algorithmic or high-frequency trading and how various trading patterns affect the markets.
The subcommittee would be part of the CFTC’s Technology Advisory Committee, chaired by O’Malia. CFTC Chief Economist Andrei Kirilenko would lead the panel.
“I believe that this lack of consensus is impeding the ability to have a public debate on different trading patterns and their effects on our markets,” O’Malia said on Monday.
In high-frequency trading, banks, hedge funds and proprietary firms use extremely fast automated programs to make trades in electronic markets. Such participants use programs to submit and cancel large numbers of trades, and are able to move in and out of positions quickly.
The popularity of high-frequency trading has surged, and growth is expected to continue as more swaps activity shifts to electronic platforms.