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Fed’s stress test results show banks’ strength in light of the recent crisis

Published Tue, 05 Nov 2024 16:30:45 GMT

New York (CNN) — The largest US banks have sufficient safeguards in place to weather a severe recession while continuing lending to households and businesses, the Federal Reserve said Wednesday in its annual bank resilience test.The Fed’s stress tests carried extra weight this year after the collapse of three US banks sent shockwaves through the banking system.All 23 banks required to take the Fed’s exam fared better this year compared to last year, despite being subjected to a worst-case scenario that was even more painful than last year’s.Like last year, banks tested remained above their minimum capital requirements in the test’s worst-case scenario but would stand to lose a collective $541 billion. Capital ratios would decline by 2.3% to 10.1%, more than double the requirement.Last year’s tests, which included smaller banks that are tested every other year, found that those tested would lose $612 billion and capital ratios would decline by 2.7% to 9.7%.“Today’s results confirm th...

Department of Justice declares Governor DeSantis’ new law restricting property ownership for Chinese citizens unconstitutional

Published Tue, 05 Nov 2024 16:30:45 GMT

TALLAHASSEE, Fla. (WSVN) – The Department of Justice has deemed Governor Ron DeSantis’s newly signed law, which seeks to restrict property ownership for Chinese citizens in Florida as unconstitutional.The DOJ argued that the law violates both the Fair Housing Act and the 14th Amendment of the United States Constitution.“These unlawful provisions will cause serious harm to people simply because of their national origin, contravene federal civil rights laws, undermine constitutional rights, and will not advance the State’s purported goal of increasing public safety,” the DOJ wrote.Governor DeSantis, who is currently seeking the Republican nomination for President, said the controversial law is an effort to safeguard the state from what he perceives as one of the greatest security threats to the nation.The law, scheduled to take effect on July 1st, has drawn attention and controversy for its violations.

Greek opposition leader Tsipras resigns as Syriza chief after election defeat

Published Tue, 05 Nov 2024 16:30:45 GMT

ATHENS — Greece’s main opposition leader Alexis Tsipras resigned on Thursday from leadership of the Syriza party after a crushing defeat in Sunday’s election.“I decided to propose the election of a new leadership by the members of the party, […] in which of course I will not be a candidate,” he told reporters.“It would be hypocritical of me to propose the need for a process of profound renewal and refoundation only with my words, if I do not serve it at the same time with my attitude,” he added.In Sunday’s elections, the conservative New Democracy party secured a second term and won 40.5 percent of the vote and 158 seats of the 300 available seats, while Syriza lagged far behind with only 17.8 percent and 47 seats.Syriza’s poor performance and Tsipras’ resignation raise questions about whether its status as the main opposition could now be challenged by the Socialist Pasok party.Tsipras was 34 years old when he became the party’s leader 15 years ago and was associated with its...

Break in weather eases airline backups, yet new storm fronts threaten to rain on July 4 travel plans

Published Tue, 05 Nov 2024 16:30:45 GMT

By DAVID KOENIG (AP Airlines Writer)DALLAS (AP) — Backups are easing at U.S. airports thanks to a break in the weather, yet there are still hundreds of delays and cancellations for travelers early Thursday in what is expected to be the peak day for holiday travel, and pockets of dicey weather threaten to scramble air traffic this weekend. More than 1,000 U.S. flights have been delayed and nearly 400 had been canceled before 9:30 a.m. Eastern, according to FlightAware. Scattered showers and thunderstorms are expected in the Northeast later Thursday and Friday and storms are expected further south along the East Coast through Saturday. The West could get hit with similar unstable weather systems for the next several days. Thousands of people have had holiday plans thrown in the air after a wave of storms raked the Northeast over the past few days and frustrations are running high. United Airlines, which operates a hub out of Newark, New Jersey, canceled the most flights among U....

Gallery: Red Sox lose another in the rain against Marlins

Published Tue, 05 Nov 2024 16:30:45 GMT

Boston Red Sox lose to the Miami Marlins 6-2 during a rain delay

Wisconsin Republicans try to force vote on reappointment of nonpartisan election leader

Published Tue, 05 Nov 2024 16:30:45 GMT

MADISON, Wis. (AP) — Republicans who control the Wisconsin Senate, in a surprise move Wednesday night, proceeded with trying to force a vote on firing the state’s nonpartisan top elections official before the 2024 presidential election.The Senate voted to move ahead at a later date with a public hearing, and ultimately a confirmation vote, on the reappointment of Megan Wolfe for a second term overseeing elections in the presidential battleground state. Democrats walked out of the Senate chamber before the vote, objecting to bringing the unscheduled resolution to a vote at 9:30 p.m. on a day that was expected to focus on passage of the state budget.The Republican move was an attempt to get around Democrats on the Wisconsin Elections Commission who a day earlier tried to block the Senate from ever getting a chance to vote on Wolfe’s confirmation. Democrats fear that the Senate will reject her confirmation, which is the same as firing her.The three Democrats on the election...

Stock market today: Banks lead early gains on Wall Street

Published Tue, 05 Nov 2024 16:30:45 GMT

NEW YORK (AP) — Stocks are off to a mostly higher start Wall Street. The S&P 500 was up 0.2% in early trading Thursday. The Dow rose 108 points, or 0.3%, and the Nasdaq composite was up 0.1%. Yields were jumping in the bond market after data showed the U.S. economy grew at a 2% annual rate in the first three months of the year, much stronger than estimated earlier. Banks rose after the Federal Reserve said 23 of the nation’s biggest banks would be able to survive a severe recession in its latest “stress test” of the system.THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.Wall Street is poised to open with gains Thursday ahead of new data on jobs and U.S. economic growth with the leaders of major central banks saying this week that interest rates must remain elevated to tamp down inflation, though there have been indications that the surge in prices has abated.Futures for the benchmark S&P 500 index and Dow Jones Industrial Average each gained about 0.3% befor...

Poland vows not to bow to EU migrant rules and threatens to veto any refugee relocation plan

Published Tue, 05 Nov 2024 16:30:45 GMT

BRUSSELS (AP) — Poland’s prime minister insisted Thursday that the country wouldn’t be forced to accept European Union rules on migration, and he vowed to veto any plan that might force countries to take in refugees.“An attack on Europe is underway. Europe’s borders are not secure. The safety of the inhabitants of our continent is at stake,” Prime Minister Mateusz Morawiecki said in a video statement. He said he would propose “a plan for secure borders” to EU leaders at a summit in Brussels.Earlier this month, EU countries made a breakthrough on asylum law reform, sealing an agreement on a plan to share responsibility for migrants entering Europe without authorization. The issue is at the root of one of the bloc’s longest-running political crises.The deal balanced the obligation for countries where most migrants arrive to process and lodge them against the requirement for other members to provide support, whether financial or by hosting refugees. Countries refusing to take mig...

German rail union says it’s ready to take long-running pay dispute to arbitration

Published Tue, 05 Nov 2024 16:30:45 GMT

BERLIN (AP) — A German rail workers’ union said Thursday that it’s prepared to take a long-running pay dispute with the main national railway operator to arbitration, which should head off strikes during the summer vacation period.Talks between the EVG union and state-owned railway operator Deutsche Bahn broke down last week. The union — which has already staged hours-long or one-day “warning strikes,” a common tactic in German negotiations — then announced a ballot on open-ended strike action.That announcement came as schools closed for summer in parts of Germany. On Wednesday, Deutsche Bahn proposed bringing in outside mediators in hopes of resolving the dispute without further strikes during the summer.EVG said it will discuss an arbitration process with Deutsche Bahn. “We have an eye particularly on travelers, who we don’t really want to hit with strikes during the vacation period,” the union’s chief negotiator, Kristian Loroch, said in a statement....

Hurricane Adrian strengthens, new tropical depression brings rain to Mexico’s Pacific coast

Published Tue, 05 Nov 2024 16:30:45 GMT

MEXICO CITY (AP) — Hurricane Adrian gained strength Thursday far off Mexico’s Pacific coast, but father south and closer to land, a new tropical depression has formed that has forecasters much more worried. The U.S. National Hurricane Center said Adrian had sustained winds of 85 mph (140 kph). The storm was expected to weaken again to a tropical storm by the weekend and keep heading out to sea. On Thursday morning, the hurricane’s center was about 440 miles (710 kilometers) west-southwest of the Pacific coast seaport of Manzanillo, Mexico. The hurricane center said Adrian was moving west-northwest at about 8 mph (13 kph), and that general motion was expected to continue. But farther south, Tropical Depression Two-E was expected to build in strength and become the second tropical storm, and perhaps hurricane, of the eastern Pacific season.Mexico’s National Meteorological Service said the depression was expected to bring torrential rains to the coasts of the impoverished souther...