Fed says banks could withstand 10% unemployment, 55% stock price drop in annual stress test

Fed says banks could withstand 10% unemployment, 55% stock price drop in annual stress test

The Federal Reserve Board on Thursday projected the potential for a rockier road ahead for banks than it did a year ago, but said the 33 financial institutions it reviewed passed its annual stress test of capital reserves. The Fed estimated $612 billion in potential losses for banks in its most severe economic scenario, and … Read more

JetBlue Lifts Offer for Spirit Airlines, Commits to Selling Assets

JetBlue Lifts Offer for Spirit Airlines, Commits to Selling Assets

JetBlue Airways Corp. JBLU 5.30% is continuing its quest to buy Spirit Airlines Inc., SAVE 2.11% increasing its offer and strengthening its commitment to divest itself of assets to get regulatory approval for the deal. JetBlue JBLU 5.30% on Monday increased its offer to $33.50 in cash per Spirit share. Previously, it had offered $31.50 … Read more

Crypto Legislation Could Undermine Market Regulations, Gensler Says

Crypto Legislation Could Undermine Market Regulations, Gensler Says

WASHINGTON—Securities and Exchange Commission Chairman Gary Gensler expressed concern Tuesday that efforts in Congress to write legislation for the cryptocurrency industry could compromise regulations that govern the broader capital markets. Asked about a bill introduced last week by Sens. Cynthia Lummis (R., Wyo.) and Kirsten Gillibrand (D., NY), Mr. Gensler initially demurred, saying he would … Read more

SEC Closes In on Rules That Could Reshape How Stock Market Operates

SEC Closes In on Rules That Could Reshape How Stock Market Operates

WASHINGTON—The Securities and Exchange Commission is preparing to propose major changes to the stock market’s plumbing as soon as this fall. Chairman Gary Gensler directed SEC staff last year to explore ways to make the stock market more efficient for small investors and public companies. While aspects of the effort are in varying stages of … Read more

Accounting Firm EY Considers Split of Audit, Advisory Businesses

Accounting Firm EY Considers Split of Audit, Advisory Businesses

Big Four accounting firm Ernst & Young is considering a world-wide split of its audit and advisory businesses amid regulatory scrutiny of potential conflicts of interest in the profession, according to people familiar with the matter. A split would be the biggest structural change at a Big Four firm since Arthur Andersen fell apart some … Read more

Monkeypox cases are driving up stock prices for these companies

Monkeypox cases are driving up stock prices for these companies

Growing concern about the emergence of monkeypox in Europe and the US has sent shares of several vaccine and drug companies soaring. Though infections are rarely reported outside of Central and West Africa, 92 cases have been confirmed this month in countries where the monkeypox virus is not endemic, including Europe and the US, as … Read more