Business Highlights – Houston Chronicle

HomeBusiness

Business Highlights – Houston Chronicle

WASHINGTON (AP) — The Federal Reserve says it will restore capital requirements for large banks that were relaxed as part of the Fed’s ef

Leaving Bristol: Fans and businesses reflect on race weekend – WJHL-TV News Channel 11
Britain’s small business owners are betting on an economic recovery. Will a new variant get in the way? – Fortune
Boise businesses making changes to face mask policies – KTVB.com

WASHINGTON (AP) — The Federal Reserve says it will restore capital requirements for large banks that were relaxed as part of the Fed’s efforts to shore up the financial system during the early days of the pandemic. The Fed said it will not extend the relief from what is called the supplementary leverage ratio past March 31. The easing of the regulation had been intended to give banks flexibility in what assets they could hold to meet regulatory’ requirements during the turmoil of the pandemic, when banks were having to suddenly write down billions of dollars of loans. Shares of the large Wall Street banks fell on the news.

___

Myanmar garment workers urge global brands to denounce coup

NEW YORK (AP) — Garment workers in Myanmar are urging major international brands to denounce the recent military coup there and put more pressure on factories to protect workers from being fired or harassed — or worse arrested and killed for participating in protests. Major brands like H&M and Mango increasingly flocked to Myanmar in search of cheap labor as the Southeast Asian country began moving toward democracy over the past decade. Now, those brands face a conundrum: whether to stay or pull out. At stake are the livelihoods of more than 600,000 garment workers who have been at the forefront of the pro-democracy demonstrations.

___

G7 suggest boosting IMF reserves to help vulnerable nations

LONDON (AP) — The Group of Seven leading industrial nations have proposed bolstering the International Monetary Fund’s reserves for the first time since 2009 so the Washington D.C. institution can provide more financial support to developing nations during the coronavirus crisis. At a virtual discussion Friday hosted by Britain’s Treasury chief, Rishi Sunak, the seven finance ministers backed a “new and sizeable” increase in the IMF’s Special Drawing Rights, a type of reserve that effectively supplements existing reserves of member countries. No financial details were disclosed and any increase will have to be signed off at the IMF’s spring meeting in April. So-called SDRs could free up resources for developing nations to pay for coronavirus vaccines and food imports.

___

Russian man admits ransomware plot against Tesla in Nevada

RENO, Nev. (AP) — A Russian man has pleaded guilty to offering a Tesla employee $1 million to cripple the electric car company’s plant in Nevada with ransomware in an extortion scheme. Cybersecurity experts on Friday called the case exceptional because of the risks Egor Kriuchkov took trying face-to-face bribery instead of an internet hack from afar. Kriuchkov pleaded guilty Thursday in U.S. District Court in Reno. His attorneys declined Friday to comment. Kriuchkov said in September he knew the Russian government was aware of his case, but prosecutors didn’t allege ties to the Kremlin. The FBI said the plot was stopped in August before any damage happened.

___

Congressional Democrats push $50B bill for nonprofits

WASHINGTON (AP) — Congressional Democrats are pushing a federal bill that would give nonprofits $50 billion to help them retain employees, hire newly unemployed workers and expand their operations to combat the devastating effects of the coronavirus pandemic. The bill, which was reintroduced in the U.S. Senate this week by U.S. Sen. Amy Klobuchar and three other Senate Democrats, would give individual nonprofits grants of up to $3 million. Most of the money will cover wages and benefits for existing or new employees with salaries of up to $50,000. Nonprofits can also use some of the funds to pay expenses, like rent and utilities, and program costs.

___

Wall Street closing lower; bank stocks fall

NEW YORK (AP) — Wall Street closed out a choppy week of trading Friday with major stock indexes mostly lower and all finishing in the red for the week. The S&P 500 ended 0.1% lower after reversing a small gain. The benchmark index, which hit an all-time high on Wednesday, posted its first weekly decline in three weeks. Losses by banks, industrial companies and technology stocks weighed on the market. They offset gains in companies that rely on consumer spending, health care and other sectors. Bond yields were mixed, though the 10-year Treasury yield inched higher. The closely watched yield, which influences interest rates on mortgages and other consumer loans, has hovered this week near the highest level since January.

___

2 Royal Caribbean lines to resume Caribbean cruises in June

MIAMI (AP) — Two Royal Caribbean lines will resume cruises in the Caribbean in June, ending a yearlong hiatus. Passengers 18 and older will be required to test negative for COVID-19 before getting on the ships. The company’s Celebrity Cruises subsidiary said its Celebrity Millennium ship will relaunch on June 5 from St. Maarten. One itinerary will stop in Aruba, Curacao and Barbados, and another will stop in Tortola, St. Lucia and Barbados. CEO Lisa Lutoff-Perlo said returning to the Caribbean “marks the measured beginning of the end of what has been a uniquely challenging time for everyone.”

___

The S&P 500 lost 2.36 points, or 0.1%, to 3,913.10. The Dow Jones Industrial Average fell 234.33 points, or 0.7%, to 32,627.97. The technology-heavy Nasdaq Composite rose 99.07 points, or 0.8%, to 13,215.24. The Russell 2000 index of smaller companies picked up 19.96 points, or 0.9%, to 2,287.55.

COMMENTS

WORDPRESS: 0
DISQUS: 0