Global markets higher…Stress test…Facebook boycott
BEIJING (AP) – Global stock markets followed Wall Street higher today after U.S. regulators removed some limits on banks’ ability to make investments. London and Frankfurt opened higher, while Tokyo, Seoul and Sydney closed with gains. Hong Kong declined. Chinese markets were closed for a holiday. On Wall Street, Dow and S&P futures are both down.
NEW YORK (AP) – The Federal Reserve says a worst-case scenario for the U.S. economy ravaged by the coronavirus pandemic would cause the nation’s 34 largest banks to collectively lose roughly $700 billion. To bolster the banks ahead such a potentially damaging recession, the Fed ordered them to suspend buybacks of their own stock and cap dividend payouts until Sept. 30. The moves came as the central bank unveiled its latest “stress tests,”‘ which are designed to gauge the resiliency of the nation’s largest banks.
WASHINGTON (AP) – A job applicants’ skills could soon take priority over a college degree for federal workers. President Donald Trump is preparing to direct the federal government to overhaul its hiring practices. That’s the word from Trump administration and industry officials. Trump is set to sign an executive order today outlining this new direction for the federal government, which is the nation’s largest employer. The White House isn’t eliminating degree requirements altogether but instead will stress skills in jobs where having a degree is less important.
SAN FRANCISCO (AP) – Verizon is joining an escalating movement to siphon advertising away from Facebook in an effort to pressure the company into doing more to prevent racist and violent information from being shared on its social networking service. The decision is part of an boycott organized by civil rights and other advocacy groups under the rallying cry of “(hash)StopHateforProfit.” The protest was spurred by last month’s killing of George Floyd by Minneapolis police. Facebook says it is in talks with the boycott organizers in an effort to become a “force for good.”
UPHAM, N.M. (AP) – Virgin Galactic is celebrating the second successful glide flight of its spaceship over Spaceport America in southern New Mexico. Unlike the first glide test in early May, the pilots flew at higher speeds to help evaluate the ship’s systems and performance in preparation for the next stage of testing. That will involve rocket-powered flights. Officials have yet to offer a date for the start of commercial flights.