Fed approves capital plans of 18 big banks in stress tests
The Federal Reserve cleared all 18 largest banks for their capital plans enabling higher dividends and buybacks, including JPMorgan Chase Citigroup and Bank of America. Credit Suisse faced a few fixes and will be reassessed in four months. The tests, created after the Great Recession under Dodd Frank, measure resilience in a severe downturn. Amazon to begin in store pickup at Rite Aid locations across the U.S. expanding to 1500 by year end. first U.S. deployment after Italy and UK pilots. Investors welcomed the move with Rite Aid stock rising 23 percent. US housing data show May pending home sales up 1.1 percent as mortgage rates hover under 4 percent, while new home purchases slow and existing home sales rebound.
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National Association of Realtors
BASF to cut 6000 jobs in realignment plan
BASF will eliminate about 6,000 positions by end of 2021 as part of an organization realignment aimed at streamlining administration and simplifying structure. The move is expected to save 300 million euros and raise annual earnings by about 2 billion euros from 2021 onward, with smaller headquarters and stronger regional operations. BASF, based in Ludwigshafen, Germany, employs roughly 122,400 people.
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Chemical Walter Paar
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U S economy grows 3 1 percent first quarter solid
U S economy expanded at a 3.1 percent pace in Q1 as investment and consumer spending rise. But signs point to a slower April June quarter amid global weakness and a trade war with China. Economists anticipate around 2 percent growth for the rest of the year.
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Future of biosimilars in doubt amid U.S. gaps and lawsuits
In Trenton and across the United States, cheaper biosimilars to complex biologic drugs face an uncertain future as limited sales, patent battles, and high development costs threaten market entry. RAND had predicted billions in savings, but analysts warn makers may retreat, keeping prices high for originator biologics.
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Trenton
U.S
Rand Health
Scott Gottlieb
Food and Drug Administration
Leigh Purvis
AARP
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