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The Federal Reserve will release results Thursday of stress tests for the 19 large banks at the center of the nation’s financial crisis. The results will shed light on which banks may need government support to withstand a more severe recession.
The Fed will detail the health of individual banks and provide an overall snapshot, according to a government official who spoke on condition of anonymity because of the sensitive nature of the matter. The information will be released Thursday afternoon, the official said.
Negotiations between banks and regulators about the test results pushed back the release date, which was expected to be earlier in the week.
The Fed will reveal the extra capital the banks will need to absorb possible future losses on investments and loans if the recession were to worsen.
NGInstruments Inc., a Warsaw company that makes drill bits, taps and reamers for the orthopedics industry, has been bought by Avalign Technologies Inc., Avalign announced Friday.
NGInstruments’ 78 employees will not be affected by the acquisition, Avalign General Manager Kevin Haines said Friday. NGInstruments will fill an important gap as Avalign seeks to become a single-source supplier to orthopedic-device makers, Haines said.
The purchase of NGInstruments brings Avalign’s workforce to 430.
Haines declined to disclose acquisition terms. Lake Forest, Ill.-based Avalign is owned by a private equity group.
Hourly employees at General Motors Corp.’s Allen County truck assembly plant don’t have to go any farther than the union hall to apply for unemployment.
The 2,600 workers at the plant begin an 11-week shutdown on Monday. It’s the longest shutdown of GM’s North American plants as the troubled automaker tries to sell off bloated inventories.
Gary Gatman of WorkOne Northeast said Friday his agency is setting up computer terminals in the United Auto Workers Local 2209 hall on Lafayette Center Road in Roanoke. Workers can use the terminals to apply for unemployment, which, with supplemental pay from GM, will come to about 70 percent of their income.
Attorneys for Chrysler LLC said the company will file a motion by today to sell substantially all of its assets to Italian automaker Fiat Group SpA, but that won’t include eight plants, including five that the automaker said it will close by the end of next year.
While Chrysler faced its first hearing Friday in Manhattan bankruptcy court, court documents showed the ailing automaker plans to close plants in Michigan, Missouri, Ohio and Wisconsin that employ about 4,800 people. Chrysler said they will be offered jobs at other plants.
