Hoosier business leaders and two members of Congress are scheduled to talk about medical device industry jobs at a roundtable discussion at 9 a.m. today at Grace College.
Rep. Marlin Stutzman, R-3rd, is hosting the event at the Orthopedic Capital Center, 610 Wooster Road, Winona Lake. Rep. Erik Paulsen, R-Minn., is expected to attend.
Topics will include the Protect Medical Innovation Act, which would eliminate the 2.3 percent tax on medical device sales. Paulsen introduced the bill, and Stutzman is a co-sponsor of the pending legislation, which is strongly supported by Indiana’s orthopedics industry.
After the roundtable, participants will tour OrthoPediatrics Corp., which makes child-sized arm, leg and spine implants specially designed for children.
17 of 18 top banks stronger, Fed says
All but one of the nation’s 18 largest banks are more prepared to withstand a severe U.S. recession and a global downturn than at any time since the 2008 financial crisis, the Federal Reserve says.
Results of the Fed’s annual “stress tests” showed Thursday that as a group, the 18 banks hold fewer bad loans compared with last year, helped by a stronger economy. The Fed will announce next week whether it will approve the banks’ plans to issue dividends or repurchase shares.
The Fed’s data show that one of the banks, Ally Financial Inc., would have a much lower capital buffer against losses than the others under the most severe scenario. Ally’s projected capital level is below the minimum that the Fed considers a bank would need to survive a severe recession.
But Fed officials wouldn’t say whether that means it would reject Ally’s plans for issuing dividends or buying back shares.
SEC proposes tighter trading oversight
U.S. stock exchanges could be subject to tighter oversight of automated trading under a federal proposal that advanced Thursday.
The Securities and Exchange Commission voted 4-0 to seek comment on rules that would require routine testing of trading systems. The exchanges would also be required to notify the SEC about problems, including systems comprised by hacking. Any problems would have to be quickly corrected.
The proposal follows several cases where technical glitches disrupted trading. Stock trading now relies heavily on computer systems that exploit split-penny price differences. Stocks can be traded in fractions of a second, often by automated programs.
The rules would replace a voluntary program that most U.S. exchanges participate in. The public has 60 days to comment on the rules.
Kroger’s profit beats expectations
Kroger’s fourth-quarter profit handily beat Wall Street expectations as the country’s largest traditional supermarket operator saw sales climb.
The Cincinnati company, which also owns Scott’s Food & Pharmacy, Ralphs, Fry’s and Food 4 Less, said revenue at stores open at least a year rose 3 percent for the quarter, excluding fuel. The metric is a key gauge of health because it strips out revenue from newly opened and closed locations.
For the period ending Feb. 2, The Kroger Co. earned $461.5 million, or 88 cents per share. A year ago, the company reported a loss of $306.9 million, or 54 cents per share, as pension costs dragged down results.
