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Abbott pauses baby formula production in Michigan after heavy rains

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© Reuters. FILE PHOTO: The Abbott Laboratories facility where dozens of recalled types of powdered baby formulas were made leading to production being halted at the location in Sturgis, Michigan, U.S., May 20, 2022. Picture taken with a drone. REUTERS/Eric Cox/File

(Reuters) -Abbott Laboratories said on Wednesday it has stopped production of its EleCare specialty formula after severe storms in southwestern Michigan flooded areas of its plant in Sturgis, Michigan.

The company, which has notified the U.S. Food and Drug Administration, said the incident will likely delay production and distribution of the infant formula for a few weeks.

“Abbott has ample existing supply of EleCare and most of its specialty and metabolic formulas to meet needs for these products until new product is available,” it said in a statement https://abbo.tt/3NYJb5c.

Abbott will resume production of EleCare once the plant is re-sanitized and added that it will work to restart production of another infant formula Similac “as soon as possible”.

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Oklahoma reaches $250 million opioid settlement with drug distributors

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© Reuters.

(Reuters) – Oklahoma Attorney General John O’Connor said on Monday his state reached a $250 million settlement with Amerisource Bergen Corp, Cardinal Health Inc (NYSE:CAH) and McKesson Corp (NYSE:MCK) to resolve allegations the drug distributors contributed to the opioid epidemic in the state.

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JPMorgan Chase Maintains Dividend After Stress Test

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© Reuters. JPMorgan Chase Maintains Dividend After Stress Test

By Davit Kirakosyan

JPMorgan Chase & Co. (NYSE:JPM) maintained its dividend after it completed the Federal Reserve’s 2022 Comprehensive Capital Analysis and Review (CCAR) stress test process.

In light of higher future capital requirements, the company’s Board of Directors plans to maintain the current quarterly common stock dividend of $1.00 per share for Q3/22.

Jamie Dimon, Chairman and CEO of JPMorgan Chase said: “The Federal Reserve’s 2022 CCAR stress test once again shows that banks are able to be a source of strength for the broader economy while withstanding extreme market shocks. We continue to maintain a fortress balance sheet including robust governance and controls, strong revenue growth and profit margins, and we remain committed to serving our clients and customers. We will continue to use our capital to invest in and grow our market-leading businesses, pay a sustainable dividend, and we will retain capital to fully satisfy our future regulatory requirements.”

The Fed is expected to provide the company with its final Stress Capital Buffer (SCB) requirement by August 31, and that requirement will become effective on October 1 and remain in effect until September 30.

The company’s indicative SCB requirement is 4% (up from the current 3.2%) and the standardized Common Equity Tier 1 capital ratio requirement including regulatory buffers is 12% (up from the current 11.2%).

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Bank of America Completes Fed’s 2022 Stress Test, to Increase Quarterly Dividend by 5%

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© Reuters. Bank of America (BAC) Completes Fed’s 2022 Stress Test, to Increase Quarterly Dividend by 5%

By Davit Kirakosyan

Bank of America Corporation (NYSE:BAC) completed the Federal Reserve’s 2022 Comprehensive Capital Analysis and Review (CCAR) and announced plans to increase its quarterly common stock dividend by 5% to $0.22 per share, beginning Q3/22.

Based on the 2022 CCAR results, the company’s stress capital buffer (SCB), effective from October 1, 2022, to September 30, 2023, when finalized, will be approximately 100 bps higher than the current 2.5% level and will therefore add approximately 100 bps to the CET1 minimum requirement of 9.5%.

According to Alastair Borthwick, the CFO of the company, the 2022 stress test results once again support that the company maintains a strong capital position to serve its customers and clients through the current economic environment and is well prepared for a severe economic stress scenario.

In October 2021, Bank of America renewed the previously announced $25 billion common stock purchase program with $17 billion remaining as of March 31, 2022.

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