The Ticker

Largest banks pass 'stress test'

All of the nation's 31 largest banks are adequately fortified to withstand a severe U.S. and global recession and keep lending, the Federal Reserve said yesterday.

Results of the Fed's annual "stress tests" show that as a group, the 31 banks are stronger than at any time since the 2008 financial crisis struck, thanks to a steadily recovering economy. The results build on positive outcomes from last year's stress tests.

Industry analysts say the most critical tests for the industry will come next week. That's when the Fed will announce whether it's approved each bank's request, if one has been made, to raise dividends or repurchase shares.

Mandarin Oriental says hotels hacked

High-end hotel chain Mandarin Oriental said yesterday that the credit card systems at some of its hotels in the U.S. and Europe were hacked.

The company, however, did not say which of its hotels were affected. It also did not give details on the extent of the hack or how many customers reported fraudulent charges on their credit cards as a result.

Mandarin Oriental operates about 30 hotels in cities across the world including Back Bay in Boston, Paris, London, Geneva, New York, Miami, San Francisco, Las Vegas as well as Shanghai, Hong Kong and Macau.

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