Latest Banking and credit News

Asian shares sharply lower after wobbly day on Wall Street

Sep. 27, 2022 23:45 PM EDT

TOKYO (AP) — Asian shares tumbled Wednesday after a wobbly day ended with mixed results on Wall Street as markets churn over the prospect of a possible recession. Tokyo's Nikkei 225 index sank 2.2% to 25,984.51 while the Kospi in Seoul lost 2.8% to 2,161.86. In Sydney, the...

British pound stabilizes, but turmoil still roils UK economy

Sep. 27, 2022 13:18 PM EDT

LONDON (AP) — The British pound stabilized Tuesday as U.K. authorities tried to ease investor concerns after the biggest tax cuts in 50 years sent the currency tumbling to a record low and prompted some businesses to predict a devastating combination of a weak currency and rising interest rates....

US consumers gaining confidence as gas prices keep falling

Sep. 27, 2022 11:46 AM EDT

WASHINGTON (AP) — U.S. consumers grew more confident for the second month in a row as gas prices continued to fall. The Conference Board said Tuesday that its consumer confidence index rose to 108 in September, from 103.6 in August. The back-to-back monthly increases follow three...

Fed's Powell urges broader regulation for stablecoins

Sep. 27, 2022 10:01 AM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Tuesday that stablecoins will need greater regulation as they become more widely used by consumers. Powell also said, in virtual remarks to a conference on digital finance in Paris, that the Fed hasn't yet decided on...

Asian shares mixed after Dow falls into bear market

Sep. 26, 2022 23:14 PM EDT

Stocks were mixed in Asia on Tuesday after closing broadly lower on Wall Street, where the Dow Jones Industrial Average fell into what’s known as a bear market. Tokyo, Sydney and Shanghai advanced while Hong Kong and Seoul declined. U.S. futures rose and oil prices also were...

Latin America development bank axes chief after ethics probe

Sep. 26, 2022 18:28 PM EDT

MIAMI (AP) — Governors of the Inter-American Development Bank have voted to fire its president, Mauricio Claver-Carone, after an ethics probe found he likely carried on an intimate relationship with a subordinate. The governors from the IADB's 48 members had until Tuesday to vote...

Fed officials call for more rate hikes to fight inflation

Sep. 26, 2022 18:16 PM EDT

WASHINGTON (AP) — The Federal Reserve will have to keep boosting its benchmark interest rate to a point that raises unemployment and gets inflation down from unusually high levels, two officials said in separate remarks Monday. Susan Collins, the new president of the Federal...

How major US stock indexes fared Monday 9/26/2022

Sep. 26, 2022 16:39 PM EDT

Stocks fell on Wall Street and put major indexes deeper into a slump as recession fears grow. The S&P 500 fell 1% Monday. The Dow Jones Industrial Average and the Nasdaq also fell. The losses were broad and included banks, health care companies and retailers. The...

Governors of the Inter-American Development Bank have voted to fire its president following an ethics investigation

Sep. 26, 2022 14:56 PM EDT
MIAMI (AP) — Governors of the Inter-American Development Bank have voted to fire its president following an ethics investigation.

Bank of England fails to reassure markets after pound plunge

Sep. 26, 2022 13:53 PM EDT

LONDON (AP) — The Bank of England sought to reassure financial markets after the British pound touched an all-time low against the U.S. dollar Monday, but its entreaty fell flat for investors concerned about a sweeping package of tax cuts that further jolted a faltering economy that the...