Latest Banking and credit News

This Week: GameStop earns, Fed meeting, retail sales

Dec. 9, 2019 1:10 AM EST

A look at some of the key business events and economic indicators upcoming this week: ROUGH GAME It's been a rough year for GameStop. The video-game retailer slid to a loss in the second quarter versus a year earlier. That followed profit and revenue drops in the previous quarter. Did the trend continue in the...

Correction: CNS-Student Debt story

Dec. 7, 2019 11:15 AM EST

A Dec. 5 correction to a Capital News Service story that ran Dec. 3 about student loan debt incorrectly said the interest rate for federal student loans increased by 10.3% in 2019. The interest rate decreased by 10.3%. The correction also said federal student loans are usually based on financial need. While...

US firms keep hiring, easing worries of weakening economy

Dec. 6, 2019 5:45 PM EST

WASHINGTON (AP) — American businesses have complained for years that they can’t find the workers they need to fill available jobs. November’s robust hiring gain suggests that at least some have found a way to do so. With the unemployment rate now at a half-century low of 3.5%, many economists...

Hitting the plastic: US credit card use jumped in October

Dec. 6, 2019 5:16 PM EST

WASHINGTON (AP) — U.S. consumers ramped up their credit card spending in October. The Federal Reserve said Friday that total consumer borrowing rose in October by a seasonally adjusted $18.9 billion, up from a September increase of $9.6 billion. It was the biggest increase in borrowing in three months and...

2 Russians charged in 'Evil Corp' global cybertheft ring

Dec. 5, 2019 5:55 PM EST

WASHINGTON (AP) — The Justice Department unsealed charges Thursday against the alleged leader and a top associate of a Russian cybercriminal gang that U.S. and British officials say developed and distributed malware used to steal at least $100 million from banks and other financial institutions in more...

Lebanese central bank slashes interest rates amid crisis

Dec. 4, 2019 1:27 PM EST

BEIRUT (AP) — Lebanon’s central bank on Wednesday dramatically lowered interest rates on dollar and Lebanese pound deposits and loans — the latest measure to shore up the country’s banking system amid a burgeoning economic crisis. Banque de Liban also announced that for the next six...

Ex-investment banker sentenced to 2 years in prison

Dec. 3, 2019 7:52 PM EST

NEW YORK (AP) — A former investment banker sentenced to two years in prison Tuesday for insider trading says fledging companies looking for advice still trust him with their secrets. Sean Stewart made the comment before U.S. District Judge Jed Rakoff announced the sentence in Manhattan. The Yale-educated...

Brazil’s Bolsonaro under fire after Trump slaps tariffs

Dec. 2, 2019 4:27 PM EST

SAO PAULO (AP) — Brazilian President Jair Bolsonaro’s U.S.-focused foreign policy efforts suffered a severe setback on Monday when his American counterpart Donald Trump pledged to impose tariffs on steel and aluminum on the South American nation. Trump initially leveled the threat by Twitter while...

For banks, data on your spending habits could be a gold mine

Dec. 2, 2019 12:50 PM EST

NEW YORK (AP) — There’s a powerful new player watching what you buy so it can tailor product offerings for you: the bank behind your credit or debit card. For years, Google and Facebook have been showing ads based on your online behavior. Retailers from Amazon to Walgreens also regularly suction up...

Lagarde: Eurozone growth is weak, stimulus working

Dec. 2, 2019 11:59 AM EST

FRANKFURT, Germany (AP) — New European Central Bank President Christine Lagarde said Monday that economic growth “remains weak” in the 19 countries that use the euro but gave no indication she is contemplating adding to the stimulus enacted by her predecessor, Mario Draghi. Lagarde said in...