Latest Banking and credit News

European Central Bank head: Ready to add stimulus if needed

Sep. 28, 2020 1:03 PM EDT

FRANKFURT, Germany (AP) — European Central Bank head Christine Lagarde says the bank's massive monetary stimulus measures have helped stabilize the economy amid the pandemic and the ECB is ready to deploy even more stimulus if necessary. Lagarde told members of the European Parliament's economic and...

Tennessee man convicted of bank fraud, conspiracy

Sep. 28, 2020 7:56 AM EDT

JACKSON, Tenn. (AP) — A Tennessee man has been convicted in federal court of defrauding three banks in Tennessee and Alabama. Charles Ray Smith, 71, of Crump, deposited and directed others to deposit more than $116 million in fraudulent bank checks into his companies' bank account, defrauding Central Bank...

A little girl holds palm oil fruit collected from a plantation in Sumatra, Indonesia, Nov. 13, 2017. An Associated Press investigation has found many palm oil workers in Indonesia and neighboring Malaysia endure exploitation, including child labor. (AP Photo/Binsar Bakkara)

Palm oil labor abuses linked to world’s top brands, banks

Sep. 24, 2020 10:32 PM EDT

PENINSULAR MALAYSIA (AP) — Jum’s words tumble out over the phone, his voice growing ever more frantic. Between sobs, he says he’s trapped on a Malaysian plantation run by government-owned Felda, one of the world’s largest palm oil companies. His boss confiscated and then lost his...

Treasury Secretary Steve Mnuchin testifies during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress on Capitol Hill, Wednesday, Sept. 24, 2020, in Washington. (Toni L. Sandys/The Washington Post via AP, Pool)

Mnuchin and Powell back jobless aid and small business loans

Sep. 24, 2020 2:23 PM EDT

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell said Thursday that the government’s top priorities in any new economic relief package should be to provide affordable loans to small businesses and further support for millions of Americans still...

Turkey hikes rates to support currency, fight inflation

Sep. 24, 2020 8:49 AM EDT

ANKARA, Turkey (AP) — Turkey’s Central Bank raised its benchmark interest rate by 2 percentage points on Thursday, its first hike in two years to fight inflation and support its falling currency. In a surprise move that helped boost the Turkish currency, the Monetary Policy Committee said it had...

FILE - In this May 24, 2020 file photo, Sudanese worshippers gather for Eid al-Fitr prayers, the Muslim holiday which starts at the conclusion of the holy fasting month of Ramadan, in Khartoum, Sudan. The International Monetary Fund has signed off on Sudan’s economic reform program, a move that can eventually allow the highly-indebted African country receive debt reliefs and hence rebuild its battered economy. The IMF released a statement Wednesday, Sept. 23, 2020,  saying that its staff will be monitoring the implementation of a “home-grown” economic restructuring program. (AP Photo/Marwan Ali, file)

IMF endorses Sudan's reform plan for battered economy

Sep. 24, 2020 7:49 AM EDT

CAIRO (AP) — The International Monetary Fund has signed off on Sudan's economic reform program, a move that can eventually allow the highly-indebted African country to get debt relief and move ahead with rebuilding its battered economy as it transitions to democratic rule. Until the end of June 2021, IMF...

FILE - In this March 10, 2020 file photo, Wells Fargo CEO and President Charles Scharf is seated before he testifies during a hearing of the House Financial Services Committee, on Capitol Hill, in Washington. Scharf apologized Wednesday, Sept. 23 for comments he made that dismissed concerns that the banking industry, which has a long history of racist behavior, wasn’t doing enough to promote and retain diverse talent. (AP Photo/Alex Brandon, File)

Wells Fargo CEO apologizes for comments about diversity

Sep. 23, 2020 4:05 PM EDT

NEW YORK (AP) — Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry. Scharf said in a memo to employees “there is a very limited pool of Black talent to recruit from” in corporate...

Federal Reserve Chair Jerome Powell testifies during a House Select Subcommittee on the Coronavirus Crisis hearing on Capitol Hill in Washington on Wednesday, Sept. 23, 2020. (Kevin Dietsch/Pool via AP)

Powell faces lawmakers' skepticism on some Fed aid programs

Sep. 23, 2020 1:54 PM EDT

WASHINGTON (AP) — Chairman Jerome Powell on Wednesday defended the Federal Reserve's efforts to support the economy during the pandemic-induced recession from assertions that its programs bungled aspects of its response. A House subcommittee released a staff analysis that found that a program in which the...

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Sept. 23, 2020. Asian markets were mostly lower on Wednesday as investors kept a wary eye on how the coronavirus pandemic will affect the economic outlook.
(AP Photo/Ahn Young-joon)

Asian shares take breather after Wall Street gains

Sep. 23, 2020 12:04 AM EDT

Asian markets were mostly lower on Wednesday as investors kept a wary eye on how the coronavirus pandemic will affect the economic outlook. Stocks slipped Wednesday in Japan, Hong Kong and Seoul but rose in Sydney after the government reported retail sales fared better than expected. Overnight, the S&P 500...

Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing about the government’s emergency aid to the economy in response to the coronavirus on Capitol Hill in Washington on Tuesday, Sept. 22, 2020. (Caroline Brehman/Pool via AP)

Powell and Mnuchin voice optimism but back more economic aid

Sep. 22, 2020 1:13 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is likely needed. Powell told the House...