Latest Banking and credit News

Asian stocks follow Wall St higher after UK calms markets

Sep. 28, 2022 23:56 PM EDT

BEIJING (AP) — Asian stock markets followed Wall Street higher Thursday after Britain's central bank moved forcefully to stop a budding financial crisis. Market benchmarks in Hong Kong, Seoul and Sydney added more than 1%. Shanghai and Tokyo also rose. Oil prices edged lower after...

Regions Bank to refund $141M for illegal overdraft fees

Sep. 28, 2022 17:51 PM EDT

NEW YORK (AP) — Regions Bank for a second time in a decade was found charging illegal overdraft fees, the government said Wednesday, in a settlement that will require the bank to repay $141 million to customers and pay an additional $50 million in fines. In an investigation, the...

UK central bank intervenes in market to halt economic crisis

Sep. 28, 2022 13:28 PM EDT

LONDON (AP) — The Bank of England took emergency action Wednesday to stabilize U.K. financial markets and head off a crisis in the broader economy after the government spooked investors with a program of unfunded tax cuts, sending the pound tumbling and the cost of government debt soaring. ...

Lebanon announces hike in fixed exchange rate against dollar

Sep. 28, 2022 12:06 PM EDT

BEIRUT (AP) — The Lebanese Finance Ministry said Wednesday the crisis-hit country will hike its fixed exchange rate against the dollar to 15,000 Lebanese pounds starting in November, calling it a “necessary corrective action.” The Lebanese pound was pegged at just over 1,500...

China's yuan slides to 14-year low after US rate hikes

Sep. 28, 2022 06:53 AM EDT

BEIJING (AP) — China’s yuan fell to a 14-year low against the dollar Wednesday despite central bank efforts to stem the slide after U.S. interest rate hikes prompted traders to convert money into dollars in search of higher returns. A weaker yuan helps Chinese exporters by making...

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...