Latest Banking and credit News

Wall Street slips as lockdown protests spread in China

Nov. 28, 2022 13:59 PM EST

Stocks fell broadly on Wall Street in afternoon trading Monday as protests spread in China calling for President Xi Jinping to step down amid growing anger over severe COVID-19 restrictions. The world's second largest economy has been stifled by a “zero COVID” policy which...

Europe's inflation likely hasn't peaked, ECB's Lagarde says

Nov. 28, 2022 13:07 PM EST

BRUSSELS (AP) — The head of the European Central Bank said Monday she does not believe inflation has peaked after reaching the highest levels on record. ECB President Christine Lagarde also told European lawmakers that the bank isn't through raising interest rates to combat those...

Turkish central bank cuts rates again despite high inflation

Nov. 24, 2022 07:41 AM EST

ANKARA, Turkey (AP) — Turkey’s central bank delivered another outsized interest rate cut Thursday despite inflation running at more than 85% and other countries moving the opposite way to ease the pain of soaring prices. The central bank said its Monetary Policy Committee decided...

Sweden's big interest rate hike follows other central banks

Nov. 24, 2022 07:03 AM EST

STOCKHOLM (AP) — Sweden’s central bank followed other central banks in undertaking a big increase to its key interest rate to combat inflation, saying Thursday that high prices are undermining people's purchasing power and making it tough for households and companies to plan their finances. ...

UK police target spoofing site in massive fraud crackdown

Nov. 24, 2022 05:27 AM EST

LONDON (AP) — More than 70,000 potential victims of banking scams across the U.K. will receive text messages from police on Thursday asking for their help in what authorities are calling their biggest ever anti-fraud operation. British authorities have already arrested more than...

Nigeria hopes new currency notes curb inflation, corruption

Nov. 24, 2022 05:02 AM EST

ABUJA, Nigeria (AP) — Nigeria on Wednesday launched newly designed currency notes, a move that the West African nation's central bank says will help curb inflation and money laundering. The newly designed denominations of 200 (45 U.S. cents), 500 ($1.10) and 1,000 naira ($2.20)...

Asian shares rise on Fed rate hopes despite China worries

Nov. 23, 2022 23:39 PM EST

TOKYO (AP) — Asian shares gained Thursday, although optimism about the Federal Reserve holding back on aggressive interest rate raises was countered by some uncertainty about coronavirus restrictions in China. Trading was relatively muted in Asia ahead of U.S. markets being closed...

How major US stock indexes fared Wednesday 11/23/2022

Nov. 23, 2022 16:28 PM EST

Stocks closed higher on Wall Street following the release of the minutes from the Federal Reserve’s most recent policy meeting, which showed Fed officials agreed that smaller rate hikes would likely be appropriate “soon.” The S&P 500 rose 0.6% Wednesday, the Nasdaq added...

Most Fed officials at last meeting backed slower rate hikes

Nov. 23, 2022 15:09 PM EST

WASHINGTON (AP) — Most Federal Reserve officials at their last meeting favored reducing the size of their interest rate hikes “soon’’— just before raising their benchmark rate by a substantial three-quarters of a point for a fourth straight time. The central bank's...

Banker for Alex Murdaugh convicted of bank fraud charges

Nov. 23, 2022 11:11 AM EST

CHARLESTON, S.C. (AP) — A banker charged with helping disbarred attorney Alex Murdaugh take money from the legal settlements of clients was found guilty late Tuesday of wire and bank fraud charges in South Carolina. Former Palmetto State Bank CEO Russell Laffitte was allowed to...