Latest Banking and credit News

Nicaragua warns banks of sanctions if they join strike

May. 22, 2019 5:23 PM EDT

MANAGUA, Nicaragua (AP) — Nicaragua's finance minister warned banks Wednesday that the government will sanction those that participate in a general strike scheduled for Thursday to pressure for the freeing of political prisoners. Iván Acosta said the banking system has a responsibility to the public...

Prominent upstate New York landlord indicted for fraud

May. 22, 2019 5:12 PM EDT

BUFFALO, N.Y. (AP) — Prominent upstate New York landlord Robert Morgan was charged Wednesday in a 114-count federal indictment with inflating property values in his expansive real estate portfolio to secure more than $500 million in loans. The indictment also named Morgan's son, Todd Morgan, and two other...

Minutes show some on Fed still think rate hikes possible

May. 22, 2019 3:31 PM EDT

WASHINGTON (AP) — Federal Reserve officials at their recent meeting believed the central bank could remain "patient" in deciding when to adjust interest rates, though some officials thought future rate hikes might still be needed. In minutes of the April 30-May 1 discussions released Wednesday, Fed...

Plan to create special pot banks moves forward in California

May. 21, 2019 6:21 PM EDT

SACRAMENTO, Calif. (AP) — Shut out of the traditional banking system by federal laws, the country's largest legal marijuana market in California could benefit if the state approves a measure creating a special class of banks to handle pot money. The state Senate voted 35-1 on Tuesday to pass a bill that...

Powell says he sees 'moderate' risk from corporate debt

May. 20, 2019 8:47 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Monday that the central bank is closely monitoring a sharp rise in corporate debt but currently does not see the types of threats that triggered the 2008 financial crisis. In remarks to a banking conference in Fernandina Beach, Florida, Powell...

Asian shares mixed as Huawei sanctions stir trade fears

May. 16, 2019 11:27 PM EDT

SINGAPORE (AP) — Asian stocks were mixed on Friday amid worries that U.S. economic sanctions on Huawei would cast a pall on trade negotiations with China. Hong Kong's Hang Seng shed 0.4% to 28,161.89 while Japan's benchmark Nikkei 225 jumped 1.6% to 21,391.53. The Kospi in South Korea added 0.2% to...

Pakistan's currency reaches all-time low against US dollar

May. 16, 2019 6:25 AM EDT

ISLAMABAD (AP) — Pakistan's currency has reached a new all-time low against the dollar after the government last week reached a preliminary agreement with the IMF for $6 billion bailout. The Pakistani rupee dropped to 147 rupees to the dollar on Thursday morning. The rupee was traded at 141 to the dollar...

Markets Right Now: Stocks notch solid gains on Wall Street

May. 15, 2019 4:11 PM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. Stocks are closing solidly higher on Wall Street as traders become more hopeful that some of the U.S.'s frictions with its trading partners will ease. Treasury Secretary Steven Mnuchin said Wednesday that Washington...

Avenatti hires lawyer to represent him in fraud case

May. 15, 2019 3:35 PM EDT

SANTA ANA, Calif. (AP) — Attorney Michael Avenatti hired a lawyer to represent him Wednesday after a federal judge rejected his request for a public defender in a case alleging he stole millions of dollars from clients, cheated on taxes and committed bank fraud. Avenatti announced the hiring of attorney H....

The Latest: Avenatti tells court he's hired a defense lawyer

May. 15, 2019 2:04 PM EDT

LOS ANGELES (AP) — The Latest on a criminal case against attorney Michael Avenatti (all times local): 10:52 a.m. Attorney Michael Avenatti has told a federal judge in California that he has hired a lawyer to represent him in a case alleging he stole millions of dollars from clients, cheated on taxes and...