Latest Banking and credit News

Sri Lanka settles sovereign bond payment as reserves dwindle

Jan. 20, 2022 07:18 AM EST

COLOMBO, Sri Lanka (AP) — Sri Lanka has paid $500 million due on sovereign bonds from its badly depleted foreign reserves despite calls by experts to defer the payment and use the sum to import essential foods and medicine. The Indian ocean island nation is in its worst crisis in...

Turkey's central bank ends string of interest rate cuts

Jan. 20, 2022 06:54 AM EST

ANKARA, Turkey (AP) — Turkey’s central bank kept a key interest rate unchanged on Thursday, halting a string of rate cuts that triggered a currency crisis and sent consumer prices skyrocketing. The bank’s Monetary Policy Committee said it decided to keep its policy rate...

Biden predicts Russia will invade Ukraine, warns Putin

Jan. 19, 2022 21:44 PM EST

WASHINGTON (AP) — President Joe Biden said Wednesday he thinks Russia will invade Ukraine and warned President Vladimir Putin that his country would pay a “dear price” in lives lost and a possible cutoff from the global banking system if it does. Biden, speaking at a news...

A fraud case against Trump? Not a slam dunk, experts say

Jan. 19, 2022 18:58 PM EST

NEW YORK (AP) — For years, Donald Trump punctuated his reality TV spiels and presidential speeches with claims that his business and his many gold-plated properties were “huge,” “amazing,” the biggest and the best. Now the New York attorney general’s office says it has...

Ford, US Bancorp fall; Bank of America, Tegna rise

Jan. 19, 2022 16:24 PM EST

Stocks that traded heavily or had substantial price changes Wednesday: Alliance Data Systems Corp., down $3.37 to $65.69. BJ's Wholesale is reportedly ending its co-branded credit card partnership with the marketing services and customer loyalty program company. ...

In news conference marking 1st year in office, President Biden says central bank should bear down on fighting inflation

Jan. 19, 2022 16:21 PM EST
WASHINGTON (AP) — In news conference marking 1st year in office, President Biden says central bank should bear down on fighting inflation.

Bank of America profits rise 28%, wage expenses up too

Jan. 19, 2022 10:33 AM EST

NEW YORK (AP) — Bank of America said its profits rose 28% last quarter from a year earlier, but the bank faced the same wage inflation as its Wall Street counterparts. The bank said Wednesday that it earned a profit of $7.01 billion, or 82 cents per share, in the fourth quarter....

Morgan Stanley profits climb 9% on asset management business

Jan. 19, 2022 09:53 AM EST

NEW YORK (AP) — Investment bank Morgan Stanley said its fourth-quarter profits rose 9% from a year ago, helped by a big jump in fee revenue from its growing asset and wealth management business. The investment banking division also boosted results, as deal-making on Wall Street continued at a...

Turkey's deal with UAE to build foreign exchange reserves

Jan. 19, 2022 04:49 AM EST

ANKARA, Turkey (AP) — Turkey and the United Arab Emirates have agreed to a currency swap deal equivalent to $4.74 billion to boost Turkey’s depleted foreign exchange reserves, the Turkish central bank announced Wednesday. Under the agreement reached between their central banks,...

EXPLAINER: Are Turkey's efforts to fix the economy working?

Jan. 19, 2022 03:03 AM EST

ANKARA, Turkey (AP) — Turkey’s government and central bank have taken unconventional steps in recent weeks to prop up a beleaguered economy crippled by skyrocketing consumer prices, instead of ending a much-criticized plan to cut interest rates. President Recep Tayyip Erdogan’s...