Latest Financial services News

Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns

Jun. 02, 2023 04:54 AM EDT

NEW YORK (AP) — Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned Thursday. The alert comes several weeks after the failure of...

Stony Brook University gets $500 million from hedge fund founder who taught math there

Jun. 01, 2023 15:58 PM EDT

NEW YORK (AP) — Stony Brook University, a part of the public State University of New York system, will receive $500 million from a philanthropic foundation started by a hedge fund billionaire who once taught math there, the foundation announced Thursday. The gift from the Simons...

Twitter may be worth one-third what Musk paid for it last fall as Fidelity fund marks down value

Jun. 01, 2023 11:11 AM EDT

Twitter may now be worth one-third of what Elon Musk paid for the social media platform just seven months ago. The Fidelity Blue Chip Growth Fund has reduced the market value of its equity stake in Twitter for a third time, now putting it at $6.55 million. That's down from the nearly...

Sri Lanka reduces interest rates for 1st time since bankruptcy as economy shows signs of rebounding

Jun. 01, 2023 04:29 AM EDT

COLOMBO, Sri Lanka (AP) — The Central Bank of Sri Lanka reduced its interest rates Thursday for the first time since the island nation declared bankruptcy, after stern fiscal controls, improved foreign currency income and help from an International Monetary Fund program resulted in inflation...

Stock market today: Asian shares mostly rise after House approves debt ceiling deal

May. 31, 2023 23:51 PM EDT

TOKYO (AP) — Asian benchmarks were mostly higher Thursday after the United States House of Representatives approved a debt ceiling and budget cuts package, avoiding a default crisis. But the enthusiasm was muted by worries about the Chinese economy after disappointing recent data...

Oman launches $5B investment fund as part of efforts to diversify oil-dependant economy

May. 31, 2023 10:48 AM EDT

DUBAI, United Arab Emirates (AP) — Oman plans to launch a $5 billion public investment fund to support plans to overhaul the economy in the Gulf Arab nation over the next two decades, state media reported Wednesday. The Oman Future Fund will aim to increase economic activity and...

China factory activity slows, adding to economic strains

May. 31, 2023 01:02 AM EDT

BEIJING (AP) — China's manufacturing slowdown deepened in May as consumer and export demand weakened, a survey showed Wednesday, adding to signs an economic rebound following the end of anti-virus controls is slowing. Chinese leaders are under pressure to shore up the recovery...

Liz Weston: 5 ways to simplify and reduce your money clutter

May. 29, 2023 08:06 AM EDT

Professional organizers might define household clutter as a pile of unmade decisions. Money clutter is much the same. Those credit cards you no longer use but haven’t closed? That’s money clutter. So is the retirement account you left behind three jobs ago and the financial...

Credit Suisse owes millions to Georgia's billionaire ex-prime minister, court says

May. 26, 2023 10:54 AM EDT

LONDON (AP) — Credit Suisse owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars for failing to protect the billionaire's money in a trust pilfered by a manager, a Singapore court ruled Friday, the latest scandal for the Swiss bank whose yearslong problems...

Finance committee hands WisconsinEye network $10 million endowment

May. 25, 2023 15:36 PM EDT

MADISON, Wis. (AP) — The Wisconsin Legislature's finance committee inserted language into the state budget Thursday that creates a $10 million endowment for the state's C-SPAN-style public affairs network. The Joint Finance Committee voted unanimously to place the money in a fund...