Latest Banking and credit News

Massachusetts man to plead guilty to pandemic relief fraud

Jul. 01, 2022 09:52 AM EDT

BOSTON (AP) — A Massachusetts man has agreed to plead guilty to fraudulently obtaining about $1.2 million in federal loans intended to help businesses struggling because of the COVID-19 pandemic. James Joseph Cohen, 59, of Wenham, between April 2020 and September 2021 submitted six...

Dutch central bank chief apologizes for links to slavery

Jul. 01, 2022 09:16 AM EDT

AMSTERDAM (AP) — The Dutch central bank chief apologized Friday for the institution's involvement in the 19th-century slave trade, the latest expression of contrition in the Netherlands linked to the country's historic role in the trade in enslaved people. The apology came at an...

Inflation hits record 8.6% for 19 countries using the euro

Jul. 01, 2022 07:02 AM EDT

LONDON (AP) — Inflation in countries using the euro set another eye-watering record, pushed higher by a huge increase in energy costs fueled partly by Russia’s war in Ukraine. Annual inflation in the eurozone's 19 countries hit 8.6% in June, surging past the 8.1% recorded in May,...

Asian shares mostly lower after pessimistic 'tankan' survey

Jun. 30, 2022 23:50 PM EDT

TOKYO (AP) — Asian benchmarks were mostly lower on Friday, echoing a decline on Wall Street, after a quarterly report by Japan’s central bank rekindled worries about the world’s third largest economy. Recent data suggest global growth is slowing as countries grapple with...

Puerto Rico suspends operations of bank amid global probe

Jun. 30, 2022 22:46 PM EDT

SAN JUAN, Puerto Rico (AP) — Authorities announced Thursday they have suspended the operations of Puerto Rico-based Euro Pacific International Bank, which officials previously said was under suspicion of facilitating money laundering and offshore tax evasion. The bank was founded...

From stocks to crypto, a punishing six months for investors

Jun. 30, 2022 17:23 PM EDT

Americans with stock portfolios or retirement investment plans would likely prefer to forget the last six months. The S&P 500, Wall Street’s broad benchmark for many stock funds, closed the first half of 2022 with a loss of more than 20% after starting the year at an all-time...

Average long-term U.S. mortgage rates ease to 5.7%

Jun. 30, 2022 10:18 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates eased back this week after shooting up nearly three-quarters of a point in recent weeks. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell to 5.70% this week from 5.81% last week. One year ago, however,...

Key inflation gauge tracked by the Fed remains a high 6.3%

Jun. 30, 2022 09:21 AM EDT

WASHINGTON (AP) — A measure of inflation that is closely tracked by the Federal Reserve jumped 6.3% in May from a year earlier, unchanged from its level in April. Thursday's report from the Commerce Department provided the latest evidence that painfully high inflation is pressuring...

Liz Weston: 3 lessons I wish I’d learned sooner about travel

Jun. 30, 2022 07:02 AM EDT

Almost every trip teaches me something about myself, the world and what not to do next time. Here are three hard-won travel lessons that may help you learn from my mistakes. COBBLING TOGETHER FLIGHTS ISN’T WORTH THE SAVINGS Whenever possible, I book nonstop flights....

An inflation gauge closely tracked by the Federal Reserve was a high 6.3% in May, unchanged from April

Jun. 30, 2022 08:37 AM EDT
WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve was a high 6.3% in May, unchanged from April.