Latest Financial services News

Correction: CNS-Student Debt story

Dec. 5, 2019 5:00 PM EST

In a story Dec. 3 about student loan debt, the Capital News Service erroneously reported the interest rate for federal student loans as well as the rate by which they increased in one year. The that rate is 4.53%, not 5.05%. The increase was 10.3%, not 13.48%. The article also erroneously reported that federal...

2 Russians charged in multimillion-dollar malware scheme

Dec. 5, 2019 3:52 PM EST

WASHINGTON (AP) — The Justice Department unsealed charges Thursday against the alleged leader and an administrator of a Russian cyber-criminal gang that U.S. officials say developed and distributed malware used to steal at least $100 million from banks and other financial institutions in more than 40...

California to protect insurance policies in wildfire areas

Dec. 5, 2019 3:20 PM EST

Sacramento, Calif (AP) — California on Thursday ordered insurance companies to stop dropping customers who live in areas affected by recent wildfires, invoking a new law for the first time to stabilize the state's volatile market. The order from Insurance Commissioner Ricardo Lara will only last for one...

PG&E urges judge to approve key settlement, faces resistance

Dec. 4, 2019 7:43 PM EST

SAN FRANCISCO (AP) — Pacific Gas & Electric on Wednesday urged a federal bankruptcy judge to approve a key insurance settlement as it struggles to regain its financial footing and cover at least $20 billion in losses stemming from catastrophic wildfires in California tied to its equipment. The nation's...

Cohen to increase stake in Mets; Wilpons remain in control

Dec. 4, 2019 6:46 PM EST

NEW YORK (AP) — A hedge fund manager whose company paid $1.8 billion in U.S. criminal and civil settlements is in negotiations to increase his stake in the New York Mets, who left open the possibility he eventually could become controlling owner. The team said Wednesday the deal between Sterling Partners...

Georgia governor picks political newcomer for U.S. Senate

Dec. 4, 2019 4:33 PM EST

ATLANTA (AP) — Georgia’s Republican governor announced Wednesday that he will appoint a wealthy businesswoman to the U.S. Senate, flouting President Donald Trump and highlighting a division within the GOP over whether moderate suburbanites or base voters are their key to victory in 2020 and beyond....

Lebanese central bank slashes interest rates amid crisis

Dec. 4, 2019 1:27 PM EST

BEIRUT (AP) — Lebanon’s central bank on Wednesday dramatically lowered interest rates on dollar and Lebanese pound deposits and loans — the latest measure to shore up the country’s banking system amid a burgeoning economic crisis. Banque de Liban also announced that for the next six...

Microsoft shareholders defeat 2 activist proposals

Dec. 4, 2019 12:50 PM EST

Microsoft's shareholders have defeated two proposals by activist investors calling for the company to add a rank-and-file employee on its board of directors and report on gender disparities in company salaries. The company said Wednesday that neither proposal got enough support, according to preliminary vote...

Ex-investment banker sentenced to 2 years in prison

Dec. 3, 2019 7:52 PM EST

NEW YORK (AP) — A former investment banker sentenced to two years in prison Tuesday for insider trading says fledging companies looking for advice still trust him with their secrets. Sean Stewart made the comment before U.S. District Judge Jed Rakoff announced the sentence in Manhattan. The Yale-educated...

Vermont announces $1.8m student health insurance settlement

Dec. 3, 2019 2:46 PM EST

MONTPELIER, Vt. (AP) — Vermont has reached a $1.8 million settlement with a company that sold unapproved and inadequate student health insurance policies at 10 of the state’s colleges and universities, financial regulators announced Tuesday. The settlement with Companion Life Insurance Company, of...