Latest Banking and credit News

Live Updates: Russia-Ukraine War

Sep. 30, 2022 14:32 PM EDT

KYIV, Ukraine (AP) — Ukraine's national police says the death toll from a Russian missile strike on a convoy of cars on the outskirts of Zaporizhzha has risen to 30 people, including children. Police said 88 people were wounded in Friday's S-300 missile attack on a column of...

Brainard warns US rates to stay high, notes global impact

Sep. 30, 2022 13:40 PM EDT

WASHINGTON (AP) — Federal Reserve Vice Chair Lael Brainard said Friday that U.S. interest rates will likely have to remain high for an extended period to combat inflation, capping a week of tough rhetoric by Fed officials. In remarks at a conference hosted by the Federal Reserve...

Resilient US consumers spend slightly more in August

Sep. 30, 2022 13:14 PM EDT

WASHINGTON (AP) — Consumers spent a bit more in August than the previous month, a sign the economy is holding up even as inflation lifts prices for food, rent, and other essentials. Americans boosted their spending at stores and for services such as haircuts by 0.4% in August,...

Inflation hits record 10% in 19 EU countries using euro

Sep. 30, 2022 07:27 AM EDT

FRANKFURT, Germany (AP) — Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe's major economies as higher prices undermine consumers' spending power. ...

India raises interest rate to 5.90% to tame inflation

Sep. 30, 2022 02:37 AM EDT

NEW DELHI (AP) — India’s central bank on Friday raised its key interest rate by 50 basis points to 5.90% in its fourth hike this year and said developing economies were facing challenges of slowing growth, elevated food and energy prices, debt distress and currency depreciation. ...

Asian stocks sink on German inflation, British tax cuts

Sep. 29, 2022 23:53 PM EDT

BEIJING (AP) — Asian stocks sank again Friday after German inflation spiked higher, British Prime Minister Liz Truss defended a tax-cut plan that rattled investors and Chinese manufacturing weakened. Shanghai, Tokyo, Hong Kong and Sydney retreated. Oil prices edged lower. ...

GOP states sue Biden administration over student loan plan

Sep. 29, 2022 20:34 PM EDT

WASHINGTON (AP) — Six Republican-led states are suing the Biden administration in an effort to halt its plan to forgive student loan debt for tens of millions of Americans, accusing it of overstepping its executive powers. It’s at least the second legal challenge this week to...

EXPLAINER: How do we know when a recession has begun?

Sep. 29, 2022 13:25 PM EDT

WASHINGTON (AP) — The economy shrank in the first half of this year, the government confirmed in a report Thursday, underscoring fears of a broad-based slowdown that could lead to a recession. At the same time, the number of people seeking unemployment benefits — a figure that...

Crisis-hit Lebanese parliament fails to elect president

Sep. 29, 2022 07:42 AM EDT

BEIRUT (AP) — Lebanon's Parliament on Thursday failed to elect a new president, with the majority of lawmakers casting blank ballots and some walking out. The failure pointed out deep political divisions that threaten prolonged political paralysis and a leadership void at time...

Asian stocks follow Wall St higher after UK calms markets

Sep. 28, 2022 23:56 PM EDT

BEIJING (AP) — Asian stock markets followed Wall Street higher Thursday after Britain's central bank moved forcefully to stop a budding financial crisis. Market benchmarks in Hong Kong, Seoul and Sydney added more than 1%. Shanghai and Tokyo also rose. Oil prices edged lower after...