Latest Financial services News
Nigeria bets on a new $2.25B World Bank loan to support reforms that have resulted in hardship
ABUJA, Nigeria (AP) — The World Bank has approved a $2.25 billion loan for Nigeria to shore up revenue and support economic reforms that have contributed to the worst cost-of-living crisis in many years for Africa’s most populous country. The bank said in a statement late...
G7 leaders agree to lend Ukraine billions backed by Russia's frozen assets. Here's how it will work
WASHINGTON (AP) — Leaders of the Group of Seven wealthy democracies have agreed to engineer a $50 billion loan to help Ukraine in its fight for survival. Interest earned on profits from Russia’s frozen central bank assets would be used as collateral. Details of the deal were...
Mortgage rates ease for second straight week, leaving average rate on a 30-year home loan at 6.95%
LOS ANGELES (AP) — Mortgage rates eased again this week, though the latest pullback leaves the average rate on a 30-year home loan at close to 7%, where it's been much of this year. The rate fell to 6.95% from 6.99% last week, mortgage buyer Freddie Mac said Thursday. A year ago,...
Southwest Airlines CEO says he won't resign. A hedge fund is trying to get him fired
DALLAS (AP) — The CEO of Southwest Airlines said Wednesday he will not resign in the face of pressure from a hedge fund that wants him fired and that his leadership team will produce its own plan to boost the airline's financial performance. CEO Robert Jordan said Southwest will...
Apple Pay will have more payment options this fall and will also welcome Windows, Chrome users
NEW YORK (AP) — Apple Inc. plans to add several new features to Apple Pay and Apple Wallet later this year that will more deeply integrate financing, rewards, and buy now, pay later options into the iPhone. The new features are part of Apple's annual iOS update that will arrive in...
World Bank boosts forecast: Strength of US economy will support global growth of 2.6% this year
WASHINGTON (AP) — The World Bank upgraded its outlook for the global economy Tuesday, estimating that it will expand 2.6% this year on the strength of sustained growth in the United States. The bank's latest outlook marks an increase from the 2.4% growth for 2024 it had predicted...
An investment firm has taken a $1.9 billion stake in Southwest Airlines and wants to oust the CEO
DALLAS (AP) — Activist shareholder Elliott Investment Management has bought a $1.9 billion stake in Southwest Airlines and is seeking to force out the CEO of the airline, which has struggled with operational and financial problems. Shares in the airline rose 7% Monday, their...
CrowdStrike, KKR rise; Huntington Bancshares, Tesla fall, Monday, 6/10/2024
NEW YORK (AP) — Stocks that traded heavily or had substantial price changes on Monday: Tesla Inc., down $3.69 to $173.79. Norway’s sovereign wealth fund will vote against the proposed compensation package for CEO Elon Musk. Southwest Airlines Inc.,...
How a grassroots Lahaina fundraiser found a better way to help fire survivors
HONOLULU (AP) — A Maui wildfire fundraiser created by three local volunteers within days of the disaster has now distributed nearly $780,000 to displaced families. While that’s a small portion of the tens of millions raised via online fundraising campaigns, the Help Maui Rise...
Visa's Mark Nelsen wants to make your plastic credit card obsolete
Mark Nelsen, Visa’s global head of consumer payments, sees a world where the plastic card in your wallet becomes increasingly obsolete and the standard 16-digit account number becomes worthless. Nelson spoke to The Associated Press about what Visa, the world's largest payment...
