Latest Banking and credit News

FILE - In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell speaks during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington. The Federal Reserve will issue the first loans under its groundbreaking Main Street Lending program in a “few days,”  Powell said Friday, May 29.  (AP Photo/Jacquelyn Martin)

Powell: Fed to soon begin 'challenging' Main Street lending

May. 29, 2020 2:21 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression. The Fed's Main Street Lending is geared toward...

FILE- In this file photo taken Thursday, April 30, 2020, Women carrying their children lineup to receive vegetables from the Jan Hofmeyer community services in the Vrededorp neighborhood of Johannesburg. South Africa is struggling to balance its fight against the coronavirus with its dire need to resume economic activity. The country with the Africa’s most developed economy also has its highest number of infections — more than 19,000.  (AP Photo/Jerome Delay, file)

UN chief warns leaders pandemic may cause historic famine

May. 28, 2020 7:41 PM EDT

UNITED NATIONS (AP) — The U.N. chief on Thursday warned the largest gathering of world leaders since the coronavirus pandemic began that it will cause “unimaginable devastation and suffering around the world,” with historic levels of hunger and famine and up to 1.6 billion people unable to...

FILE - In this Nov. 11, 2019 file photo, Riad Salameh the governor of Lebanon's Central Bank, listens to a journalist's question during a press conference, in Beirut, Lebanon. Salameh was touted as the guardian of Lebanon’s monetary stability as he steered the tiny country's finances through post-war recovery and various bouts of unrest for nearly three decades. Now, Lebanon’s long-serving central bank governor is being called a “thief” by some protesters, who accuse him of being part of the ruling elite whose corruption and mismanagement has driven the country to the edge of bankruptcy. (AP Photo/Hussein Malla, File)

Lebanon crisis brings mixed legacy for central bank governor

May. 28, 2020 2:14 AM EDT

BEIRUT (AP) — Touted as the guardian of Lebanon’s monetary stability, he steered the tiny country's finances for nearly three decades, through post-war recovery and bouts of unrest. Now, Lebanon’s central bank governor is being called a “thief” by some anti-government...

A medical worker collects a swab sample from a journalist for a COVID-19 test before the National People's Congress closing session and the Chinese Premier press conference in Beijing, on Thursday, May 28, 2020. (AP Photo/Ng Han Guan)

The Latest: South Korea's central bank lowers rate to 0.5%

May. 27, 2020 10:26 PM EDT

The Latest on the coronavirus pandemic. The new coronavirus causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems, it can cause more severe illness or death. TOP OF THE HOUR: — US deaths from coronavirus surpass 100,000 mark. —...

Workers build a protective barrier as construction resumed on the New York Islanders' new arena, located adjacent to Belmont race track, during the current coronavirus outbreak, Wednesday, May 27, 2020, in Elmont, N.Y. Long Island became the latest region of New York to begin easing restrictions put in place to curb the spread of the coronavirus as it entered the first phase of the state's four-step reopening process. Gov. Andrew Cuomo announced Tuesday that Nassau and Suffolk counties could begin reopening parts of their economy after nonessential businesses were shuttered for two months. (AP Photo/Kathy Willens)

Fed report notes businesses less optimistic about economy

May. 27, 2020 5:10 PM EDT

WASHINGTON (AP) — Businesses across the country surveyed by the Federal Reserve don’t appear to share the Trump administration's optimism about a rapid economic recovery starting this summer. The Federal Reserve released a report Wednesday that draws on business contacts from the central bank's 12...

A currency trader talks near the screens showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea, Wednesday, May 27, 2020. Major Asian stock markets have declined as US-Chinese tension over Hong Kong competes with optimism about recovery from the coronavirus pandemic. (AP Photo/Lee Jin-man)

Asia stocks mixed on uncertainty over Hong Kong security law

May. 26, 2020 11:48 PM EDT

Major Asian stock markets were mixed Wednesday as U.S.-Chinese tension over Hong Kong competed with optimism about recovery from the coronavirus pandemic. Benchmarks in Shanghai and Hong Kong retreated after the White House said a proposed national security law might jeopardize the Chinese territory's status as a...

New Hampshire to get more than $3M in auto loan settlement

May. 22, 2020 1:53 PM EDT

CONCORD, N.H. (AP) — New Hampshire will receive more than $3 million in a multi-state settlement with auto loan financing company Santander over allegations that it knowingly targeted consumers who were likely to default on its loans. The settlement stems from an investigation by 34 attorneys general of...

FILE - In this Aug. 7, 2019, file photo, Reserve Bank of India (RBI) Governor Shaktikanta Das speaks during a press conference in Mumbai, India. India’s central bank on Friday, May 22, 2020, cut its key interest rate to 4% to revive the economy severely hit the coronavirus outbreak and a two-month lockdown. Reserve Bank of India Governor Das also said India's gross domestic product in financial 2020-21 was expected to have negative growth.  (AP Photo/Rajanish Kakade, File)

India's central bank cuts lending rate to 4% to aid economy

May. 22, 2020 11:05 AM EDT

NEW DELHI (AP) — India’s central bank on Friday cut its key interest rate to 4% to counter the blow to the economy from the coronavirus pandemic and a lockdown meant to contain it. Reserve Bank of India Governor Shaktikanta Das forecast that the economy will contract in fiscal 2020-21. He did not...

Ukraine's President Volodymyr Zelenskiy speaks to the media during a news conference in Kyiv, Ukraine, Wednesday, May 20, 2020. At the press conference marking Zelenskiy's one year in office, the president answered questions about domestic affairs, foreign policy and his main achievements. (Sergey Dolzhenko/Pool Photo via AP)

IMF to give Ukraine $5 billion to cope with virus fallout

May. 22, 2020 8:28 AM EDT

KYIV, Ukraine (AP) — The International Monetary Fund said Thursday it has reached an agreement with authorities in Ukraine to allocate $5 billion to help the country cope with the economic fallout of the coronavirus outbreak. “This will ensure that Ukraine is well-poised to return to growth and...

A woman rides an empty subway Thursday, May 21, 2020, in Tokyo. Tokyo is still under a coronavirus state of emergency until the end of May though there have been no hard lockdowns. (AP Photo/Eugene Hoshiko)

Bank of Japan helps fund small businesses fighting pandemic

May. 21, 2020 11:45 PM EDT

TOKYO (AP) — Japan's central bank said Friday it will provide some 30 trillion yen ($280 billion) to banks for financing small and medium-size businesses battling economic hardships brought on by the coronavrius pandemic. The Bank of Japan will start providing funding to the banks in June, it said. The...