Latest Banking and credit News

FILE - In this Sept. 19, 2020 file photo, a doctor takes a nasal swab sample to test for COVID-19 at the Cocodrilos Sports Park in Caracas, Venezuela. PAHO, the regional office for the World Health Organization in the Americas, said the week of Jan. 22 2021 that only 3,000, or about 1%, of the 340,000 COVID antigen testing kits sent to the country have been used. (AP Photo/Matias Delacroix, File)

Venezuela power struggle impedes delivery of COVID vaccine

Jan. 22, 2021 1:42 PM EST

CARACAS, Venezuela (AP) — Venezuela’s political conflict has claimed another casualty: relief from the coronavirus pandemic. The socialist government of Nicolás Maduro and the U.S.-backed opposition are accusing each other of playing politics with proposals to finance United Nations-supplied...

Cars drive on an unlit street during a blackout in Tehran, Iran, Wednesday, Jan 20, 2021. Speculation has gripped social media in Iran that Bitcoin is to blame for a series of recent power blackouts across the country. The government launched a major crackdown on Bitcoin processing centers which use immense amounts of electricity and are a huge burden on the power grid. (AP Photo/Ebrahim Noroozi)

Iran, pressured by blackouts and pollution, targets Bitcoin

Jan. 22, 2021 1:04 AM EST

TEHRAN, Iran (AP) — Iran's capital and major cities plunged into darkness in recent weeks as rolling outages left millions without electricity for hours. Traffic lights died. Offices went dark. Online classes stopped. With toxic smog blanketing Tehran skies and the country buckling under the pandemic and...

A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Friday, Jan. 22, 2021. Asian stock markets retreated Friday after a resurgence of coronavirus infections in China and a rise in cases in Southeast Asia. (AP Photo/Lee Jin-man)

Asian stocks sink after China coronavirus resurgence

Jan. 21, 2021 11:28 PM EST

BEIJING (AP) — Asian stock markets retreated Friday after a resurgence of coronavirus infections in China and a rise in cases in Southeast Asia. Shanghai, Hong Kong, Tokyo and Australia declined. South Korea advanced. Overnight, Wall Street closed higher. Gains for tech stocks offset losses elsewhere....

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US long-term mortgage rates slip; 30-year loan at 2.77%

Jan. 21, 2021 12:13 PM EST

WASHINGTON (AP) — U.S. long-term mortgage rates slipped this week while remaining at record-low levels. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed-rate home loan eased to 2.77% from 2.79% last week. By contrast, the rate stood at 3.60% a year ago. The...

Long time exposure photo shows aircrafts flying over the buildings of the banking district in Frankfurt, Germany, Thursday, Jan. 21, 2021. (AP Photo/Michael Probst)

European Central Bank stimulus on track as economy struggles

Jan. 21, 2021 10:51 AM EST

FRANKFURT, Germany (AP) — With more than a trillion euros in stimulus still in the pipeline to the economy, the European Central Bank left its key bond-purchase program unchanged Thursday as the 19-country eurozone endures a winter economic slowdown due to the pandemic. ECB President Christine Lagarde told...

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. A New-York-based company that was contracted by Lebanon's government to conduct a forensic audit of the country's central bank has decided to pull out of the deal because it was not able to acquire needed information and documents, Lebanese outgoing finance minister said Friday, Nov. 20, 2020. (AP Photo/Hussein Malla, File)

Lebanon central bank governor denies transfer of capital

Jan. 21, 2021 9:14 AM EST

BEIRUT (AP) — The governor of Lebanon's Central Bank denied on Thursday that he had made any transfers of the bank's funds following a probe by Swiss authorities into money laundering and embezzlement. Gov. Riad Salameh's statement was released after he was questioned by Lebanon’s prosecutor...

Netflix, Alibaba rise; Bank of New York, US Bancorp fall

Jan. 20, 2021 4:27 PM EST

NEW YORK (AP) — Stocks that moved heavily or traded substantially Wednesday: Alibaba Group Holding Ltd., up $13.84 to $265.49. The Chinese e-commerce company's co-founder, Jack Ma, made his first appearance after a nearly three-month absence. eBay Inc., down 81 cents to $56.17. The e-commerce company said...

FILE - In this Oct. 18, 2011, file photo, the Morgan Stanley logo is displayed on its Times Square building, in New York. Morgan Stanley saw its fourth-quarter profits surge 48% from a year earlier, as the Wall Street bank benefited from the market’s upward swing and investors jubilation for tech stocks and IPOs late last year. (AP Photo/Mark Lennihan, File)

Morgan Stanley profits rise 48%, helped by strong markets

Jan. 20, 2021 10:27 AM EST

CHARLOTTE, N.C. (AP) — Morgan Stanley saw its fourth-quarter profits surge 48% from a year earlier, as the Wall Street bank benefited from the market’s upward swing and investors jubilation for tech stocks and IPOs late last year. The New York-based firm posted a profit $3.39 billion, or $1.81 a...

People are reflected on the electronic board of a securities firm in Tokyo, Wednesday, Jan. 20, 2021. Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as president, ending President Donald Trump’s four-year term. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases. (AP Photo/Koji Sasahara)

Japan shares fall on pandemic worries as rest of Asia rises

Jan. 19, 2021 10:22 PM EST

TOKYO (AP) — Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as U.S. president. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases. Japan's benchmark Nikkei 225 lost early gains to slip 0.4% in morning trading to 28,515.21. Australia's...

FILE - In this June 27, 2017, file photo, bundles of $20 bills are placed on a table as Jerred Kiloh, owner of the Higher Path medical marijuana dispensary, prepares a trip to Los Angeles City Hall to pay his monthly tax payment in cash in Los Angeles. The leading cannabis industry group in California announced Tuesday, Jan. 19, 2021, it had reached an agreement with a state credit union that will provide access to checking and other banking services for marijuana companies, ending what had been a longstanding obstacle for many businesses. (AP Photo/Jae C. Hong, File)

Deal offers more banking services for California pot firms

Jan. 19, 2021 7:26 PM EST

LOS ANGELES (AP) — A California cannabis industry group announced Tuesday that it reached an agreement with a state credit union that will provide checking, wire transfers and other banking services for more marijuana companies, helping ease what has been an obstacle for many businesses. Most Americans...