Latest Banking and credit News

Bahrain conference: Peace critical for US plan for Mideast

Jun. 26, 2019 5:14 AM EDT

MANAMA, Bahrain (AP) — Stability and security are critical to the success of a $50 billion U.S. economic plan for the Palestinians that focuses entirely on infrastructure and development, omitting political aspects that are key to resolving to long-running Israeli-Palestinian conflict, international...

Powell says economy facing growing uncertainties

Jun. 25, 2019 5:34 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Tuesday the outlook for the U.S. economy has become cloudier since early May, with rising uncertainties over trade and global growth causing the central bank to reassess its next move on interest rates. Speaking to the Council on Foreign...

81-year-old deemed mentally fit for trial on robbery charge

Jun. 24, 2019 5:49 PM EDT

PHOENIX (AP) — An 81-year-old man who has spent decades behind bars for stealing from banks is mentally fit to stand trial in a credit union robbery in Arizona, despite his claim that he has had symptoms of Alzheimer's disease, a judge ruled. The decision against Robert Krebs came after a psychologist...

Trump attacks Federal Reserve again, wants interest rate cut

Jun. 24, 2019 9:31 AM EDT

WASHINGTON (AP) — President Donald Trump is continuing efforts to pressure the U.S. central bank system, saying the stock markets and economic growth would be much higher if not for its actions. Trump says the Federal Reserve "doesn't know what it's doing" and raised interest rates too quickly. The...

New Zealand to start protecting bank deposits of most savers

Jun. 24, 2019 2:47 AM EDT

WELLINGTON, New Zealand (AP) — New Zealand remains one of the few developed countries where people with bank savings have no recourse if their bank fails, but the government said Monday that's about to change. Finance Minister Grant Robertson announced plans for a program aimed at individual account...

Average US price of gas drops 11 cents per gallon to $2.73

Jun. 23, 2019 4:35 PM EDT

CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline dropped 11 cents per gallon (3.8 liters) over the past two weeks, to $2.73. Industry analyst Trilby Lundberg of the Lundberg Survey says Sunday that lower crude oil prices contributed to the drop at the pump. Oil prices rose last...

Fed says largest banks would survive crisis, in latest tests

Jun. 21, 2019 5:27 PM EDT

NEW YORK (AP) — All 18 of the nation's largest and most complex banks are strong enough to withstand a severe economic downturn and would be able to stay in business without collapsing, the Federal Reserve said Friday. The results are from the first round of the central bank's annual stress tests, which...

S&P 500 notches 3rd straight weekly gain after wobbly day

Jun. 21, 2019 5:06 PM EDT

Wall Street finished a milestone-setting week on a downbeat note Friday after a late flurry of selling nudged stocks lower, ending the market's four-day winning streak. Even with the modest losses the market delivered its third straight weekly gain, with the benchmark S&P 500 index hovering just below its...

Markets Right Now: Weeklong stock market rally fizzles out

Jun. 21, 2019 4:07 PM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. Stocks ended a wobbly day slightly lower on Wall Street as a weeklong rally fizzled out. The modest losses Friday came a day after the S&P 500 set a record closing high. On Friday the Dow Jones Industrial Average...

Stocks subdued, oil keeps rising as Mideast tensions grow

Jun. 21, 2019 8:12 AM EDT

BANGKOK (AP) — Global stock markets were subdued Friday as investors became more cautious after the S&P 500 hit a record close and amid heightened tensions in the Persian Gulf between the U.S. and Iran. The price of oil continued to rise. Major airlines on Friday began rerouting flights to avoid areas...