Latest Banking and credit News

US indexes shake off an early slump and eke out gains

Jul. 05, 2022 16:53 PM EDT

Stock indexes on Wall Street ended with meager gains Tuesday, as a late-afternoon rally led by technology companies stemmed the market's losses after an early slump. The S&P eked out a gain of 0.2% after having been down 2.2% earlier in the day. The Dow Jones Industrial Average...

Sri Lanka PM says talks with IMF difficult due to bankruptcy

Jul. 05, 2022 03:38 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s negotiations with the International Monetary Fund are more complex and difficult than in the past because it is a bankrupt nation, the country’s prime minister said Tuesday. Prime Minister Ranil Wickremesinghe told lawmakers that recent...

Report: East Africa pipeline 'breaches banking principles'

Jul. 05, 2022 02:12 AM EDT

A controversial oil project that would connect oilfields in a Ugandan National Park to a port in Tanzania breaches global environmental guidelines for banks, according to a new nonprofit report Tuesday. The 897-mile (1443-kilometer) East Africa Crude Oil Pipeline (EACOP), planned by...

Australian central bank boosts rate for 3rd month in a row

Jul. 05, 2022 01:59 AM EDT

CANBERRA, Australia (AP) — Australia’s central bank on Tuesday lifted its benchmark interest rate for a third time in three straight months, changing the cash rate to 1.35% from 0.85%. The Reserve Bank of Australia’s half a percentage point rise was the same size as its June...

Australian central bank boosts rate for 3rd month in a row, countering inflation

Jul. 05, 2022 00:46 AM EDT
CANBERRA, Australia (AP) — Australian central bank boosts rate for 3rd month in a row, countering inflation.

This Week: Fed minutes, Levi Strauss earns, jobs report

Jul. 04, 2022 01:04 AM EDT

A look at some of the key business events and economic indicators upcoming this week: CLOSE-UP ON THE FED The Federal Reserve serves up the minutes from its most recent interest rate policy meeting Wednesday. At the meeting last month, the central bank...

Massachusetts man to plead guilty to pandemic relief fraud

Jul. 01, 2022 09:52 AM EDT

BOSTON (AP) — A Massachusetts man has agreed to plead guilty to fraudulently obtaining about $1.2 million in federal loans intended to help businesses struggling because of the COVID-19 pandemic. James Joseph Cohen, 59, of Wenham, between April 2020 and September 2021 submitted six...

Dutch central bank chief apologizes for links to slavery

Jul. 01, 2022 09:16 AM EDT

AMSTERDAM (AP) — The Dutch central bank chief apologized Friday for the institution's involvement in the 19th-century slave trade, the latest expression of contrition in the Netherlands linked to the country's historic role in the trade in enslaved people. The apology came at an...

Inflation hits record 8.6% for 19 countries using the euro

Jul. 01, 2022 07:02 AM EDT

LONDON (AP) — Inflation in countries using the euro set another eye-watering record, pushed higher by a huge increase in energy costs fueled partly by Russia’s war in Ukraine. Annual inflation in the eurozone's 19 countries hit 8.6% in June, surging past the 8.1% recorded in May,...

Asian shares mostly lower after pessimistic 'tankan' survey

Jun. 30, 2022 23:50 PM EDT

TOKYO (AP) — Asian benchmarks were mostly lower on Friday, echoing a decline on Wall Street, after a quarterly report by Japan’s central bank rekindled worries about the world’s third largest economy. Recent data suggest global growth is slowing as countries grapple with...