Latest Financial services News

China regulators free up extra $100B for bank lending

Jun. 25, 2018 12:32 AM EDT

BEIJING (AP) — Chinese regulators have freed up an extra $100 billion for bank lending in a move financial analysts said could help to reassure investors amid trade tensions with Washington. The reduction on Sunday in reserves banks are required to hold was part of a series of such cuts economists had...

Corporate America increasingly avoids gun-industry business

Jun. 24, 2018 6:54 PM EDT

GAINESVILLE, Ga. (AP) — With Gary Ramey's fledgling gun-making business taking off in retail stores, he decided to start offering one of his handguns for sale on his website. That didn't sit well with the company he used to process payments, and they informed him they were dropping his account. Another...

Gun industry sees banks as new threat to 2nd Amendment

Jun. 24, 2018 10:30 AM EDT

GAINESVILLE, Ga. (AP) — With Gary Ramey's fledgling gun-making business taking off in retail stores, he decided to start offering one of his handguns for sale on his website. That didn't sit well with the company he used to process payments, and they informed him they were dropping his account. Another...

Malaysia names new central bank governor

Jun. 22, 2018 5:39 AM EDT

KUALA LUMPUR, Malaysia (AP) — Malaysia has named Nor Shamsiah Mohamad Yunus, an experienced former central bank official, as the new central bank governor. Finance Minister Lim Guan Eng said Friday that the king has consented to Nor Shamsiah's appointment to head Bank Negara Malaysia from July 1 for a...

Vietnam arrests 4 more oil execs in corruption crackdown

Jun. 21, 2018 10:47 PM EDT

HANOI, Vietnam (AP) — Vietnamese police have arrested four more former senior oil executives for allegedly abusing their power to appropriate property as the communist authorities step up their toughest crackdown on corruption in years. The four arrested Thursday were former general directors or chief...

Fed finds biggest US banks strong enough to survive shock

Jun. 21, 2018 7:01 PM EDT

WASHINGTON (AP) — The Federal Reserve says that all of the 35 largest U.S. banks are fortified enough to survive an economic shock and keep on lending. Banks' hypothetical losses from credit cards increased in the latest "stress tests," however. The first round of the central bank's annual stress tests,...

Mexico central bank raises key interest rate to 7.75 percent

Jun. 21, 2018 4:38 PM EDT

MEXICO CITY (AP) — Mexico's central bank has decided to raise its key interbank interest rate to 7.75 percent from 7.5 percent. The bank cited uncertainty around negotiations on the North American Free Trade Agreement and Mexico's upcoming July 1 elections. The peso closed slightly stronger Thursday before...

UK finance leaders say openness is key to future prosperity

Jun. 21, 2018 4:26 PM EDT

LONDON (AP) — Increased openness, not protectionism, is the best way to ensure Britain's prosperity in a rapidly changing world, the U.K. government's two most powerful money men said Thursday. Treasury chief Philip Hammond and Bank of England Gov. Mark Carney said financial and trade connections with the...

McCaskill's husband invested in hedge fund tied to Caymans

Jun. 20, 2018 1:57 PM EDT

KANSAS CITY, Mo. (AP) — Four years after Democratic Sen. Claire McCaskill co-sponsored legislation targeting tax havens such as the Cayman Islands, her husband began investing in a hedge fund tied to the Caribbean nation — an investment that has paid off handsomely. The Kansas City Star reported...

IMF Executive Board approves $50 billion loan for Argentina

Jun. 20, 2018 1:19 PM EDT

WASHINGTON (AP) — The Executive Board of the International Monetary Fund has approved a three-year, $50 billion stand-by arrangement for Argentina. The IMF says Wednesday's decision allows Argentine authorities to immediately receive $15 billion, and that half of that amount will be used for budget...