Latest Financial services News

World Bank report warns Gaza Strip economy is in 'free fall'

Sep. 25, 2018 3:25 AM EDT

JERUSALEM (AP) — The Gaza Strip's economy is in "free fall," a report from the World Bank warned Tuesday, calling for urgent action by Israel and the international community to avoid "immediate collapse." According to the report, Gaza's economy contracted by 6 percent in the first quarter of 2018. It said...

ECB chief: Wage growth pushing up inflation in euro area

Sep. 24, 2018 2:14 PM EDT

FRANKFURT, Germany (AP) — European Central Bank head Mario Draghi says he expects underlying inflation to rise in the 19 countries that use the euro as a stronger job market pushes up wages. Draghi's comments Monday before the economic and monetary committee of the European Parliament in Brussels indicated...

Fed's 3rd hike this year expected despite rising trade risks

Sep. 24, 2018 1:11 PM EDT

WASHINGTON (AP) — The Federal Reserve is set this week to raise interest rates for a third time this year to prevent the economy from growing too fast. But with President Donald Trump's trade fights posing a risk to the U.S. economy, the Fed may soon be ready to slow its hikes. Many analysts expect the...

Fed watchers seek hints about future rates amid likely hike

Sep. 24, 2018 12:15 PM EDT

WASHINGTON (AP) — The Federal Reserve will surprise no one if it does Wednesday what it seems poised to do for a third time this year: Raise its key short-term interest rate by a modest quarter-point to help keep inflation in check — and hint that another hike is likely in December. What Fed...

Sears CEO: Retailer needs to sell more real estate

Sep. 24, 2018 11:47 AM EDT

NEW YORK (AP) — The hedge fund owned by Sears Holdings Corp. CEO Eddie Lampert is urging the retailer's board to sell more of its real estate and restructure its debt, as it seeks to avoid bankruptcy. ES Investment Hedge Fund said Monday that Sears should sell $1.5 billion more in real estate and...

Insider Q&A: Amalgamated Bank CEO Keith Mestrich

Sep. 23, 2018 11:01 AM EDT

NEW YORK (AP) — Amalgamated Bank underwent the biggest change in its 95-year history this summer, going public on the Nasdaq stock exchange as the nation's only union-owned, publicly traded bank. While the New York-based bank has a relatively small geographic reach, with branches in New York, New Jersey...

AP FACT CHECK: Trump's errant claims on Kavanaugh, economy

Sep. 22, 2018 10:14 AM EDT

WASHINGTON (AP) — Juggling a suddenly hot-potato Supreme Court nomination and midterm-election jousting, President Donald Trump flubbed facts across a broad front over the past week. His comments about nominee Brett Kavanaugh's accuser betrayed a misunderstanding of how the process works. His claim to be...

After Florence, what to know about your insurance coverage

Sep. 22, 2018 8:34 AM EDT

In the aftermath of Hurricane Florence, thousands of people in the Carolinas are still waiting to return to their homes. Those who have are assessing the damage. Catastrophe modeling firm AIR Worldwide estimates insured wind and storm surge losses for Florence between $1.7 billion and $4.6 billion. The exact...

UK coroner is urged to study all options in Russian's death

Sep. 21, 2018 10:43 AM EDT

LONDON (AP) — The insurance company for a Russian businessman who died near his home in London six years ago is urging a coroner to rule whether or not he was murdered using poison. Attorneys for Legal & General asked Judge Nicholas Hilliard on Friday to consider all possibilities following an inquest...

Asian stocks follow Wall Street higher

Sep. 20, 2018 11:50 PM EDT

BEIJING (AP) — Asian stocks rose Friday after Wall Street hit a new high and a survey showed Japanese manufacturing accelerating. KEEPING SCORE: Tokyo's Nikkei 225 rose 0.5 percent to 23,793.35 and Hong Kong's Hang Seng added 0.9 percent to 27,712.47. The Shanghai Composite Index climbed 0.3 percent,...