Latest Financial services News

Plan to create special pot banks moves forward in California

May. 21, 2019 6:21 PM EDT

SACRAMENTO, Calif. (AP) — Shut out of the traditional banking system by federal laws, the country's largest legal marijuana market in California could benefit if the state approves a measure creating a special class of banks to handle pot money. The state Senate voted 35-1 on Tuesday to pass a bill that...

Powell says he sees 'moderate' risk from corporate debt

May. 20, 2019 8:47 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Monday that the central bank is closely monitoring a sharp rise in corporate debt but currently does not see the types of threats that triggered the 2008 financial crisis. In remarks to a banking conference in Fernandina Beach, Florida, Powell...

New Mexico mayor's plan would charge for emergency costs

May. 20, 2019 7:45 PM EDT

ALBUQUERQUE, New Mexico (AP) — A New Mexico mayor has proposed billing some drivers who are involved in car accidents resulting in hazardous material cleanup or victim extractions as a way to pay for more emergency rescue personnel in the state's largest city. Albuquerque Mayor Tim Keller's budget proposal...

Democrats grapple with fully embracing Medicare for All

May. 17, 2019 11:57 AM EDT

MASON CITY, Iowa (AP) — A half-dozen presidential candidates back "Medicare for All," a proposal that would put the government in charge of most health benefits. But some of the Democrats they're courting aren't sure that the nation's health care system should be overhauled so dramatically. After watching...

Asian shares mixed as Huawei sanctions stir trade fears

May. 16, 2019 11:27 PM EDT

SINGAPORE (AP) — Asian stocks were mixed on Friday amid worries that U.S. economic sanctions on Huawei would cast a pall on trade negotiations with China. Hong Kong's Hang Seng shed 0.4% to 28,161.89 while Japan's benchmark Nikkei 225 jumped 1.6% to 21,391.53. The Kospi in South Korea added 0.2% to...

Michigan governor open to drivers forgoing unlimited benefit

May. 16, 2019 7:41 PM EDT

EAST LANSING, Mich. (AP) — Michigan Gov. Gretchen Whitmer said Thursday that she was open to letting drivers forgo mandatory, unlimited medical benefits covered by their auto insurance premiums, but only if they were still required to buy some level of coverage. The Democrat's position, which she announced...

Family man, newlyweds among dead in crash of Alaska planes

May. 16, 2019 10:42 AM EDT

ANCHORAGE, Alaska (AP) — A newly married couple, a pilot who used his family's savings to buy his own plane, a devoted family man from Australia and an office manager at an insurance company with a vivacious personality and a heart of gold were among the six victims in this week's deadly midair collision...

EU fines banks over $1 billion over foreign exchange cartel

May. 16, 2019 6:25 AM EDT

BRUSSELS (AP) — European Union regulators have fined five banks a total of more than 1 billion euros ($1.1 billion) for colluding in the trade of large sums of foreign currency. The European Commission said Thursday that investigators found that some bank employees in charge of spot trading in 11...

Pakistan's currency reaches all-time low against US dollar

May. 16, 2019 6:25 AM EDT

ISLAMABAD (AP) — Pakistan's currency has reached a new all-time low against the dollar after the government last week reached a preliminary agreement with the IMF for $6 billion bailout. The Pakistani rupee dropped to 147 rupees to the dollar on Thursday morning. The rupee was traded at 141 to the dollar...

Profiles of victims from deadly Alaska mid-air collision

May. 15, 2019 9:04 PM EDT

ANCHORAGE, Alaska (AP) — A newly married couple, a pilot who used his family's savings to buy his own plane, a devoted family man from Australia and an office manager at an insurance company with a vivacious personality and a heart of gold were among the six victims in this week's deadly midair collision...