Latest Banking and credit News

'Tis the season for holiday scammers, such as utility calls

Nov. 27, 2021 08:14 AM EST

CONCORD, N.H. (AP) — ‘Tis the season for holiday scammers, including those targeting utility customers. “These scammers – often sounding legitimate and quite convincing – may threaten to shut off electric service immediately unless instant payment is made,...

Stocks sink on new COVID variant; Dow loses 905 points

Nov. 26, 2021 16:45 PM EST

NEW YORK (AP) — Stocks sank Friday, with the Dow Jones Industrial Average briefly falling more than 1,000 points, as a new coronavirus variant first detected in South Africa appeared to be spreading across the globe. Investors were uncertain whether the variant could potentially reverse...

Asian stocks down after Fed says ready to act on inflation

Nov. 24, 2021 22:50 PM EST

BEIJING (AP) — Asian stock markets fell Thursday after Federal Reserve officials indicated they were ready to raise interest rates sooner than expected if needed to cool inflation. Market benchmarks in Shanghai, Hong Kong, Seoul and Sydney declined. Tokyo advanced. ...

Mexico gets female central bank head, supreme court justice

Nov. 24, 2021 18:10 PM EST

MEXICO CITY (AP) — Mexico’s president nominated the first woman to serve as governor of the country’s central bank Wednesday, saying that getting women into high office was a priority. The move comes one day after another female justice was named to the Supreme...

Fed officials express resolve to address inflation risks

Nov. 24, 2021 17:27 PM EST

WASHINGTON (AP) — Federal Reserve officials in discussions earlier this month said the central bank “would not hesitate” to take appropriate actions to address inflation pressures that posed risks to the economy. In minutes released Wednesday of the Fed's Nov. 2-3...

US GDP slowed sharply in Q3 but big rebound expected in Q4

Nov. 24, 2021 12:26 PM EST

WASHINGTON (AP) — The U.S. economy slowed to a modest annual rate of 2.1% in the July-September quarter according to the government’s second read of the data, slightly better than its first estimate. But economists are predicting a solid rebound in the current quarter as long as rising...

Asia stock markets decline amid inflation, oil price worries

Nov. 23, 2021 23:53 PM EST

TOKYO (AP) — Asian shares fell Wednesday as worries about inflation set off expectations the U.S. Federal Reserve might raise interest rates. Japan's Nikkei 225 dropped 1.1% to 29,436.73 in early trading, following a national holiday Tuesday. South Korea's Kospi slipped...

Turkish lira plunges after Erdogan defends rate cuts

Nov. 23, 2021 13:00 PM EST

ANKARA, Turkey (AP) — The Turkish currency weakened by some 10% against the U.S. dollar Tuesday, a day after President Recep Tayyip Erdogan insisted there would be no turning back from his unconventional policy of cutting interest rates despite high inflation. The lira...

Fed's Powell will aim to win a high-stakes bet in 2nd term

Nov. 23, 2021 06:56 AM EST

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell gambled last year that his ultra-low rate policies would help revive an economy that had sunk deep into a pandemic-induced recession. So far, his bet has mostly paid off. Growth and hiring have rebounded faster than...

New Mexico recoups $24 million in mortgage-crisis settlement

Nov. 22, 2021 23:10 PM EST

SANTA FE, N.M. (AP) — New Mexico's public pension and investment funds will receive $24 million from several major financial institutions to resolve a lawsuit over mortgage-backed securities and the financial crisis more than a decade ago, state prosecutors said. New...