Latest Financial services News
Interest rates will stay high 'as long as necessary,' the European Central Bank's leader says
FRANKFURT, Germany (AP) — The head of the European Central Bank said Monday that interest rates will stay high enough to restrict business activity for “as long as necessary” to beat back inflation. Still, she sympathized with homeowners who have seen their mortgage payments jump. ...
Things to know about California's new proposed rules for insurance companies
SACRAMENTO, Calif. (AP) — Months after California's home insurance market was rattled by major companies pausing or restricting their coverage, the state's top regulator said Thursday that he would write new rules aimed at persuading insurers to continue doing business in the nation's most...
Wildfire-prone California to consider new rules for property insurance pricing
SACRAMENTO, Calif. (AP) — California will let insurance companies consider climate change when setting their prices, the state's chief regulator announced Thursday, a move aimed at preventing insurers from fleeing the state over fears of massive losses from wildfires and other natural disasters....
Stock market today: Asian shares mixed after interest rates-driven sell-off on Wall Street
Asian shares were mixed on Friday after another slump on Wall Street driven by expectations that U.S. interest rates will stay high well into next year. Hong Kong and Shanghai advanced while Tokyo, Seoul and Sydney declined. U.S. futures edged higher and oil prices rose. ...
Bank of England joins US Fed in keeping interest rates unchanged after inflation declines
LONDON (AP) — The Bank of England on Thursday joined the U.S. Federal Reserve in pausing interest rate increases after a surprising fall in U.K. inflation eased concerns about the pace of price rises. In a development that few predicted just two days ago, the central bank kept its...
Turkey’s central bank hikes interest rates again in further shift in economic policies
ISTANBUL (AP) — Turkey’s central bank raised its key interest rate by 5 percentage points Thursday, another large but expected hike that signals a continued push toward more traditional economic policies under President Recep Tayyip Erdogan. The bank hiked its policy rate to 30%,...
Sweden's central bank hikes key interest rate, saying inflation is still too high
STOCKHOLM (AP) — Sweden’s central bank raised its key interest rate Thursday, saying that “inflationary pressures in the Swedish economy are still too high,” although there were signs that inflation had begun to fall. The Riksbank raised its policy rate by a quarter of a...
A small venture capital player becomes a symbol in the fight over corporate diversity policies
NEW YORK (AP) — A venture capital firm that has backed buzzy new companies like restaurant chain Slutty Vegan and beauty brand Live Tinted has become symbolic of the fight over corporate diversity policies since becoming a target of a lawsuit over a grant program for Black women. ...
Coty, Steelcase rise; Eastern Bankshares, AdaptHealth fall, Wednesday, 9/20/2023
NEW YORK (AP) — Stocks that traded heavily or had substantial price changes on Wednesday: Coty Inc., up 51 cents to $11.98. The owner of CoverGirl and other cosmetics gave investors an encouraging sales forecast. Ford Motor Co., down 20 cents to...
Homeowners face rising insurance rates as climate change makes wildfires, storms more common
NEW YORK (AP) — A growing number of Americans are finding it difficult to afford insurance on their homes, a problem only expected to worsen because insurers and lawmakers have underestimated the impact of climate change, a new report says. A report from First Street Foundation...
