Latest Banking and credit News

FILE - In this Wednesday, March 25, 2020 file photo, American Airlines jets sit idly at their gates as a jet arrives at Sky Harbor International Airport in Phoenix. The Trump administration is raising the possibility of the U.S. government getting ownership stakes in U.S. airlines in exchange for $25 billion in direct grants to help the carriers survive a downturn caused by the coronavirus pandemic, according to people familiar with the matter, Thursday, March 26, 2020. (AP Photo/Matt York, File)

National bills coming due, with risk; consumers see it, too

Mar. 27, 2020 8:55 PM EDT

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Friday related to the global economy, the work place and the spread of the virus. ____ UNDER REVIEW: This week, the U.S. reported that a staggering 3.3 million Americans applied for...

A man balances boxes of food that he picked up from Masbia Soup Kitchen, Thursday, March 26, 2020 during the coronavirus pandemic in the Brooklyn borough of New York. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/Mark Lennihan)

Staying afloat: $2.2 trillion bill offers economic lifeline

Mar. 27, 2020 6:33 PM EDT

WASHINGTON (AP) — In the coronavirus crisis, even doctors can face a cash crunch. Dr. Benjamin Ticho, an ophthalmologist in Chicago Ridge, Illinois, has seen his revenue plunge 80% as patients stay home and he cancels non-emergency surgeries. He’s cut his staff’s hours sharply and is...

The Latest: 4 Dane County prisoners test negative for virus

Mar. 27, 2020 4:29 PM EDT

MADISON, Wis. (AP) — The Latest on the coronavirus outbreak in Wisconsin (all times local): 3:30 p.m. Tests of four Dane County Jail inmates in Madison for the coronavirus have come back negative, after two other inmates were shown to have COVID-19. The sheriff's department reported Friday that four of...

FILE - In this Feb. 14, 2020 file photo, Kristalina Georgieva, Managing Director of the International Monetary Fund, attends a session on the first day of the Munich Security Conference in Munich, Germany.   Georgieva said Friday, March 27,  it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn.  She said the 189-nation lending agency was forecasting a recovery in 2021, saying it could be a “sizable rebound.” But she said this would only occur if nations succeed in containing the coronavirus and limiting the economic damage(AP Photo/Jens Meyer, File)

IMF head says global economy now in recession

Mar. 27, 2020 3:55 PM EDT

WASHINGTON (AP) — The head of the International Monetary Fund said Friday it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn. IMF Managing Director Kristalina Georgieva said the 189-nation lending agency was forecasting a recovery in 2021,...

Man pleads guilty to bank fraud, using stolen account info

Mar. 27, 2020 9:27 AM EDT

CONCORD, N.H. (AP) — A man pleaded guilty to making fraudulent cash withdrawals from multiple bank and credit union locations in New Hampshire. Estefano Dall Anese Borlotti, 35, of Brazil, pleaded guilty on Thursday in federal court to conspiracy to commit bank fraud. Court records said Borlotti and...

Roads are seen deserted during a lockdown in Greater Noida, a suburb of New Delhi, India, Thursday, March 26, 2020. Some of India's legions of poor and people suddenly thrown out of work by a nationwide stay-at-home order began receiving aid distribution Thursday, as both the public and private sector work to blunt the impact of efforts to curb the coronavirus pandemic. Untold numbers of them are now out of work and many families have been left struggling to eat. (AP Photo/Altaf Qadri)

India's central bank cuts benchmark rate to decade-low 4.4%

Mar. 27, 2020 1:42 AM EDT

NEW DELHI (AP) — India’s central bank on Friday cut its key interest rate by a sizable 75 basis points to 4.4% from 5.15% to ease financing troubles caused by the coronavirus outbreak and help revive the economy. That’s the lowest benchmark rate the Reserve Bank of India has charged on...

Shoppers wearing face masks with a cart full of food supplies wait in line to pay at a supermarket counter in Singapore, Tuesday, Mar. 17, 2020. Singaporeans were seen buying food supplies in supermarkets following neighboring Malaysia's announcement of a nationwide lockdown from the coronavirus to begin Wednesday which could affect the flow of food supplies to the city state. (AP Photo/Ee Ming Toh)

The Latest: Singapore penalizing social distancing violators

Mar. 26, 2020 11:35 PM EDT

The Latest on the coronavirus pandemic. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. TOP OF THE HOUR: — U.S. leads the world in confirmed coronavirus cases...

European Council President Charles Michel speaks during a media conference after an EU summit by video conference in Brussels, Thursday, March 26, 2020. Following the informal video conference, members of the European Council adopted a statement on the EU actions in response to the COVID-19 outbreak. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (Francois Walschaerts, Pool Photo via AP)

EU leaders order up recovery plan for after coronavirus

Mar. 26, 2020 7:06 PM EDT

BRUSSELS (AP) — European Union national leaders told the bloc’s finance ministers Thursday to draw up new measures to tackle the devastating economic impact of the coronavirus pandemic after failing to bridge major differences over how best to share the debt burden. During six hours of talks by...

FILE - In this Friday, March 20, 2020 file photo, customers wait in line at a Stop & Shop supermarket that opened special morning hours to serve people 60-years and older due to coronavirus concerns, in Teaneck, N.J. The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed as it continues to spread across the world. Stop & Shop will hire at least 5,000 new associates for regular part-time positions in its stores, distribution centers and delivery operations across New York, New Jersey, Connecticut, Massachusetts and Rhode Island.  (AP Photo/John Minchillo, File)

Lowe's hiring, McMenu shrinks, top Ford execs to defer pay

Mar. 26, 2020 7:06 PM EDT

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed as it continues to spread across the world. Here is a look at some of the latest developments Thursday related to the global economy, particular economic sectors, and the workplace: JOBS: As the coronavirus continues...

In this photo released by Saudi Press Agency, SPA, Saudi King Salman, chairs a video call of world leaders from the Group of 20 and other international bodies and organizations, from his office in Riyadh, Saudi Arabia, Thursday, March 26, 2020. The meeting is aimed at coordinating the global response to the fast-spreading coronavirus, which has shuttered businesses and forced well over a quarter of the world's population into home isolation. (Saudi Press Agency via AP)

World leaders vow to coordinate virus response in video call

Mar. 26, 2020 6:02 PM EDT

DUBAI, United Arab Emirates (AP) — The head of the United Nations told leaders of the world’s 20 major industrialized nations during an emergency virtual summit Thursday that "we are at war with a virus — and not winning it” despite dramatic measures by countries to seal their borders,...