Latest Financial services News

G7 leaders agree to lend Ukraine billions backed by Russia's frozen assets. Here's how it will work

Jun. 13, 2024 00:27 AM EDT

WASHINGTON (AP) — Leaders of the Group of Seven wealthy democracies have agreed to engineer a $50 billion loan to help Ukraine in its fight for survival that would use interest earned on profits from Russia’s frozen central bank assets as collateral. Details of the deal were...

Southwest Airlines CEO says he won't resign. A hedge fund is trying to get him fired

Jun. 12, 2024 15:23 PM EDT

DALLAS (AP) — The CEO of Southwest Airlines said Wednesday he will not resign in the face of pressure from a hedge fund that wants him fired and that his leadership team will produce its own plan to boost the airline's financial performance. CEO Robert Jordan said Southwest will...

Apple Pay will have more payment options this fall and will also welcome Windows, Chrome users

Jun. 11, 2024 12:14 PM EDT

NEW YORK (AP) — Apple Inc. plans to add several new features to Apple Pay and Apple Wallet later this year that will more deeply integrate financing, rewards, and buy now, pay later options into the iPhone. The new features are part of Apple's annual iOS update that will arrive in...

World Bank boosts forecast: Strength of US economy will support global growth of 2.6% this year

Jun. 11, 2024 09:33 AM EDT

WASHINGTON (AP) — The World Bank upgraded its outlook for the global economy Tuesday, estimating that it will expand 2.6% this year on the strength of sustained growth in the United States. The bank's latest outlook marks an increase from the 2.4% growth for 2024 it had predicted...

An investment firm has taken a $1.9 billion stake in Southwest Airlines and wants to oust the CEO

Jun. 10, 2024 16:38 PM EDT

DALLAS (AP) — Activist shareholder Elliott Investment Management has bought a $1.9 billion stake in Southwest Airlines and is seeking to force out the CEO of the airline, which has struggled with operational and financial problems. Shares in the airline rose 7% Monday, their...

CrowdStrike, KKR rise; Huntington Bancshares, Tesla fall, Monday, 6/10/2024

Jun. 10, 2024 16:21 PM EDT

NEW YORK (AP) — Stocks that traded heavily or had substantial price changes on Monday: Tesla Inc., down $3.69 to $173.79. Norway’s sovereign wealth fund will vote against the proposed compensation package for CEO Elon Musk. Southwest Airlines Inc.,...

How a grassroots Lahaina fundraiser found a better way to help fire survivors

Jun. 10, 2024 11:06 AM EDT

HONOLULU (AP) — A Maui wildfire fundraiser created by three local volunteers within days of the disaster has now distributed nearly $780,000 to displaced families. While that’s a small portion of the tens of millions raised via online fundraising campaigns, the Help Maui Rise...

Visa's Mark Nelsen wants to make your plastic credit card obsolete

Jun. 10, 2024 08:02 AM EDT

Mark Nelsen, Visa’s global head of consumer payments, sees a world where the plastic card in your wallet becomes increasingly obsolete and the standard 16-digit account number becomes worthless. Nelson spoke to The Associated Press about what Visa, the world's largest payment...

Coffee, sculptures and financial advice. Banks try to make new branches less intimidating

Jun. 10, 2024 07:46 AM EDT

NEW YORK (AP) — It’s like Sephora or Starbucks now offered a checking account. After years of closing or mostly neglecting physical bank branches across the U.S., the nation’s largest banks are spending hundreds of millions of dollars on refurbishing old locations or building...

Norwegian wealth fund to vote against Elon Musk's Tesla pay package

Jun. 08, 2024 11:08 AM EDT

Norway's sovereign wealth fund operated by Norges Bank Investment Management said Saturday it will vote against Elon Musk's hefty CEO compensation package during Tesla's annual meeting on Thursday. It's the latest pushback over the size of the pay package, which was recently valued...