Latest Banking and credit News

Asian stock markets advance after new Wall St high

Apr. 14, 2021 01:46 AM EDT

BEIJING (AP) — Asian stock markets followed Wall Street higher on Wednesday after U.S. inflation ticked up and Japanese machinery orders fell. Shanghai, Hong Kong, Seoul and Sydney rose. Tokyo was off less than 0.5%. Wall Street's benchmark S&P...

Fed leaders agree: Economics has a racial-disparity problem

Apr. 13, 2021 18:28 PM EDT

WASHINGTON (AP) — Top Federal Reserve policymakers on Tuesday underscored their concern that Black and Hispanic people are sharply underrepresented in the economics field, which lessens the perspectives that economists can bring to key policy issues. “If we don’t...

Banks to see big profits as COVID 'bad' loans become 'good'

Apr. 13, 2021 13:30 PM EDT

NEW YORK (AP) — The nation’s largest banks are expected to report big profits for the first quarter amid renewed confidence that pandemic-battered consumers and businesses can repay their debts and start borrowing again. The brighter outlook allows banks to move...

Syrian leader sacks Central Bank chief amid currency crash

Apr. 13, 2021 10:44 AM EDT

BEIRUT (AP) — President Bashar Assad sacked the governor of war-ravaged Syria’s Central Bank on Tuesday amid a crash in the currency in recent months. State media did not give a reason for the removal of Hazem Qarfoul from the post he held since late 2018. The Syrian...

Millennial Money: How my travel credit card saved me $1,388

Apr. 13, 2021 07:32 AM EDT

In 2020, I was looking forward to leaving Los Angeles for a socially distanced vacation in San Diego. I had stocked up on food, hand sanitizer, wipes and masks. To stay safe and distant, I had booked two cottages near the beach with my travel credit card. My friend and...

Milwaukee man pleads guilty to illegally obtaining PPP loans

Apr. 12, 2021 15:42 PM EDT

MILWAUKEE (AP) — A Milwaukee man accused of illegally obtaining more than $600,000 in federal loans meant for COVID-19 relief pleaded guilty Monday in federal court. Stephen Smith, 42, pleaded guilty to one count of bank fraud. He is scheduled to be sentenced on July...

Huawei, HSBC agree on document deal for extradition case

Apr. 12, 2021 06:22 AM EDT

HONG KONG (AP) — Chinese telecommunications equipment firm Huawei said Monday that it has reached an agreement with HSBC in Hong Kong to obtain documents that its chief financial office Meng Wanzhou hopes will help prevent her extradition to the U.S. Meng, who was...

Asian shares decline on vaccine, virus worries

Apr. 12, 2021 00:10 AM EDT

BANGKOK (AP) — Asian shares were lower on Monday, as investors grew wary over the recent surge in coronavirus cases in many places while vaccination efforts are making scant headway. Shares fell in Tokyo, Shanghai, Hong Kong and Sydney. The...

Fed's Powell sees US boom ahead, with COVID still a risk

Apr. 11, 2021 20:00 PM EDT

WASHINGTON (AP) — The U.S. economy is poised for an extended period of strong growth and hiring, the chair of the Federal Reserve said in an interview broadcast Sunday, though the coronavirus still poses some risk. Chair Jerome Powell, speaking to CBS' “60 Minutes,"...

IMF: Vaccine inequity threatens Mideast's economic recovery

Apr. 11, 2021 07:06 AM EDT

DUBAI, United Arab Emirates (AP) — Middle East economies are recovering from the coronavirus pandemic faster than anticipated, largely due to the acceleration of mass inoculation campaigns and an increase in oil prices. But the International Monetary Fund warned Sunday that an uneven...