Latest Banking and credit News

Finance officials pledge to combat global economic slowdown

Oct. 19, 2019 3:42 PM EDT

WASHINGTON (AP) — Global finance officials wrapped up their fall meetings on Saturday with a pledge to "employ all appropriate tools" to combat the weakest global growth in a decade, but there was little evidence of progress in easing trade tensions, a major source of the slowdown. The policy-setting...

Romanian national sentenced in skimming scheme

Oct. 19, 2019 10:03 AM EDT

SPRINGFIELD, Mo. (AP) — A 31-year-old Romanian national has been sentenced to 2.5 years in federal prison without parole for her role in a skimming operation at several southwest Missouri banks. Loredana Baceanu was sentenced Friday for possessing counterfeit and unauthorized access devices. She also was...

Supreme Court steps into case over consumer agency

Oct. 18, 2019 3:43 PM EDT

WASHINGTON (AP) — The Supreme Court is stepping into a yearslong, politically charged fight over the federal consumer finance watchdog agency that was created in the wake of the 2008 financial crisis. The justices agreed Friday to review an appeals court decision that upheld the structure of the Consumer...

IMF, World Bank leaders appeal for an end to trade wars

Oct. 18, 2019 3:06 PM EDT

WASHINGTON (AP) — The leaders of the International Monetary Fund and the World Bank appealed to their 189 member countries on Friday to resolve widening disagreements on trade and other issues, warning that the divisions threaten to worsen the impact of a global slowdown. The IMF's managing director,...

American Express 3Q profits rise 8%

Oct. 18, 2019 8:28 AM EDT

NEW YORK (AP) — American Express's third-quarter profits rose by 8%, the credit card company said Friday, as its members spent more on its eponymous cards and more carried a balance. The New York-based company earned a profit of $1.76 billion, or $2.08 per share, up from $1.65 billion, or $1.88 per share,...

EU leaders rubber stamp Lagarde's ECB appointment

Oct. 18, 2019 7:10 AM EDT

BRUSSELS (AP) — European Union leaders have approved the appointment of Christine Lagarde as the next president of the European Central Bank. The former International Monetary Fund managing director will replace Mario Draghi, who has served as ECB president since 2011. The European Council had already...

IMF head says more needed to boost growth than US-China deal

Oct. 17, 2019 6:56 PM EDT

WASHINGTON (AP) — The International Monetary Fund's new leader said Thursday that a trade truce between the United States and China could trim expected losses to the world economy but won't be enough to produce strong global growth. Before last week's tentative trade agreement, the IMF had estimated that...

US-China trade war weighing on world's growth, IMF says

Oct. 17, 2019 4:03 PM EDT

The global economy is slowing, largely because of the U.S. trade war with China, according to the 189-member International Monetary Fund. The Washington-based institution is the world's lender of last resort, providing emergency loans when countries face financial crisis. In its latest forecast the IMF blamed...

Fed survey finds US economy being hurt by trade battles

Oct. 16, 2019 6:46 PM EDT

WASHINGTON (AP) — The U.S. economy expanded at a modest pace in September and into October, despite rising trade tensions and weaker global growth that hampered manufacturing, and adverse weather hitting farmers. In its latest assessment of business conditions around the country, the Federal Reserve...

Markets Right Now: Solid earnings send stocks higher

Oct. 15, 2019 4:05 PM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. Stocks notched solid gains on Wall Street as investors welcomed surprisingly good quarterly results from some of the nation's biggest companies. Strong earnings from UnitedHealth Group, JPMorgan Chase and other...