Latest Banking and credit News

US stocks got close to a bear market. Here’s what that means

May. 20, 2022 16:46 PM EDT

NEW YORK (AP) — The bear came close to Wall Street but then backed off. The stock market’s slump this year briefly pulled the S&P 500 into what's known as a bear market Friday, before a late rally put the index in the green. The prevailing sentiment among investors remains...

Outgoing Lebanon government approves economic recovery plan

May. 20, 2022 13:39 PM EDT

BEIRUT (AP) — Lebanon’s outgoing government on Friday approved a recovery plan for pulling the Mideast nation out of its economic meltdown, the country's information minister said. The development came during the Cabinet’s last official meeting before it becomes a caretaker...

G7 countries to provide $19.8 billion in aid to Ukraine

May. 20, 2022 12:10 PM EDT

KOENIGSWINTER, Germany (AP) — The Group of Seven leading economies agreed Friday to provide $19.8 billion in economic aid to Ukraine to help keep tight finances from hindering its ability to defend itself from Russia’s invasion. German Finance Minister Christian Lindner told...

China becomes wild card in Sri Lanka's debt crisis

May. 20, 2022 01:18 AM EDT

COLOMBO, Sri Lanka (AP) — China says its initiative to build ports and other infrastructure across Asia and Africa, paid for with Chinese loans, will boost trade. But in a cautionary tale for borrowers, Sri Lanka's multibillion-dollar debt to Beijing threatens to hinder efforts to resolve a...

Asian stocks rise after Wall St slips closer to bear market

May. 20, 2022 00:34 AM EDT

BEIJING (AP) — Asian stock markets rose Friday after Wall Street fell closer to bear territory, China cut a key interest rate and Japanese inflation edged higher. Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices fell more than $1 per barrel. ...

Fed nominee Michael Barr calls inflation 'far too high'

May. 19, 2022 13:26 PM EDT

WASHINGTON (AP) — President Joe Biden's pick to be the Federal Reserve's top banking regulator pledged Thursday to help reduce high inflation and provide “clear rules” to govern financial innovation. “I strongly believe that inflation is far too high today and I’m...

Sri Lanka limits foreign currency holdings amid crisis

May. 19, 2022 11:45 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka will lower the maximum amount of foreign currency that individuals can possess to $10,000 from $15,000 and penalize anyone who holds it for more than three months, the central bank announced Thursday, as police fired tear gas and water cannons at thousands of...

Average long-term U.S. mortgage rates edge down to 5.25%

May. 19, 2022 10:52 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates retreated modestly this week, but interest on the key 30-year loan remains at decade-high levels. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate slipped to 5.25% from 5.3% last week. By contrast, the...

Pakistani rupee drops to record low amid talks with IMF

May. 19, 2022 09:07 AM EDT

ISLAMABAD (AP) — Pakistan’s currency plummeted to an all-time record low in intraday trading against the U.S. dollar on Thursday, amid uncertainty about the success of crucial talks between the International Monetary Fund and the government of Prime Minister Shahbaz Sharif who is considering...

Biden's burdens grow: Sagging global economy adds to US woes

May. 18, 2022 14:30 PM EDT

WASHINGTON (AP) — As President Joe Biden embarks for Asia on Thursday, he's facing a new risk at home for the economy and his Democratic Party: a global slowdown caused by Russia's invasion of Ukraine and the pandemic shutting down Chinese cities and factories. The world economy...