Latest Banking and credit News

FILE - This Aug. 11, 2019 file photo shows Visa credit cards in New Orleans. When used responsibly, credit cards are a way to build credit history, but they’re not for everyone. Consumers with little to no credit history, or those who have bad credit, may not qualify for cards with reasonable and affordable terms. (AP Photo/Jenny Kane, File)

Millennial Money: Is it OK to never have a credit card?

Jul. 14, 2020 7:51 AM EDT

Thanks to quick online applications and, in some cases, instant approval, credit cards make it as easy to build your credit history as it is to make purchases. But they can also make it easy to fall into debt if you struggle to pay on time or tend to spend more than you have. As a result, some people regard...

FILE- This Jan. 11, 2016, file photo shows a Chase bank branch in New York.  The coronavirus pandemic is weighing heavily on the financial health of JPMorgan Chase. The nation’s largest financial company said Tuesday, July 14, 2020, that it set aside billions of dollars in the second quarter to cover potential losses from all the businesses and consumers who are unable to pay their debts due to the slumping U.S. economy. (AP Photo/Mark Lennihan, File)

JPMorgan profit hit hard by pandemic, as consumers struggle

Jul. 14, 2020 7:45 AM EDT

NEW YORK (AP) — The coronavirus pandemic is weighing heavily on the financial health of JPMorgan Chase, as the nation’s largest financial company set aside billions in the second quarter to cover potential losses from all the businesses and consumers who are unable to pay their debts due to the...

An anti-government protester shouts at riot police, near the scene where a Lebanese man killed himself on Beirut's commercial Hamra Street, apparently because of the deteriorating economic and financial crisis in the country, in Beirut, Lebanon, Friday, July 3, 2020. The man left a note that reads in Arabic:

IMF calls on Lebanese to unite behind government reform plan

Jul. 13, 2020 11:24 AM EDT

BEIRUT (AP) — The International Monetary Fund on Monday urged Lebanese authorities to unite behind a government economic plan that has received a cool reception from the banking sector, saying the country needs a reform program to rescue an economy mired in crisis. Lebanon, one of the most indebted nations...

FILE - In this Sept. 20, 2019 file photo, workers stand on a platform at a Saudi Aramco oil separator processing facility in Abqaiq, near Dammam in the Kingdom's Eastern Province. The International Monetary Fund said in the latest outlook released Monday, July 13, 2020, that the Middle East’s energy producers are expected to earn $270 billion less in oil revenue compared to last year. That's as the region’s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic. Oil importing Mideast countries, which include Egypt, Jordan and Sudan, are expected to see average economic contraction of 1.1%, but inflation is expected to reach 10%. (AP Photo/Amr Nabil, File)

IMF: Mideast loses $270B oil income amid virus, recession

Jul. 13, 2020 7:09 AM EDT

DUBAI, United Arab Emirates (AP) — The Middle East's energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region's economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund's...

FILE - This July 31, 2019, file photo, shows the Federal Reserve logo ahead of the start of a scheduled news conference by Chairman Jerome Powell in Washington. The Federal Reserve says it purchased $1.3 billion in corporate bonds in late June 2020 as part of its effort to keep U.S. interest rates low and ensure large companies can borrow by selling bonds. (AP Photo/Manuel Balce Ceneta, File)

Fed buys more corporate bonds but may soon end purchases

Jul. 10, 2020 7:55 PM EDT

WASHINGTON (AP) — The Federal Reserve said Friday that it purchased $1.3 billion in corporate bonds in late June as part of its effort to keep U.S. interest rates low and ensure large companies can borrow by selling bonds. The Fed bought bonds issued by several hundred large companies, including AT&T,...

A man walks by the Euro sculpture in front of the old the European Central Bank in Frankfurt, Germany, Tuesday, May 5, 2020. Germany's Constitutional Court has ruled that the country's central bank must stop participating in a key European Central Bank stimulus program but gave the ECB time to demonstrate that the stimulus program is needed and appropriate. (AP Photo/Michael Probst)

Croatia, Bulgaria take big step toward joining the euro

Jul. 10, 2020 6:39 PM EDT

FRANKFURT, Germany (AP) — Croatia and Bulgaria took a big step toward joining the shared euro currency Friday, underlining the currency bloc's attraction despite its 2010-2015 debt crisis and the continuing debate about how to strengthen it against possible future trouble. Finance ministers of the 19...

Chief Yeoman Warder Peter McGowran, right, speaks on a radio flanked by Yeoman Gaoler Jim Duncan as they stand next to the gates at the main entrance before opening to visitors at the Tower of London, in London, Friday, July 10, 2020. The Tower of London reopened to visitors Friday as the British government continues to relax its coronavirus restrictions. (AP Photo/Matt Dunham)

Retail bankruptcy filings keep coming, coffee habits change

Jul. 10, 2020 1:56 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 national and global response, the work place and the spread of the virus. ________________________ RETAIL: — Clothing company Express has reopened about 95% of...

German President Frank-Walter Steinmeier, left, and the former President of the European Central Bank (ECB), Mario Draghi, right, pose for the media at the Bellevue Palace in Berlin, Germany, Friday, Jan. 31, 2020. Mario Draghi has been awarded Germany's highest honor. It was a recognition of his central role in helping preserve Europe's single currency that has met with some criticism in the eurozone's biggest economy.  (Britta Pedersen/dpa via AP)

Pope names Draghi, ex-head of European Central Bank to panel

Jul. 10, 2020 9:48 AM EDT

VATICAN CITY (AP) — Mario Draghi, the former head of the European Central Bank, has been appointed by Pope Francis to a Vatican advisory panel, the Holy See said on Friday. The pontiff named Draghi, 72, as a member of the Pontifical Academy of Social Sciences. An economist who received his doctorate from...

Housing market heats up, cruise industry in murky waters

Jul. 8, 2020 2:47 PM EDT

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Wednesday related to the national and global response, the work place and the spread of the virus. ________________________ TRAVEL: Choice Hotels is confident that its business will benefit...

FILE - In this April 28, 2020 file photo, a cell phone shop owner wears gloves as he counts U.S. dollars, in Beirut, Lebanon. A financial meltdown has thrown its people into a frantic search for dollars as the local currency's value evaporates. Long, raucous lines mass outside exchange bureaus to buy rationed dollars. Many try to rescue their dollars trapped in bank accounts frozen by the government. Purchases of real estate have shot up as Lebanese search for places to save their wealth from spiraling exchange rates. (AP Photo/Hussein Malla, File)

Hottest commodity in Lebanon's economic chaos: The US dollar

Jul. 8, 2020 8:51 AM EDT

BEIRUT (AP) — The lines snaked around the block. Then they swelled to fill the whole street, before they turned into a raucous mob of men shoving to the front of the line. There at the exchange bureau, they could buy rationed dollars, the hottest commodity in Lebanon. The small Mediterranean...