Latest Financial services News

Judge: State can't pursue charges against Georgia's Oxendine

Oct. 23, 2021 11:56 AM EDT

ATLANTA (AP) — A judge is throwing out ethics charges against former Georgia Insurance Commissioner John Oxendine, saying state officials waited too long to pursue action. Oxendine was accused of illegally using campaign funds from his failed 2010 gubernatorial campaign...

Powell says inflation risks rising, but Fed can be 'patient'

Oct. 22, 2021 15:49 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Friday that the tangled supply chains and shortages that have bedeviled the U.S. economy since this summer have gotten worse and will likely keep inflation elevated well into next year. The Fed is not yet...

Justice Department to expand redlining investigation efforts

Oct. 22, 2021 15:23 PM EDT

WASHINGTON (AP) — The Justice Department announced Friday a cross-government effort to investigate and prosecute redlining, the practice of banks discriminating against racial minorities or certain neighborhoods. It is the first major expansion of redlining investigations since the Obama...

American Express profits jump as travel, dining normalize

Oct. 22, 2021 11:23 AM EDT

NEW YORK (AP) — American Express saw its profits surge last quarter by 70%, the company said Friday, as Americans and companies pulled out their cards to start traveling, dining out and entertaining as they had done before the pandemic. The New York-based company said...

Chinese tax agency investigating high-profile developer

Oct. 22, 2021 08:27 AM EDT

BEIJING (AP) — The Chinese government said Friday it is investigating possible tax evasion by a subsidiary of high-profile real estate developer SOHO China Ltd., the target of an aborted takeover attempt this year by Blackstone Group. The announcement comes amid a...

Turkish lira continues to slide after interest rate cut

Oct. 22, 2021 07:16 AM EDT

ANKARA, Turkey (AP) — The Turkish lira continued to slide and reached a record low against the U.S. dollar Friday, a day after the Central Bank sharply cut interest rates. It was another hit after a global financial watchdog placed Turkey on a list of countries to monitor for money...

Blank slate to best hope: Can Youngkin rescue the Va. GOP?

Oct. 22, 2021 06:03 AM EDT

RICHMOND, Va. (AP) — When Glenn Youngkin threw his hat and his cash into the Republican nominating contest for Virginia governor this year, he was a rich former private equity executive with no experience as a candidate, and few insider connections or public political views. ...

Report: Struggling Chinese developer makes bond payment

Oct. 22, 2021 01:29 AM EDT

BEIJING (AP) — A troubled Chinese developer whose struggle to avoid a multibillion-dollar debt default has rattled global financial markets wired $83.5 million on Friday to make an overdue payment to foreign bondholders, a government newspaper reported. Evergrande...

Fed imposes sweeping new limits on policymakers' investments

Oct. 21, 2021 17:03 PM EDT

WASHINGTON (AP) — The Federal Reserve is imposing a broad new set of restrictions on the investments its officials can own, a response to questionable recent trades that forced two top Fed officials to resign. The Fed announced Thursday that its policymakers and senior...

Consumer watchdog to probe Big Tech payment systems

Oct. 21, 2021 16:44 PM EDT

NEW YORK (AP) — In its first significant action under a new director, the Consumer Financial Protection Bureau is ordering Apple, Amazon, PayPal and other tech giants to reveal how their proprietary payment networks function. Apple Pay, Google Pay and other payment...