Latest Banking and credit News

Chinese central banker says market can handle developer debt

Dec. 09, 2021 07:04 AM EST

BEIJING (AP) — Financial markets can cope with the impact of a Chinese real estate developer that is struggling to avoid defaulting on $310 billion in debt, the central bank governor said Thursday, in a new effort to assure the public the economy can be shielded from fallout. Yi...

Editorial Roundup: Illinois

Dec. 08, 2021 13:01 PM EST

Champaign News-Gazette. December 5, 2021. Editorial: Secret spending plan an affront to open, honest government Pulling fast ones is a longstanding, but unfortunate, practice in Illinois’ legislative process. There’s a reason why the governor and...

Biden to withdraw embattled banking regulator nominee

Dec. 07, 2021 20:12 PM EST

President Joe Biden said Tuesday that Saule Omarova’s nomination to lead the Office of the Comptroller of the Currency would be withdrawn, as her candidacy faced steep resistance in the Senate with Republican lawmakers criticizing her vision for banking regulation and her birthplace in the former...

FBI: Man robbed two Albuquerque banks in about 15 minutes

Dec. 07, 2021 09:19 AM EST

ALBUQUERQUE, N.M. (AP) — The FBI says the same man is believed to have robbed two Wells Fargo bank branches in Albuquerque in a span of about 15 minutes early Monday afternoon and is suspected of four other Albuquerque bank robberies in September and October. According to the FBI,...

EXPLAINER: Chinese builder’s debt struggle rattles investors

Dec. 07, 2021 04:38 AM EST

BEIJING (AP) — Global investors are watching nervously as one of China’s biggest real estate developers tries to avoid a default on its $310 billion mountain of debt. Evergrande Group, which is scrambling to turn assets into cash, rattled financial markets Friday when it warned...

China tries to reassure on Evergrande as default fears rise

Dec. 06, 2021 08:00 AM EST

BEIJING (AP) — China’s central bank expanded the supply of money for lending Monday as Beijing tried to reassure its public and investors the economy can be protected if a troubled real estate developer’s $310 billion mountain of debt collapses. Evergrande Group's...

ECB plans to redesign euro bills, decision expected in 2024

Dec. 06, 2021 04:03 AM EST

BERLIN (AP) — The European Central Bank said Monday that it plans to redesign its euro banknotes, with a final decision on the new look expected in 2024. The euro was introduced in cash form in 2002, with banknotes based on what the Frankfurt-based central bank for the...

This Week: Consumer borrowing, job openings, Costco earns

Dec. 06, 2021 01:11 AM EST

A look at some of the key business events and economic indicators upcoming this week: JUST CHARGE IT The Federal Reserve issues its latest monthly tally of U.S. consumer borrowing Tuesday. The tally, which excludes mortgages and...

Stocks slump after murky jobs report as markets swing

Dec. 03, 2021 16:46 PM EST

A week of volatile swings on Wall Street ended Friday with more losses for stocks, as a mixed batch of U.S. job market data triggered another bout of dizzying trading. The S&P 500 closed 0.8% lower after erasing a 0.7% gain in the early going. The benchmark index was...

Struggling Chinese developer warns it could run out of money

Dec. 03, 2021 14:40 PM EST

BEIJING (AP) — A Chinese developer that is struggling under $310 billion in debt warned Friday it may run out of money to “perform its financial obligations” — sending regulators scrambling to reassure investors that China’s financial markets can be protected from a potential...