Latest Banking and credit News

As supply chains unclog, consumers enjoy (tentative) relief

Dec. 07, 2022 10:47 AM EST

Back in January, 109 container ships waited off the California coast to unload cargo in Los Angeles and Long Beach, the nation's two largest ports. Consumers, stuck at home amid the pandemic, had unleashed an avalanche of orders for goods that overwhelmed factories and ports. ...

Electricity, telecoms return to parts of Ethiopia's Tigray

Dec. 07, 2022 09:48 AM EST

NAIROBI, Kenya (AP) — Basic services like electricity and telecoms have been restored to key parts of Ethiopia’s Tigray region following the signing of a cease-fire deal a month ago, but most areas are still cut off from the world. The agreement signed Nov. 2 requires...

US futures point to continued slump this week on Wall Street

Dec. 07, 2022 08:25 AM EST

Wall Street futures edged lower Wednesday ahead of new employment and wholesale price data with the Federal Reserve gauging its next step in its fight to cool inflation. Futures for the Dow Jones Industrials slipped 0.4% and the S&P 500 fell 0.7% just over an hour before the...

China trade shrinks amid virus pressure, interest rate hikes

Dec. 07, 2022 00:48 AM EST

BEIJING (AP) — China’s imports and exports shrank in November under pressure from weakening global demand and anti-virus controls at home. Exports sank 9% from a year ago to $296.1 billion, worsening from October’s 0.9% decline, customs data showed Wednesday. Imports fell 10.9%...

Millennial Money: How credit can beat buy now, pay later

Dec. 06, 2022 09:26 AM EST

At first glance, a “buy now, pay later” plan’s promise of no interest or upfront fees can seem more appealing than a credit card’s terms. Dividing a transaction into, say, a pay-in-four installment plan sounds straightforward and manageable. Unlike credit cards, though, these...

Australia's central bank raises key interest rate to 3.1%

Dec. 06, 2022 00:12 AM EST

WELLINGTON, New Zealand (AP) — Australia's central bank has raised its benchmark interest rate by a quarter-point to 3.1% as it continues trying to wrestle down inflation. The increase was the bank's eighth in a row and took the rate to its highest level in 10 years. ...

Asian shares lower as strong data hit hopes for dovish Fed

Dec. 05, 2022 23:18 PM EST

BANGKOK (AP) — Stocks were mostly lower in Asia on Tuesday after Wall Street pulled back as surprisingly strong economic reports highlighted the difficulty of the Federal Reserve’s fight against inflation. Tokyo rose while other regional markets declined. U.S. futures gained and...

Argentina eyes $100 billion as US will share banking data

Dec. 05, 2022 13:48 PM EST

BUENOS AIRES, Argentina (AP) — The U.S. and Argentina agreed on Monday to have their tax agencies automatically share data about citizens' banking and investments in each other's countries. The government in Buenos Aires hopes this will lead to an estimated $100 billion that Argentines have tried...

Turkish inflation eases for 1st time in more than a year

Dec. 05, 2022 07:11 AM EST

ANKARA, Turkey (AP) — Annual inflation in Turkey slightly eased in November for the first time in more than a year, according to official figures released on Monday, although it remains close to 24-year highs. Consumer prices for the year rose by 84.39% in November, down from...

EXPLAINER: Can Ukraine pay for war without wrecking economy?

Dec. 03, 2022 02:26 AM EST

FRANKFURT, Germany (AP) — Even as Ukraine celebrates recent battlefield victories, its government faces a looming challenge on the financial front: how to pay the enormous cost of the war effort without triggering out-of-control price spikes for ordinary people or piling up debt that could hamper...