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Friday, October 30, 2020
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Tag: Financial services

Eurozone growth soars record 12.7% but fears grow for winter

FRANKFURT, Germany (AP) — The European economy grew by an unexpectedly large 12.7% in the third quarter as companies reopened after severe coronavirus lockdowns,...

IMF blames resurgent coronavirus for UK growth downgrades

LONDON (AP) — The International Monetary Fund has downgraded its growth forecasts for the British economy for this year and next, following an acceleration...

Trump rule says health plans must disclose costs up front

WASHINGTON (AP) — Trying to pull back the veil on health care costs to encourage competition, the Trump administration on Thursday finalized a requirement...

European Central Bank: Just wait until December

FRANKFURT, Germany (AP) — The European Central Bank held off from strengthening its current economic stimulus but its President Christine Lagarde said there was...

Visa 4Q profits plunge as pandemic slows payments worldwide

CHARLOTTE, N.C. (AP) — Visa Inc. said Wednesday that its fiscal fourth quarter profits dropped 29% due to fewer dollars crossing on its namesake...

Deutsche Bank’s return to financial health persists into Q3

FRANKFURT, Germany (AP) — Deutsche Bank reported its third straight quarterly profit amid continuing government financial help for businesses during the coronavirus pandemic and...

Dunkin’ shares hit all-time high after holding buyout talks

The Dunkin’ doughnuts and coffee chain has confirmed it's held talks to be taken private by a private equity firm, sending its shares rocketing...

AmEx profits plunge as travel spending comes to a standstill

CHARLOTTE, N.C. (AP) — American Express' fourth-quarter profits dropped by 39%, the credit card giant said Friday, as the pandemic's deep impacts on travel,...

Fed survey finds tepid growth as US economy battles pandemic

WASHINGTON (AP) — A Federal Reserve survey of business conditions around the country found that the U.S. economy grew at a “slight to modest”...

Report showing gains in bank access overshadowed by COVID

CHARLOTTE, N.C. (AP) — ...

IMF: Nearly all Mideast economies hit by pandemic recession

DUBAI, United Arab Emirates (AP) — The coronavirus pandemic has pushed nearly all Mideast nations into the throes of an economic recession this year,...

DOJ charges Texas billionaire in $2 billion tax fraud scheme

SAN FRANCISCO (AP) — Federal prosecutors charged Texas billionaire Robert Brockman on Thursday with a $2 billion tax fraud scheme in what they say...

IMF warns global economy could be permanently scarred

WASHINGTON (AP) — The global economy's recovery from the pandemic recession is tentative and uneven and “marked by significant uncertainty” as confirmed coronavirus cases...

Former roommate of accused Capital One hacker sentenced

SEATTLE (AP) — The former roommate of a woman accused of hacking Capital One banking company and at least 30 other organizations has been...

As election uncertainty sweeps markets, the pros hold steady

NEW YORK (AP) — This presidential election is clearly unlike any other, but investors might be wise to treat it just like most of...

Morgan Stanley 3Q profit rises 25%, helped by trading

CHARLOTTE, North Carolina (AP) — Morgan Stanley said Thursday that profit rose 25% in the third quarter from last year, as the investment bank...

UnitedHealth tops profit forecast, finally hikes outlook

UnitedHealth Group beat third-quarter earnings expectations and finally hiked its 2020 forecast after holding off while trying to gauge COVID-19’s impact. ...

Goldman Sachs profits nearly doubles, helped by trading

CHARLOTTE, North Carolina (AP) — Goldman Sachs said Wednesday that its profits jumped sharply in the third quarter, helped by a strong performance by...

World Bank approves $12B to finance virus vaccines, care

The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support...

JPMorgan, Citi profits improve amid signs of recovery

CHARLOTTE, N.C. (AP) — Two of the nation's biggest banks — JPMorgan Chase and Citigroup — said Tuesday that their profits improved markedly over...

IMF envisions a sharp 4.4% drop in global growth for 2020

WASHINGTON (AP) — The International Monetary Fund foresees a steep fall in international growth this year as the global economy struggles to recover from...

Citi 3Q profit fall 34% but tops Wall Street expectations

CHARLOTTE, N.C. (AP) — Citigroup says profit fell 34% in the third quarter due to weakness in its consumer banking division, as the pandemic...

Bank of England asks banks on readiness for negative rates

LONDON (AP) — The Bank of England has asked commercial banks whether they are ready for negative interest rates, signaling that the central bank...

Saudi’s National Commercial Bank buys Samba in $14.8B deal

DUBAI, United Arab Emirates (AP) — Saudi Arabia's National Commercial Bank said Sunday it will purchase rival lender Samba Financial Group in a deal...

COVID-19 coverage safety net has plenty of holes in US

COVID-19 can do more than torment patients physically. It also clobbers some financially. ...

US hits all of Iran’s financial sector with sanctions

WASHINGTON (AP) — The Trump administration has blacklisted virtually all of Iran’s financial sector, dealing another blow to an economy that is already reeling...

To dodge sanctions Venezuela turns to Asia asphalt giant

MIAMI (AP) — Back in January, a yearlong campaign of U.S. sanctions was taking its toll at Venezuela’s state-run oil company. Many of PDVSA’s...

Morgan Stanley buying Eaton Vance in deal valued at $7B

NEW YORK (AP) — Morgan Stanley will buy the investment management firm Eaton Vance in a deal valued at about $7 billion. ...

Malcolm Jenkins starts venture capital fund with NFL players

Malcolm Jenkins has teamed with fellow NFL players to launch a venture capital fund. ...

US consumer borrowing fell by $7.2 billion in August

WASHINGTON (AP) — U.S. consumers cut back on their borrowing in August, with credit card use dropping for a sixth straight month, reflecting caution...

Fed officials cited risks if Congress fails to pass more aid

WASHINGTON (AP) — Federal Reserve officials expressed concern at their most-recent meeting that the U.S. economy recovery could falter if Congress failed to approve...

Up to 150 million could join extreme poor, World Bank says

JOHANNESBURG (AP) — Up to 150 million people could slip into extreme poverty, living on less than $1.90 a day, by late next year...

Fed’s Powell: Lack of further stimulus imperils recovery

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned Tuesday that a tentative recovery from the pandemic recession could falter unless the federal government...

Control of Venezuelan gold held in London cast into doubt

CARACAS, Venezuela (AP) — A British court on Monday threw into question who controls nearly $2 billion in Venezuelan gold stowed in a London...

Billions in bullion shifted ahead of Dutch bank rebuild

THE HAGUE, Netherlands (AP) — This really was the gold standard of road trips. ...

Europe’s central bank moves toward introducing digital euro

FRANKFURT, Germany (AP) — With consumers increasingly using cashless ways to buy things, the European Central Bank on Friday took a step closer to...

Inflation slump in Europe could presage more stimulus

FRANKFURT, Germany (AP) — Annual inflation in the 19-country eurozone sagged further below zero in September, bolstering expectations that the European Central Bank will...

US says it will block palm oil from large Malaysian producer

The United States will block shipments of palm oil from a major Malaysian producer that feeds into the supply chains of iconic U.S. food...

Court OK’s $800M settlement for MGM Resorts, Vegas victims

LAS VEGAS (AP) — A court on Wednesday approved a settlement totaling $800 million from casino company MGM Resorts International and its insurers to...

Federal Reserve extends ban on big bank dividends, buybacks

NEW YORK (AP) — The Federal Reserve is extending until the end of the year its restrictions on large banks and financial services companies...

Regulators crack down on aggressive, dubious debt collectors

NEW YORK (AP) — Those mysterious debt collectors who call insisting you’ll be in legal peril if you don’t pay them big bucks are...

California expands financial protections after US rollback

SACRAMENTO, Calif. (AP) — California on Friday created what supporters call its own nation-leading, state-level version of the federal Consumer Financial Protection Bureau after...

Takeaways: Labor abuses in the palm oil industry

PENINSULAR MALAYSIA (AP) — Palm oil is almost impossible to avoid. It can be found in roughly half the products on supermarket shelves, from...

Mnuchin and Powell back jobless aid and small business loans

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell said Thursday that the government’s top priorities in any new economic...

Turkey hikes rates to support currency, fight inflation

ANKARA, Turkey (AP) — Turkey’s Central Bank raised its benchmark interest rate by 2 percentage points on Thursday, its first hike in two years...

Wells Fargo CEO apologizes for comments about diversity

NEW YORK (AP) — Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives...

Powell faces lawmakers’ skepticism on some Fed aid programs

WASHINGTON (AP) — Chairman Jerome Powell on Wednesday defended the Federal Reserve's efforts to support the economy during the pandemic-induced recession from assertions that...

Asian shares take breather after Wall Street gains

Asian markets were mostly lower on Wednesday as investors kept a wary eye on how the coronavirus pandemic will affect the economic outlook. ...

Powell and Mnuchin voice optimism but back more economic aid

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from...

Bank shares slide on report of rampant money laundering

The financial sector was hit hard Monday following a report alleging that a number of banks — JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank...

Central bank head: Europe’s recovery uncertain, incomplete

FRANKFURT, Germany (AP) — The head of the European Central Bank says that the economy is rebounding but that the recovery remains uncertain, incomplete...

US stocks fall as market decline extends for third week

Wall Street capped another turbulent week of trading Friday with a broad slide in stocks that left the S&P 500 with its third-straight weekly...

Spanish banks merge in sign of hard economic times ahead

LISBON, Portugal (AP) — Two of Spain’s biggest banks said Friday they were merging, pushed together by a need to weather tough economic times...

Asia slightly higher despite Wall Street slump, virus fears

TOKYO (AP) — Asian shares were slightly higher Friday despite some investor attention shifting again to the uncertainties in global economies amid the coronavirus...

2 Spanish banks merge amid tough times for financial sector

LISBON, Portugal (AP) — Two of Spain’s biggest banks are poised to merge and create the largest lender in the country, with assets of...

Asian stocks retreat on lack of new Fed action

Asian stock markets declined Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023...

Fed sees rates near zero through 2023, perhaps longer

WASHINGTON (AP) — With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest...

Asian shares mostly higher after Wall Street gains

Shares were mostly higher in Asia on Wednesday after advances for big technology companies carried Wall Street to further gains overnight. ...

Top GOP senator says Fed nominee Judy Shelton short on votes

WASHINGTON (AP) — A top Senate Republican on Tuesday said conservative economist Judy Shelton does not have the votes to be confirmed to one...

Billionaire hedge fund manager Cohen agrees to buy Mets

NEW YORK (AP) — Billionaire hedge fund manager Steve Cohen has agreed to buy the New York Mets from the Wilpon and Katz families. ...

Federal Reserve to meet after sharp changes to its outlook

WASHINGTON (AP) — Federal Reserve policymakers will meet this week for the first time since they significantly revised the Fed's operating framework in ways...

Wildfires during pandemic intensify economic pain in West

The fires consuming the forests of California and Oregon and darkening the skies over San Francisco and Portland are also damaging a regional economy...

Asia shares rise as investors look ahead to Fed meeting

TOKYO (AP) — Asian shares rose Monday, despite the rollercoast ride that closed Wall Street last week, as traders awaited cues from the U.S....

Las Vegas shooting victims closer to getting $800M payout

LAS VEGAS (AP) — More than 4,400 relatives and victims of the deadliest mass shooting in recent U.S. history could receive a total of...

Jane Fraser to become Citi CEO; 1st woman to lead major bank

NEW YORK (AP) — Citigroup's Jane Fraser will become the first woman to ever lead a Wall Street bank when she succeeds CEO Michael...

European Central Bank’s stimulus program to keep on rolling

FRANKFURT, Germany (AP) — With almost a trillion euros still in the pipeline, the European Central Bank said Thursday that its emergency support program...

Falling prices flash warning light for Europe’s economy

FRANKFURT, Germany (AP) — A startling fall in consumer prices and a stronger euro have increased pressure on the European Central Bank to provide...

Asian markets mixed after Wall Street slides

BEIJING (AP) — Asian stock markets were mixed Monday after Wall Street turned in its biggest weekly decline in more than two months. ...

Hedge fund founder arrested in Neiman Marcus-linked case

NEW YORK (AP) —...

Study: Electronics could stop 40% of big truck rear crashes

DETROIT (AP) — Safety...

DP World, Canada fund to invest $4.5 billion in global ports

DUBAI, United Arab Emirates...

Fed survey finds widespread pessimism about economic future

WASHINGTON (AP) — The...

Boy Scouts launch ads on how abuse victims can seek money

NEW YORK (AP) —...

Too risky? Fed pressed to expand aid to some businesses

WASHINGTON (AP) — With...

Markets higher as Fed chair says interest rates to stay low

Asian markets were mostly...

Fed: Rates to stay ultra-low even after inflation picks up

WASHINGTON (AP) — The...

Asian stocks mixed ahead of U.S. Fed chair’s speech

BEIJING (AP) — Asian...

Credit Suisse to shut 37 bank branches in Switzerland

BERLIN (AP) — Swiss...

As more hospitals merge, California eyes stronger oversight

SACRAMENTO, Calif. (AP) —...

Low rates and heavy buyer demand send US home sales surging

SILVER SPRING, Md. (AP)...

Fed officials worried about withdrawal of government support

WASHINGTON (AP) — U.S....

Malaysian economy shrinks 17% in worst contraction on record

KUALA LUMPUR, Malaysia (AP)...

Ex-Fed Chair Yellen advises Biden on virus economic fallout

WILMINGTON, Del. (AP) —...

US long-term mortgage rates rise; 30-year at 2.96%

WASHINGTON (AP) — U.S....

Stocks rebound on Wall Street, S&P 500 trades above record

Stocks marched broadly higher...

Turkish currency hits all-time low amid market jitters

LONDON (AP) — Turkey’s...

Fed should address racial gaps in jobs, income, Dems propose

A group of congressional...

How to get started if you’ve never had a bank account

Managing your money without...

Virgin Australia plans to shed staff under new US owners

CANBERRA, Australia (AP) —...

California health insurance rates increase slightly for 2021

SACRAMENTO, Calif. (AP) —...

Argentina reports debt restructuring deal with creditors

BUENOS AIRES, Argentina (AP)...

S. Korean tries washing money over virus fears, suffers loss

SEOUL, South Korea (AP)...

Asian stocks gain after Fed keep US interest rates low

BEIJING (AP) — Asian...

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