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Banking & Finance

The latest coverage of the banking and financial sectors.

A Chinese clerk counts U.S. dollars in exchange for the Chinese renminbi at a bank in Hefei in central China's Anhui province. (Associated Press)

China devalues yuan for second straight day, rattles Asian markets

By Victor Morton - The Washington Times

China's central bank on Wednesday devalued the nation's currency for a second consecutive day, sending more shock waves through East Asian markets. Published August 11, 2015

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HSBC Holdings, Britain's largest bank by market value, will cut between 22,000 and 25,000 jobs around the world in an attempt to reduce costs and shift its centre of gravity back towards fast-growing Asian economies. (Associated Press)

Layoffs at world's biggest banks reflect a new business model

- The Washington Times

Buffeted by scandals, squeezed profits, new competitors and a disorienting technological revolution, some of the world's biggest banks are going on a radical diet, shedding thousands of workers and shaking up the boardroom in a bid to stay profitable and relevant in a fast-changing financial landscape.

Democrats undermine Obama on free trade

- The Washington Times

Democrats are "overwhelmingly" opposed to both fast-track trade authority and to the Asian trade deal the administration is negotiating, exposing doubts about President Obama from within his own ranks — and an ever-shrinking number of lawmakers even willing to be persuaded by him.

President Barack Obama and Vice President Joe Biden in the Oval Office during the President's Daily Economic Briefing on July 30, 2009. (White House)

Democratic titans say Obama 'screwed up' and gave rise to China's new bank

- The Washington Times

U.S. efforts to head off a new China-sponsored development bank for the booming Asia region ended in abject failure this week as organizers announced nearly four dozen countries — including some of America's closest Asian and European allies — have applied to membership, amid growing criticism of how the Obama administration handled the entire episode.

U.S. Treasury Secretary Jacob Lew, left, shakes hands with Chinese Premier Li Keqiang before a meeting at the Great Hall of the People in Beijing, China, on Monday, March 30, 2015. Lew said he pressed Chinese leaders Monday over proposed curbs on the use of foreign security products by banks and other restrictions on access to China's technology market. (AP Photo/Parker Song, Pool)

U.S. allies humiliate Obama, rush to join China's new bank

- The Washington Times

The rush to join the China's new development bank for Asia has become a stampede, with even longtime U.S. allies such as Georgia, South Korea, Australia and even Taiwan now saying they are ready to join despite the clear reservations of the Obama administration.

Sen. Elizabeth Warren, D-Mass. speaks at the International Association of Firefighters (IAFF) Legislative Conference and Presidential Forum in Washington, Monday, March 9, 2015. (AP Photo/Pablo Martinez Monsivais) ** FILE **

Elizabeth Warren hijacks Senate hearing, blasts corporate settlements

- The Washington Times

Sen. Elizabeth Warren hijacked a Senate committee hearing on recreational hunting, fishing and shooting Thursday to advance her crusade against big business, calling for new laws to expose the details of legal settlements between the government and corporations accused of wrongdoing.

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