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Banking & Finance

The latest coverage of the banking and financial sectors.

In this photo taken on Monday, Feb. 18, 2019, Gregory McDonald, CEO of GoodFish, an injection molding business that supplies the auto industry, speaks to the Associated Press in Cannock, England. Worryingly for McDonald, some 30 percent of the molded plastic parts his company makes ultimately go to carmakers who say they will face a catastrophe if Britain leaves the European Union without an agreement on future trade. So Goodfish, a nine-year-old company with three plants in England, is preparing to expand in Slovakia, an EU country where Volkswagen, Kia, Peugeot-Citroen and Jaguar Land Rover produce more than 1 million vehicles a year. (AP Photo/Rui Vieira)

U.K. auto industry under siege as Brexit pressure escalates

- Associated Press

Gregory McDonald strides across the spotless factory floor at his company, Goodfish, glowing with pride. He plowed his life savings into the injection-molding equipment that churns out plastic parts for everything from aircraft to sprinkler systems and disposable medical devices. He’s ready to do anything necessary to protect that investment.

In this June 13, 2018, file photo, the logos for Time Warner and AT&T appear above alternate trading posts on the floor of the New York Stock Exchange.  A federal appeals court has blessed AT&T's takeover of Time Warner, Tuesday, Feb. 26, 2019, defeating the Trump administration by affirming that the $81 billion merger won't harm consumers or competition in the booming pay TV market. (AP Photo/Richard Drew, File)

U.S. appeals court blesses AT&T’s $81B merger with Time Warner

- Associated Press

A federal appeals court has blessed AT&T’s takeover of Time Warner, defeating the Trump administration by affirming that the $81 billion merger won’t harm consumers or competition in the booming pay TV market.

Former CEO of Global Wealth Management and Business Banking at UBS AG Raoul Weil, left, his wife, 2nd left, former General Director of UBS France Patrick de Fayet, 2nd right, and one member of their legal team arrive for the the Swiss bank's trial at the Paris courthouse in Paris, France, Wednesday, Feb. 20, 2019. A Paris court has ordered Swiss bank UBS to pay 3.7 billion euros ($4.2 billion) in fines for helping wealthy French clients evade tax authorities. (AP Photo/Michel Euler)

French court hits Swiss bank UBS with $4.2 billion fine

- Associated Press

A French court ordered Swiss bank UBS to pay more than 3.7 billion euros ($4.2 billion) in fines for helping wealthy French clients evade tax authorities, wrapping up one of France’s biggest-ever tax evasion trials.

In this June 15, 2018, file photo, 20 dollar bills are counted in North Andover, Mass. (AP Photo/Elise Amendola, File)

Millennial Money: Student loan default can gut your paycheck

- Associated Press

There’s a dirty little secret of the student debt crisis. One that affects millions of borrowers, but isn’t talked about at dinner tables, on social media or in think pieces about student loans.

In this Dec. 18, 2018, file photo, a surveillance camera is mounted near the Huawei headquarters in Shenzhen in south China's Guangdong province. (AP Photo/Andy Wong) ** FILE **

For U.S.-China trade talks, hopes are high, expectations low

- Associated Press

U.S. and Chinese negotiators start two days of high-level talks Wednesday aimed at settling a six-month trade war that has weakened both sides, shaken financial markets and clouded the outlook for the global economy.

Millennial Money: This winter, your credit should freeze, too

- Associated Press

Before you tackle lofty financial resolutions like paying off debt this year, do yourself a quick favor and freeze your credit reports. It’s free, doesn’t affect your credit score and helps protect your financial future.

U.S. to seek extradition of Huawei’s top tech executive Meng Wanzhou

- The Washington Times

A high-stakes battle of wills between Washington and Beijing escalated Tuesday as the Trump administration said it will formally request that Canada extradite top tech executive Meng Wanzhou to face federal charges, while the Chinese government demanded she be allowed to come home and her company fiercely rejected charges it is spying on citizens and customers around the world.

China demands U.S. drop Huawei extradition request with Canada

- Associated Press

China on Tuesday demanded the U.S. drop a request that Canada extradite a top executive of the tech giant Huawei, shifting blame to Washington in a case that has severely damaged Beijing’s relations with Ottawa.

In this Dec. 1, 2018, photo, President Donald Trump, second from right, meets with China's President Xi Jinping, second from left, during their bilateral meeting at the G20 Summit, in Buenos Aires, Argentina. China promised Wednesday, Dec. 5, 2018, to carry out a tariff cease-fire with Washington but gave no details that might help dispel confusion about what Presidents Xi and Trump agreed to in Argentina.(AP Photo/Pablo Martinez Monsivais, File) **FILE**

Trump sees opportunity for trade deal with China

- The Washington Times

President Trump said Sunday that weakness in China’s economy could spur a trade deal, as U.S. and Chinese negotiators in Beijing held new talks under rising pressure to end the tariff war that is hurting both nations’ economies and roiling financial markets.

U.S. Undersecretary of Commerce for International Trade Gilbert B. Kaplan arrives as part of a trade delegation at a hotel in Beijing, China, Sunday, Jan. 6, 2019. The U.S. delegation led by deputy U.S. trade representative, Jeffrey D. Gerrish arrived in the Chinese capital ahead of trade talks with China,(AP Photo/Ng Han Guan)

China protests over U.S. warship sighting as trade talks start

- Associated Press

Chinese and American officials began talks Monday aimed at ending a bruising tariffs battle between the world’s two biggest economies, as Beijing complained over the sighting of a U.S. warship in what it said were Chinese waters.

Trader Patrick Casey works on the floor of the New York Stock Exchange, Thursday, Jan. 3, 2019. Apple's shock warning that its Chinese sales are weakening ratcheted up concerns about the world's second largest economy and weighed heavily on global stock markets as well as the dollar on Thursday. (AP Photo/Richard Drew)

Trump says U.S. gaining billions from tariffs on China

- The Washington Times

President Trump defended his handling of the trade war with Beijing on Thursday as Wall Street suffered another steep slide, led by Apple’s slowdown in iPhone sales in China and weak growth at U.S. factories in December.

In this May 17, 2018, file photo, the logo for Wells Fargo appears above a trading post on the floor of the New York Stock Exchange. Wells Fargo is paying $575 million as part of a deal to resolve investigations by every state into its banking practices, which have included creating phony accounts and using manipulative sales practices. The deal also includes creating teams to review and respond to customer issues about its banking and sales practices.  (AP Photo/Richard Drew, File)

Wells Fargo pays $575 million to settle state investigations

Associated Press

Wells Fargo will pay $575 million in a settlement with attorneys general from all 50 states and the District of Columbia that are investigating fake accounts opened without the knowledge of customers and a string of other dodgy practices.

Euro currency remains a work in progress on 20th birthday

- Associated Press

The euro is about to celebrate its 20th birthday, but the countries that use it are still wrestling with how the shared currency should work and how to fix flaws exposed by the debt crisis that marred its second decade.

In this June 14, 2018, file photo, the FBI seal is seen before a news conference at FBI headquarters in Washington. The FBI is grappling with a seemingly endless cycle of money laundering schemes that law enforcement officials say theyre scrambling to slow through a combination of prosecution and public awareness. Beyond the run-of-the-mill plots, officials say, is a particularly concerning trend involving money mules. These are people who, unwittingly or not, use their own bank accounts to move money for criminals for purposes they think are legitimate or even noble.  (AP Photo/Jose Luis Magana, File)

FBI concerned by money mules roped into fraud schemes

- Associated Press

The email caught the executive at a small Connecticut company by surprise one morning in 2016. The company’s owner, or so he thought, was requesting a money transfer to pay for supplies from a new vendor.

Yoichi Kitamura, right, a lawyer representing former Nissan executive Greg Kelly, leaves Tokyo Detention Center, where former Nissan chairman Carlos Ghosn and Kelly, are being detained, in Tokyo Tuesday, Dec. 25, 2018. Nissan's former chairman Ghosn and another executive Kelly were arrested Nov. 19 and charged with underreporting Ghosn's income for 2011-2015 by about 5 billion yen ($44 million). Kelly's bail request filed by his lawyer on Friday, Dec. 21, is still pending and could come sometime after Christmas. (AP Photo/Eugene Hoshiko)

Japan court OKs bail for Nissan American exec in Ghosn case

- Associated Press

A Japanese court approved a bail request Tuesday for Nissan Motor Co. executive Greg Kelly, who was detained and charged with underreporting the income of his boss, former Nissan chairman Carlos Ghosn.

In this Sept. 26, 2018, file photo Federal Reserve Chairman Jerome Powell listens to a question during a news conference in Washington. (AP Photo/Susan Walsh, File)

Fed lifts rates for 4th time this year but sees fewer hikes

- Associated Press

The Federal Reserve is raising its key interest rate for the fourth time this year to reflect the U.S. economy’s continued strength but signaling that it expects to slow hikes next year.

China's President Xi Jinping, center, meets German President Frank-Walter Steinmeier at the Great Hall of the People in Beijing Monday, Dec. 10, 2018. (Fred Dufour/Pool Photo via AP) ** FILE **

China suspends tariff hikes on $126B of U.S. goods

Associated Press

China has announced a 90-day suspension of tariff hikes on $126 billion of U.S. cars, trucks and auto parts following its cease-fire in a trade battle with Washington that threatens global economic growth.

China's President Xi Jinping, center, meets German President Frank-Walter Steinmeier at the Great Hall of the People in Beijing Monday, Dec. 10, 2018. (Fred Dufour/Pool Photo via AP) ** FILE **

China moves to lower auto tariffs

- The Washington Times

China is moving to lower tariffs on cars, according to reports Tuesday, signaling progress on President Trump’s get-tough trade stance toward Beijing.

Brexit in turmoil as Theresa May postpones Parliament vote on it

- Associated Press

British Prime Minister Theresa May on Monday postponed Parliament’s vote on her Brexit divorce deal with the European Union, acknowledging that lawmakers would have rejected it by a “significant margin.”

General Motors CEO Mary Barra speaks to reporters after a meeting with Sen. Sherrod Brown, D-Ohio, and Sen. Rob Portman, R-Ohio, to discuss GM's announcement it would stop making the Chevy Cruze at its Lordstown, Ohio, plant, part of a massive restructuring for the Detroit-based automaker, on Capitol Hill in Washington, Wednesday, Dec. 5, 2018. General Motors is fighting to retain a valuable tax credit for electric vehicles as the nation's largest automaker grapples with the political fallout triggered by its plans to shutter several U.S. factories and shed thousands of workers. (AP Photo/J. Scott Applewhite)

GM fights government to retain tax credit for electric cars

- Associated Press

General Motors is fighting to retain a valuable tax credit for electric vehicles as the nation’s largest automaker tries to deal with the political fallout triggered by its plans to shutter several U.S. factories and shed thousands of workers.

In this undated photo released by Huawei, Huawei's chief financial officer Meng Wanzhou is seen in a portrait photo. China on Thursday, Dec. 6, 2018, demanded Canada release the Huawei Technologies executive who was arrested in a case that adds to technology tensions with Washington and threatens to complicate trade talks. (Huawei via AP)

Huawei arrest threatens global markets, Trump-China trade truce

- The Washington Times

At a time of maximum tension in the U.S.-China relationship, news of the arrest last weekend of a top Chinese tech official in Canada managed to set off multiple shock waves Thursday, threatening to buckle global stock markets and wipe out a big chunk of the recent Wall Street gains President Trump is fond of trumpeting.

France's President Emmanuel Macron, right, and Argentina's President Mauricio Macri arrive for a press conference at the presidential palace in Buenos Aires, Argentina, Thursday, Nov. 29, 2018. Macron is in Buenos Aires to attend the two-day summit of leaders from the Group of 20 industrialized nations starting Friday. (AP Photo/Natacha Pisarenko)

Macri’s G-20 summit showcase in Argentina now mired in social unrest

For President Mauricio Macri, this weekend’s Group of 20 summit was supposed to showcase a confident, booming Argentina. Instead, President Trump and other world leaders will descend upon a nation mired in social unrest and economic crisis.