The latest coverage of the banking and financial sectors.
Inflation is cooling, and parts of the economy appear to be weakening. But Chair Jerome Powell is likely Wednesday to underscore that the Federal Reserve’s primary focus remains the need to fight surging prices with still-higher interest rates.
President Biden will announce Wednesday a push to cap credit-card late fees and urge Congress to rein in “junk fees” tied to travel, concerts and other industries, the White House said.
The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession.
The federal government missed warning signs from the lab at the center of the coronavirus controversy, allowing U.S. money to flow to the Wuhan Institute of Virology without adequate oversight of what the Chinese scientists were doing, an inspector general reported Wednesday.
A group of Republican senators introduced legislation on Tuesday to create an inspector general at the National Institutes of Health to probe how the agency is doling out taxpayer money, which became an issue because of the money trail leading to China’s Wuhan lab.
Over the past few years, a number of companies have attempted to act as the cryptocurrency equivalent of a bank, promising lucrative returns to customers who deposited their bitcoin or other digital assets. In a span of less than 12 months, nearly all of the biggest of those companies have failed spectacularly.
Households throughout the United Kingdom qualified for hearty discounts Monday to use less electricity for one hour.
What happens to a family whose yearly spending rises faster than its income? A painful day of reckoning arrives, requiring drastic cuts in its spending or a declaration of bankruptcy.
North Korean businessman Mun Chol Myong, the first North Korean national to ever be extradited to the U.S., was sentenced Friday on one count of money laundering conspiracy and four counts of money laundering, the Justice Department announced.
The Treasury Department started taking “extraordinary measures” to stave off default Thursday as the federal government reached its legal borrowing capacity of $38.381 trillion, with no deal in sight between President Biden and House Republicans to raise the debt ceiling.
The countdown toward a possible U.S. government default is in the offing — with frictions between President Biden and House Republicans raising alarms about whether the U.S. can sidestep a potential economic crisis.
U.S. Treasury Secretary Janet Yellen met on Wednesday with her Chinese counterpart and pledged an effort to manage differences and “prevent competition from becoming anything ever near conflict” as the two nations try to thaw relations.
A Turkish bank accused of flouting U.S. sanctions against Iran argued Tuesday before the Supreme Court that it is shielded from American legal challenges because it is operated by a foreign sovereign.
Vegas Golden Knights goaltender Robin Lehner and his wife have filed for bankruptcy in Nevada, citing up to $50 million in debts to dozens of creditors.
The federal government will bump up against its borrowing limit this week, the Treasury Department said, putting Congress on notice that it must approve an increase or risk Uncle Sam not being able to cover the bills.
Rising consumer prices in the United States moderated again last month, bolstering hopes that inflation’s grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it.
The naming rights deal between FTX and Miami-Dade County was terminated Wednesday by a federal bankruptcy court, a move that allows the collapsed cryptocurrency exchange’s brand to be stripped from the arena where the NBA’s Miami Heat play.
