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Banking & Finance

The latest coverage of the banking and financial sectors.

In this June 19, 2019, file photo the Washington news conference of Federal Reserve Chair Jerome Powell appears on a television screen on the trading floor of the New York Stock Exchange shows the rate decision of the Federal Reserve. The Fed concludes its two-day meeting on Wednesday, Oct. 30. (AP Photo/Richard Drew, File)

Fed cuts rates a 3rd time this year but signals likely pause

- Associated Press

The Federal Reserve cut its benchmark interest rate Wednesday for the third time this year to try to sustain the economic expansion in the face of global threats. But it hinted that it won’t likely cut again this year.

President Donald Trump, left, poses for a photo with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan, Saturday, June 29, 2019. (AP Photo/Susan Walsh)

Trump banks on new China tariffs to reignite stalled trade talks

- The Washington Times

President Trump said Thursday that he will slap a 10% tariff on $300 billion in Chinese imports Sept. 1 because President Xi Jinping is “not going fast enough” on trade talks, swiftly erasing a day of gains on Wall Street and rattling retailers that say it’s U.S. consumers, not Beijing, who will take it on the chin.

In this Nov. 23, 2015, file photo, the Pfizer logo is displayed at world headquarters in New York. Pfizer is buying Mylan in an all-stock deal and combining the generic pharmaceutical company with its off-patent branded and generic established medicines business. (AP Photo/Mark Lennihan, File)

Pfizer to absorb Mylan, creating generic giant

- Associated Press

Pfizer, the country’s largest drugmaker, will absorb the generic pharmaceutical company Mylan, potentially creating a global generic powerhouse.

Nevada state officials will allow marijuana businesses to deal in electronic tokens and chips as dispensaries are increasingly targeted for burglaries and robberies. (ASSOCIATED PRESS)

Nevada officials to launch banking system for marijuana industry

- The Washington Times

Nevada officials are launching the nation’s first banking system for the booming cannabis industry, whose dispensaries increasingly are targeted for burglaries and robberies for the hundreds of thousands of dollars of cash they keep on hand to pay employees, taxes and rent.

President Donald Trump speaks during a signing ceremony in the Oval Office of the White House in Washington, Monday, July 1, 2019. (AP Photo/Carolyn Kaster)

Trump announces nominees for Federal Reserve board

- Associated Press

President Donald Trump says on Twitter he will nominate economists Christopher Waller and Judy Shelton to fill two vacancies on the Federal Reserve Board of Governors.

President Donald Trump delivers a statement in the Rose Garden of the White House, Wednesday, May 22, 2019, in Washington. (AP Photo/Evan Vucci)

Federal judge refuses to block Trump bank subpoenas

- Associated Press

A New York judge refused Wednesday to block congressional subpoenas seeking financial records from two banks that did business with President Donald Trump, making it clear it wasn’t a close call.

President Donald Trump listens to a question from a member of the media on the South Lawn of the White House in Washington, Tuesday, May 14, 2019, before boarding Marine One for a short trip to Andrews Air Force Base, Md., to travel to Louisiana. (AP Photo/Andrew Harnik)

Trump: U.S. in a ‘little squabble’ with China

- The Washington Times

President Trump showed no signs of backing down Tuesday from his trade dispute with China, saying America will “always win” and that he’s seriously considering additional tariffs on $325 billion worth of imports.

Currency traders watch the computer monitors near the screen showing the foreign exchange rate at the foreign exchange dealing room in Seoul, South Korea, Thursday, May 9, 2019. Asian shares were mostly lower Thursday amid investor jitters ahead of the latest round of trade talks between the U.S. and China. (AP Photo/Lee Jin-man)

China-U.S. trade worries weigh on stock markets again

Associated Press

Global stock markets remained under pressure Thursday after China’s Commerce Ministry said Beijing would retaliate if the U.S. follows through with a plan to raise tariffs on Chinese imports.

In this April 11, 2019, file photo trader John Panin works on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)

Dow falls 500 points on trade jitters

Associated Press

Stocks are falling sharply on Wall Street Tuesday as the U.S. and China move closer to an escalation of their trade fight.

A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Monday, May 6, 2019.  Shares tumbled in Asia early Monday after President Donald Trump threatened in a tweet to impose more tariffs on China, spooking investors who had been expecting good news on trade. (AP Photo/Vincent Yu)

U.S., China trade tensions spill into financial markets

- The Washington Times

The U.S. and China were forging ahead Monday with plans for a new round of trade talks, as the Trump administration’s top negotiator renewed the president’s threat to raise tariffs across-the-board on Chinese imports and voiced anger that Beijing was trying to back out of a key commitment.

In this Oct. 11, 2018, file photo, Evan Sharp, Pinterest co-founder and chief product officer, poses for a photo beside a wall of pegs symbolizing the company logo at Pinterest headquarters in San Francisco. Pinterest plans to raise up to approximately $1.47 billion in its initial public offering. (AP Photo/Ben Margot, File)

Pinterest sets sites on $1.5B in first public share offering

- Associated Press

Pinterest, among the gaggle of tech companies hoping to go public this year, set a conservative price range Monday for its initial public offering. It hopes to raise as much as $1.5 billion in its initial offering of shares.

President Donald Trump thank his daughter, American Workforce Policy Advisory Board co-chair Ivanka Trump, during the advisory board's first meeting in the State Dining Room of the White House in Washington, Wednesday, March 6, 2019. (AP Photo/Manuel Balce Ceneta) ** FILE **

White House proposes broad changes to higher-ed loans, aid

- The Washington Times

The White House said Monday it wants to reform higher education by imposing “common-sense” limits on how much parents and graduate students may borrow, saying it will pressure institutions to keep tuition down, while extending Pell Grants and the work-study programs to students who want to get skills outside the traditional two-or-four-year college track.

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.