Banking & Finance
The latest coverage of the banking and financial sectors.
Biden cancels $39 billion in student loans on heels of Supreme Court ruling
The Biden administration is canceling $39 billion in student loan debt for more than 804,000 borrowers, just weeks after the Supreme Court declared unconstitutional the president’s broader student-loan forgiveness program.
Inflation cooled to 3% annual rate in June
Inflation slowed in June to an annual rate of 3%, the Bureau of Labor Statistics reported Wednesday, the 12th consecutive month of slowdown after prices hit historic highs last summer.
Turkey’s central bank sharply raises interest rates. That could signal an economic turnaround
Turkey’s central bank delivered a large interest rate hike Thursday, signaling a shift toward more conventional economic policies to counter sky-high inflation following criticism that President Recep Tayyip Erdogan’s approach has made a cost-of-living crisis worse.
Fed’s Powell: More rate hikes are likely this year to fight still-high inflation
With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell said in prepared testimony to be delivered to a House committee Wednesday.
Paris summit aims to shake up the financial system. It will test leaders’ resolve on climate
Heads of state, finance leaders and activists from around the world will converge in Paris this week to seek ways to overhaul the world’s development banks — like the International Monetary Fund and World Bank — and help them weather a warmer and stormier world.
Under court deal, Binance can continue U.S. operations as it battles SEC fraud charges
The U.S. Securities and Exchange Commission and Binance have reached an agreement in court that lets the world’s largest cryptocurrency exchange continue to operate in the United States as it battles SEC fraud charges.
Canada suspends work with Chinese-founded development bank while it investigates complaints
Canada’s finance minister says it is suspending activity with a Chinese-founded development bank while it investigates complaints by a Canadian who resigned from the lender that it is dominated by “Communist Party hacks” and his country shouldn’t be a member.
Milwaukee bankruptcy avoidance plan up for approval in Wisconsin Legislature
A plan to prevent Milwaukee from going bankrupt, struck between Republican lawmakers, leaders in the heavily Democratic city and Gov. Tony Evers, was up for approval Wednesday in the Wisconsin Legislature.
Instant Pot maker seeks bankruptcy protection as sales go cold
The maker of Pyrex glassware and Instant Pot has filed for Chapter 11 bankruptcy protection as the company that was already struggling is stung by inflation, with Americans pulling back on spending.
UBS completes takeover of Credit Suisse in deal meant to stem global financial turmoil
UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country’s two largest banks in a bid to safeguard Switzerland’s reputation as a global financial center and choke off market turmoil.
Erdogan’s new central bank chief signals hope for Turkey’s economic turnaround
Turkish President Recep Tayyip Erdogan appointed a former U.S.-based bank executive to head the central bank Friday, sending the strongest signal yet that the newly reelected leader might pivot from his unusual economic policies that many blame for worsening a cost-of-living crisis.
Bipartisan deal reached to save Milwaukee from bankruptcy
Wisconsin has handed cash-strapped Milwaukee a lifeline to stave off bankruptcy, allowing the city to raise sales taxes without voter approval as part of a larger local government and K-12 schools funding plan, according to a bipartisan deal announced Thursday Democratic Gov. Tony Evers and Republican lawmakers.
Chiefs superfan cracks Kansas City’s most wanted list over suspected bank robbery
The Kansas City Chiefs superfan who dons a wolf costume to games was added to the city’s most wanted list related to a suspected bank robbery in Oklahoma this month.
World Bank approves $300 million financing to help poor people in Lebanon
The World Bank approved a $300 million additional financing to Lebanon’s poor, providing cash payments to help families struggling through the country’s historic economic meltdown, the institution said in a statement Friday.
