TAG · Economy
Asian currencies traded mixed against the U.S. dollar on Monday as investors adjusted to growing expectations of a Federal Reserve interest-rate increase following a stronger-than-expected U.S. jobs report.
3 MIN READIntesa Sanpaolo launched a takeover offer for Banca Monte dei Paschi di Siena on Monday, setting up a bidding war with Banco BPM, which had proposed a merger of equals. Shares of Monte dei Paschi jumped 12% on the news, while Intesa fell…
3 MIN READOpenAI, the company behind ChatGPT, has confidentially filed paperwork with the Securities and Exchange Commission to begin the process of an initial public offering, the company said Monday. The filing tests investor appetite for a…
3 MIN READInitial public offerings deliver average first-day gains of about 19% for investors who buy at the offering price, but historical data shows that buying an IPO at the end of its first trading day and holding it for three years…
3 MIN READInternational companies are pulling out of Cuba in accelerating numbers, dealing a blow to the island’s collapsing economy as the Trump administration tightens sanctions. Mastercard and Visa transactions by non-U.S. visitors will be…
4 MIN READIllinois State Treasurer Mike Frerichs delivered a certificate to Pope Leo XIV at the Vatican on Thursday, authorizing the pontiff to reclaim $8.65 that had been sitting in Illinois' unclaimed property account — a sum once held by the…
3 MIN READMore than 60,000 Wall Street Journal readers tested their personal finance knowledge against high school students in a quiz based on the National Personal Finance Challenge, the Journal reported Friday. The Mt. Hebron High School team from…
3 MIN READThe largest U.S. banks plan to launch a tokenized deposit network in the first half of 2027, an effort to counter the threat from crypto companies and stablecoins, according to a person familiar with the plan reported by The Wall Street…
3 MIN READLloyds Banking Group apologized Wednesday after an IT glitch left thousands of customers across its brands — Lloyds Bank, Halifax, Bank of Scotland, Scottish Widows and MBNA — unable to make payments, send money or access their accounts…
3 MIN READPolice in Bakersfield, California, were negotiating Tuesday night with a man holding several people hostage inside a building that houses a Chase bank branch and a school district office. Officers responded to a bomb threat call around 1…
3 MIN READThe Bank of England has shortlisted 18 British wildlife species to appear on the next series of banknotes, replacing historical figures including Sir Winston Churchill. The public has until July 3 to vote for their favorites.
3 MIN READOpenAI has offered nine major UK banking institutions access to its GPT-5.5 Cyber security tool, providing an alternative access pathway as rival Anthropic blocks financial firms from previewing its Claude Mythos model.
3 MIN READTens of thousands of Palestinians gathered Friday at Jerusalem's Al-Aqsa Mosque compound for the first Friday prayers of Ramadan since a ceasefire deal between Israel and Hamas began in October. Israel restricted Palestinian entries from…
3 MIN READPresident Donald Trump on Friday oversaw the White House swearing-in of Kevin Warsh as the next Federal Reserve chair, signaling he wants Warsh to help boost the economy while saying the central bank will remain independent. The ceremony,…
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The order, signed by President Donald Trump in Washington Tuesday, directs regulators and agencies to look for signs that people without legal status are opening accounts or obtaining loans. But it is less sweeping than earlier reporting…
3 MIN READJerome Powell, who is stepping down as chair of the Federal Reserve after eight years, leaves behind a record shaped by post-pandemic inflation, sharp interest-rate increases and an ongoing effort to protect the Fed from political…
5 MIN READA Moscow arbitration court has ordered the Brussels-based clearing house Euroclear to pay 18.2 trillion rubles (€249.7 billion) in compensation to the Russian Central Bank, ruling that the bank was unlawfully barred from managing assets…
3 MIN READA Moscow court ruled for Russia’s central bank in its lawsuit against Euroclear, the Belgium-based clearing house that holds large amounts of Russian assets frozen by the European Union. The case sought 18.2 trillion rubles ($249.7…
3 MIN READMortgage rates rose for a second straight week as bond-market volatility persisted, with surging oil prices tied to the Iran war stoking inflation worries, Freddie Mac said Thursday. The benchmark 30-year fixed-rate mortgage climbed to…
3 MIN READA new analysis suggests Americans are paying about $150 billion a year more than insurers pay out on claims for home, auto and business coverage, and it argues for federal rules to curb the gap. The study, published with an Associated…
3 MIN READIllinois's first-in-the-nation law banning credit card interchange fees on the tax and tip portions of consumer transactions faces a coordinated industry repeal campaign, a threatened federal preemption order and a pending appeals court…
4 MIN READWASHINGTON — Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, said Thursday she met with Kevin Warsh, President Trump's nominee to lead the Federal Reserve, and urged him to release more detailed financial…
4 MIN READDenis Sassou N'Guesso was sworn in Thursday to a new five-year presidential term in the Republic of Congo, extending a 42-year rule that ranks him among Africa's longest-serving heads of state. The inauguration took place before a packed…
3 MIN READBank of America and Morgan Stanley on Wednesday reported sharply higher first-quarter profits, as market turmoil fueled in part by the ongoing war in Iran drove surging activity on Wall Street trading desks. Morgan Stanley posted a record…
5 MIN READBanks reported another quarter of strong profits, helped by a resilient U.S. economy and dealmaking in investment banking, but executives cautioned that higher oil prices could weigh on consumers and that geopolitical uncertainty could…
3 MIN READBrazil’s banks will be required to verify satellite-based deforestation data tied to properties before approving rural credit, starting Wednesday, according to a rule approved in December. The new requirements use a government registry of…
3 MIN READJerome Powell said on Wednesday that he would stay as chair of the Federal Reserve’s interest-rate setting committee if Kevin Warsh is not confirmed, as a Justice Department investigation into brief remarks by Powell continues. Powell told…
4 MIN READJPMorgan Chase said Wednesday it will build wealth advising services aimed at athletes who come into money through their talents, from college sports NIL deals to established pros approaching retirement. The bank said the effort is…
3 MIN READMany Americans consider tapping retirement accounts such as 401(k)s and IRAs to fund a home down payment, but the move can trigger tax penalties and other effects that last into retirement. An Associated Press report highlighted how the…
3 MIN READThree Palestinians were killed Sunday in a violent clash with Israeli settlers near Khirbet Abu Falah, east of Ramallah in the Israeli-occupied West Bank, the Israeli military said, bringing to six the number of Palestinians killed in the…
5 MIN READEmergency funds are meant to cover job loss and other surprises without forcing people onto high-cost credit. A Morningstar guide says investors can start by calculating essential monthly expenses, then building a cash buffer equal to that…
3 MIN READMorgan Stanley is laying off approximately 2,500 employees — about 3% of its global workforce — across the entirety of its investment bank, according to a person familiar with the matter who spoke to the Associated Press on the condition…
4 MIN READThe Trump administration formally forwarded Kevin Warsh's nomination to be Federal Reserve chair to the Senate on Wednesday, setting up a confirmation fight that could stall before the full chamber ever votes. Warsh, a former Fed governor,…
4 MIN READFederal energy officials announced a record $26.5 billion loan to electric utilities in Georgia and Alabama, saying the financing will cut long-term costs as companies expand capacity for electricity demand from computer data centers. The…
3 MIN READThe U.S. Treasury moved to sever a small Swiss bank from access to the U.S. financial system over alleged support for Iranian and Russian actors, according to a proposed federal regulation unveiled Thursday. The move comes as U.S. and…
3 MIN READJPMorgan Chase acknowledged for the first time in writing that it closed President Donald Trump's bank accounts in February 2021, according to a court filing submitted this week in his ongoing lawsuit against the bank and its leader, Jamie…
3 MIN READVivian Tu, who has 10 million social media followers, shares practical advice on managing money and relationships. Tu, recently appointed chief of financial empowerment at fintech platform SoFi, has built her following through her 'Your…
3 MIN READFederal and state government offices, courts and most schools are closed Monday, Feb. 17, for Presidents Day, but many big retailers plan to operate. U.S. stock markets and banks also close Monday and reopen Tuesday. National parks remain…
3 MIN READThe Bank of England kept its main interest rate unchanged at 3.75% on Thursday, even as inflation remained above its 2% target and the economy shows signs of improving. In a close vote on the nine-member Monetary Policy Committee, five…
3 MIN READThe Supreme Court appeared Wednesday to carve out a distinct exception for the Federal Reserve from President Trump's expanded authority to fire heads of independent agencies. Justice Brett Kavanaugh said allowing Trump to remove Federal…
4 MIN READSaks Global, parent company of Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus, filed for bankruptcy protection this week, leaving suppliers with unpaid bills ranging from $600,000 to $10 million and prompting Amazon, a minority…
4 MIN READFederal and state government offices, courts, most schools, banks, and U.S. stock markets are closed Monday in observance of Martin Luther King Jr. Day. National parks remain open but will no longer offer free admission on the holiday this…
3 MIN READFannie Mae aired a one-minute advertisement Sunday featuring an AI-generated voice of President Donald Trump, created with his administration's permission, as the White House escalates its push on housing affordability. A disclaimer in the…
3 MIN READPresident Donald Trump said credit card issuers have until Jan. 20 to comply with his demand for a 10% cap on interest rates. With days left, banks and consumer groups say they still do not know what the White House plans for companies…
3 MIN READWith President Donald Trump's self-imposed Jan. 20 deadline for a 10% credit card interest rate cap days away, banks, consumer advocates, and members of Congress remained uncertain Friday about what the White House has planned — or whether…
4 MIN READA Justice Department investigation into Federal Reserve Chair Jerome Powell has focused attention on a question with broad implications for U.S. monetary policy: whether Powell will remain on the Fed's board of governors after his…
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