Financial services

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August 06, 2020 - 4:28 pm
WASHINGTON (AP) — The Federal Reserve says that its Main Street Lending Program designed to help small and medium-sized companies get through the pandemic has managed to make just eight loans in its first month of operations. In its first report on the program, the Fed said Thursday it had provided...
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FILE - In this Jan. 2, 2019, file photo, women peer in the front door of Lord & Taylor's flagship Fifth Avenue store which closed for good in New York. New York landmark retailer Lord & Taylor has filed for bankruptcy, joining a growing list of retailers flummoxed by the pandemic. (AP Photo/Kathy Willens, File)
August 03, 2020 - 3:19 am
NEW YORK (AP) — Lord & Taylor, one of America's oldest department stores, has filed for bankruptcy, joining a growing list of stores slammed by the coronavirus pandemic. Tailored Brands, the parent company of Men's Wearhouse and Jos. A. Banks, filed for bankruptcy as well. Many of the companies...
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This undated photo provided by the Bank of Korea on Friday, July 31, 2020, shows damaged banknotes by being heated up in a microwave in South Korea. According to the bank, a person, surnamed Kim, put bills in a microwave over coronavirus concerns earlier this year. The bank exchanged Kim's damaged money with the new currency worth 5.2 million won ($4,370). (Bank of Korea via AP)
July 31, 2020 - 5:10 am
SEOUL, South Korea (AP) — Money laundering is not a good idea, as a South Korean found out when he or she put banknotes in a washing machine to remove possible traces of the coronavirus. Officials say the loss was considerable. The person living in Ansan city, near Seoul, placed an unspecified...
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A man lifts his arm as he walks by the New York Stock Exchange, Thursday, July 30, 2020. Stocks are falling on Wall Street Thursday after reports showed that layoffs are continuing at a stubborn pace and that the U.S. economy contracted at a nearly 33% annual rate in the spring. (AP Photo/Mark Lennihan)
July 30, 2020 - 11:16 pm
TOKYO (AP) — Asian shares tumbled Friday as reports showed layoffs of American workers are persisting at high levels after the U.S. economy contracted at a nearly 33% annual pace in the spring, the worst quarter on record. Earnings reports, a gauge of how well businesses are managing the fallout...
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Currency trader watch computer monitors near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Thursday, July 30, 2020. Asian stocks advanced Thursday after the U.S. Federal Reserve left interest rates near zero to support a struggling economy. (AP Photo/Lee Jin-man)
July 29, 2020 - 10:49 pm
BEIJING (AP) — Asian stocks advanced Thursday after the U.S. Federal Reserve left interest rates near zero to support a struggling economy. Benchmarks in Shanghai, Tokyo, Hong Kong and Seoul all gained. Lower interest rates and investor optimism about a possible coronavirus vaccine have helped...
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FILE - In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell speaks during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington. Federal Reserve officials are grappling this week with the timing and scope of their next policy moves at a time when the raging viral pandemic has weakened the U.S. economy. No major changes are likely when the Fed releases a statement Wednesday, July 29, after its two-day policy meeting ends and just before Powell holds a news conference. (AP Photo/Jacquelyn Martin, File)
July 29, 2020 - 2:38 pm
WASHINGTON (AP) — The Federal Reserve expressed concern Wednesday that the persistent viral outbreak will act as a drag on the economy and hiring in the coming months and said it plans to keep its benchmark short-term interest rate pegged near zero to help provide support. In a statement at the end...
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FILE - In this June 30, 2020 file photo, Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing on the coronavirus response on Capitol Hill in Washington. The Federal Reserve has opened one of its lending programs to nonprofit groups, including hospitals, educational institutions, and social service organizations. The Fed said Friday, July 17, that its Main Street Lending Program, which is targeted to mid-sized businesses, will now extend credit to nonprofits with at least 10 employees and endowments of less than $3 billion. (Tasos Katopodis/Pool via AP, File)
July 28, 2020 - 11:01 pm
WASHINGTON (AP) — Federal Reserve officials are grappling this week with the timing and scope of their next policy moves at a time when the raging viral pandemic has weakened the U.S. economy. No major changes are likely when the Fed releases a statement Wednesday after its two-day policy meeting...
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Nick Gavrilides, the owner of the Soup Spoon, poses at one of his two restaurants in Lansing, Mich., Thursday, July 16, 2020. Restaurants, bars and other merchants struggling to stay afloat during the coronavirus pandemic are desperately reaching out for a lifeline from insurers that in turn contend they are being miscast as potential saviors. In one of the first decisions issued on that question, a Michigan state judge sided with an insurer's rejection of a claim for $650,000 for two months of losses that Gavrilides said he suffered at two restaurants. (AP Photo/Paul Sancya)
July 28, 2020 - 7:53 pm
Restaurants, bars and other merchants struggling to stay afloat during the coronavirus pandemic are desperately reaching out for a lifeline from insurers that in turn contend they are being miscast as potential saviors. Shutdowns and crowd restrictions imposed by state and local governments to...
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FILE- In this April 23, 2018, file photo, the logo for Visa appears above a trading post on the floor of the New York Stock Exchange. Visa Inc. said its fiscal third quarter profit fell by 23% from a year ago, undercut by the world’s consumers and businesses dramatically slowing their spending as the coronavirus pandemic took hold. (AP Photo/Richard Drew, File)
July 28, 2020 - 4:29 pm
NEW YORK (AP) — Credit card processing giant Visa Inc. said its fiscal third quarter profit fell by 23% from a year ago, undercut by the world’s consumers and businesses dramatically slowing their spending as the coronavirus pandemic took hold. Visa said it earned a profit of $2.37 billion last...
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A woman wearing a face mask stands beneath a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Tuesday, July 28, 2020. Shares advanced in Asia on Tuesday after U.S. stocks resumed their upward march on Wall Street, while the price of gold pushed to nearly $1,970 per ounce. (AP Photo/Vincent Yu)
July 27, 2020 - 10:37 pm
MITO, Japan (AP) — Shares advanced in Asia on Tuesday after U.S. stocks resumed their upward march on Wall Street, while the price of gold pushed to nearly $1,970 per ounce. Benchmarks climbed in Hong Kong, Tokyo and Shanghai after the S&P 500 rose 0.7% overnight. Much attention will be focused...
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