Tag: Banking
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Fed no longer foresees a U.S. recession — and other things we learned from Powell’s press conference
[ad_1] The Federal Reserve on Wednesday raised its benchmark interest rate to a range of 5.25% to 5.5%, the highest level in 22 years, in order to combat “elevated” inflation. With financial markets and economists widely expecting that rate move, the focus was on Fed Chair Jerome Powell’s one-hour session with reporters, which followed. Here…
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I’m a single parent with 2 kids, and owe $27,000 after being scammed. What now?
[ad_1] I’m a single parent with two kids, and fell victim to an online dating scam. I have no legal recourse as I did this on my own, thinking I was helping someone. My credit has now tanked. I owe $17,000 on one credit card, and I have two loans of $5,000 each. I have my…
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Regional-bank stocks move up after PacWest deal suggests stabilization in sector
[ad_1] Regional-bank stocks rose Wednesday as hard-hit PacWest Bancorp agreed to be acquired by Banc of California in a sign that the hangover from bank failures earlier this year may be receding. “The implied take out price of $9.60 is higher than many estimated, with ‘[PacWest] resolution’ a net positive for the banking sector,” KBW…
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NatWest CEO resigns after admitting to be source for inaccurate story on Nigel Farage
[ad_1] The chief executive of NatWest resigned on Wednesday, leaving after admitting to leaking banking information on a conservative politician to the BBC. Alison Rose will step down “by mutual consent,” just a day after she said she was the source of a story from the BBC that Nigel Farage had his account closed because…
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Visa earnings benefit from ‘resilient’ spending, though stock dips as growth slows
[ad_1] Visa Inc. called out robust spending trends as the payment-technology giant topped earnings and revenue expectations for its latest quarter, though its shares ticked lower after Tuesday’s report. The company logged a 9% increase in payments volume during the June quarter, along with a 10% increase in processed transactions. “The consumer is resilient and…
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NextPoint strikes restructuring deal to sell assets
[ad_1] NextPoint Financial NACQF, +11.36% has reached a restructuring deal to sell assets and substantially reduce its debt. The Canadian financial-services company said the agreement struck with a set of lenders calls for them to buy NextPoint’s assets for up to $281 million, consisting of a credit bid of at least $100 million in secured…
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Biogen to slash 1,000 jobs as it looks to save $700 million
[ad_1] Biogen Inc. BIIB, -3.58% said Tuesday that it will eliminate about 1,000 jobs as part of a broader cost-cutting initiative designed to save $700 million annually. The belt-tightening comes as the biotech company launches its Alzheimer’s treatment, Leqembi, a collaboration with Eisai Co. Ltd. ESALF, -2.36% that received full U.S. Food and Drug Administration…
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Stock market strategist David Rosenberg gives the Fed no credit — and no mercy
[ad_1] It’s said that you don’t know an economy is in a recession until it’s in one. Or as David Rosenberg puts it: “Recessions are like an odorless gas. They sneak up on you.” These days, Rosenberg is looking for fresh air. A former chief North American economist at Merrill Lynch and now president of…