Financial services

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 - 7:45 am
NEW YORK (AP) — Lord & Taylor, America's oldest retailer, is seeking bankruptcy protection, as is the owner of Men’s Wearhouse and Jos. A. Bank, lengthening the list of major retail chains that have faltered in the pandemic. Household names, many longtime anchors in malls nationwide, were...
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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 - 4:27 pm
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring. As a result, he said, the Fed plans to keep interest rates pinned near zero well into the future...
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FILE - In this April 3, 2019 file photo, Manuel Henriquez arrives at federal court in Boston to face charges in a nationwide college admissions bribery scandal. Henriquez is scheduled to be sentenced via video on Wednesday, July 29, 2020, after pleading guilty. (AP Photo/Steven Senne, File)
July 29, 2020 - 4:01 pm
The founder of a Silicon Valley venture capital firm was sentenced Wednesday to six months behind bars for paying about $450,000 in bribes to boost his two daughters' entrance exam scores and get one of them into Georgetown University as a bogus tennis recruit. Manuel Henriquez, the 57-year-old...
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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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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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AP Illustration/Peter Hamlin;
July 23, 2020 - 2:32 am
Why are coins hard to find during the pandemic? The Federal Reserve has seen a significant decline of coins in circulation because people are not spending them as regularly at businesses, many of which are either temporarily closed or not accepting cash. Coins are still plentiful. In April, the U.S...
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FILE - In this Feb. 13, 2020 file photo, President Donald Trump's nominee to the Federal Reserve, Judy Shelton, appears before the Senate Banking Committee for a confirmation hearing, on Capitol Hill in Washington. In a shift, the Senate Banking Committee is likely to back President Donald Trump's unconventional nomination of Shelton for the Federal Reserve's Board of Governors in a party-line vote Tuesday, July 21. (AP Photo/J. Scott Applewhite, File)
July 21, 2020 - 2:01 pm
WASHINGTON (AP) — The Senate Banking Committee on Tuesday approved President Donald Trump's choice of Judy Shelton for the Federal Reserve board of governors on a party-line vote, overcoming widespread questions about her qualifications for the Fed. Committee Chairman Sen. Mike Crapo, Republican of...
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