Finance

Storied US Steel to Be Acquired for Over $14B by Nippon Steel

U.S. Steel, the Pittsburgh steel producer that played a key role in the nation's industrialization, is being acquired by Nippon... Read More

U.S. Steel, the Pittsburgh steel producer that played a key role in the nation's industrialization, is being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion. The transaction is worth about $14.9 billion when including the... Read More

Wall Street Rises on Hopes for Rate Cuts, as Dow Ticks Toward Another Record

NEW YORK (AP) — Wall Street is ticking higher Thursday following its big rally the day before on excitement that... Read More

NEW YORK (AP) — Wall Street is ticking higher Thursday following its big rally the day before on excitement that several cuts to interest rates may indeed be coming next year. The S&P 500 was 0.3% higher in morning trading... Read More

What to Know About Renters Insurance and What It Does and Doesn't Cover

NEW YORK (AP) — When the unexpected happens — whether fire, hail, or human error — renters insurance can provide much-needed... Read More

NEW YORK (AP) — When the unexpected happens — whether fire, hail, or human error — renters insurance can provide much-needed stability. But many choose not to purchase coverage, including in places most frequently and hardest hit by natural disasters, new research... Read More

Inflation Hits Lowest Point Since Early 2021 as Prices Ease for Gas, Groceries and Used Cars

WASHINGTON (AP) — Squeezed by painfully high prices for two years, Americans have gained some much-needed relief with inflation reaching... Read More

WASHINGTON (AP) — Squeezed by painfully high prices for two years, Americans have gained some much-needed relief with inflation reaching its lowest point since early 2021 — 3% in June compared with a year earlier — thanks in part to... Read More

Consumer Confidence Declines Again in May, Particularly for Older Americans

Consumer confidence fell in May as Americans, particularly older ones, became more pessimistic about the labor market, on top of... Read More

Consumer confidence fell in May as Americans, particularly older ones, became more pessimistic about the labor market, on top of elevated anxiety over inflation. The Conference Board reported Tuesday that its consumer confidence index fell to 102.3 in May from 103.7... Read More

2023-04-27 21:53:17
by Dan McCue
Renewed Bipartisan Effort Aims to Open Banking to Cannabis Industry

WASHINGTON — Just days after an extraordinary cannabis policy summit in the U.S. Capitol, a bipartisan group of lawmakers has... Read More

WASHINGTON — Just days after an extraordinary cannabis policy summit in the U.S. Capitol, a bipartisan group of lawmakers has reintroduced a bill aimed at ensuring legal cannabis businesses have access to banking and other financial services. The SAFE Banking... Read More

Biden Tells US to Have Confidence in Banks After Collapse

NEW YORK (AP) — President Joe Biden on Monday told U.S. residents the nation’s financial systems are sound, following the... Read More

NEW YORK (AP) — President Joe Biden on Monday told U.S. residents the nation’s financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval. “Americans can have confidence that the... Read More

Fed, Set to Impose Smaller Hike, May Hint of Fewer Increases

WASHINGTON (AP) — The Federal Reserve is poised this week to raise its benchmark interest rate for an eighth time since... Read More

WASHINGTON (AP) — The Federal Reserve is poised this week to raise its benchmark interest rate for an eighth time since March. But the Fed will likely announce a smaller hike for a second straight time, and it could change some... Read More

US Inflation Eases Grip on Economy, Falling for a 6th Month

WASHINGTON (AP) — Rising U.S. consumer prices moderated again last month, bolstering hopes that inflation’s grip on the economy will... Read More

WASHINGTON (AP) — Rising U.S. consumer prices moderated again last month, bolstering hopes that inflation’s grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it. Inflation declined to... Read More

US Futures Point Higher, Adding to Thursday's Huge Gains

Wall Street pointed higher in premarket trading Friday, adding to the hefty gains from a day earlier when government data... Read More

Wall Street pointed higher in premarket trading Friday, adding to the hefty gains from a day earlier when government data showed that U.S. inflation eased more than expected, spurring hopes the Federal Reserve might scale down plans for more interest rate... Read More

2022-09-01 17:20:22
by Madeline Hughes
FTC Accuses Credit Karma of Making False Claims

WASHINGTON — The Federal Trade Commission announced Thursday it is going after the credit score and report company Credit Karma... Read More

WASHINGTON — The Federal Trade Commission announced Thursday it is going after the credit score and report company Credit Karma for telling people they were approved for credit when they were not. “Credit Karma’s false claims of ‘pre-approval’ cost consumers... Read More

US Wholesale Inflation Fell in July for 1st Time in Two Years

WASHINGTON (AP) — Prices at the wholesale level fell from June to July, the first month-to-month drop in more than... Read More

WASHINGTON (AP) — Prices at the wholesale level fell from June to July, the first month-to-month drop in more than two years and a sign that some of the U.S. economy's inflationary pressures cooled last month. Thursday’s report from the Labor Department... Read More

More Flexibility Proposed for Student Debt Forgiveness

New rules proposed by the Biden administration on Wednesday would make it easier for borrowers to get their federal student... Read More

New rules proposed by the Biden administration on Wednesday would make it easier for borrowers to get their federal student debt forgiven through several existing programs. The action is intended to overhaul relief programs that have been criticized for their... Read More

Fed Begins Inflation Fight With Key Rate Hike, More to Come

WASHINGTON (AP) — The Federal Reserve launched a high-risk effort Wednesday to tame the worst inflation since the early 1980s,... Read More

WASHINGTON (AP) — The Federal Reserve launched a high-risk effort Wednesday to tame the worst inflation since the early 1980s, raising its benchmark short-term interest rate and signaling up to six additional rate hikes this year. The Fed's quarter-point hike... Read More

2022-02-24 22:10:00
by Tom Ramstack
Markets Drop as Russia Invades Ukraine and Sanctions Follow

WASHINGTON — Russia’s attack on Ukraine sent most global stock markets downward Thursday as threats of economic sanctions continued among... Read More

WASHINGTON — Russia’s attack on Ukraine sent most global stock markets downward Thursday as threats of economic sanctions continued among world leaders. “We’re going to impair their ability to compete in the 21st century high-tech economy,” President Joe Biden said... Read More

2022-01-26 00:22:00
by Dan McCue
Majority of Cities Felt Financial Wallop Within Weeks of COVID’s Arrival

CHICAGO — Despite an almost immediate infusion of emergency federal funding, the majority of America’s largest cities saw a sharp... Read More

CHICAGO — Despite an almost immediate infusion of emergency federal funding, the majority of America’s largest cities saw a sharp and lasting decline in their fiscal well-being when the coronavirus reared its ugly head, a new report says. Published by... Read More

Biden Chooses Three for Fed Board, Including First Black Woman

WASHINGTON (AP) — President Joe Biden will nominate three people for the Federal Reserve's Board of Governors, including Sarah Bloom... Read More

WASHINGTON (AP) — President Joe Biden will nominate three people for the Federal Reserve's Board of Governors, including Sarah Bloom Raskin, a former Fed and Treasury official, for the top regulatory slot and Lisa Cook, who would be the first... Read More

2021-11-19 19:46:38
by TWN
Private Equity Backs Thousands of Small Businesses Across America

WASHINGTON — Sunshine Beverages was a good idea looking to get its grow on. Founded by artisanal entrepreneurs Keith Vest... Read More

WASHINGTON — Sunshine Beverages was a good idea looking to get its grow on. Founded by artisanal entrepreneurs Keith Vest and Joe Parrish in 2013, the energy drink company was the offshoot of Vest’s forward-thinking ad agency, The Variable. Coming... Read More

Investors Bet Big On Climate Fight But Motives Questioned

GLASGOW, Scotland (AP) — Governments and big investors announced fresh steps Wednesday to pour trillions of dollars into curbing global... Read More

GLASGOW, Scotland (AP) — Governments and big investors announced fresh steps Wednesday to pour trillions of dollars into curbing global warming, reflecting the financial world's growing embrace of efforts to fight climate change as both a business necessity and opportunity. ... Read More

2021-10-19 21:23:09
by Dan McCue
Administration Scaling Back Plan to Deepen IRS Scrutiny Into Bank Accounts

WASHINGTON - The Biden administration is reversing course on a proposal that would have required banks to flag private accounts... Read More

WASHINGTON - The Biden administration is reversing course on a proposal that would have required banks to flag private accounts to the Internal Revenue Service when an individual deposit or withdrawal exceeded $600. A revised plan, expected to be announced... Read More

2021-10-12 17:18:19
by Dan McCue
IMF Downgrades Global Growth Outlook on Supply Chain Woes, Uncertainty

WASHINGTON -- The International Monetary Fund on Tuesday downgraded its estimate for global gross domestic product growth this year, citing... Read More

WASHINGTON -- The International Monetary Fund on Tuesday downgraded its estimate for global gross domestic product growth this year, citing supply chain concerns and uncertainties related to the pandemic. However, the global financial institution suggests growth should rebound next year.... Read More

2021-10-06 17:58:28
by Victoria Turner
U.S. Chamber Study Finds Company Buybacks Benefit All Shareholders

WASHINGTON -- When a company buys back its own shares to reduce the amount of available stock in the open... Read More

WASHINGTON -- When a company buys back its own shares to reduce the amount of available stock in the open market, it benefits investors and decreases market volatility, freeing up capital for companies to better allocate it, according to a... Read More

2021-10-05 20:08:11
by Reece Nations
Biden Administration Lays Out Consequences of Debt Default

WASHINGTON -- President Joe Biden detailed on Monday the ramifications of failing to raise the United States government’s debt limit... Read More

WASHINGTON -- President Joe Biden detailed on Monday the ramifications of failing to raise the United States government’s debt limit while condemning Republicans in Congress for their role in the procedural delay. Congress has until Oct. 18 to raise the... Read More

2021-08-30 17:50:33
by Dan McCue
SEC Seeks Info on Digital Engagement by Investment Advisors, Brokers

WASHINGTON - The Securities and Exchange Commission is seeking information from the public and industry professionals on the digital engagement... Read More

WASHINGTON - The Securities and Exchange Commission is seeking information from the public and industry professionals on the digital engagement practices of investment advisors and brokers. These tools include behavioral prompts, differential marketing, game-like features (also known as gamification) and... Read More

2021-08-19 13:18:01
by Dan McCue
Ex-Netflix Employees Accused of $3.1 Million Insider Trading Scheme

WASHINGTON -- Three former Netflix software engineers and two close associates have been charged with generating over $3 million in... Read More

WASHINGTON -- Three former Netflix software engineers and two close associates have been charged with generating over $3 million in profits by trading on confidential information about Netflix's subscriber growth, the Securities and Exchange Commission announced Wednesday. According to a... Read More

2021-07-29 20:28:16
by Victoria Turner
Centralized Digital Bank Currencies: The Future of Digital Money Says IMF Chief

After working for over a decade on modernizing its payment system, the Bahamas is now home to the world’s first... Read More

After working for over a decade on modernizing its payment system, the Bahamas is now home to the world’s first central bank digital currency called the “sand dollar.” For this archipelago of 700 Caribbean islands, moving to a mobile payment... Read More

2021-07-27 19:57:27
by Tom Ramstack
US Government Digital Currency Gets a Second Look in Congress

WASHINGTON -- The U.S. dollar risks losing its preeminence in international transactions unless the Federal Reserve moves promptly to sponsor... Read More

WASHINGTON -- The U.S. dollar risks losing its preeminence in international transactions unless the Federal Reserve moves promptly to sponsor a digital currency, economists told Congress Tuesday. Once again, the main competitive threat to U.S. currency comes from China, according... Read More

2021-07-21 20:28:30
by Daniel Mollenkamp
Mandating Climate Disclosures Could Violate SEC's 'Historically Agnostic Approach'

WASHINGTON- Writing rules that mandate climate disclosures might overstep the U.S. Securities and Exchange Commission's  authority, causing a violation of... Read More

WASHINGTON- Writing rules that mandate climate disclosures might overstep the U.S. Securities and Exchange Commission's  authority, causing a violation of their historical approach to regulations, the agency's commissioner said on Tuesday.  Environmental disclosures are "inherently political" and are "unabashedly" designed... Read More

2021-07-12 16:06:53
by Daniel Mollenkamp
Fiduciary Duty Rules Need Clarifying Says Urban Institute

WASHINGTON- The rich might be able save the world, but only if they focus on using their investments to change... Read More

WASHINGTON- The rich might be able save the world, but only if they focus on using their investments to change power dynamics, and they may need a little help from regulators, according to a new study from the Urban Institute.... Read More

2021-06-30 19:10:43
by Brock Blasdell
SEC Appoints Grewal as Director of Enforcement

The Securities and Exchange Commission announced Tuesday that Gurbir Grewal, New Jersey’s attorney general since 2018, has been appointed as... Read More

The Securities and Exchange Commission announced Tuesday that Gurbir Grewal, New Jersey’s attorney general since 2018, has been appointed as the director of the Division of Enforcement.  “I’m honored and delighted to welcome Attorney General Grewal to the SEC,” Gary... Read More

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