Banking and credit

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, April 29, 2020. Asian stock markets gained Wednesday after France and Spain joined governments that plan to ease anti-virus controls and allow businesses to reopen. (AP Photo/Ahn Young-joon)
April 29, 2020 - 1:41 pm

Stocks charge higher on hopes for progress in fighting virus

Stocks charged higher around the world Wednesday following an encouraging report on a possible treatment for COVID-19. The optimism helped the S&P 500 vault 2.8% higher in afternoon trading, and it extended a rally that’s brought the U.S. stock market to the brink of its best month in 45 years...
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FILE - In this April 23, 2020 file photo, a sign is posted on a closed store in North Miami, Fla. Banks trying to submit applications for thousands of small businesses seeking coronavirus relief loans have hit a bottleneck for a second day at the Small Business Administration. Banking industry groups say the SBA’s loan processing system is still unable to handle the volume of loan applications from business owners trying to get aid under the Paychceck Protection Program, part of the government’s $2 trillion coronavirus aid program.(AP Photo/Wilfredo Lee, File)
April 28, 2020 - 6:35 pm

Gov't OKs $50B in small biz loans, banks complain of snags

NEW YORK (AP) — The government says it has approved an additional $50 billion in loans to small businesses, although banks are complaining that a bottleneck at the Small Business Administration is severely slowing the process. Banking industry groups said Tuesday that the SBA’s loan processing...
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A Lebanese policeman gestures to firefighters as they extinguish a police car that was set on fire by anti-government protesters, in the northern city of Tripoli, Lebanon, Tuesday, April 28, 2020. Hundreds of angry Lebanese took part Tuesday in the funeral of a young man killed in riots overnight in Tripoli that were triggered by the crash of Lebanon's national currency that sent food prices soaring. (AP Photo/Bilal Hussein)
April 28, 2020 - 5:38 pm

Riots in crisis-hit Lebanon reflect growing poverty, despair

TRIPOLI, Lebanon (AP) — Hundreds of protesters in Lebanon's northern city of Tripoli clashed with troops until late Tuesday night leaving several injured on both sides in some of the most serious riots triggered by an economic crisis spiraling out of control amid a weeks-long virus lockdown. After...
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A currency trader stretches at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 27, 2020. Asian stock markets have gained after Japan's central bank promised to buy more government bonds to support financial markets as investors look to central bankers to shore up the struggling global economy. (AP Photo/Ahn Young-joon)
April 27, 2020 - 4:57 pm

Stocks up worldwide as governments eye reopening economies

With governments making moves toward letting businesses reopen, stocks rallied worldwide on Monday to kick off a busy week for markets. From Rome, Georgia, to Rome, Italy, companies are watching as politicians detail plans to ease up on restrictions that were meant to slow the coronavirus pandemic...
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FILE - In this March 16, 2020, filer photo, Bank of Japan Gov. Haruhiko Kuroda speaks during a news conference in Tokyo. Japan’s central bank on Monday, April 27, 2020, announced it is making it easier for cash-strapped companies to get funding in response to the growing economic damage from the coronavirus pandemic. (AP Photo/Eugene Hoshiko, File)
April 27, 2020 - 12:19 am

Asian markets gain after Japan central bank boosts aid

BEIJING (AP) — Asian stock markets gained Monday after Japan's central bank promised more asset purchases to shore up financial markets as investors look to central bankers to support the struggling global economy. Tokyo's benchmark surged 2.4% and Shanghai, Hong Kong and Sydney also gained...
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A man wears a face mask as he leaves a business that remains open in downtown San Antonio, Wednesday, April 22, 2020. San Antonio remains under stay-at-home orders due to the COVID-19 outbreak and residents are required to wear face coverings or masks whenever in public. (AP Photo/Eric Gay)
April 23, 2020 - 7:52 pm

$310B for small business loans likely spoken for, banks say

NEW YORK (AP) — Small business owners still applying for loans under the government's coronavirus relief program may end up disappointed — the $310 billion being added to the program may already be spoken for. Banking industry groups say the volume of applications already sent to the Small Business...
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FILE - In this Oct. 19, 2019 file photo, International Monetary Fund Managing Director Kristalina Georgieva speaks during a news conference after the International Monetary and Financial Committee (IMFC) meeting, at the World Bank/IMF Annual Meetings in Washington,. The head of the IMF said Wednesday, April 15, 2020, that the lending agency is facing huge demand for support from its members during the global pandemic. An unprecedented 102 of the IMF's 189 member countries are seeking assistance from the organization, Georgieva said. The agency is prepared to commit its full $1 trillion in lending capacity to meet the demand, she said. (AP Photo/Jose Luis Magana, File)
April 15, 2020 - 3:08 pm

'A crisis like no other': IMF facing huge demand for support

WASHINGTON (AP) — The head of the International Monetary Fund said Wednesday that the lending agency is facing huge demand for support from its members during the global pandemic. An unprecedented 102 of the IMF's 189 member countries are seeking assistance from the organization, Managing Director...
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A nearly deserted street at the Village Pointe shopping mall is seen in Omaha, Neb., Wednesday, April 15, 2020. U.S. retail sales plummeted 8.7% in March as the coronavirus outbreak forced an almost complete lockdown of commerce. (AP Photo/Nati Harnik)
April 15, 2020 - 3:06 pm

Fed notes what most Americans see: A sharp economic downturn

WASHINGTON (AP) — The Federal Reserve is noting what most Americans are already acutely aware of: Economic activity contracted sharply and abruptly cross all regions of the country in recent weeks as the country locked down to combat the coronavirus pandemic. The Fed said Wednesday that the hardest...
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FILE - In this Oct. 14, 2019 file photo a Bank of America logo is attached to the exterior of the Bank of America Financial Center building, in Boston. Bank of America Corp. reports financial results Wednesday, April 15, 2020. (AP Photo/Steven Senne, File)
April 15, 2020 - 8:25 am

Citi 1Q profit falls 46% as virus hits US, global customers

NEW YORK (AP) — Banking conglomerate Citigroup says first-quarter profit dropped 46% as it set aside billions to cover potentially bad loans. Citi set aside $7.03 billion for loan losses this quarter, up from $1.98 billion in the same period a year earlier. Citi is a large credit card issuer,...
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A masked man walks past an electronic board showing Hong Kong share index outside a local bank in Hong Kong, Wednesday, April 15, 2020. Asian stocks edged lower Wednesday after the International Monetary Fund said the global economy will suffer its worst year since the Great Depression of the 1930s due to the coronavirus pandemic. (AP Photo/Kin Cheung)
April 15, 2020 - 12:06 am

Asian stocks sink after IMF says global economy will shrink

Asian stocks edged lower Wednesday after the International Monetary Fund said the global economy will suffer its worst year since the Great Depression of the 1930s due to the coronavirus pandemic. Benchmarks in Tokyo and Hong Kong were flat while Shanghai and Sydney declined despite Wall Street's...
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