Financial services

FIE - In this Nov. 13, 2014, file photo, Westpac Chief Executive Brian Hartzer speaks in Sydney about how he will take over as CEO. Hartzer said on Tuesday, Nov. 26, 2019, he will step down following accusations Australia’s second biggest bank committed 23 million breaches of the anti-money laundering and counterterrorism financing laws. (AP Photo/Rick Rycroft, File)
November 26, 2019 - 3:18 am

Westpac Bank chief resigns over money-laundering scandal

PERTH, Australia (AP) — The chief executive of Australia’s second biggest bank said Tuesday he plans to resign following accusations Westpac committed 23 million breaches of anti-money laundering and counterterrorism financing laws. The financial crime regulator AUSTRAC is pursuing Westpac in the...
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Federal Reserve Board Chair Jerome Powell addresses a round table discussion during a visit to Silver Lane Elementary School, in East Hartford, Conn., Monday, Nov. 25, 2019. Powell and Federal Reserve Bank of Boston President Eric Rosengren toured a working-class neighborhood in East Hartford and met with residents to get a closer look at their challenges. (AP Photo/Steven Senne)
November 25, 2019 - 7:28 pm

Powell: Solid economy but tame inflation allows low rates

Federal Reserve Chairman Jerome Powell is sketching an optimistic view of the economy but signaling that continued low inflation means higher interest rates won’t likely be necessary anytime soon. Powell says that even with unemployment near a 50-year low of 3.6%, there’s still “plenty of room” for...
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FILE - This July 14, 2010, file photo, shows a Charles Schwab office in Oakland, Calif. Charles Schwab is buying rival TD Ameritrade for $26 billion, a blockbuster deal accelerated by disruption in the online brokerage industry. The tie-up announced Monday, Nov. 25, 2019, would create a company so big, however, that it may draw sharp scrutiny from antitrust regulators.(AP Photo/Paul Sakuma, File)
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November 25, 2019 - 2:54 pm

Charles Schwab buys TD Ameritrade in brokerage blockbuster

NEW YORK (AP) — Charles Schwab is buying rival TD Ameritrade in a $26 billion stock swap, a blockbuster agreement brought about by massive disruption in the online brokerage industry. Bowing to competitive pressure, brokerages have made it free for customers to trade U.S. stocks online. A...
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November 22, 2019 - 9:26 pm

Police: $1M in diamonds taken during Maui Halloween heist

LAHAINA, Hawaii (AP) — An insurance company is offering a $50,000 reward to help find a masked man in a full-length black gown who stole more than $1 million in diamonds from a Hawaii jewelry store on Halloween. Maui police say the gowned and masked man also wore black gloves to rob Greenleaf...
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November 21, 2019 - 11:19 am

Wipe out credit card debt by setting SMART goals

Shatoria Smith was tired of the $5,000 in credit card debt she felt was blocking her from reaching her financial goals. She couldn’t see an easy path to being debt-free, so she drew herself a map by adapting a goal-setting framework she’d first heard about in a college business class: the SMART...
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File-This July 31, 2019 file photo shows the Federal Reserve Building in Washington. The Federal Reserve says corporate debt remains at historically high levels but overall the U.S. financial system is resilient, a view in sharp contrast to the problems that led to the 2008 financial crisis. (AP Photo/Patrick Semansky, File)
November 20, 2019 - 3:50 pm

Fed minutes: Officials felt 3 cuts this year could be enough

WASHINGTON (AP) — Most Federal Reserve officials believed last month that the three rate cuts they have made this year would be enough unless the economy weakened significantly. The minutes of the October Fed meeting, released Wednesday, reveal that “most participants” thought that this year’s rate...
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In this April 25, 2016 file photo, workers walk past the front entrance of the Hartford Courant building in Hartford, Conn. Hedge fund Alden Global Capital is now the largest shareholder of Tribune Publishing, the company that owns the Hartford Courant, the Chicago Tribune, Baltimore Sun and New York Daily News. Tribune says Alden, a hedge fund known for layoffs and slashing costs at newspapers it acquires, purchased the 25% stake from former Tribune chairman Michael Ferro. (AP Photo/Charles Krupa, File)
November 20, 2019 - 3:09 pm

Hedge fund Alden becomes Tribune’s largest shareholder

NEW YORK (AP) — Hedge fund Alden Global Capital is now the largest shareholder of Tribune Publishing, the company that owns the Chicago Tribune, Baltimore Sun and New York Daily News. Alden, a hedge fund known for layoffs and slashing costs at newspapers it acquires, bought the 25% stake from...
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FILE - In this Aug. 5, 2019, file photo, sections of a USA Today newspaper rest together in Norwood, Mass. GateHouse Media has closed on its takeover of Gannett, bringing about 260 daily papers together to become the country’s largest newspaper company by far. (AP Photo/Steven Senne, File)
November 19, 2019 - 5:25 pm

GateHouse, Gannett join, become largest US newspaper chain

NEW YORK (AP) — GateHouse closed its $1.1 billion takeover of USA Today publisher Gannett, becoming the country’s largest newspaper company by far and pledging significant cost cuts at a time when print publications are in precipitous decline. The merger brings together about 260 daily papers,...
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Federal Reserve Board Chair Jerome Powell testifies to the House Budget Committee, Thursday, Nov. 14, 2019, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)
November 18, 2019 - 2:41 pm

Trump summons Powell to discuss rates amid WH attacks on Fed

WASHINGTON (AP) — President Donald Trump summoned Federal Reserve Chairman Jerome Powell to the White House on Monday to discuss the economy and interest rates — issues on which Trump has repeatedly attacked the Fed. The Fed said in a statement that Powell’s message to Trump during their meeting...
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A currency trader walks by a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Monday, Nov. 18, 2019. Asian shares are mixed Monday in a cautious mode after Wall Street closed out the week with milestones as the Dow Jones Industrial Average crossed 28,000 for the first time and the S&P 500 and Nasdaq hit record highs. (AP Photo/Lee Jin-man)
November 18, 2019 - 7:58 am

Stocks subdued after US record highs, eyes on trade talks

TOKYO (AP) — Global markets were subdued Monday as investors look for developments in the U.S.-China trade war and the outlook for stocks after Wall Street indexes hit record highs last week. France’s CAC 40 slipped 0.1% to 5,931 and Germany’s DAX also fell 0.1% to 13,229. Britain’s FTSE 100 gained...
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