Banking & Finance
The latest coverage of the banking and financial sectors.
Biden’s approval rating on the economy stagnates despite slowing inflation, AP-NORC poll shows
President Biden has devoted the past several weeks to promoting the positive impacts of his policies — but his efforts have yet to meaningfully register with the public.
Manchin regrets spin on energy legislation; Democrats try to sell climate plan
Sen. Joe Manchin III single-handedly controlled the fate of the Inflation Reduction Act, the giant budget-climate law Democrats rammed through Congress last year. Despite the conservative West Virginia Democrat’s pivotal role, Mr. Manchin runs hot and cold on the law — emblematic of the complicated politics of the legislation.
CBO says federal deficit will reach $1.7 trillion this year, third-worst in history
The Congressional Budget Office revised its projections Tuesday, saying it now expects the federal government to run a $1.7 trillion deficit this year as inflation hits Uncle Sam hard.
Electric bus maker once touted by Biden files for bankruptcy
The electric bus maker Proterra has filed for Chapter 11 bankruptcy, a little more than two years after the California-based public company received praise from President Biden for being the future of the EV industry.
U.S. inflation has steadily cooled. Getting it down to the Fed’s target rate will be toughest mile
Over the past year, inflation in the United States has tumbled from 9% all the way to 3%, softening most of the price pressures that have gripped the nation for more than two years.
Trucking giant Yellow Corp. declares bankruptcy after years of financial struggles
Trucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt, marking a significant shift for the U.S. transportation industry and shippers nationwide.
District man found guilty of using bomb threat to rob bank
A 65-year-old D.C. man was found guilty Thursday of armed robbery and felony threats for using a bomb threat to rob a District bank in October.
Texas Attorney General Ken Paxton to appear in Houston court hearing for his securities fraud trial
Embattled Texas Attorney General Ken Paxton, awaiting the start of a separate impeachment trial, is set to appear in a Houston courtroom Thursday to discuss his nearly decade-long delayed trial on securities fraud charges.
Credit downgrade for U.S government threatens to put the squeeze on Washington and the average Joe
Fitch Ratings’ downgrade of the federal government’s credit rating is not just an embarrassing black eye for Washington; it also will hit the government — and possibly average Americans — in the wallet, economists say.
Iran will close government offices, banks and schools for 2 days over high temperatures
Iran announced a nationwide two-day holiday because of increasing temperatures, state media reported Tuesday.
Fitch downgrades U.S. credit rating, citing mounting debt and political divisions
Fitch Ratings has downgraded the United States government’s credit rating, citing rising debt at the federal, state, and local levels and a “steady deterioration in standards of governance” over the past two decades.
Lebanon’s central bank governor ends 30-year tenure under investigation during dire economic crisis
Lebanon’s embattled central bank governor stepped down on Monday under a cloud of investigation and blame for his country’s economic crisis as several European countries are probing his alleged financial crimes.
Police officer reaches milestone in recovery from critical wounds in Louisville bank shooting
Flashing a thumbs-up to his well-wishers, a police officer who was critically wounded while responding to a mass shooting at a Louisville bank in April was discharged from the hospital on Friday after enduring multiple surgeries and intensive therapy.
Parents stretch budgets to cover back-to-school inflation
Florida mom Catherine Russo says “intense” is the only word to describe rising back-to-school prices as her son prepares to start first grade in a Palm Beach County public school.
U.S. economy grew at a faster 2.4% rate in April-June quarter despite Fed rate hikes
The U.S. economy accelerated unexpectedly to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve’s 16-month-long fight against inflation.
Gallup: Republican confidence in big business falls to record low
Confidence in big business among Republicans has fallen to a record low during the Biden administration, a new Gallup survey has found.
