Fed's Evans sees 'recessionary dynamics' without fiscal aid

(Reuters) – The U.S. economy risks a longer, slower recovery and “recessionary dynamics” if Congress fails to pass a fiscal package to support out-of-work Americans and state and local governments, Chicago Federal Reserve President Charles Evans said on Tuesday.FILE PHOTO: Chicago Federal Reserve Bank President Charles Evans looks on during the Global Interdependence Center Members Delegation Event in Mexico City, […]

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Fed policymakers urge Congress, state and local government action to close racial gaps

FILE PHOTO: People gather around the newly painted “Black Lives Matter” mural along 5th Avenue outside Trump Tower in the Manhattan borough of New York City, New York, U.S., July 9, 2020. REUTERS/Mike Segar(Reuters) – More action is needed from Congress and state and local governments to adequately address wealth and income inequalities, two Federal Reserve policymakers said on Monday. […]

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Will Covid make countries drop cash and adopt digital currencies?

As the Covid-19 crisis accelerates the long-term shift away from cash (at least in tax-compliant, legal transactions), official discussions about digital currencies are heating up. Between the impending launch of Facebook’s Libra and China’s proposed central-bank digital currency, events now could reshape global finance for a generation. A recent report from the G30 argues that if central banks want to […]

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Goldman Sachs pays $3.9bn to settle 1MDB corruption scandal

Goldman Sachs has reached a $3.9bn (£3.1bn) settlement with the Malaysian government over the 1MDB corruption scandal. The deal struck by the Wall Street bank, which allegedly failed to act while $4.5bn was looted from its client, Malaysia’s sovereign wealth fund 1MDB, involves a cash payment of $2.5bn and a guarantee to recover $1.4bn in assets invested with the fraudulently […]

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Wirecard Vows to Continue With Activities Amid Insolvency Steps

Want the lowdown on European markets? In your inbox before the open, every day. Sign up here. Wirecard AG expects its provisional insolvency administrator to be appointed shortly as the scandal-hit payment company said its business activities will continue. Once lauded as one of Germany’s most successful up-and-coming businesses, Wirecard filed for insolvency on Thursday after the company said that […]

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UK banks granted 1.5m payment holidays on credit cards and loans

Britain’s high street banks have granted almost 1.5m payment holidays to consumers struggling to repay their credit cards and personal loans during the coronavirus pandemic. Figures released by the banking lobby group UK Finance show that 877,800 credit card accounts had been given a payment freeze by 21 May. Monthly repayments on 608,000 personal loans had been put on pause by that […]

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Metro Bank scales back expansion plans after £131m loss

Metro Bank is significantly scaling back expansion plans after recording a loss of more than £130m caused partly by an accounting error. Metro is also handing back nearly half of a £120m award it received last year from a government-backed scheme meant to boost competition in the business banking market, and will pay a £340,000 penalty for falling short on […]

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Thousands of people may lose credit cards under new FCA rules

Thousands of credit card customers are at risk of having their accounts suspended in the new year due to the City regulator’s new affordability rules. Credit card providers – including UK banks such as Barclays, Lloyds and Royal Bank of Scotland – were last year forced to identify customers who had been in persistent debt for at least 18 months, […]

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