Turkey needs Russian cash, gas and business as Erdogan looks to a dicey election and a new incursion in Syria, while Moscow needs friends to try to evade Western sanctions.
Tag Archives: Banking and Financial Institutions
Markets Rise Sharply, Seizing on Inflation Numbers
How Republicans Are ‘Weaponizing’ Public Office Against Climate Action
A Times investigation revealed a coordinated effort by state treasurers to use government muscle and public funds to punish companies trying to reduce greenhouse gases.
The Crypto Market Crashed. They’re Still Buying Bitcoin.
Hard-core Bitcoin evangelists are making the case that Bitcoin differs from the unstable crypto projects that sent the market into a tailspin.
Wells Fargo Revives Policy That Led to Fake Job Interviews, With Tweaks
The bank will reinstate a requirement to assemble a “diverse slate” of job candidates while adding flexibility, according to an internal memo.
If the Economy Is Shaky, Why Are Company Profits Still Strong?
Corporate optimism may seem at odds with the Fed’s grim determination to hold back the economy to get inflation down, but earnings tell a story that other data doesn’t.
West Virginia Punishes Banks That It Says Don’t Support Coal
The move to exclude the institutions from state business is part of a growing effort by Republican officials to shut out companies that are backing away from fossil fuels.
Mario Draghi’s Fall Is a Triumph of Democracy, Not a Threat to It
No voter ever cast a ballot for him.
Fed Prepares Another Rate Increase as Wall Street Wonders What’s Next
Central bankers around the world have been picking up the pace of rate increases. Now the big question looms: When will they slow down?
Death of a Crypto Company
The downfall of Celsius Network tells the story of an industry that became the thing it was trying to reject.
Wonking Out: What’s the Matter With Italy?
The caricatures are faulty, but the crisis is real.
ECB Surprises With Big Rate Rise, Its First in 11 Years
Policymakers are trying to slow soaring inflation while avoiding a recession among the countries that use the euro.
Chinese Banking Scandal Tests Faith in Communist Party’s Leadership
The disappearance of ordinary savers’ money, and the government’s seemingly indifferent response, could pose a major test for the Communist Party’s legitimacy.
Euro Hits Parity With U.S. Dollar for First Time in 20 Years
In recent months, pressure on the euro has been mounting while investors have been flocking to the U.S. dollar, a haven in times of economic upheaval.
Crypto Is Crashing. Where Were the Regulators?
An anatomy materializes of a postmodern pyramid scheme.
Security Forces in China Attack Protesters Seeking Frozen Funds
After a rare mass demonstration, bank depositors demanding their money back were beaten, kicked to the ground and dragged away in the city of Zhengzhou.
Fed officials, spooked by data, fretted in June about inflation becoming entrenched.
Central bankers raised rates by the most since 1994 last month, and minutes from the gathering explained their logic.
How Wall Street Escaped the Crypto Meltdown
As cryptocurrency prices plunged and funds failed, strict rules on risky assets helped Wall Street companies sidestep the worst. Retail investors weren’t as lucky.
Inflation Is Posing 19 Problems for One Central Bank
After more than a decade of worrying about low inflation, the European Central Bank is trying to tackle the problem of high inflation across the eurozone’s economies.
Payment Data Could Become Evidence of Abortion, Now Illegal in Some States
Financial companies collect a lot of payment data from customers. Prosecutors could subpoena those records for evidence of abortion, legal experts say.
‘Buy Now, Pay Later’ Becomes a New Way to Pay for Guns
Credova, a little-known fintech company, is leading the way in offering installment plans to buyers of guns and hunting supplies.
When Customers Say Their Money Was Stolen on Zelle, Banks Often Refuse to Pay
Federal law requires banks to reimburse customers for unauthorized electronic transfers, but they often refuse, stranding victims.
Bitcoin Plummets Below $20,000 for First Time Since November 2020
Its fall was accelerated in recent weeks by the collapse of two major cryptocurrency projects while sowing doubts about the stability of the overall cryptocurrency market.
Tether: The Coin That Could Wreck Crypto
As cryptocurrencies have plunged, attention has focused on a potential point of vulnerability: the market’s reliance on a so-called stablecoin called Tether.
The Stock Market Is Faltering. Welcome to the End of the ‘Everything Bubble.’
The financial journalist Rana Foroohar shares her long view on what’s going on with the economy.
Mortgage Rates Jump to 5.78 Percent, Rising at the Fastest Pace Since 1987
The climb in mortgage rates, coupled with skyrocketing home prices, has eroded what prospective home buyers can afford.
Bank of England raises rates for a fifth time, to 1.25 percent.
Inflation is reaching deeper into the British economy, the bank said, as businesses raise prices and workers seek higher pay.
The Fed Should Make Amends for Its Mistakes
A 75-basis-point increase, along with the will to tackle inflation aggressively, would shore up the bank’s shaky credibility.
Markets Recoup Losses as Central Banks Meet
Investors appeared mostly unsurprised by the Federal Reserve’s announcement of a large rate increase, with the S&P 500 closing up 1.4 percent.
Crypto Firms Quake as Prices Fall
Crypto companies are laying off staff, freezing withdrawals and trying to stem losses, raising questions about the health of the ecosystem.
What to Know About Bear Markets
There have been several instances of near-bear markets in recent decades, but it’s rare for them to hit the threshold.
Federal Prosecutors Open Criminal Inquiry of Wells Fargo’s Hiring Practices
Authorities are investigating whether the bank violated federal anti-discrimination laws by conducting sham interviews of minority candidates.
From the Big Short to the Big Scam
Fraud aside, what are cryptocurrencies for?
Wells Fargo Announces ‘Pause’ of Policy That Led to Fake Job Interviews
The bank’s leaders will study how its “diverse slate” requirement is being carried out and what needs to change before restarting it in July.
Why SPACS Are Flailing as Market Conditions Shift
For a time, SPACs were the preferred way for companies to go public. But changing market conditions and the threat of regulation are making Wall Street lose its appetite.
Seizing Russian Assets to Help Ukraine Sets Off White House Debate
Some European officials want to use more than $300 billion in Russian central bank assets to rebuild Ukraine. But Biden administration officials warn that diverting those funds could be illegal.
Eurozone Inflation Hits Highest Level Since Creation of the Euro
The economic toll of Russia’s war on Ukraine keeps widening, with price rises in Germany hitting a record and inflation in Estonia topping 20 percent.
Goldman’s Move to Unlimited Vacation Is Good for … Goldman
Goldman Sachs is the latest company to let workers take as much time off as they want. That means no more unused days — and no need to pay them out later.
Pakistan Raises Fuel Prices in Effort to Stabilize Economy
The interim government’s move was seen as a bid to revive a $6 billion bailout from the International Monetary Fund.
How an Organized Republican Effort Punishes Companies for Climate Action
Legislators and their allies are running an aggressive campaign that uses public money and the law to pressure businesses they say are pushing “woke” causes.
Fed Minutes Show Officials Expecting to Raise Rates Three Times to Address Inflation
Minutes of the Federal Reserve’s May meeting underscored the deep concern within the central bank about rapidly rising prices that have far exceeded the Fed’s target.
Invade Haiti, Wall Street Urged. The U.S. Obliged.
The long occupation of Haiti began with a drumbeat from the bank that became Citigroup, decades of diplomatic correspondence and other records show.
How a French Bank Captured Haiti
It helped finance the Eiffel Tower as it drained millions from Haiti. The bank, C.I.C., won’t talk about it, but The Times tracked how much its investors made — and what Haiti lost.
At Wells Fargo, a Quest to Increase Diversity Leads to Fake Job Interviews
Black and female candidates are sometimes interviewed after the recipient of a job is identified, current and former employees say.
Crashing Crypto: Is This Time Different?
Celebrity endorsements may signal the end of an era.
Students Deserve a Student Loan Bailout
Biden’s $10,000 in relief isn’t enough.
Ben Bernanke Sees ‘Stagflation’ Ahead
The former chairman of the Federal Reserve has a new book out on Tuesday explaining the powers of the Fed and Congress to juice or slow our economy amid a supply-chain crunch and sky-high demand.
After Lebanon’s Collapse, Can an Election Fix the Country?
On Sunday, Lebanese voters get their first chance to pass judgment on lawmakers since the economy fell apart. Few expect things to improve.
Treasury Warns Foreign Banks Against Helping Russia Evade Sanctions
Adewale Adeyemo, the deputy Treasury secretary, met privately with international financial institutions to make clear the consequences of sanctions evasion.
Cryptocurrencies Melt Down in a ‘Perfect Storm’ of Fear and Panic
A steep sell-off that gained momentum this week starkly illustrated the risks of the experimental and unregulated digital currencies.