Erdogan and Putin: Complicated Relations With Mutual Benefits

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.

#banking-and-financial-institutions, #black-sea, #currency, #defense-and-military-forces, #embargoes-and-sanctions, #erdogan-recep-tayyip, #european-union, #grain, #international-relations, #north-atlantic-treaty-organization, #oil-petroleum-and-gasoline, #politics-and-government, #putin-vladimir-v, #russia, #russian-invasion-of-ukraine-2022, #syria, #turkey, #ukraine, #united-states-international-relations, #war-and-armed-conflicts, #zelensky-volodymyr

Markets Rise Sharply, Seizing on Inflation Numbers

#banking-and-financial-institutions, #consumer-price-index, #federal-reserve-system, #inflation-economics, #interest-rates, #prices-fares-fees-and-rates, #standardpoors-500-stock-index, #stocks-and-bonds, #united-states, #united-states-economy

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.

#american-legislative-exchange-council, #banking-and-financial-institutions, #blackrock-inc, #boycotts, #coal, #conservatism-us-politics, #corporate-social-responsibility, #fink-laurence-d, #global-warming, #greenhouse-gas-emissions, #heartland-institute, #heritage-foundation, #lobbying-and-lobbyists, #oil-petroleum-and-gasoline, #pensions-and-retirement-plans, #republican-party, #state-financial-officers-foundation, #states-us, #united-states-economy, #united-states-politics-and-government, #west-virginia

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.

#banking-and-financial-institutions, #bitcoin-currency, #computers-and-the-internet, #cory-klippsten, #currency, #regulation-and-deregulation-of-industry, #swan-bitcoin, #virtual-currency

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.

#banking-and-financial-institutions, #careers-and-professions, #discrimination, #hiring-and-promotion, #minorities, #wells-fargocompany

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.

#banking-and-financial-institutions, #company-reports, #corporations, #credit-and-debt, #mortgages, #personal-finances, #pultegroup, #real-estate-and-housing-residential, #united-states-economy

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.

#banking-and-financial-institutions, #blackrock-inc, #coal, #corporate-social-responsibility, #global-warming, #goldman-sachs-group-inc, #greenhouse-gas-emissions, #jpmorgan-chasecompany, #morgan-stanley, #pensions-and-retirement-plans, #politics-and-government, #republican-party, #us-bancorp, #wells-fargocompany, #west-virginia

Mario Draghi’s Fall Is a Triumph of Democracy, Not a Threat to It

No voter ever cast a ballot for him.

#banking-and-financial-institutions, #democracy-theory-and-philosophy, #draghi-mario, #international-relations, #italy, #nationalism-theory-and-philosophy, #politics-and-government

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?

#banking-and-financial-institutions, #consumer-behavior, #federal-reserve-system, #inflation-economics, #interest-rates, #oil-petroleum-and-gasoline, #prices-fares-fees-and-rates, #recession-and-depression, #united-states-economy, #wages-and-salaries

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.

#audio-neutral-informative, #banking-and-financial-institutions, #celsius-network-llc, #virtual-currency

Wonking Out: What’s the Matter With Italy?

The caricatures are faulty, but the crisis is real.

#banking-and-financial-institutions, #draghi-mario, #economics-theory-and-philosophy, #european-central-bank, #internal-sub-only-nl, #international-trade-and-world-market, #italy, #lagarde-christine

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.

#banking-and-financial-institutions, #economic-conditions-and-trends, #europe, #european-central-bank, #eurozone, #inflation-economics, #interest-rates, #lagarde-christine, #prices-fares-fees-and-rates

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.

#banking-and-financial-institutions, #china, #communist-party-of-china, #demonstrations-protests-and-riots, #henan-province-china, #politics-and-government, #savings, #xi-jinping

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.

#banking-and-financial-institutions, #currency, #euro-currency, #european-central-bank, #eurozone, #federal-reserve-system, #inflation-economics, #lagarde-christine, #powell-jerome-h, #united-states-economy, #us-dollar-currency

Crypto Is Crashing. Where Were the Regulators?

An anatomy materializes of a postmodern pyramid scheme.

#banking-and-financial-institutions, #brainard-lael, #digital-currency-group-inc, #federal-reserve-system, #mobile-commerce-and-payments, #regulation-and-deregulation-of-industry, #united-states-economy, #venmo, #virtual-currency

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.

#banking-and-financial-institutions, #china, #demonstrations-protests-and-riots, #frauds-and-swindling, #police, #police-brutality-misconduct-and-shootings, #zhengzhou-china

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.

#banking-and-financial-institutions, #consumer-price-index, #credit-and-debt, #federal-reserve-system, #government-bonds, #inflation-economics, #interest-rates, #prices-fares-fees-and-rates, #united-states-economy, #wages-and-salaries

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.

#banking-and-financial-institutions, #computers-and-the-internet, #high-net-worth-individuals, #personal-finances, #prices-fares-fees-and-rates, #regulation-and-deregulation-of-industry, #virtual-currency

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.

#banking-and-financial-institutions, #economic-conditions-and-trends, #europe, #european-central-bank, #eurozone, #inflation-economics, #interest-rates, #lagarde-christine, #powell-jerome-h, #prices-fares-fees-and-rates, #sintra-portugal, #stimulus-economic

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.

#abortion, #banking-and-financial-institutions, #bernard-tara-siegel, #computers-and-the-internet, #corporations, #credit-cards, #debit-cards, #fourth-amendment-us-constitution, #law-and-legislation, #lieber-ron, #mobile-applications, #national-advocates-for-pregnant-women, #personal-finances, #pregnancy-and-childbirth, #privacy, #subpoenas, #women-and-girls

‘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.

#banking-and-financial-institutions, #firearms, #gun-control, #second-amendment-us-constitution, #shopping-and-retail, #uvalde-tex-shooting-may-24-2022

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.

#bank-of-america-corporation, #bank-robberies, #banking-and-financial-institutions, #capital-one-financial-corporation, #chopra-rohit, #consumer-financial-protection-bureau, #consumer-protection, #e-commerce, #frauds-and-swindling, #jpmorgan-chasecompany, #mobile-commerce-and-payments, #robberies-and-thefts, #senate-committee-on-banking, #venmo, #wells-fargocompany, #zelle-early-warning-services-llc

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.

#banking-and-financial-institutions, #bitcoin-currency, #computers-and-the-internet, #currency, #layoffs-and-job-reductions, #prices-fares-fees-and-rates, #quarantine-life-and-culture, #social-media, #virtual-currency

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.

#banking-and-financial-institutions, #bitcoin-currency, #commercial-paper-finance, #computers-and-the-internet, #currency, #james-letitia, #regulation-and-deregulation-of-industry, #tether, #virtual-currency, #yellen-janet-l

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.

#audio-neutral-informative, #banking-and-financial-institutions, #cryptography-codes-and-ciphers, #federal-reserve-system, #finances, #rana-foroohar, #united-states-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.

#banking-and-financial-institutions, #federal-home-loan-mortgage-corp-freddie-mac, #federal-reserve-system, #inflation-economics, #interest-rates, #mortgages, #united-states-economy

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.

#bank-of-england, #banking-and-financial-institutions, #economic-conditions-and-trends, #great-britain, #inflation-economics, #interest-rates, #wages-and-salaries

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.

#banking-and-financial-institutions, #federal-reserve-system, #inflation-economics, #interest-rates, #recession-and-depression, #united-states-economy

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.

#banking-and-financial-institutions, #european-central-bank, #federal-reserve-system, #inflation-economics, #stocks-and-bonds

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.

#banking-and-financial-institutions, #bitcoin-currency, #coinbase-inc, #computers-and-the-internet, #layoffs-and-job-reductions, #start-ups, #virtual-currency

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.

#banking-and-financial-institutions, #inflation-economics, #recession-and-depression, #stocks-and-bonds, #united-states-economy

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.

#banking-and-financial-institutions, #black-people, #bruno-joe, #criminal-investigations, #discrimination, #hiring-and-promotion, #labor-and-jobs, #minorities, #race-and-ethnicity, #united-states-attorneys, #wells-fargocompany, #williams-damian-attorney

From the Big Short to the Big Scam

Fraud aside, what are cryptocurrencies for?

#banking-and-financial-institutions, #frauds-and-swindling, #terrausd, #virtual-currency

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.

#banking-and-financial-institutions, #discrimination, #hiring-and-promotion, #minorities, #scharf-charles-w, #wells-fargocompany, #women-and-girls

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.

#banking-and-financial-institutions, #inflation-economics, #initial-public-offerings, #interest-rates, #mergers-acquisitions-and-divestitures, #regulation-and-deregulation-of-industry, #special-purpose-acquisition-companies-spac, #start-ups

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.

#assets-frozen, #banking-and-financial-institutions, #biden-joseph-r-jr, #central-bank-of-russia, #economic-conditions-and-trends, #embargoes-and-sanctions, #group-of-seven, #putin-vladimir-v, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #united-states-international-relations, #yellen-janet-l, #zelensky-volodymyr

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.

#banking-and-financial-institutions, #economic-conditions-and-trends, #euro-currency, #europe, #european-central-bank, #eurozone, #inflation-economics, #interest-rates, #prices-fares-fees-and-rates

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.

#banking-and-financial-institutions, #coronavirus-return-to-office, #facet-llc, #goldman-sachs-group-inc, #labor-and-jobs, #paid-time-off, #solomon-david-m, #workplace-environment

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.

#banking-and-financial-institutions, #demonstrations-protests-and-riots, #economic-conditions-and-trends, #inflation-economics, #international-monetary-fund, #khan-imran, #legislatures-and-parliaments, #oil-petroleum-and-gasoline, #pakistan, #politics-and-government, #protectionism-trade, #sharif-shahbaz

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.

#banking-and-financial-institutions, #blackrock-inc, #boycott-divestment-and-sanctions-bds, #colleges-and-universities, #corporate-social-responsibility, #environment, #fink-laurence-d, #global-warming, #greenhouse-gas-emissions, #law-and-legislation, #oil-petroleum-and-gasoline, #pensions-and-retirement-plans, #republican-party, #states-us, #united-states-economy, #united-states-politics-and-government

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.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #powell-jerome-h, #united-states-economy

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.

#banking-and-financial-institutions, #citigroup-inc, #economic-conditions-and-trends, #farnham-roger-l, #france, #haiti, #national-city-bank, #united-states, #united-states-international-relations, #war-and-armed-conflicts

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.

#banking-and-financial-institutions, #credit-industriel-et-commercial, #france, #haiti, #national-bank-of-haiti

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.

#banking-and-financial-institutions, #discrimination, #hiring-and-promotion, #labor-and-jobs, #race-and-ethnicity, #scharf-charles-w, #suits-and-litigation-civil, #wells-fargocompany

Crashing Crypto: Is This Time Different?

Celebrity endorsements may signal the end of an era.

#adams-eric-l, #banking-and-financial-institutions, #bitcoin-currency, #economics-theory-and-philosophy, #el-salvador, #internal-sub-only-nl, #international-trade-and-world-market, #virtual-currency

Students Deserve a Student Loan Bailout

Biden’s $10,000 in relief isn’t enough.

#banking-and-financial-institutions, #biden-joseph-r-jr, #clinton-bill, #colleges-and-universities, #democratic-party, #education, #for-profit-schools, #income-inequality, #pell-grants, #student-loans, #subprime-mortgage-crisis, #tuition

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.

#banking-and-financial-institutions, #bernanke-ben-s, #coronavirus-2019-ncov, #federal-reserve-system, #inflation-economics, #powell-jerome-h, #united-states-politics-and-government, #volcker-paul-a

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.

#banking-and-financial-institutions, #beirut-lebanon-explosions-2020, #berri-nabih, #corruption-institutional, #elections, #electric-light-and-power, #hezbollah, #khalil-ali-hassan, #lebanon, #legislatures-and-parliaments, #politics-and-government

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.

#adeyemo-adewale, #banking-and-financial-institutions, #embargoes-and-sanctions, #russian-invasion-of-ukraine-2022, #treasury-department, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government

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.

#armstrong-brian-1983, #banking-and-financial-institutions, #bitcoin-currency, #blockchain-technology, #coinbase-inc, #computers-and-the-internet, #united-states-economy, #virtual-currency