Banking and credit

FILE - This Dec. 24, 2018, file photo shows the Federal Reserve building during a partial government shutdown in Washington. The Federal Reserve said Thursday, April 23, 2020, that it will provide monthly reports on several of its economic rescue programs supported by the $2 trillion rescue program passed by Congress. (AP Photo/Manuel Balce Ceneta, File)
May 04, 2020 - 4:03 pm
WASHINGTON (AP) — With the U.S. economy sinking into a severe recession, the Federal Reserve is set to launch a high-risk program through which it will lend money to small and medium-sized companies outside the banking industry for the first time since the Great Depression. More than the eight...
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In this April 24, 2020, photo, people maintain social distancing and wear face masks due to COVID-19 concerns, while waiting to enter a check cashing service center in the Brooklyn borough of New York. While millions of U.S. workers have already received a quick relief payment from the federal treasury through direct deposit, millions of others without traditional bank accounts must wait weeks for paper checks. Advocates for the poor say this is an opportunity to get many of those who are unbanked into the formal financial system. (AP Photo/Bebeto Matthews)
May 03, 2020 - 3:28 pm
NEW YORK (AP) — As the coronavirus crisis took hold, Akeil Smith’s employer slashed her work as a home health aide to 25 hours per week. Her $15-an-hour salary no longer provided enough to pay her $700 monthly rent, and she had to visit food pantries for groceries. While millions of U.S. workers...
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In this April 24, 2020, photo, people maintain social distancing and wear face masks due to COVID-19 concerns, while waiting to enter a check cashing service center in the Brooklyn borough of New York. While millions of U.S. workers have already received a quick relief payment from the federal treasury through direct deposit, millions of others without traditional bank accounts must wait weeks for paper checks. Advocates for the poor say this is an opportunity to get many of those who are unbanked into the formal financial system. (AP Photo/Bebeto Matthews)
May 03, 2020 - 2:52 pm
NEW YORK (AP) — As the coronavirus crisis took hold, Akeil Smith’s employer slashed her work as a home health aide to 25 hours per week. Her $15-an-hour salary no longer provided enough to pay her $700 monthly rent, and she had to visit food pantries for groceries. While millions of U.S. workers...
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A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, May 1, 2020. Shares have dropped in Asia after Wall Street ended its best month in 33 years with losses on fresh news of economic carnage from the coronavirus pandemic. (AP Photo/Eugene Hoshiko)
April 30, 2020 - 11:35 pm
Shares fell in Asia on Friday after a crush of dismal data about the economy helped send markets lower overnight in a meek ending to a historic, juggernaut month for stocks. Most regional markets were closed for May Day holidays. But Japan's Nikkei 225 index slipped 2.3% to 19,730.41 while the S...
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In this Wednesday, April 29, 2020 photo a man walks in front of the European Central Bank in Frankfurt, Germany. The European economy shrank by 3.8% in the first quarter, the most since records began, as business activity was frozen by shutdowns aimed at preventing the spread of the coronavirus. It was the biggest drop since statistics started in 1995 and bigger than the plunge in the midst of the global financial crisis in the first quarter of 2009 after the bankruptcy of U.S. investment bank Lehman Brothers. (AP Photo/Michael Probst)
April 30, 2020 - 9:21 am
FRANKFURT, Germany (AP) — The European Central Bank is stepping up its efforts to cushion the economy against a record downturn that the bank's president, Christine Lagarde, said was “of a magnitude and speed that are unprecedented in peacetime.” The monetary authority for the 19 countries that use...
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FILE - In this April 28, 2020 file photo, a closed sign is posted at a restaurant along the River Walk in San Antonio. Banks are reporting a little more success in getting small business owners’ applications for coronavirus relief loans into government processing systems. Bank industry groups says changes the Small Business Administration made in its procedures apparently are helping lenders trying to submit thousands of applications for $310 billion in loans. (AP Photo/Eric Gay, File)
April 29, 2020 - 7:40 pm
NEW YORK (AP) — The smallest companies seeking coronavirus relief loans were moving to the head of the line Wednesday after the Small Business Administration said that for eight hours ending at midnight Eastern time it would accept loans only from small lenders. The step was being taken to ensure...
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FILE - In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell speaks during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington. The Federal Reserve said Friday, April 24, it had $85.8 billion in loans outstanding last week in three of the programs it rolled out last month to protect the economy during the coronavirus pandemic.   (AP Photo/Jacquelyn Martin, File)
April 29, 2020 - 6:05 pm
WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it will keep its key short-term interest rate near zero for the foreseeable future as part of its extraordinary efforts to bolster an economy that is sinking into its worst crisis since the 1930s. Chairman Jerome Powell noted the gravity...
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FILE - In this April 23, 2020 file photo, a sign is posted on a closed store in North Miami, Fla. Banks trying to submit applications for thousands of small businesses seeking coronavirus relief loans have hit a bottleneck for a second day at the Small Business Administration. Banking industry groups say the SBA’s loan processing system is still unable to handle the volume of loan applications from business owners trying to get aid under the Paychceck Protection Program, part of the government’s $2 trillion coronavirus aid program.(AP Photo/Wilfredo Lee, File)
April 28, 2020 - 6:35 pm
NEW YORK (AP) — The government says it has approved an additional $50 billion in loans to small businesses, although banks are complaining that a bottleneck at the Small Business Administration is severely slowing the process. Banking industry groups said Tuesday that the SBA’s loan processing...
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A Lebanese policeman gestures to firefighters as they extinguish a police car that was set on fire by anti-government protesters, in the northern city of Tripoli, Lebanon, Tuesday, April 28, 2020. Hundreds of angry Lebanese took part Tuesday in the funeral of a young man killed in riots overnight in Tripoli that were triggered by the crash of Lebanon's national currency that sent food prices soaring. (AP Photo/Bilal Hussein)
April 28, 2020 - 5:38 pm
TRIPOLI, Lebanon (AP) — Hundreds of protesters in Lebanon's northern city of Tripoli clashed with troops until late Tuesday night leaving several injured on both sides in some of the most serious riots triggered by an economic crisis spiraling out of control amid a weeks-long virus lockdown. After...
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In this photo taken on Friday, Jan. 17, 2020, Russian Foreign Minister Sergey Lavrov, speaks during a news conference in Moscow, Russia. Russia's foreign minister has angrily rejected Western claims that Moscow is using the coronavirus crisis to expand its political influence. Foreign Minister Sergey Lavrov said Tuesday, April 14 that suggestions from some in the West that Russia had opaque motives for helping Italy respond to the virus resulted from "Russophobia." (AP Photo/Alexander Zemlianichenko)
April 28, 2020 - 11:09 am
MOSCOW (AP) — The New Development Bank will allocate up to $15 billion for loans to help the so-called BRICS nations - Brazil, Russia, India, China and South Africa - boost their economies amid the coronavirus pandemic, Russia's foreign minister said Tuesday. “We believe that it should become a...
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