NEW YORK (AP) — Bank of America says the revenue it gets from overdrafts has dropped 90% from a year ago, after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks. The nation’s largest banks are moving away from the practice of charging exorbitant fees on what are mostly…
WASHINGTON (AP) — Federal Reserve officials saw signs that the U.S. economy was weakening at their last meeting but still called inflation “unacceptably high’’ before raising their benchmark interest rate by a sizable three-quarters of a point in their drive to slow spiking prices. In minutes from their July 26-27 meeting released Wednesday, the policymakers…
OMAHA, Neb. (AP) — The major freight railroads signaled they’re ready to negotiate a new deal with their workers based on a presidential report that calls for 24% raises, but the 12 unions involved in the stalled talks covering 115,000 workers still haven’t commented on the recommendations. The group that represents BNSF, Union Pacific, Norfolk…
CAIRO (AP) — Egypt’s central bank governor resigned Wednesday as the Middle East’s most populous nation struggles to curb inflation triggered by Russia’s war in Ukraine, high oil prices and a drop in tourism. President Abdel Fattah el-Sissi accepted the resignation of Tarek Amer and named him a presidential adviser, the Egyptian leader’s office said…
LONDON (AP) — Elon Musk caused a stir by tweeting that he was buying the English soccer team Manchester United — whose current owners are opposed by many fans — then saying several hours later that it was a joke. It comes as the billionaire Tesla CEO faces a legal battle in the U.S. after…
WASHINGTON (AP) — The pace of sales at U.S. retailers was unchanged last month as persistently high inflation and rising interest rates forced many Americans to spend more cautiously. Retail purchases were flat after having risen 0.8% in June, the Commerce Department reported Wednesday. Economists had expected a slight increase. Still, Wednesday’s report contained some…
BELGRADE, Serbia (AP) — Wartime rivals Serbia and Kosovo are holding high-level crisis talks on Thursday which the European Union mediators hope will de-escalate growing tensions in the Balkans where Russia has been trying to further increase its influence amid the war in Ukraine. Hopes that the rare face-to-face meeting between Serbian President Aleksandar Vucic…
SAN FRANCISCO (AP) — Social media companies are offering few specifics as they share their plans for safeguarding the U.S. midterm elections. Platforms like Facebook and Twitter are generally staying the course from the 2020 voting season, which was marred by conspiracies and culminated in the Jan. 6 insurrection at the U.S. Capitol. Video app…
NEW YORK (AP) — Target reported solid sales for the fiscal second quarter but its profit plunged nearly 90% after it was forced to slash prices to clear unwanted inventories of clothing, home goods and electronics. In early June, Target warned that it was canceling orders from suppliers and aggressively cutting prices because of a…
Stocks on Wall Street closed broadly lower Wednesday as drops by big technology companies wiped out the S&P 500′s gains for the week. The benchmark index fell 0.7%, snapping a three-day winning streak. The Dow Jones Industrial Average fell 0.5% and the tech-heavy Nasdaq slid 1.3%. Small-company stocks fell more sharply than the rest of…
