FRANKFURT, Germany (AP) — The European Central Bank slowed its record pace of interest rate increases slightly Thursday but promised that more hikes are on the way, joining the U.S. Federal Reserve and other central banks in reinforcing an inflation crackdown despite some recent headway against the high prices that are plaguing consumers. The ECB,…
TOKYO (AP) — Japan’s trade deficit surged to over 2 trillion yen ($15 billion) in November as higher costs for oil and a weak yen combined to push imports sharply higher. It was the 16th straight month of red ink and a record high for the month of November. The country will likely post a…
NEW YORK (AP) — Stocks fell broadly on Wall Street Thursday following the latest signal from the Federal Reserve that interest rates will need to go higher than previously expected in order to tame inflation. The S&P 500 fell 2.3% as of 12:33 p.m. Eastern. The Dow Jones Industrial Average fell 772 points, or 2.3%,…
NEW YORK (AP) — The Federal Reserve’s move Wednesday to raise its key rate by a half-point brought it to a range of 4.25% to 4.5%, the highest level in 14 years. The Fed’s latest increase — its seventh rate hike this year — will make it even costlier for consumers and businesses to borrow…
OMAHA, Neb. (AP) — Federal regulators and shippers are questioning Union Pacific’s decision to temporarily limit some businesses’ shipments as part of its effort to clear up congestion across the railroad. The head of the U.S. Surface Transportation Board, Martin Oberman, said Wednesday he’s concerned about Union Pacific’s increasing use of the embargoes because they…
BOSTON (AP) — A hacker who reportedly posed as the CEO of a financial institution claims to have obtained access to the more than 80,000-member database of InfraGard, an FBI-run outreach program that shares sensitive information on national security and cybersecurity threats with public officials and private sector actors who run U.S. critical infrastructure. The…
WASHINGTON (AP) — The government on Wednesday charged eight men of earning more than $100 million in illicit stock market profits by manipulating their novice-investor followers on social media. The Justice Department and the Securities and Exchange Commission said that from early 2020 to around April of this year the men, who had combined following…
Whether increased regulation would have prevented the spectacular collapse of cryptocurrency exchange FTX was fiercely debated at a hearing of the Senate’s banking committee Wednesday. However, new legislation is potentially on the way. Sen. Elizabeth Warren announced at the hearing bipartisan legislation aimed at cracking down on cryptocurrencies being used in money laundering. The legislation,…
NEW YORK (AP) — A unit of American International Group that played an outsized role in the 2008 global financial crises is nearing its official end. AIG said Wednesday in a filing with the U.S. Securities and Exchange Commission that its Financial Products unit has filed for Chapter 11 bankruptcy protection. Bad bets on mortgages…
Twitter has suspended an account that used publicly available flight data to track Elon Musk’s private jet, despite a pledge by the social media platform’s new owner to keep it up because of his free speech principles. Tweets from the widely followed @elonjet account were no longer viewable Wednesday. The account had more than 526,000…
