California to Require Financial Literacy Class for High Schoolers
The California Governor’s Office has announced that future high school students in the state will soon be required to take a financial literacy class in order to graduate. a invoice The bill, introduced by state Assemblyman Kevin McCarty (D) and supported by a bipartisan group of Republicans and Democrats, aims to incorporate a semester-long personal […]
NYSE trading glitch costs Interactive Brokers $48mn – Financial Times
Get your free copy of Editor’s Digest FT editor Roula Khalaf picks her favourite stories in this weekly newsletter. A trading glitch on the New York Stock Exchange last month caused Interactive Brokers to lose $48 million after clients tried to buy large amounts of Berkshire Hathaway shares after they plummeted 99%. The company said […]
Threat of deposit exodus haunts Japan's regional banks – Financial Times
This month, Japanese digital lender Sony Bank began offering customers yen savings accounts with a trial interest rate of 10.52% per year, a remarkable yield in a country where savings have generated little profit for almost two decades. For many of Japan’s 62 regional banks, stiff competition from online challengers threatens to trigger deposit outflows […]
US Treasury imposes financial sanctions against 2 Mexican drug cartel leaders
Two leaders of the La Nueva Familia Michoacana drug cartel, who were indicted in 2017 on charges of conspiring to import and distribute heroin in the United States, face financial sanctions from the U.S. Treasury Department as fugitives believed to be living in Mexico, according to the Department of Justice (DOJ). Rodolfo Maldonado Bustos, 59, […]
Medical debt may come off credit reports soon, helping Americans qualify for more financial products
The CFPB wants to remove medical debt from the credit reports of millions of Americans. (iStock) Medical expenses may soon be removed from many credit reports, the Consumer Financial Protection Bureau (CFPB) said. Proposed the rule The bill aims to remove medical debt from credit reports and prevent debt collectors from using the reporting system […]
Bank of England holds rates at 5.25% – Financial Times
Stay up to date with free updates Just sign up UK interest rates myFT Digest – delivered straight to your inbox. The Bank of England’s “delicately balanced” decision to keep interest rates unchanged at 5.25% just two weeks before the UK’s July 4 general election, dealt a blow to Conservative hopes of improving personal finances. […]
Fitch Doesn’t See Bottom of Office CRE Mess, Sees CMBS Delinquency Rates Spike Way Past Financial Crisis Peak in 2025
Estimated Reading Time: 2 minutes A big driver is the “secular decline in the office market” that even slashed interest rates would not end. There has been a recent flurry of declarations by big fund managers with exposure to the office sector of commercial real estate that office CRE has “bottomed out,” or is “near […]
Pressure mounts on senior bankers as discontent in junior ranks simmers – Financial Times
Get your free copy of Editor’s Digest FT editor Roula Khalaf picks her favourite stories in this weekly newsletter. On message boards such as Wall Street Oasis and Reddit, junior investment bank analysts have been posting complaints about the long hours and the impact they are having on their mental and physical health, and are […]
Democrats call on US financial regulators to do more on climate
Nineteen Democrats and one independent are calling on US financial regulators to do more to address the financial risks posed by climate change. Lawmakers led by Sen. Elizabeth Warren (D-Mass.) and Rep. Sean Kasten (D-Ill.) sent a letter Thursday to leaders of the Federal Reserve, the Office of the Comptroller of the Currency and the […]
Ukraine set to get more financial support from G7 and NATO countries, while Biden signs bilateral security agreement
BIDEN, ZELENSKY TO SIGN US-UKRAINE SECURITY PACT: At the end of a long day of working sessions at the summit of world leaders of the Group of Seven democracies in Fasano, Italy, President Joe Biden will sit down with Ukrainian President Volodymyr Zelensky to deliver on a commitment made last year to pursue separate security […]