All posts tagged "Banking"

Washington (AFP) - The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans -- in turn putting pressure on smaller banks. "There will be bank failures, but this is not the big banks," said US Federal Reserve Chair Jerome Powell on Thursday. In San Francisco, Washington and even New York, offices have been seeing half the number of people as before the pandemic, with white-collar workers reluctant to return to commuting. Office vacancy rates across the country have risen to 13.5 percent in 20......

New York (AFP) - US banking giant Capital One announced Monday it will acquire financial services company Discover in a $35.3 billion all-stock deal combining two of America's major credit card firms. Under the deal, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, a premium of 26.6 percent over Discover's closing price on Friday. Acquisition of Discover will help "build a payments network that can compete with the largest payments networks and payments companies," said Capital One founder and CEO Richard Fairbank in a statement. Once the deal goes through,......

An NYPD cop is facing criminal charges for sharing a suspect’s credit card number with bumbling buddies who tried but failed to use the digits on a Starbucks run, police and prosecutors said Wednesday. “Lunch on me guys!” Officer Andy Urrutia allegedly boasted in a text message chain with his friends after sharing an arrested woman’s credit card number, expiration date andsecurity code back on March 23. Urrutia, 23, also sent photos of the credit card, which was among the woman’s seized belongings while she was being held at the 52nd Precinct stationhouse in the Bronx. “Try it,” the cop wrote.......

WASHINGTON― Hill Harper, the actor and author running for Michigan's open U.S. Senate seat, filed a key disclosure form last week claiming that he earned no income last year or during the first 10 months of 2023. What also makes the report remarkable is that Harper, who stars in the ABC drama "The Good Doctor," didn't list owning any bank accounts or holding any stocks, bonds, money market funds or cryptocurrency ― though he has touted the benefits of the digital currency and even founded a crypto trading platform in 2021. Harper's report showing no bank account or income came after his campai......

LANSING— The Michigan Republican Party is considering how to deal with "imminent default" on its line of credit, according to a resignation letter from a member of the state GOP's budget committee. The message, obtained Thursday by The Detroit News, reveals the seriousness of the financial struggles of a party in a battleground state, a year before the 2024 presidential election. Kristina Karamo, the Michigan GOP's chairwoman, has struggled to raise money after rising to power in February while railing against the party's "establishment," including past donors. Jessica Barefield of Livingston ......

Student loan payments resume this month, and millions of borrowers across the region are rearranging their budgets to make space for a monthly expense they haven’t had to think about in more than three years. Some who graduated during the pandemic will be making their first student loan payment. The restart comes after more than millions of Americans thought they would be seeing $10,000 or $20,000 of their debt wiped out under President Joe Biden’s plan, only to see the plan get struck down by the U.S. Supreme Court. The rollout has been far from smooth, with reports of long wait times for bor......