Major U.S. banks are nearing a $10 billion settlement to resolve claims that they abused financially troubled homeowners as they sought to foreclose on their home purchase loans at the height of the country’s financial downturn. As millions of U.S. homeowners lost their jobs in 2009 and 2010, they often fell behind on their monthly […]
US Banks Near $10 Billion Settlement on Foreclosure Abuse
Posted January 7th, 2013 at 10:00 am (UTC-5)
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British Bank to Settle US Charges on Iran Transactions
Posted December 6th, 2012 at 10:25 am (UTC-5)
British bank Standard Chartered says it expects to “very shortly” pay $330 million to U.S. authorities to settle accusations that it violated American trade sanctions against Iran. The bank said Thursday the payment would settle claims with the U.S. Justice Department, the Treasury and the Federal Reserve, the country’s central bank. The new payment would […]
World Bank Approves First Burma Aid in 25 Years
Posted November 2nd, 2012 at 5:10 am (UTC-5)
For the first time in 25 years the World Bank has approved a grant for Burma and developed a strategy for helping the government improve its economic management. The bank issued a statement Thursday saying the $80 million grant is for infrastructure projects in poor rural areas. World Bank president Jim Yong Kim said he […]
Washington Accuses Bank of America of Fraud
Posted October 24th, 2012 at 1:35 pm (UTC-5)
The U.S. government is suing the Bank of America, seeking more than one billion dollars for alleged fraud in the sale of home mortgages. The Bank of America is a private company and the second-largest bank in the United States. The bank bought Countrywide mortgage company, which is accused of selling thousands of fraudulent loans […]
World Bank Predicts Slowdown for Asian Economies
Posted October 8th, 2012 at 8:00 am (UTC-5)
The World Bank has issued a report predicting an economic growth slowdown in Asia this year. Monday’s report says economic growth in the Asia-Pacific region may slow down by a full percentage point, from 8.2 percent in 2011 to 7.2 percent this year, before recovering to 7.6 percent in 2013. The new report also says […]
World Bank Predicts Slowdown for Asian Economies
Posted October 8th, 2012 at 1:25 am (UTC-5)
The World Bank has issued a report predicting an economic growth slowdown in Asia this year. Monday’s report said economic grown in the Asia – Pacific region may slow down by a full percentage point, from 8.2 percent in 2011 to 7.2 percent this year, before recovering to 7.6 percent in 2013. The new report […]
US Central Bank Weighing New Economic Stimulus
Posted September 12th, 2012 at 3:15 pm (UTC-5)
Policy makers at the U.S. central bank are weighing whether to adopt new policies to try to boost the country’s sluggish economy. Officials at the Federal Reserve started a two-day meeting Wednesday and plan to announce any actions they take at mid-day Thursday. The U.S. economy is the world’s largest. But it has struggled to […]
British Bank Pays $340 Million to Settle Iran Claim
Posted August 14th, 2012 at 3:10 pm (UTC-5)
The British bank Standard Chartered agreed Tuesday to pay $340 million to a U.S. financial regulator to settle allegations that it illegally hid $250 billion in transactions with Iranian interests over the last decade. ZStandard Chertered denied the allegations last week when New York state officials accused Britain’s fifth largest bank of being a “rogue […]
British Bank Value Plunges After Iran Money Laundering Accusations
Posted August 7th, 2012 at 10:30 am (UTC-5)
The British bank Standard Chartered lost nearly a quarter of its value in trading Tuesday, a day after U.S. officials accused it of illegally laundering $250 billion in financial transactions with Iran during the past decade. The Britain’s fifth-biggest bank has operations spread throughout the world, but until now had been spared from a wave […]
World Bank Preparing $85 Million in Grants to Support Burma’s Reforms
Posted August 1st, 2012 at 3:35 am (UTC-5)
The World Bank is preparing up to $85 million in new grants for Burma in order to help support reforms in the Southeast Asian country. The global lender said in a statement Wednesday that the grants will support “community driven development programs” that aim to provide the Burmese people with “real economic benefits” from their […]
