News: Banks and Finance
In this dedicated space, one can explore a wealth of knowledge encapsulating the domain of Banking and Finance. Designed to cater to the curiosity of those captivated by the banking industry and finance fans alike, it delves into various subjects from the workings of central and commercial banks to the innovative realm of fintech startups. Additionally, it sheds light on macroeconomic aspects such as inflation and financial crises, providing a comprehensive perspective on financial trends and developments.
Capital One Becomes First Big Bank To Ditch Overdraft Fees
Capital One (COF) stated on Wednesday that it will abolish overdraft charges at the beginning of the next year, making it the biggest bank to waive fees that cost Americans — particularly the financially weak — billions of dollars each year.
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Biden is Risking an Oil-Price War
President Biden's decision to release oil from a national reserve should bring some comfort to drivers who are paying an average of $3.50 per gallon to fill up. The recovery from the economic slump has been slowed by a 50 percent increase in gasoline costs over the last year, angering drivers. Gas prices will be pushed lower as more oil is released into the market.
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Goldman Sachs: Use These 5 High Growth Stocks To Shield Yourself From Rising Interest Rates
The stock market is often threatened by rising interest rates, but not all equities are created equal. According to Goldman Sachs, one sort of stock should keep going well as interest rates rise: high-yield growth stocks.
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Japan Will Spend $313 Billion In Additional Budgetary Funds Due To Tax Revenue Overshoots
Japan is likely to submit an additional budget for fiscal 2021 on Friday, with spending of $313 billion, according to a draft obtained by Reuters, while maintaining market issuance of interest-bearing bonds stable as it concentrates efforts to mitigate the impact of the coronavirus outbreak.
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China Asks Didi to Delist From U.S. On Security Fears
According to sources familiar with the case, Chinese officials have ordered Didi Global Inc.'s senior executives to design a strategy to delist from U.S. exchanges, an extraordinary request that is certain to reignite anxieties about Beijing's ambitions for its colossal tech industry.
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One of America’s Youngest Billionaires Details His Biggest Financial Mistake
Sam Bankman-Fried may have made his wealth by starting crypto exchange FTX, but he is still learning about some elements of the industry. Indeed, according to Yahoo Finance, the 29-year-old billionaire's worst financial blunder was waiting too long to enter the crypto craze.
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Inflation Data, Black Friday Sales: What to Know This Week
Investors will receive a slew of new economic data and company announcements during this holiday-shortened week. New inflation statistics will be extensively scrutinized, and preliminary data on Black Friday sales will provide merchants with an early indication of Christmas buying momentum.
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Asia-Pacific Stocks Fall As Shares of Japan’s Automakers Slip
By Wednesday's close, Asian markets had fallen across the board, with data indicating Japan's export growth had fallen to an eight-month low. Markets in the United States, on the other hand, were buoyed by better-than-expected retail sales figures.
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IBM CEO Says Inflation Fears Could Trigger ‘Some Chaos’
Arvind Krishna, the CEO of IBM, told CNBC that he is "always concerned" about inflation and warned of potential disruption ahead. "With all of the liquidity and worries of inflation rising, it can produce some chaos," Krishna told CNBC on Monday when asked what keeps him awake at night.
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China Evergrande Averts Default Again but Debt Woes Mount
For the third time in less than a month, the world's most indebted property developer, China Evergrande Group, avoided a disruptive default at the last minute, according to a source on Thursday who said many bondholders had received missed coupon payments.
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