Financial related news.
NEW YORK — Consumers are increasingly struggling to pay their credit card bills, raising concerns about severe delinquencies spiraling and sapping consumer spending. The share of credit card debt that's more than 90 days overdue rose to 10.7 percent during the first quarter, a 12-year high, according to the Federal Reserve Bank of New York's [...]
Most people who received money from Norfolk Southern in the wake of last year's fiery train derailment in eastern Ohio won't have to pay taxes on millions of dollars in aid payments after all. The Internal Revenue Service last week said that most of the payments people who live near East Palestine received to help [...]
For retirees Tom and Beverly McAdam, the good news is the value of their two-bedroom home in suburban Denver has risen 45 percent since they purchased it more than six years ago. That's also the bad news, costing them thousands more in real estate taxes and leaving less for discretionary spending. "To pay the higher [...]
WASHINGTON (AP) — The IRS last week said it will make permanent the free electronic tax return filing system that it experimented with this year and is asking every state and the District of Columbia to help taxpayers file their returns through the program in 2025. The IRS tried the Direct File project for the [...]
WASHINGTON (AP) — A price gauge closely monitored by the Federal Reserve cooled slightly last month, a sign that inflation may be easing after running high in the first three months of this year. Last week's report from the Commerce Department showed that an index that excludes volatile food and energy costs rose 0.2 percent [...]
WASHINGTON (AP) — The nation’s economy grew at a 1.3 percent annual pace from January through March, the slowest quarterly rate since the spring of 2022, the federal government said last week in a downgrade from its previous estimate. Consumer spending rose but at a slower pace than previously thought, a possible sign that high [...]
NEW YORK — In some rare cases, a lower stock price can actually be a boon for investors. Consider Nvidia, the chip company whose stock price has soared well above $1,000 as Wall Street's frenzy around artificial-intelligence technology keeps revving higher. The company recently said it would undergo a stock split, where each of its [...]
WASHINGTON (AP) — The U.S. lifted some financial restrictions against Cuba this week, in a move designed to boost private businesses on the island. The measures will allow independent entrepreneurs to open and access U.S. bank accounts online to support their businesses. They also include steps to open up more internet-based services and expand private [...]
WASHINGTON (AP) — Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation. A key reason for the delay in rate cuts is that the [...]
NEW YORK — The bank accounts of tens of thousands of U.S. businesses and consumers have been frozen in the aftermath of the abrupt shutdown and bankruptcy of financial technology company Synapse, which acts as a middleman between financial technology companies and banks. Synapse filed for Chapter 11 bankruptcy protection in April and has shut [...]