Banking & Finance
The latest coverage of the banking and financial sectors.
Oil prices shoot up, stocks trend downward as Middle East flare-up ripples into markets
Benchmark oil prices rose to $90 per barrel on Monday after the first flare-up in fighting between the U.S. and Iran in over a month.
Treasury announces new sanctions on Egyptian bank’s UAE branch
The U.S. Treasury Department on Friday announced new restrictions on the United Arab Emirates branch of the Egyptian state-owned bank Banque Misr as part of Operation Economic Outcast, the Trump administration’s new strategy to economically isolate Iran.
U.S. expands sanctions on Iran as economic pressure campaign accelerates
Treasury Secretary Scott Bessent announced secondary sanctions Monday targeting businesses that maintain relationships with Iran as the Trump administration ramps up its efforts to economically isolate the Islamic regime.
Wall Street drifts ahead of a big week that could swing stocks and bonds
U.S. stocks are drifting Monday ahead of a week packed with potentially market-moving events. The areas of the bond market that the U.S. Treasury Department is trying to calm down, meanwhile, eased a bit.
Economists don’t expect reopening the U.S. to Mexican cattle imports to reduce high beef prices
The U.S. plans to reopen a border crossing in Arizona to cattle from Mexico on Monday as part of a broader effort by the Trump administration to reduce record-high beef prices, though economists doubt the move will mean much to grocery store shoppers.
Iran’s rial currency hits new record low as U.S. prepares to announce more sanctions
Iran’s currency hit a record low Monday as Washington prepared to announce new sanctions it said would add further pressure on an economy already battered by previous sanctions and a U.S. naval blockade.
Trade war escalates after U.S.-Canada negotiations collapse
President Trump on Sunday weighed in on failed trade talks between the United States and Canada, signaling in an angry, 1 a.m. message on social media that he’s not backing down on the terms that Canadian negotiators walked out on.
Canada retaliates against U.S. tariffs with dollar-for-dollar levies
Canada is retaliating against President Trump’s 50% tariffs on Canadian products, threatening a dollar-for-dollar counterattack beginning Sept. 8.
Cattle battle: Trump to waive higher tariffs on ground beef in bid to lower prices
President Trump said he will waive higher tariffs on ground beef imports, a move aimed at lowering prices for Americans struggling with soaring meat prices.
Generation Z embraces AI cost-cutting to lead surge in new business starts
Generation Z is contributing massively to entrepreneurship, as young adults bypass college and use artificial intelligence tools to start businesses and navigate a tight labor market.
U.S. and Canada hold last-minute talks to stop Trump’s 50% tariffs
The United States and Canada have wrangled for decades over trade, poking each other interminably over sore spots like Canadian softwood lumber imports and U.S. access to Canada’s protected dairy market.
White House plans cryptocurrency, prediction market summit for next week
The White House is setting up a summit for Wednesday with cryptocurrency and prediction market executives, according to people familiar with the plans.
U.S. unemployment claims rise but remain at healthy level
U.S. applications for unemployment benefits rose last week, but layoffs remain at historically healthy levels.
Consumer prices rose modestly in July, easing pressure on Federal Reserve
Inflation rose slightly in July as expected, a reading that could make the Federal Reserve less eager to hike interest rates.