Currency markets

Cryptocurrency exchange network accused of helping Russia hit with sanctions

A network of people and virtual currency exchanges associated with harboring Russian cybercrime have been hit with sanctions in a government-wide crackdown on cybercrime.

Barcelona has its spending limit increased but remains well below Real Madrid’s cap

Robinhood buying crytocurrency exchange Bitstamp for about $200 million

Japanese automaker Honda revs up on EVs, aiming for lucrative US, China markets

A timeline of the collapse at FTX

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Harris unveils economic plan, proposes federal ban on grocery price gouging

Vice President Kamala Harris has announced a sweeping set of economic proposals meant to cut taxes and lower the cost of groceries, housing and other essentials for many Americans.

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Artist adds value to beaten Argentine peso (CR)

Uruguayans cross border for cheaper prices

Argentina watches exchange rate after Milei victory

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Long lines form and frustration grows as Cuba runs short of cash

Alejandro Fonseca stood in line for several hours outside a bank in Havana hoping to withdraw Cuban pesos from an ATM. But the cash ran out when it was almost his turn.

Inflation has slid again in Europe. Here’s what that means for interest rates

Inflation has fallen again in Europe, to 2.4% in March. It’s welcome news for consumers since spikes in food prices have eased.

China’s stock watchdog fines property developer Evergrande, slaps lifetime ban on its chairman

Troubled property developer China Evergrande Holding says Beijing’s stock watchdog has fined it 4.2 billion yuan ($333.4 million) for allegedly falsifying its revenue, among other allegations.

Evers signs bill authorizing new UW building, dorms that were part of deal with GOP

Democratic Gov. Tony Evers has signed a bill that authorizes spending nearly $700 million on Universities of Wisconsin construction projects, including a new engineering building at UW-Madison.

China cuts key interest rate in latest move to boost its ailing property sector

China’s central bank has cut its five-year loan prime rate while leaving its one-year rate unchanged. It was the first time the five-year rate, which is a benchmark for mortgage rates, was cut since May.

Nigeria’s currency has fallen to a record low as inflation surges. How did things get so bad?

Nigerians are facing one of the West African nation’s worst economic crises in years. It was triggered by surging inflation, the result of monetary policies that have pushed the currency to an all-time low against the dollar.

Bucking industry trends, Chase to open 500 new locations largely in cities where rivals dominate

JPMorgan Chase plans to open at least 500 new branches in the next three years, the bank said Tuesday.

Infantino refloats idea of using algorithm to set soccer player transfer fees in $10 billion market

FIFA wants to open debate on setting soccer transfer fees by algorithm instead of the historic way of two clubs negotiating a market value price for contracted players.

Tearful Russian billionaire who spent $2 billion on art tells jurors Sotheby’s cheated him

A Russian billionaire who accused Sotheby’s of teaming up with a Swiss art dealer to cheat him of tens of millions of dollars became tearful while testifying in court and calling for more transparency in the art market.

Proposed merger of New Mexico, Connecticut energy companies scuttled; deal valued at more than $4.3B

Officials with New Mexico’s largest electric utility say a proposed multibillion-dollar merger with a U.S. subsidiary of global energy giant Iberdrola has been scuttled.

Barcelona loses appeal at UEFA against $537,000 fine for misreporting income amid financial turmoil

UEFA says Barcelona lost an appeal against being fined $537,000 for misreporting income under financial monitoring rules.

Shares of United Airlines tumble on sour outlook for 4Q profit because of rising fuel prices

Shares of United Airlines have tumbled after the carrier issued a gloomy outlook for fourth-quarter profit. And they took other airline stocks lower, too on Wednesday.

China’s Xi promises open markets and billions in new investments for ‘Belt and Road’ projects

Chinese President Xi Jinping is promising foreign companies more access to China’s huge market and more than $100 billion in new financing for other developing economies.

Argentina’s populist presidential candidate Javier Milei faces criticism as the peso takes a dive

Argentina’s firebrand populist presidential candidate Javier Milei is coming under fire from his rivals who are blaming him for a sharp depreciation of the local currency in the parallel market.

Fears about Amazon and Microsoft cloud computing dominance trigger UK probe

Concerns from regulators about the dominance of Amazon and Microsoft in Britain’s cloud computing market have triggered an investigation into the competitiveness of the key industry.

Costco is seeing a gold rush. What’s behind the demand for its 1-ounce gold bars?

Looking for something to add to your Costco cart along with the 30 rolls of toilet paper? How about a bar of gold?

Oil prices have risen. That’s making gas more expensive for US drivers and helping Russia’s war

Oil prices are up, and that affects people far and wide. Drivers pay more for gasoline, and truckers more for diesel. Russia is earning money that it can use to wage its war against Ukraine.

The average long-term US mortgage rate edged up to 7.19% this week, slightly below its 2023 high

The average long-term U.S. mortgage rate edged up again this week, another setback for would-be homebuyers navigating an increasingly less affordable housing market.

Hong Kong to scrutinize cryptocurrency regulation after arrests linked to JPEX exchange

Hong Kong’s leader says the territory will scrutinize the regulation of digital assets after police arrested eight people over allegations of fraud at an unlicensed cryptocurrency exchange that impacted more than 1,600 investors and over $150 million in assets.

The average long-term US mortgage rate edged up to 7.18% this week, where it stood two weeks ago

The average long-term U.S. mortgage rate edged up this week, pushing up borrowing costs for prospective homebuyers already facing a housing market limited by a dearth of homes for sale and rising prices.

Fewer apply for home loans as borrowing costs, rising prices shut out prospective homebuyers

U.S. home loan applications are the lowest in decades as evidence mounts that rising mortgage rates and home prices are shutting out many aspiring homeowners.

The average long-term US mortgage rate fell to 7.12%, second weekly drop since marking 22-year high

The average long-term U.S. mortgage rate fell again this week, but remains near the 22-year high it hit three weeks ago, little relief for house hunters facing a market held back by persistently high prices and a near-historic low number of homes for sale.

The average long-term US mortgage rate fell to 7.18% this week, easing from more than 20-year high

The average long-term U.S. mortgage rate declined this week after climbing five consecutive weeks to a more than 20-year high, a modest relief for would-be homebuyers challenged by rising home prices and a thin inventory of homes on the market.

Average long-term US mortgage rate jumps to 7.23% this week to highest level since June 2001

The average long-term U.S. mortgage rate climbed further above 7% this week to its highest level since 2001, another blow to prospective homebuyers grappling with rising home prices and a stubbornly low supply of properties on the market.

Have home prices bottomed? While low housing inventory stymies sales, bidding wars prop up prices

While sales of previously occupied U.S. homes fell again last month, the national median home sales price rose to $406,700, marking its first annual increase since January, the National Association of Realtors said Tuesday.

Emerging economies are pushing to end the dollar’s dominance. But what’s the alternative?

Across the developing world, many countries are fed up with America’s dominance of the global financial system — and especially the power of the dollar.

Thinking of buying a new pair of jeans? Breaking down the cost over time might help you decide

Shoppers are looking beyond just the price tag of a skirt or a pair of pants in the wake of still stubbornly high inflation. Some are adopting a new calculation: how many times will they wear a piece of clothing to be able to justify the cost?

Average long-term US mortgage rate climbs to 6.96% this week, matching highest level this year

The average long-term U.S. mortgage rate rose this week to just under 7%, the latest setback for would-be homebuyers already facing affordability challenges due to a housing market limited by a shortage of homes for sale.

As cyclists ride across Iowa, they are seeing craft breweries driving small-town tourism

There are hundreds of breweries represented on the jerseys of the thousands of cyclists on RAGBRAI, the annual bike ride across Iowa. They are a testament not just to the rapidly expanding craft beer industry but its place in rural America.

Average long-term US mortgage rate inches back up to 6.81%

The average long-term U.S. mortgage rate ticked back up this week, remaining a barrier for Americans trying upgrade or buy their first home.