Saudi Arabia just got a negative rating from Fitch, from AA to AA-. The downgrade is due to the oil-rich kingdom's decision to slash its average oil price assumptions from $35 to $45 a barrel for 2016 and 2017.
As settlement for hiding bad loans and house desolation, Wells Fargo will pay $1.2 billion. The bank lender admitted of cheating the government by insuring thousands of risky mortgages although they are not eligible.
Canadian students can now receive more grants as the government’s first budget revealed more financial aids for post-secondary students. In addition, graduates will not be demanded to pay students loan back until they make $25,000 a year.
Russian energy company GazProm signed a loan agreement with Bank of China on Thursday. GazProm borrowed €2 billion ($2.17 billion) on a 5-year term
Porsche is constructing its residency tower with hydraulic lifts that could transport residents’ cars to the garage next to their units. The garages will have floor-to-ceiling windows right outside the living room, where car enthusiasts can keep and enjoy their cars in the luxury personal garage while enjoying the buildings post amenities.
India is about to fund $3.56 billion of capital to govrnment-run lenders because of bad and restricted loans. Banks felt relief as the government is ready to help them when they need the capital.
A startup offering up to $10,000 loan to help couples fund their wedding had shifted its business concept to a crowdfunding platform. The move infuriates many couples expecting the loan, whereas the startup said that the couple wouldn’t have to pay it back as long as they stay together. The change of business plan was due to overwhelming demand and regulation challenges, stated the company.
The case had been investigated since 2013, and the practices are believed to have been going on since 2011. U.S federal regulators claimed that African-American, as well as Asian/Pacific Islander borrowers, were charged more for auto loans. Toyota voluntarily agreed to pay the amount of compensation, but the company refuses to admit that the practice is a form of racial discrimination.
Guinness Nigeria, the country's second-biggest brewer is seeing a prolonged decline in sales and shares. The failing of the beer industry is part of a bigger national economic slowdown, whereas Nigeria, Africa's largest economy, seek out for loan to cover budget deficits.
Goldman Sachs Group Inc had to write down its loan to the troubled Portuguese bank Banco Espirito Santo SA in the fourth quarter, cutting the bank's profit and some employees' bonuses, people familiar with the matter told Reuters.
U.S. fund firms are taking extra measures to make sure they don't get stuck holding hard-to-sell bonds in the event that fixed income markets see a massive race to the exits when interest rates start to rise.
U.S. power company NRG Energy Inc aims to grab a bigger piece of the residential solar industry by expanding its business in California, the nation's biggest solar market, and offering a new financing option to its customers.
Ukraine's currency lost nearly 5 percent of its value on Monday after a weekend that saw the heaviest shelling in a month hit the main rebel stronghold in the east and signs that Moscow had dispatched troops and tanks to reinforce separatists.
Ukraine, Russia and the European Union signed a deal on Thursday on the resumption of Russian natural gas supplies to Ukraine for winter after several months of delay during the conflict in Ukraine.
Yemen will destabilise its economy if it delays reforms such as cuts to energy subsidies, the International Monetary Fund said in a report released after the government rolled back some fuel price rises in the face of political unrest.