Wednesday, January 29, 2020

 


Canadian Press
Critics: Critical bank law is softened under Trump proposal

WASHINGTON — The Community Reinvestment Act has over past four decades spurred hundreds of billions of dollars in lending to low- and middle-income communities. But it's out of date and in need of an overhaul.

Now, the Trump administration is proposing changes that some community advocates say will make it easier for banks to meet the law’s criteria without making the types of loans that are most beneficial to the communities they serve.

The CRA’s current regulations reward banks that make mortgages and (full story)

 
Asian shares mostly higher after rebound on Wall Street
Shares advanced in most Asian markets on Wednesday after a rebound on Wall Street that reversed most losses from a sell-off the day before. (full story)
Trump looks to sign trade deal, show wins during impeachment
WASHINGTON — President Donald Trump is eager to show off a big policy win during his impeachment trial by signing into law a major rewrite of the rules of trade with Canada and Mexico. (full story)
CEO walks back pledge to fix homes damaged in Houston blast
HOUSTON — The head of a company involved in a massive explosion in Houston that killed two workers and injured 20 others on Tuesday backtracked on a pledge he had made earlier in the day to fix the hundreds of structures dam (full story)

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Associated Press
Asian shares mostly higher after rebound on Wall Street

Shares advanced in most Asian markets on Wednesday after a rebound on Wall Street that reversed most losses from a sell-off the day before.

Hong Kong's Hang Seng dropped 2.8%, to 27,174.43 after reopening from Lunar New Year holidays, while other Chinese markets remained closed.

The U.S. rally overnight snapped a two-day skid driven by fears that the spread of a new virus in China could snag global economic growth. China reported Wednesday that the virus has sickened more than 6,000 people in China and over (full story)

 
Apple holiday season tops projections as iPhone bounces back
SAN FRANCISCO (AP) — Apple is still reaping huge profits from the iPhone while mining more moneymaking opportunities from the growing popularity of its smartwatch, digital services and wireless earbuds. (full story)
Bad timing: New virus poses threat to fragile world economy
This should be peak season for a 12-room hotel near the train station in the Chinese industrial hub of Wuhan. The Chinese New Year usually brings in plenty of travelers and delivers profits of around $3,000 a month. (full story)

AP Headlines
 Autistic futures trader who triggered crash
 Nissan to offer severance packages to older US
 CEO walks back pledge to fix homes damaged in
 Mexico tries to sell presidential jet to Canada;
 Starbucks' results top estimates but coronavirus
 Darknet moderator pleads guilty to racketeering
 Apple holiday season tops projections as iPhone
 Libya says oil shutdown losses reach over $500
 How major US stock indexes fared Tuesday
 J. Crew hires former Victoria's Secret exec to
 Ratings: CBS, NBC have two dominant nights of
 Bad timing: New virus poses threat to fragile
 In grinding manufacturing slump, 3M cuts another
 Pfizer posts 4Q loss, misses Street views, on
 Nucor, Whirlpool rise; Harley-Davidson, Pfizer
 
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