Finance

Online and in-person support groups for people saddled with credit card debt are increasing in number and popularity thanks to America's current credit crunch.

Ambac and MBIA’s downgrades from an AAA credit rating put UBS, Merrill Lynch and Citigroup on shakier footing, leaving them prone to more write-downs.

Amid steep losses and weakened credit ratings, Martin Sullivan, CEO of American International Group, the world’s largest insurer, becomes the latest target in an ugly public spat.

China’s State Administration of Foreign Exchange (Safe) has committed to a $2.5 billion stake in the Texas-based private equity fund, kindling fears over political transparency.

The state tax on cigarettes increased $1.25 on June 3 and will bring cigarette prices up to an average of $8 a pack.

The Fed would consider saying yes to collateral from “sound” international banks, said Donald Kohn, the Fed’s vice president.

The fourth-largest bank in the United States forces CEO Kennedy Thompson into retirement after major losses in the past year.

The Caribbean island has altered its regulatory laws following a Ponzi scheme considered one of history’s largest cases of banking fraud.

by Lindsey Chapman
Bill calls for pennies and nickels to be mostly steel, skirting higher copper and nickel prices to get the coins’ production cost back below their face value.

An investment vehicle often used by the oil states of the Gulf draws criticism in Europe and America for a relative lack of transparency.

The top energy watchdog group is undertaking its first thorough assessment of the world’s top 400 oil fields and anticipates future oil supplies may be lower than expected.

A federal appeals court ruled Tuesday that U.S. paper currency is discriminatory toward blind people, who have trouble distinguishing among the denominations.

The central banks of Sweden, Norway and Denmark have offered Iceland a credit-line of 1.5 billion euros to shore up Iceland's troubled currency and economy.

The U.S. Department of Energy announced Friday that shipments of oil to the Strategic Petroleum Reserve have been cancelled for a six-month period starting July 1.

Nine years after the euro was first introduced, economists debate the viability of pan-regional currencies in other parts of the world.

Art collectors spent millions at New York auctions last week, although a slightly more cautious tone has entered the market.

Brazilian President Luiz Inácio Lula da Silva wants his country to join OPEC, an action he says could help lower worldwide petroleum prices.

by Anne Szustek
Economists in Europe see it in their best interest to prevent the dollar from dropping any lower versus other hard currencies.

by Anne Szustek
The 2008 U.S. economy has not fit into the textbook definition of a recession, but most economists say the country is in the midst of a slump.

The billionaire told Berkshire Hathaway shareholders that he still sees investment opportunies in U.S. stock and bond markets, and that he believes the credit crunch is nearing an end.

Sky-high pay packages continue to draw students to careers in finance despite the looming recession and recent U.K. government criticism of the financial sector.

Low gasoline prices and modern freeways gave rise to American suburbia, but as oil tops $120 per barrel some experts say suburbs could become ghost towns.

The government hopes the tax rebate that many Americans will receive Monday will revive the economy, but it may make little long-term difference.

On Thursday, Merrill Lynch announced more than $6.5 billion in write-downs and plans to cut at least 2,900 jobs, to the dismay of shareholders.

New York legislators have passed a bill that will require online retailers to collect taxes on goods shipped to the state. But will the “Amazon tax” hurt more than it helps?

Markets in real estate–heavy countries such as Ireland and Spain are reeling from a slow-down after nearly a decade of steady growth.

The International Monetary Fund predicts the U.S. economy may soon slip into a recession, and the global economy may not be far behind.

Fewer Americans are able to save money and account interest rates are dropping. Banks are pushing high-yield savings to counter the problem.

Rising unemployment and inflation have impacted the purchasing power of Americans. Applications to charity organizations and for government aid have spiked.

With fears of recession growing, the presidential contenders are touting their recovery plans. Skeptics doubt if any of these remedies would be effective.