Citigroup Inc. paid nearly $900 million by mistake to Revlon Inc. lenders due to a clerical error and wants its money back, Bloomberg News reported. While some of Revlon’s lenders returned the cash, others are refusing to return the money to Citi after they received...
China’s peer-to-peer (P2P) lending sector, once 6,000 businesses strong, has been reduced to fewer than three dozen as the government tightened regulations, leaving billions in loans unpaid. Now, Guo Shuqing, chairman of the China Banking Regulatory Commission, the nation’s top banking regulator, said investors have been saddled with...
Cash App, Square Inc.’s mobile payment app, has launched a pilot program to offer short-term loans of up to $200, TechCrunch reported. “We are always testing new features in Cash App, and recently began testing the ability to borrow money with about 1,000 customers,” a...
Before the deluge – of possible bankruptcies, that is – come the provisions. Earnings season has shed light on the actions banks are taking to prepare for the possibility that loans will sour amid COVID-19, as many individuals, families and businesses face a cash crunch....
A $765 million loan agreement between Eastman Kodak and the government to provide pharmaceutical ingredients has been put on hold due to questions about Kodak’s recent securities transactions. Reuters reported that the transactions had sparked questions of a very serious nature from senior Democratic leaders,...
The meteoric rise, and then fall, of Eastman Kodak stock — and the recent profits scored by top executives there — is garnering more attention. House Democrats are now looking into a $765 million federal loan as well as trading activity by company executives before...
Banks are increasing their standards for loans to businesses and households, according to the Fed’s latest Senior Loan Officer Opinion Survey on Bank Lending Practices. The Fed reported that banks tightened standards throughout all residential real estate (RRE) loan categories and in auto loans, credit card...
Eastman Kodak’s surprise announcement of plans to reinvent itself as a drug manufacturer has run afoul of the U.S. Securities and Exchange Commission (SEC), a new report finds. The SEC is in the early stages of a probe into the timing of Kodak’s announcement that...
Senator Marco Rubio of Florida, who spearheaded the landmark Paycheck Protection Program (PPP) to help small businesses survive the coronavirus pandemic, now has to organize further funding to help the still-ailing economy, The Wall Street Journal (WSJ) reported. One of the new provisions is a...
