Banking

5:36am

Fri June 28, 2013
The Two-Way

Vatican Official Arrested Over $26 Million Scheme

Originally published on Fri June 28, 2013 8:50 am

A Vatican official already under investigation for money laundering was arrested after police say they caught him and two other men plotting a scheme that would bring in 20 million euros (about $26 million) in cash into Italy from Switzerland on a jet.

Prosecutors say Monsignor Nunzio Scarano said the money belonged to some friends, according to The Associated Press. The wire service talked to Nunzio's attorney Silverio Sica and reports:

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10:03pm

Wed June 26, 2013
The Two-Way

As People Head Into Space, PayPal Says It Will Follow Them

Originally published on Thu June 27, 2013 10:48 am

No Free Doughnuts, Even In Space: PayPal is announcing a project with SETI, aiming to solve issues around taking regular people — and commerce — into space. Here, an artist's rendering of a space hotel, from the Space Tourism Society.
John Spencer Space Tourism Society

Many people know how to buy things in cyberspace. But what about doing business in outer space? That's the question PayPal says it wants to answer. Citing the looming era of space tourism, the company is creating the PayPal Galactic project along with the SETI Institute, "to help make universal space payments a reality."

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2:40am

Fri June 21, 2013
Asia

China's Credit Crunch Felt Across Financial Markets

Transcript

RENEE MONTAGNE, HOST:

Alarm bells went off in China's financial system yesterday. That's because interest rates for loans that banks make to each other - like the loans we've just been hearing about - shot up, drying up credit as China's banks searched for cash. The effects reached markets here, where the Dow dropped more than 2 percent yesterday.

All of this seems to be caused by the Chinese government trying to send its banks a message. To explain what happened and why, we turn to NPR's correspondent in Shanghai, Frank Langfitt. Good morning.

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12:53pm

Wed June 19, 2013
The Two-Way

Fed Leaves Interest Rates And Bond Purchase Plan Untouched

Originally published on Wed June 19, 2013 1:57 pm

Federal Reserve Chairman Ben Bernanke said Wednesday that a fall in the unemployment rate would not automatically trigger a rise in interest rates. He spoke to the media after the central bank issued a policy update.
Susan Walsh AP

The Federal Reserve will continue its program of purchasing $85 billion in securities and will leave the target interest rate for federal funds untouched to support the U.S. economy, the U.S. central bank said in a policy update issued Wednesday afternoon.

Here's a summary of the state of the U.S. economy from the Fed, which concluded two days of meetings today:

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4:13pm

Tue June 18, 2013
The Two-Way

'We Were Told To Lie,' Say Bank Of America Employees

Employees say Bank of America encouraged them to lie and falsify records to push more accounts into foreclosure.
Chuck Burton AP

Six former employees and one contractor say Bank of America's mortgage servicing unit consistently lied to homeowners, fraudulently denied loan modifications and offered bonuses to staff for intentionally pushing people into foreclosure, according to a Salon.com report.

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