Money
Associated Press/Photo by Richard Drew

Stocks close lower as Fed raises interest rates

by Rachel Lynn Aldrich
Posted 9/27/18, 11:23 am

U.S. stocks briefly dipped Wednesday after the Federal Reserve raised short-term interest rates by a quarter point, but the markets made new gains Thursday shortly after opening. Fed policymakers said they expect to raise the interest rate a fourth time later this year and three times next year to keep a check on inflation in the strengthening U.S. economy.

Read more

Ricardo Arduengo/AFP/Getty Images

Island in crisis

Puerto Rico | After a hurricane and years of overspending, budget-strapped politicians in Puerto Rico are sparring with feds for a big-time bailout
by Marvin Olasky
Posted 4/12/18, 11:17 am

Strike one: Puerto Rico last May, $123 billion in debt, became the first U.S. state or territory to admit it is essentially bankrupt. Strike two: Hurricane Maria last September ravaged the island. Strike three: Early this month Puerto Rico Gov. Ricardo Rosselló rejected the plan of a federal oversight board appointed to rein in the free-spending tendencies of territorial politicians.

Read more

Imaginechina via AP

Cashless complications

China | The popularity of mobile payments in China means some taxi drivers don’t even carry change
by June Cheng
Posted 12/06/17, 11:43 am

At the end of a cab ride in Chengdu, my driver pulled over at my destination and asked, “You using Alipay?”—referring to the ubiquitous mobile phone app. No, I explained, I only had cash. I pulled out 50 RMB ($7.50) for the 25 RMB ride. “Oh,” the taxi driver responded, surprised anyone in 2017 still used cash. “I’m so sorry, I don’t have any change.” I ended up running out to a nearby store to break my 50 (thankfully the cashier had some physical bills stashed away) and returning to pay the embarrassed driver.

Read more