Small Business Loan Program Suspends New Lending

The Small Business Administration’s flagship loan program suspended new lending after hitting the cap Thursday on its annual financing authority. New loan requests under the 7(a) loan-guarantee program, by far the SBA’s most popular lending initiative, are still being accepted for review, but the agency won’t be able to guarantee new loans until Congress raises its borrowing cap. The agency ... Read More »

Weekly Money: The personal finance stories you might have missed 20 to 24 July

This week: energy firms owe us; payday loan warnings; scammers’ sucker list; free energy from NPower; overdraft fees soar; why you should holiday in Wales; jury service woes 24 July The energy firms now owe us more than £1.1bn. Not all of us, however. Only about half of British homes are owed money, which is on average £93, according to ... Read More »

Amazon’s stunning profit may be short-lived Inc.’s unexpected quarterly profit — driven by better-than-expected sales, better results in cloud computing and more efficiencies in product fulfillment — could be short-lived. Wall Street was stunned on Thursday when Amazon reported an unexpected profit of 19 cents a share; analysts had been looking for a net loss of 13 cents. Revenue was far higher than projected for ... Read More »

Finance ministers’ meeting on Greece: Biggest problem is trust – Scicluna

Re-establishing trust between Greece and its creditors will be the biggest issue on the table at this afternoon’s eurgroup meeting pf finance minister, according to Edward Scicluna. The Finance Minister told the Times of Malta that he did not foresee problems of a technical nature since the cash-for-reforms plan put forward by the Greek government was largely a re-hash of ... Read More »

The Latest: Greece denies report of temporary Grexit

BRUSSELS (AP) — The latest from Greece’s financial crisis (all times local): ___ 7:25 p.m. The Greek government is denying a report that the German finance ministry has proposed a temporary, five-year euro exit for Greece. Theodoros Mihopoulos who heads Greek Prime Minister Alexis Tsipras’ office, said in a tweet that the report in Germany’s Frankfurter Allgemeine Sonntagszeitung newspaper “is ... Read More »

Maxine Waters: ‘We are a long way’ from Fannie, Freddie reform

WASHINGTON (MarketWatch) — It’s been almost seven years since mortgage-finance giants Fannie Mae and Freddie Mac were placed into conservatorship, and U.S. lawmakers have yet to pin down how to reinforce the housing market’s infrastructure, without disrupting sales or putting taxpayers at risk. Discussions over housing-market reform are difficult — the topic is complex and there are fundamental disagreements over ... Read More »

Spurs owner Joe Lewis in bid for Ashley Business Finance parent

The owner of Tottenham Hotspur has agreed an offer to buy a finance firm with a Manchester arm. Joe Lewis’s Bentley Park has agreed an increased cash offer of 21.5p per share for Inspired Capital, valuing the company at £47.1m. Ashley Business Finance was founded in 1993 by the current chairman Jonathan Cranston among others and provides finance to SMEs ... Read More »

The big banks’ investor loan dilemma

After spending most of their careers trying to grow loan books, big bank executives are now in the bizarre position of coming up with ways to reduce the amount of money home buyers can borrow. The way major lenders are thinking about the investor loan space is the biggest challenge facing the banks as they seek to meet the banking ... Read More »

China markets fall sharply despite fresh help from Beijing

Chinese markets fell sharply Wednesday, even as officials scrambled to arrest a three-week stock selloff. The widespread selling has spilled into global markets and is deepening doubts about Beijing’s limits to halt it. China has introduced fresh measures to restore investor confidence seemingly to little avail. Stocks and Chinese bonds traded offshore, even high-quality corporate bonds issued by top state-owned ... Read More »

GREECE LATEST-French PM says basics of Greek deal laid out, deal is within grasp

Following is the latest news on Greece’s debt crisis after euro zone leaders set Athens a deadline of the end of the week to come up with convincing reform proposals . All times are in GMT. 1436 – French Prime Minister Manuel Valls says basics of a Greek deal have been laid out, a deal is within grasp 1334 – ... Read More »