The state’s industry is maturing and could bring in revenue of nearly $200 million this year. But even now, many companies are forced to operate on a cash-only basis.
banking
Posted inLocal & State, News
Bank offers first Islamic mortgages based in Maine
The program is viewed as a watershed initiative for Maine’s immigrant community.
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Posted inBusiness, Nation & World, News
Bank rules under review in wake of SVB failure, Fed official tells senators
The Federal Reserve is considering whether stronger bank rules are needed to prevent a similar bank failure in the future.
Posted inBusiness, Nation & World, News
Federal Reserve raises key rate by a quarter-point despite bank turmoil
The Fed says the U.S. banking system is ‘sound and resilient,’ but warns that the financial upheaval stemming from the collapse of 2 major banks is ‘likely to result in tighter credit conditions’ and ‘weigh on economic activity, hiring and inflation.’
Posted inTimes Record Opinion
The Conversation: Worst bank turmoil since 2008 means Federal Reserve is damned if it does and damned if it doesn’t in decision over interest rates
THE CONVERSATION — The Federal Reserve faces a pivotal decision on March 22, 2023: whether to continue its aggressive fight against inflation or put it on hold. Making another big interest rate hike would risk exacerbating the global banking turmoil sparked by Silicon Valley Bank’s failure on March 10. Raising rates too little, or not at all as some are […]
Posted inBusiness, Nation & World, News
Stocks rise on Wall Street after big bank deal, moves by regulators
In the U.S., most of the attention has been on smaller and mid-sized banks on fears that falling trust could push their depositors to pull their money all at once.
Posted inTimes Record Opinion
The Conversation: The collapse of major US banks leads to bills calling for more regulation
THE CONVERSATION — When Silicon Valley and Signature banks failed in early March 2023, government regulators rushed in to guarantee deposits and protect bank customers. Under current banking regulations, though, there was no obligation for the government to step in. Now, both Democratic and Republican politicians are making pronouncements about whether bipartisan-backed deregulation in 2018 led to the […]
Posted inBusiness, Nation & World, News
Banking giant UBS to buy Credit Suisse for $3.2 billion to rein in turmoil
The combination of the two biggest and best-known Swiss banks amounts to a thunderclap for Switzerland’s reputation as a global financial center.
Posted inBusiness, Nation & World, News
Treasury Secretary Yellen tells Congress U.S. banking system ‘remains sound’
In less than a week, Silicon Valley Bank, based in Santa Clara, California, failed after depositors rushed to withdraw money amid anxiety over the bank’s health.
Posted inBusiness, Nation & World, News
Stocks tumble on Wall Street on renewed fears about banks
The heaviest losses are focused on smaller and midsize banks, which are seen as more at risk of having customers try to pull their money out en masse.