ELMAU, Germany (AP) — Leading economic powers conferred by video link with Ukrainian President Volodymyr Zelenskyy on Monday as they underscored their commitment to Ukraine for the long haul with plans to pursue a price cap on Russian oil, raise tariffs on Russian goods and impose other new sanctions.
ELMAU, Germany (AP) — In 1975, leaders of the world’s wealthy democracies gathered to deal with an energy crisis sparked by a war and rampant inflation.
COLOMBO, Sri Lanka (AP) — Senior U.S. officials were in Sri Lanka seeking ways to help the island nation cope with an unprecedented economic crisis and severe shortages of essential supplies, as the energy minister warned that new fuel shipments would be delayed.
MUNICH (AP) — President Joe Biden is out to sustain the global alliance punishing Russia for its invasion of Ukraine as he embarks on a five-day trip to Europe as the 4-month-old war shows no sign of abating and its aftershocks to global food and energy supplies are deepening.
MADRID (AP) — The Spanish government has approved a package of emergency economic measures worth more than 9 billion euros ($9.5 billion) to try to temper the economic fallout from Russia’s invasion of Ukraine, Prime Minister Pedro Sánchez said Saturday.
CAIRO (AP) — President Abdel Fattah el-Sissi of Egypt held talks Saturday with Qatar’s emir, Sheikh Tamim bin Hamad Al Thani, who visited Cairo for the first time in years.
The talks focused on ties between the two nations and a set of other regional and global topics, including U.S.
HARRISBURG, Pa. (AP) — With a week to go until the state's budget deadline, Gov. Tom Wolf and leaders of the Republican-controlled Legislature are working through their remaining differences as they try to produce an agreement on a roughly $42 billion budget plan that they say will marshal substantial new aid for Pennsylvania’s public schools and environmental cleanups while cutting corporate taxes.
GAYAN, Afghanistan (AP) — Tents, food and medical supplies rolled into the mountainous region of eastern Afghanistan where thousands were left homeless or injured by this week’s powerful earthquake, which state media said killed 1,150 people.
BRUSSELS (AP) — A day after endorsing Ukraine's candidacy to join the European Union, the bloc's leaders turned their attention Friday to the severe economic turbulence from Russia’s war in the neighboring country as the conflict's full impact sinks in and the threat of recession rises.
ISLAMABAD (AP) — Pakistan’s stock exchange briefly halted trading Friday after its benchmark index plunged sharply following an announcement by the newly elected Prime Minister Shahbaz Sharif that he was imposing a new, 10% tax on major industries.
MEXICO CITY (AP) — Stung by stubbornly high inflation, Mexico’s Central Bank announced Thursday that it made a thre-quarter-point increase in its prime interest rate, to boost it to 7.75%.
The Banco de Mexico said in the announcement that domestic inflation hit an annualized rate of 7.88% in the first half of June, and it doesn’t expect to achieve its 3% inflation rate target until the second half of 2024.
COLOMBO, Sri Lanka (AP) — Sri Lanka’s prime minister says the island nation’s debt-laden economy has “collapsed” as it runs out of money to pay for food and fuel.
BEIRUT (AP) — Lebanese Prime Minister Najib Mikati won the support of more than 50 legislators Thursday to keep his post following last month's parliamentary elections as the country's multiple crises deepen with no solution in sight.
BERLIN (AP) — Germany activated the second phase of its three-stage emergency plan for natural gas supplies Thursday, warning that Europe's biggest economy faces a “crisis” and storage targets for the winter are at risk after Russia reduced energy deliveries to several countries.
Senior Indian officials began talks Thursday with Sri Lankan leaders on economic assistance, a day after Prime Minister Ranil Wickremesinghe announced the country’s economy had “collapsed.”
COLOMBO, Sri Lanka (AP) — Sri Lanka's debt-laden economy has “collapsed” after months of shortages of food, fuel and electricity, the prime minister told lawmakers Wednesday in comments that underscored the country's dire situation as it seeks help from international lenders.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Wednesday to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession.
PRAGUE (AP) — The Czech Republic’s central bank once again raised its key interest rate significantly Wednesday as it tried to combat soaring inflation.
The hike of a percentage point and a quarter brought the interest rate to 7%, the highest level since early 1999.
WASHINGTON (AP) — In a pointed back and forth, the head of Chevron complained Tuesday that President Joe Biden has vilified energy firms at a time when gasoline prices are at near record levels and the president responded that the oil company CEO was being “mildly sensitive.”
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession. As threats to the U.S. economy have mounted, though, Powell has increasingly struck Fed watchers as much less sure-footed.
Fed’s Powell facing rising criticism for inflation missteps
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession.
RENO, Nev. (AP) — The attack ads already are airing and campaign fundraising emails are flooding into inboxes as one of the most competitive U.S. Senate races in the country gets rolling in Nevada, where candidates will be juggling voters' concerns about a volatile economy and inflation that is rising at its fastest pace in decades.
Sales of previously occupied U.S. homes slowed for the fourth consecutive month as climbing mortgage rates and record high prices discouraged house hunters.
Existing home sales fell 3.4% last month from April to a seasonally adjusted annual rate of 5.41 million, the National Association of Realtors said Tuesday.
It’s not a summer heat wave that's making European leaders and businesses sweat. It's fear that Russia's manipulation of natural gas supplies will lead to an economic and political crisis next winter.
MANILA, Philippines (AP) — Philippine President-elect Ferdinand Marcos Jr. expressed concern Monday about rising food prices caused in part by the war in Ukraine and said he will serve as secretary of agriculture when he takes office to prepare for a possible emergency.
REHOBOTH BEACH, Del. (AP) — Treasury Secretary Janet Yellen said Sunday that she expects the U.S. economy to slow in the months ahead, but that a recession is not inevitable.
Yellen offered a dose of optimism even as economists grow increasingly worried about a recession fueled by skyrocketing inflation and the Russian invasion of Ukraine.
MONTGOMERY, Ala. (AP) — Investments that are a key source of funding for Alabama’s Employees Retirement System have lost ground in the slumping financial markets this year, but officials say the pension fund is sound.
SACRAMENTO, Calif. (AP) — California posted another strong jobs report on Friday as the unemployment rate fell to its lowest point since before the pandemic; but the news was overshadowed this week by the surest signs yet of a wobbly economy that could soon usher in a recession.
NEW YORK (AP) — Wall Street closed out its most punishing week since the 2020 coronavirus crash with a meandering day of trading Friday that left it a bit higher.
The S&P 500 rose 8.07 points, or 0.2%, to 3,674.84 after waffling between modest losses and gains for most of the day.
ST. PETERSBURG, Russia (AP) — President Vladimir Putin said at Russia’s showpiece investment conference Friday that the country’s economy will overcome “reckless and insane” sanctions, while condemning the United States for acting like “God’s own messengers on planet Earth.”
WASHINGTON (AP) — Equating the oil and gas industry to Big Tobacco, United Nations Secretary-General Antonio Guterres said Friday that “fossil fuel producers and financiers have humanity by the throat.” But President Joe Biden wasn’t quite itching for a fight.
BEIJING (AP) — China on Friday defended its tough “zero-COVID” policy after the U.S. ambassador said it was causing serious damage to the global economy and foreign business sentiment.
Foreign Ministry spokesperson Wang Wenbin said the Chinese economy is recovering from the effects of the pandemic and “facts prove” the policy mandating lockdowns, quarantines and mass testing is “suitable for China’s national conditions and has stood the test of history.”
WASHINGTON (AP) — President Joe Biden sat down with The Associated Press to discuss the state of the economy, his concerns about the national mood and his commitment to standing up to Russia's aggression in Ukraine.
BEIJING (AP) — Asian stock markets were mostly lower Friday after Wall Street fell on fears interest rate hikes will depress global economic activity.
Tokyo, Seoul and Sydney fell. Shanghai and Hong Kong advanced.
WASHINGTON (AP) — President Joe Biden said Thursday the American people are “really, really down” after a tumultuous two years with the coronavirus pandemic, volatility in the economy and now surging gasoline prices that are slamming family budgets.
AP Interview: Biden says a recession is ‘not inevitable’
WASHINGTON (AP) — President Joe Biden says the American people are “really, really down” after a tumultuous two years with the coronavirus pandemic, volatility in the economy and now surging gasoline prices that are hitting family budgets.
CAIRO (AP) — A third of Sudan' population is currently facing a food crisis due to the compounded impact of climate shocks, political turmoil and rising global food prices, the U.N. food agency said Thursday.
TEHRAN, Iran (AP) — Iran’s Central Bank is allowing licensed exchange offices to resume buying and selling foreign currency, days after traders protested over the worsening economic situation and the country's currency dropped to its lowest value ever, state-run media reported Thursday.
ST. PETERSBURG, Russia (AP) — The head of the Russian Central Bank warned Thursday that the country's economy faces pressure from abroad that could persist indefinitely, dampening hopes that conditions could return to what they were before Russia sent troops into Ukraine.
ISLAMABAD (AP) — A minister in Pakistan's newly elected government faced criticism Wednesday following his plea to the nation to drink less tea to help save on imports amid a deepening economic crisis.
WASHINGTON (AP) — The Federal Reserve intensified its fight against high inflation on Wednesday, raising its key interest rate by three-quarters of a point — the largest bump since 1994 — and signaling more rate hikes ahead as it tries to cool off the U.S.
WASHINGTON (AP) — Inflation is at a 40-year high. Stock prices are sinking. The Federal Reserve has just made borrowing even costlier. And the economy actually shrank in the first three months of this year.
Fed attacks inflation with its largest rate hike since 1994
WASHINGTON (AP) — The Federal Reserve intensified its drive to tame high inflation by raising its key interest rate by three-quarters of a point — its largest hike in nearly three decades — and signaling more large rate increases to come that would raise the risk of another recession.
COLUMBIA, S.C. (AP) — A $13.8 billion budget that sends hundreds of dollars of rebates to many South Carolina taxpayers and also cuts cuts their income tax rates is on its way to Gov Henry McMaster's desk.
BEIJING (AP) — China’s factory output rebounded in May, adding to a recovery from the latest COVID-induced economic slump after controls that shut down Shanghai and other industrial centers eased.
Industrial production rose 0.7% over a year earlier, recovering from April’s 2.9% contraction, government data showed.
BEIJING (AP) — Asian stock markets were mixed Wednesday ahead of the Federal Reserve's announcement of how sharply it will raise interest rates to cool U.S. inflation.
PHILADELPHIA (AP) — President Joe Biden told the largest federation of labor unions on Tuesday that he's working to rebuild the U.S. economy around workers, an attempt to draw a contrast with Republicans who have increasingly attracted blue-collar votes.
NEW YORK (AP) — One of the more reliable warning signals for an economic recession started blinking again.
The “yield curve” is watched for clues on how the bond market feels about the long-term outlook for the U.S.
Wall Street closed mostly lower on Tuesday, a day after tumbling into a bear market on worries that high inflation will push central banks to clamp the brakes too hard on the economy.
The S&P 500 slipped after another day of unsteady trading.
NEW YORK (AP) — Wall Street is back in the claws of a bear market as worries about inflation and higher interest rates overwhelm investors.
The Federal Reserve has signaled it will aggressively raise interest rates to try to control inflation, which is the highest in decades.