Latest Economy News

Samsung's profit plummets amid global economic woes

Jan. 30, 2023 20:39 PM EST

SEOUL, South Korea (AP) — Samsung Electronics said Tuesday its profit for the last quarter plummeted nearly 70% as a weak global economy depressed demands for its consumer electronics products and computer memory chips. The company’s operating profit of 4.3 trillion won ($3.5...

IMF upgrades its outlook for the global economy in 2023

Jan. 30, 2023 20:32 PM EST

WASHINGTON (AP) — The outlook for the global economy is growing slightly brighter as China eases its zero-COVID policies and the world shows surprising resilience in the face of high inflation, elevated interest rates and Russia's ongoing war against Ukraine. That's the view of the...

Stocks sink as markets brace for big week with Fed, earnings

Jan. 30, 2023 16:23 PM EST

NEW YORK (AP) — Stocks sank Monday as Wall Street prepped for a week full of potentially market-moving events, from decisions on interest rates around the world to earnings reports from the biggest U.S. companies. The S&P 500 dropped 1.3%, giving back some of the gains that had...

German economy shrank 0.2% in Q4, worse than expected

Jan. 30, 2023 08:19 AM EST

BERLIN (AP) — Germany's economy shrank by 0.2% in the fourth quarter compared with the previous three-month period, official figures showed Monday. The performance by Europe's biggest economy was worse than expected. Gross domestic product shrank for the first time since the first...

Will Europe's ban on Russian diesel hike global fuel prices?

Jan. 30, 2023 04:24 AM EST

FRANKFURT, Germany (AP) — Europe is taking another big step toward cutting its energy ties with Russia, banning imports of diesel fuel and other products made from crude oil in Russian refineries. The European Union ban takes effect Feb. 5 following its embargo on coal and most...

World Bank: Myanmar economy to grow 3%, dragged by conflict

Jan. 30, 2023 03:46 AM EST

BANGKOK (AP) — Myanmar’s economy grew 3% last year and will likely achieve the same pace in 2023, but still lags far behind where it stood before the army seized power in early 2021, the World Bank said in a report released Monday. The global development agency estimates...

Lots of sound and fury on US debt, but not a crisis — yet

Jan. 28, 2023 15:59 PM EST

WASHINGTON (AP) — For all the sound and fury about raising the nation's debt limit, most economists say federal borrowing is not at a crisis point ... at least not yet. The national debt is at the core of a dispute about how to raise the government's legal borrowing authority, a...

Wall Street adds more to its big January after strong week

Jan. 27, 2023 16:27 PM EST

NEW YORK (AP) — A strong week for Wall Street closed out with modest gains Friday, sending the stock market to its highest level since early December. The S&P 500 rose 0.2% to clinch its third winning week in the last four and was near its highest level since the summer,...

US inflation and consumer spending cooled in December

Jan. 27, 2023 11:32 AM EST

WASHINGTON (AP) — The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed's series of interest rate hikes are slowing the economy. Friday’s report from the Commerce Department showed that prices...

UK Treasury chief: Tax cuts must wait for inflation to fall

Jan. 27, 2023 08:05 AM EST

LONDON (AP) — Britain’s Treasury chief said Friday that taming inflation is more important than cutting taxes, resisting calls from some in the governing Conservative Party for immediate tax breaks for businesses and voters. At a speech in London, Chancellor of the Exchequer...