Latest Recessions and depressions News
Stock market today: Asian shares track Wall Street's slump after Fed says rates may stay high in '24
Asian shares are lower, tracking a slump on Wall Street after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought. Most regional markets fell more than 1%. U.S. futures and oil prices also declined. U.S. stocks slumped...
Fed keeps rates unchanged and signals optimism about a potential 'soft landing'
WASHINGTON (AP) — The Federal Reserve left its benchmark interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased. The Fed's policymakers also signaled that they expect...
Stanford says it will return all gifts from FTX following suit against Sam Bankman-Fried's parents
NEW YORK (AP) — Following a lawsuit against FTX Trading founder Sam Bankman-Fried's parents alleging that Stanford University received millions of dollars in donations from the now-collapsed cryptocurrency exchange, the school says it will return the funds of all gifts collected from FTX and...
Germany went from envy of the world to the worst-performing major developed economy. What happened?
ESSEN, Germany (AP) — For most of this century, Germany racked up one economic success after another, dominating global markets for high-end products like luxury cars and industrial machinery, selling so much to the rest of the world that half the economy ran on exports. Jobs were...
Chinese police detain wealth management staff at the heavily indebted developer Evergrande
TAIPEI, Taiwan (AP) — Police in a southern Chinese city said they have detained some staff at China Evergrande Group’s wealth management unit in the latest trouble for the heavily indebted developer. A statement by the Shenzhen police on Saturday said authorities “took criminal...
IMF warns Lebanon that the country is still facing enormous challenges, years after a meltdown began
BEIRUT (AP) — Four years after Lebanon’s historic meltdown began, the small nation is still facing “enormous economic challenges,” with a collapsed banking sector, eroding public services, deteriorating infrastructure and worsening poverty, the International Monetary Fund warned Friday. ...
Alex Jones spent over $93,000 in July. Sandy Hook families who sued him have yet to see a dime
HARTFORD, Conn. (AP) — As Alex Jones continues telling his Infowars audience about his money problems and pleads for them to buy his products, his own documents show life is not all that bad — his net worth is around $14 million and his personal spending topped $93,000 in July alone, including...
Europe's central bank hikes key interest rate to record high even as recession threat grows
FRANKFURT, Germany (AP) — The European Central Bank hiked its key interest rate to a record high Thursday, pressing its fight against stubbornly high inflation that has been plaguing consumers — even as worries grow that higher borrowing costs could help push the economy into recession. ...
UK economy shrinks in July amid bad weather and doctors' strikes
LONDON (AP) — The British economy shrank by 0.5% in July amid a series of strikes, particularly by doctors at the start of their careers, and unseasonably wet weather, official figures showed Wednesday. The Office for National Statistics said the strikes by so-called junior doctors...
Europe's economic outlook worsens as high prices plague consumer spending
FRANKFURT, Germany (AP) — The European Union has lowered its forecast for economic growth this year and next, saying inflation is taking a heavy toll on people's willingness to spend in shops — while higher interest rates are sharply restricting the credit needed for investment and purchases. ...
