Latest Economy News

'China threat' emerges in elections from UK to Australia

Aug. 14, 2022 12:23 PM EDT

LONDON (AP) — It's not just the economy. While inflation and recession fears weigh heavily on the minds of voters, another issue is popping up in political campaigns from the U.K. and Australia to the U.S. and beyond: the “China threat." The two finalists vying to become...

High oil prices help Saudi Aramco earn $88B in first half

Aug. 14, 2022 10:23 AM EDT

DUBAI, United Arab Emirates (AP) — Saudi energy company Aramco said Sunday its profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. The increase is a boon for the kingdom and the crown prince's spending power as...

GOP candidates stress urgency at annual Nevada cookout

Aug. 13, 2022 21:41 PM EDT

GARDNERVILLE, Nev. (AP) — Standing in front of 1,500 Republicans at a rural ranch backdropped by the Sierra Nevada mountains, Nevada’s Republican governor candidate Joe Lombardo referenced the “elephant in the room” without naming him. The second-place finisher in the...

Sinema took Wall Street money while killing tax on investors

Aug. 13, 2022 20:55 PM EDT

WASHINGTON (AP) — Sen. Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party’s longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers and venture capitalists whose taxes...

Climate bill: Could coal communities shift to nuclear?

Aug. 13, 2022 13:20 PM EDT

PROVIDENCE, R.I. (AP) — A major economic bill headed to the president has “game-changing” incentives for the nuclear energy industry, experts say, and those tax credits are even more substantial if a facility is sited in a community where a coal plant is closing. The...

Egypt appoints 13 new ministers in Cabinet reshuffle

Aug. 13, 2022 14:54 PM EDT

CAIRO (AP) — President Abdel Fattah el-Sissi of Egypt announced a Cabinet reshuffle Saturday to improve his administration’s performance as it faces towering economic challenges stemming largely from Russia’s war in Ukraine. The Cabinet shake-up, which was approved by...

Germany urged to cap heat in offices this winter to save gas

Aug. 13, 2022 12:59 PM EDT

BERLIN (AP) — German businesses and public institutions should heat their offices no higher than 19 degrees Celsius (66.2 degrees Fahrenheit) this winter to help reduce the country's consumption of natural gas, Germany’s economy minister said Saturday. Germany, the European...

Expanded IRS free-file system one step closer in Dems' bill

Aug. 13, 2022 12:34 PM EDT

WASHINGTON (AP) — The flagship climate change and health care bill passed by Democrats and soon to be signed by President Joe Biden will bring U.S. taxpayers one step closer to a government-operated electronic free-file tax return system. It’s something lawmakers and advocates...

China sending fighter jets to Thailand for joint exercises

Aug. 13, 2022 02:10 AM EDT

BANGKOK (AP) — The Chinese air force is sending fighter jets and bombers to Thailand for a joint exercise with the Thai military on Sunday. The training will include air support, strikes on ground targets and small- and large-scale troop deployment, the Chinese Defense Ministry...

In Biden's big bill: Climate, health care, deficit reduction

Aug. 12, 2022 19:27 PM EDT

WASHINGTON (AP) — The biggest investment ever in the U.S. to fight climate change. A hard-fought cap on out-of-pocket prescription drug costs for Medicare recipients. A new corporate minimum tax to ensure big businesses pay their share. And billions left over to pay down federal...