Latest Economy News

Global stocks sink ahead of US tariff deadline

Dec. 10, 2019 8:14 AM EST

BEIJING (AP) — Stock markets around the world fell sharply Tuesday as nervous investors watched a rapidly approaching deadline for more U.S. tariffs on Chinese imports. Markets also have their eyes on American and European interest rate decisions coming this week and the outcome of Britain's general...

Greece sends letters to UN over Turkey-Libya deal

Dec. 10, 2019 8:03 AM EST

ATHENS, Greece (AP) — Greece has sent two letters to the United Nations explaining its objections to a maritime boundary deal between Turkey and Libya and asking for the matter to be taken up by the U.N. Security Council, the government spokesman said Tuesday. The country’s foreign minister also...

World trade without rules? US shuts down WTO appeals court

Dec. 10, 2019 7:12 AM EST

GENEVA (AP) — Global commerce will lose its ultimate umpire Tuesday, leaving countries unable to reach a final resolution of disputes at the World Trade Organization and instead facing what critics call “the law of the jungle.’’ The United States, under a president who favors a...

Bloomberg shows up as climate UN talks get into tough phase

Dec. 10, 2019 6:36 AM EST

MADRID (AP) — American billionaire and Democratic presidential contender Michael Bloomberg says that the next U.S. president should halt fossil fuel subsidies altogether. Bloomberg, who launched his campaign less than three weeks ago, is attending a United Nations global climate conference in Madrid that...

Kim Woo-choong, founder of Daewoo business group, dies

Dec. 10, 2019 4:45 AM EST

SEOUL, South Korea (AP) — Kim Woo-choong, the disgraced founder of the now-collapsed Daewoo business group whose rise and fall symbolized South Korea’s turbulent rapid economic growth in the 1970s, has died. He was 82. Kim died of pneumonia on Monday night at a hospital in Suwon, just south of...

Missouri, Planned Parenthood head to court over funding

Dec. 10, 2019 12:08 AM EST

JEFFERSON CITY, Mo. (AP) — Government funding for Missouri Planned Parenthood clinics is at stake in a lawsuit set to be argued before the state Supreme Court on Tuesday. State attorneys are asking Supreme Court judges to back the Republican-led Legislature's decision to block funding from Planned...

AP Explains: Peronism returns in Argentina amid crisis

Dec. 10, 2019 12:06 AM EST

BUENOS AIRES (AP) — Alberto Fernández becomes president of Argentina on Tuesday, returning the country's Peronist political movement to power amid an economic crisis and rising poverty. He has said that to improve the economy and calm widespread public discontent, he plans to undo the austerity...

Trump, Dems in tentative deal on North American trade pact

Dec. 9, 2019 11:08 PM EST

WASHINGTON (AP) — House Democrats have reached a tentative agreement with labor leaders and the White House over a rewrite of the U.S.-Mexico-Canada trade deal that has been a top priority for President Donald Trump. “I’m hearing very good things, including from unions and others that...

California feud with Trump could impact budget surplus

Dec. 9, 2019 8:29 PM EST

SACRAMENTO, Calif. (AP) — California is preparing for a much smaller budget surplus next year because of its ongoing feud with the Trump administration, one of the state's chief budget writers said Monday. California is projected to have a $7 billion surplus, with $3 billion of it available to spend on...

Vegas man gets prison time in China-US fake phone parts case

Dec. 9, 2019 7:35 PM EST

LAS VEGAS (AP) — Prosecutors say a Las Vegas business owner was sentenced Monday in San Diego to six months in federal prison for conspiring to import counterfeit cellphone parts from China to the United States. U.S. District Judge Thomas Whelan also ordered 32-year-old Saad Ahmed to pay nearly $270,000 in...