Latest Economy News

Europe bans Russian diesel, other oil products over Ukraine

Feb. 05, 2023 10:18 AM EST

FRANKFURT, Germany (AP) — Europe imposed a ban Sunday on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin's fossil fuel earnings as punishment for invading Ukraine. The ban comes along with a price cap...

How will EU ban and West's price cap on Russian diesel work?

Feb. 05, 2023 08:19 AM EST

FRANKFURT, Germany (AP) — The European Union is taking another big step toward cutting its energy ties with Russia. The 27-nation bloc is banning Russian refined oil products like diesel fuel and joining the U.S. and other allies in imposing a price cap on sales to non-Western countries. ...

It wasn’t me: Ex-UK PM Truss blames 'system' for her failure

Feb. 05, 2023 07:23 AM EST

LONDON (AP) — Former British Prime Minister Liz Truss says her failure wasn't her fault. Truss on Sunday blamed a “powerful economic establishment” and internal Conservative Party opposition for the rapid collapse of her government, and said she still believes her tax-cutting...

State of the Union: Biden sees economic glow, GOP sees gloom

Feb. 04, 2023 11:56 AM EST

WASHINGTON (AP) — Going into Tuesday's State of the Union address, President Joe Biden sees a nation with its future aglow. Republicans take a far bleaker view — that the country is beset by crushing debt and that Biden is largely responsible for inflation. And the GOP now holds...

Qatar boosts influence in Lebanon amid multiple crises

Feb. 04, 2023 04:24 AM EST

BEIRUT (AP) — Most wealthy Gulf Arab nations followed Saudi Arabia’s lead in recent years and ostracized crisis-hit Lebanon because of the growing influence of the Iranian-backed militant group Hezbollah. The exception was Qatar. Doha has been silently expanding its influence in...

Asian shares trade mixed ahead of US jobs report

Feb. 02, 2023 23:18 PM EST

TOKYO (AP) — Asian shares were trading mixed Friday ahead of a closely watched U.S. jobs report that may affect global interest rates. Weaker than expected earnings reports from U.S. technology companies, announced after Wall Street trading ended, pulled Chinese benchmarks lower. ...

Bank of England rate hike says 'too soon to declare victory'

Feb. 02, 2023 12:24 PM EST

LONDON (AP) — The Bank of England announced another “forceful” increase in interest rates Thursday, saying it was too soon to declare victory against inflation that has slowed slightly but is still fueling a cost-of-living crisis, public-sector strikes and fears of recession. ...

Asian stocks rise after Fed sees inflation improving

Feb. 01, 2023 23:01 PM EST

BEIJING (AP) — Asian stock markets gained Thursday after the Federal Reserve said the U.S. economy is moving toward lower inflation but more interest rate hikes are planned. Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices rose. Wall Street's benchmark...

India to raise spending on job creation ahead of election

Feb. 01, 2023 06:59 AM EST

NEW DELHI (AP) — Indian Prime Minister Narendra Modi’s government presented to Parliament on Wednesday an annual budget of $550 billion that calls for ramping up capital spending by 33% to spur economic growth and create jobs ahead of a general election next year. Finance...

South Korea logs record trade deficit as tech demand falls

Jan. 31, 2023 23:41 PM EST

SEOUL, South Korea (AP) — South Korea logged its biggest monthly trade deficit ever, at $12.7 billion in January, as exports of computer chips and other high-tech items sank and costs for importing oil and gas surged, the trade ministry said Wednesday. The growing shortfall...