Latest Economy News

Sri Lanka lowers amount of foreign currency people can hold

May. 19, 2022 07:38 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka will lower the amount of foreign currency that individuals can hold to $10,000 from $15,000, and penalize anyone who holds foreign currency for more than three months by making it against the law, the island nation’s central bank chief announced Thursday amid...

Live updates | Portugal says Russia expelling its diplomats

May. 19, 2022 07:20 AM EDT

LISBON, Portugal — The Portuguese government says Russia is expelling five diplomats from its Moscow embassy, a day after the Kremlin also expelled diplomats from Spain, France and Italy. The Portuguese Foreign Ministry said Thursday that Russia’s decision was “unjustified”...

Editorial Roundup: Louisiana

May. 19, 2022 07:14 AM EDT

The Advocate. May 15, 2022. Editorial: A State Capitol awash in money, so let’s make the mistakes we made before? With new money washing up on the shores of State Capitol Lake, it’s time to party again like it’s 2008? We’re afraid that is going...

North Korea's suspected COVID-19 caseload nears 2 million

May. 19, 2022 06:43 AM EDT

SEOUL, South Korea (AP) — North Korea on Thursday reported 262,270 more suspected COVID-19 cases as its pandemic caseload neared 2 million — a week after the country acknowledged the outbreak and scrambled to slow infections in its unvaccinated population. The country is also...

Russia-Ukraine war impact draws focus of G7 finance leaders

May. 19, 2022 05:43 AM EDT

KOENIGSWINTER, Germany (AP) — Finance ministers for the Group of Seven leading economies on Thursday will deal with the immediate effects of Russia’s war in Ukraine and the COVID-19 pandemic, overtaking their more ambitious plans to reform the global economy. A refugee crisis,...

Biden has an eye on China as he heads to South Korea, Japan

May. 19, 2022 05:21 AM EDT

WASHINGTON (AP) — President Joe Biden departs on a six-day trip to South Korea and Japan aiming to build rapport with the two nations’ leaders while also sending an unmistakable message to China: Russia’s faltering invasion of Ukraine should give Beijing pause about its own saber-rattling in...

World shares sink after inflation driven retreat on Wall St

May. 19, 2022 04:10 AM EDT

TOKYO (AP) — Shares declined in Europe and Asia on Thursday after a broad retreat on Wall Street triggered by worries over the impact of persistent high inflation on corporate profits and consumer spending. U.S. futures were lower, while oil prices advanced. ...

New Zealand hands out extra cash to fight 'inflation storm'

May. 19, 2022 03:13 AM EDT

WELLINGTON, New Zealand (AP) — New Zealand’s government said Thursday it will hand out an extra few hundred dollars to more than 2 million lower-income adults to help them navigate what it describes as “the peak of the global inflation storm.” The payments are part of a...

New Mexico delivers inflation relief payments to residents

May. 19, 2022 00:47 AM EDT

SANTA FE, N.M. (AP) — New Mexico is delivering the first in a series of direct payments to the state's adult residents to offset higher consumers costs amid inflation. Individual taxpayers who get direct deposit rebates are scheduled to receive $250 and couples who file jointly are...

Stocks fall sharply as Target's woes renew inflation fears

May. 18, 2022 19:47 PM EDT

NEW YORK (AP) — The Dow Jones Industrial Average sank more than 1,100 points and the S&P 500 had its biggest drop in nearly two years Wednesday, as big earnings misses by Target and other major retailers stoked investors' fears that surging inflation could cut deeply into corporate profits. ...