Latest Financial crisis News

Poverty and inflation: Egypt's economy hit by global turmoil

Sep. 25, 2022 03:29 AM EDT

DUBAI, United Arab Emirates (AP) — Stores are selling winter clothes from last season in the middle of summer. Repair shops lack spare parts for appliances. There's a waiting list to buy a new car. Egypt, a country of more than 103 million people, is running low on foreign...

German leader seeks energy deals, alliances on Gulf trip

Sep. 24, 2022 10:26 AM EDT

BERLIN (AP) — German Chancellor Olaf Scholz arrived Saturday in Saudi Arabia for the first stop of a two-day, three-country visit to the Middle East aimed at striking new energy deals and forging fresh alliances amid the economic and geopolitical turmoil resulting from Russia’s invasion of...

Syrian official says so far, 77 dead in migrant boat sinking

Sep. 23, 2022 16:05 PM EDT

ARIDA BORDER CROSSING, Lebanon (AP) — At least 77 people were killed when a boat carrying migrants from Lebanon sank off Syria this week, the country’s health minister said Friday, amid fears the death toll could be far higher. The incident was deadliest so far as a surging...

Pro-government rallies held in Iran amid mass protests

Sep. 23, 2022 15:52 PM EDT

DUBAI, United Arab Emirates (AP) — Iranian counterprotesters gathered across the country on Friday in a show of support for authorities after nearly a week of anti-government protests and unrest over the death of a young woman who was being held by the morality police. Thousands...

Yellen to visit North Carolina ahead of tight midterm races

Sep. 22, 2022 17:08 PM EDT

WASHINGTON (AP) — Treasury Secretary Janet Yellen heads to the Durham, North Carolina, area next Tuesday as part of her ongoing tour to promote the Biden administration's legislative agenda ahead of the midterm elections. Visiting a state with several tight races in the offing,...

Average US long-term mortgage rates climb to 6.29% this week

Sep. 22, 2022 14:55 PM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped by more than a quarter-point this week to their highest level since 2008 as the Federal Reserve intensified its effort to tamp down decades-high inflation and cool the economy. Mortgage buyer Freddie Mac reported...

EXPLAINER: How do we know when a recession has begun?

Sep. 21, 2022 16:37 PM EDT

WASHINGTON (AP) — The Federal Reserve sent a sobering message Wednesday after it announced its latest big interest rate hike: It plans to keep raising rates as long as it takes to conquer the worst inflation bout in decades — even at the risk of causing a recession in the process. ...

IMF criticizes Lebanese government over slow reforms

Sep. 21, 2022 13:08 PM EDT

BEIRUT (AP) — The International Monetary Fund on Wednesday said the Lebanese government's slowness to implement desperately-needed reforms was exacerbating the country's economic meltdown, even as officials met to discuss an urgent and long-delayed bailout. The IMF statement...

UK's Truss says she'll slash taxes despite economic crisis

Sep. 20, 2022 11:35 AM EDT

NEW YORK (AP) — U.K. Prime Minister Liz Truss said Tuesday that she’s ready to make “unpopular decisions” such as boosting bonuses for wealthy bankers in order to get the country's sluggish economy growing. Speaking before an emergency government budget statement on Friday,...

Lebanon aims to adopt long-delayed IMF reforms in October

Sep. 20, 2022 09:49 AM EDT

BEIRUT (AP) — Crisis-hit Lebanon hopes to adopt key reforms demanded by the International Monetary Fund for a long-delayed but urgently needed bailout before the end of next month if there is “political will”, Lebanon’s caretaker economy minister said Tuesday. Amin Salam...