Latest Economy News

The Wall Street street sign is framed by a giant American flag hanging on the New York Stock Exchange, in a Monday, Sept. 21, 2020 file photo. Stocks are opening higher on Wall Street, recovering after their first four-week losing streak in more than a year. A burst of corporate deals helped give investors confidence to put money back in the market, and the S&P 500 rose 1.4% in the early going Monday, Sept. 28, 2020.  (AP Photo/Mary Altaffer, File)

Wall Street claws back some of its losses from September

Sep. 28, 2020 4:07 PM EDT

Wall Street rallied Monday as the stock market clawed back some of its sharp losses from September. The S&P 500 rose 1.6%, following up on its first four-week losing streak in more than a year. It’s still down 4.2% for the month. Several companies announced big mergers and acquisitions, which helped to...

Chancellor of the Duchy of Lancaster Michael Gove, center right, and Vice-President of the European Commission in charge of Inter-institutional relations and Foresight Maros Sefcovic, center left, attend the third meeting of the EU-UK Joint Committee at EU headquarters in Brussels, Monday, Sept. 28, 2020. At center on screen is EU chief Brexit negotiator Michel Barnier joining by videoconference. (John Thys, Pool via AP)

EU-UK spat over Brexit deal clouds key trade talks this week

Sep. 28, 2020 3:25 PM EDT

BRUSSELS (AP) — Britain entered a crucial week of post-Brexit talks with the European Union on Monday by rejecting the EU’s demand that it drop plans to breach the legally binding agreement it signed on its departure from the bloc. The EU told British Prime Minister Boris Johnson to brace for a...

Medical staff holds swabs for rapid COVID-19 tests at a high school in Rome, Monday, Sept. 28, 2020. While hospitalizations and intensive care admissions are slightly rising, Italy has so far managed to keep its coronavirus infections per 100,000 people far lower than France, Spain or Britain, which earlier this week were forced to impose new restrictions to avoid a second pandemic wave. (Cecilia Fabiano/LaPresse via AP)

The Latest: Kansas: Record 16% of virus tests are positive

Sep. 28, 2020 2:42 PM EDT

TOPEKA, Kan. — Kansas is reporting another seven-day record for new coronavirus cases, with 16% of tests for the virus during that period coming back positive. The Kansas Department of Health and Environment said Monday that the U.S. state had 2,037 new confirmed and probable coronavirus cases since...

Lebanese army soldiers stand guard as anti-government protesters block a main highway during a demonstration against deteriorating economic conditions as politicians are deadlocked over forming a new government, in the town of Jal el-Dib, north of Beirut, Lebanon, Sunday, Sept. 27, 2020. Lebanese Prime Minister-designate Mustapha Adib resigned Saturday amid a political impasse over government formation, dealing a blow to French President Emmanuel Macron's efforts to break a dangerous stalemate in the crisis-hit country. (AP Photo/Bilal Hussein)

EU concerned over resignation of Lebanon's PM-designate

Sep. 28, 2020 2:14 PM EDT

BEIRUT (AP) — The European Union expressed “disappointment and concern” Monday about the resignation of Lebanon’s prime minister-designate over the weekend and urged the country’s leaders to do their best to form a Cabinet that meets the demands of the people. Mustapha...

UN: Africa lost $800B in illegal transfers in recent years

Sep. 28, 2020 2:06 PM EDT

GENEVA (AP) — The United Nations estimates that illegal outflows of capital from Africa totaled over $830 billion in the first 15 years of this century, much of it linked to movements of high-value commodities like gold, diamonds, and platinum — straining the ability of the continent's governments...

The Wall Street street sign is framed by a giant American flag hanging on the New York Stock Exchange, in a Monday, Sept. 21, 2020 file photo. Stocks are opening higher on Wall Street, recovering after their first four-week losing streak in more than a year. A burst of corporate deals helped give investors confidence to put money back in the market, and the S&P 500 rose 1.4% in the early going Monday, Sept. 28, 2020.  (AP Photo/Mary Altaffer, File)

Healthy US economy failed to narrow racial gaps in 2019

Sep. 28, 2020 2:03 PM EDT

WASHINGTON (AP) — The solid growth that the United States enjoyed before the viral pandemic paralyzed the economy this spring failed to reduce racial disparities in Americans' income and wealth from 2016 through 2019, according to a Federal Reserve report Monday. Though Black and Hispanic households...

European Central Bank head: Ready to add stimulus if needed

Sep. 28, 2020 1:03 PM EDT

FRANKFURT, Germany (AP) — European Central Bank head Christine Lagarde says the bank's massive monetary stimulus measures have helped stabilize the economy amid the pandemic and the ECB is ready to deploy even more stimulus if necessary. Lagarde told members of the European Parliament's economic and...

PM: Polish economy may shrink less than 3.5% this year

Sep. 28, 2020 1:03 PM EDT

WARSAW, Poland (AP) — Poland's economy could decline less than 3.5% this year even despite the coronavirus pandemic, while next year should see a definite rebound, the country's prime minister declared Monday. Prime Minister Mateusz Morawiecki spoke after a government meeting that amended this...

In this photo provided by the United Nations, Bob Loughman, prime minister of Vanuatu, speaks in a pre-recorded message which was played during the 75th session of the United Nations General Assembly, Saturday, Sept. 26, 2020, at U.N. headquarters. (Manuel Elias/UN Photo via AP)

At UN, nations urge overdue reckoning with colonial crimes

Sep. 28, 2020 10:55 AM EDT

PARIS (AP) — Leaders of countries once subjugated to Western powers sent a pointed message at this year’s U.N. General Assembly: For those who think the word “colonialism” evokes a long-ago, no-longer-relevant era, think again. Several leaders raised this year’s global protests...

Swedish fuel company stops planned expansion of oil refinery

Sep. 28, 2020 10:49 AM EDT

STOCKHOLM (AP) — Sweden’s largest fuel company said Monday that it has decided to stop a planned oil refinery expansion that would have made it the country’s biggest emitter of greenhouse gases and was increasingly becoming a hot potato issue for Prime Minister Stefan Lofven's minority...