Latest Economy News

Lumentum buys Coherent in $5.7B push into lasers, photonics

Jan. 19, 2021 11:07 AM EST

Lumentum Holdings will spend $5.7 billion in cash and stock to buy Coherent and expand its reach into lasers and photonics. The San Jose, California, company said Tuesday that it would pay a 49% premium to the closing price of Coherent shares on Friday. The deal includes $100 in cash and slightly more than one...

FILE - In this Wednesday, Jan. 13, 2021 file photo, people walk by the New York Stock Exchange. Stocks are climbing Tuesday, Jan. 19 recovering some of last week’s losses to pull closer to their record highs. The S&P 500 was 0.6% higher in early trading and got back within 1% of its record set earlier this month. (AP Photo/Mark Lennihan, File)

Wall Street's momentum swings back as stocks, yields tick up

Jan. 19, 2021 10:54 AM EST

NEW YORK (AP) — Stocks are ticking higher on Wall Street Tuesday, recovering some of last week’s losses to pull closer to their record highs. The S&P 500 was up 0.5% in morning trading and back within 1% of its record set earlier this month. The Dow Jones Industrial Average was up 128 points,...

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. President-elect Joe Biden announced Yellen as his nominee for Treasury Secretary. (AP Photo/Andrew Harnik, File)

Pandemic support at center of Yellen confirmation hearing

Jan. 19, 2021 10:50 AM EST

WASHINGTON (AP) — The Senate Finance Committee has begun its confirmation hearing for Treasury Secretary-nominee Janet Yellen with Democrats and Republicans squaring off immediately over how much more support the economy, hammered during the pandemic, requires. Sen. Ron Wyden, D-Oregon, who is scheduled...

UK lawmakers debate 'genocide' clause to China trade deals

Jan. 19, 2021 10:27 AM EST

LONDON (AP) — Lawmakers in Britain were set to vote Tuesday on a proposal aimed at preventing the U.K. from making trade deals with any country deemed by the British High Court to be committing genocide. The amendment to the government’s post-Brexit trade bill, which already passed by a majority in...

In this Jan. 6, 2021 file photo, President-elect Joe Biden speaks at The Queen theater in Wilmington, Del.  (AP Photo/Susan Walsh)

AP-NORC poll: Virus, economy swamp other priorities for US

Jan. 19, 2021 9:49 AM EST

WASHINGTON (AP) — Containing the coronavirus outbreak and repairing the economic damage it has inflicted are the top priorities for Americans as Joe Biden prepares to become the 46th president of the United States, according to a new poll from The Associated Press-NORC Center for Public Affairs Research....

German Interior Minister Horst Seehofer, left, and German Finance Minister Olaf Scholz, right, talk as they arrive for a meeting of the German federal parliament, Bundestag, at the Reichstag building in Berlin, Germany, Wednesday, Jan. 13, 2021. One topic of the meeting are the current developments of the new coronavirus pandemic in Germany. (AP Photo/Michael Sohn)

Germany's 2020 borrowing comes in well short of forecast

Jan. 19, 2021 8:19 AM EST

BERLIN (AP) — Germany borrowed 130.5 billion euros ($157.5 billion) last year as it loosened budget rules to help finance pandemic-related rescue and stimulus packages — a considerably smaller sum than was originally planned. After six years in the black, Germany resorted to running up new debt in...

FILE - In this Oct. 27, 2020, file photo, then-Democratic presidential candidate former Vice President Joe Biden speaks at Mountain Top Inn & Resort in Warm Springs, Ga. President-elect Joe Biden has evoked Franklin Delano Roosevelt in promising a remaking of America unseen since the New Deal. Pledging to emulate some of the loftiest reforms in the nation’s history has left him with towering promises to keep. And Biden hopes to deliver against the backdrop of the pandemic and searing national division. (AP Photo/Andrew Harnik, File)

Biden has set sky-high expectations. Can he meet them?

Jan. 19, 2021 8:08 AM EST

WASHINGTON (AP) — Back when the election was tightening and just a week away, Joe Biden went big. He flew to Warm Springs, the Georgia town whose thermal waters once brought Franklin Delano Roosevelt comfort from polio, and pledged a restitching of America's economic and policy fabric unseen since FDR's...

Tourists look at the skyline at sunset, in Dubai, United Arab Emirates, Tuesday, Jan. 12, 2021. Since becoming one of the world's first destinations to open up for tourism, Dubai has promoted itself as the ideal pandemic vacation spot. With peak tourism season in full swing, coronavirus infections are surging to unprecedented heights, with daily case counts nearly tripling in the past month, but in the face of a growing economic crisis, the city won't lock down and can't afford to stand still. (AP Photo/Kamran Jebreili)

Dubai, party haven amid pandemic, faces its biggest surge

Jan. 19, 2021 6:54 AM EST

DUBAI, United Arab Emirates (AP) — Masks off the minute you step inside. Bars packed and pulsing like it’s 2019. Social media stars waving bottles of champagne. DJs spinning party tunes through multi-hour brunches. Since becoming one of the world's first destinations to open up for tourism, Dubai,...

An internally displaced girl poses for photograph outside her temporary home in the city of Kabul, Afghanistan, Monday, Jan. 18, 2021. Half of war-ravaged Afghanistan’s population is at risk of not having enough food to eat, including around 10 million children, Save the Children, a humanitarian organization said Tuesday. The group called for $3 billion in donations to pay for assistance in 2021. (AP Photo/Rahmat Gul)

Group: Billion in aid needed to help Afghan kids in 2021

Jan. 19, 2021 6:44 AM EST

KABUL, Afghanistan (AP) — Some 10 million children in war-ravaged Afghanistan are at risk of not having enough food to eat in 2021, a humanitarian organization said Tuesday and called for $1.3 billion in new funds for aid. Just over 18 million Afghans, including 9.7 million children, are badly in need of...

FILE - In this March 26, 2012, file photo, workers operate the pumps at a PetroChina gas station in Suining in southwestern China's Sichuan province. Profit at state-owned companies that dominate China's banking, oil and most other industries rose by as much as 25% in 2020 as the country recovered from the coronavirus pandemic, according to the. State-Owned Assets Supervision and Administration Commission which oversees 97 companies directly under the Cabinet including PetroChina Ltd., Asia's biggest oil producer; China Mobile Ltd., the world's biggest phone carrier by number of subscribers, and Industrial and Commercial Bank of China Ltd., the world's biggest bank by assets. (AP Photo, File)

Profit at Chinese state industry rises with virus recovery

Jan. 19, 2021 6:08 AM EST

BEIJING (AP) — Profit at state-owned companies that dominate China’s banking, oil and most other industries rose by as much as 25% last year as the country recovered from the coronavirus pandemic, the government said Tuesday. Total revenue for national-level companies rose 2.2% over 2019 to 30.3...