Latest Economy News

Sri Lanka's central bank raises key rates to curb inflation

Jul. 07, 2022 06:50 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s Central Bank has raised its key interest rates to 14.50% and 15.50% to try to contain inflation that has added to the country’s economic woes. Recent price hikes have been a severe blow, especially for the South Asian country’s poor and...

Asian stocks higher after Fed says rate hikes may be needed

Jul. 07, 2022 01:17 AM EDT

BEIJING (AP) — Asian stock markets gained Thursday after the Federal Reserve said higher U.S. interest rates might be needed to cool inflation. Shanghai, Tokyo and Sydney advanced. Hong Kong declined. Oil prices edged higher after falling below $100 per barrel this week. ...

Dems want to tax high earners to protect Medicare solvency

Jul. 07, 2022 05:43 AM EDT

WASHINGTON (AP) — Senate Democrats want to boost taxes on some high earners and use the money to extend the solvency of Medicare, the latest step in the party's election-year attempt to craft a scaled-back version of the economic package that collapsed last year, Democratic aides told The...

Inflation pushed 71M people into poverty since Ukraine war

Jul. 07, 2022 04:58 AM EDT

DUBAI, United Arab Emirates (AP) — A staggering 71 million more people around the world are experiencing poverty as a result of soaring food and energy prices that climbed in the weeks following Russia's invasion of Ukraine, the United Nations Development Program said in a report Thursday. ...

Russia's war in Ukraine to overshadow G20 talks in Bali

Jul. 07, 2022 00:02 AM EDT

JAKARTA, Indonesia (AP) — Foreign ministers from the Group of 20 leading rich and developing nations are gathering in Indonesia’s resort island of Bali for talks bound to be dominated by the conflict in Ukraine despite an agenda focused on global cooperation and food and energy security. ...

Asian stocks higher after Fed says rate hikes may be needed

Jul. 06, 2022 23:34 PM EDT

BEIJING (AP) — Asian stock markets gained Thursday after the Federal Reserve said higher U.S. interest rates might be needed to cool inflation. Shanghai, Tokyo and Sydney advanced. Hong Kong declined. Oil prices fell more than $1 per barrel to stay below $100. Wall...

New Mexico governor withstands lawsuits over pandemic orders

Jul. 06, 2022 18:13 PM EDT

SANTA FE, N.M. (AP) — New Mexico residents who say they endured constitutional rights violations, depression and anxiety under aggressive public health restrictions during the coronavirus outbreak have abandoned a lawsuit against Democratic Gov. Michelle Lujan Grisham after most allegations were...

Gov. Jim Justice proposes 10% personal income tax cut

Jul. 06, 2022 17:59 PM EDT

CHARLESTON, W.Va. (AP) — West Virginia Gov. Jim Justice on Wednesday proposed a permanent 10% reduction in the personal income tax after the state ended the fiscal year with a record $1.3 billion surplus. The Republican governor said he plans to call a special session of the...

US, UK leaders raise fresh alarms about Chinese espionage

Jul. 06, 2022 17:41 PM EDT

LONDON (AP) — The head of the FBI and the leader of Britain’s domestic intelligence agency raised fresh alarms Wednesday about the Chinese government, warning business leaders that Beijing is determined to steal their technology for competitive gain. FBI Director Christopher...

Biden in Ohio spotlights effort to rescue union pensions

Jul. 06, 2022 17:34 PM EDT

CLEVELAND (AP) — Reassuring frustrated blue-collar voters, President Joe Biden on Wednesday visited Ohio iron workers to highlight federal action to shore up troubled pension funding for millions now on the job or retired — and to make his political case that he's been a champion for workers in...