Latest Economy News

Sinema took Wall Street money while killing tax on investors

Aug. 13, 2022 11:19 AM EDT

WASHINGTON (AP) — Sen. Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party’s longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers and venture capitalists whose taxes...

Egypt appoints 13 new ministers in Cabinet reshuffle

Aug. 13, 2022 11:13 AM EDT

CAIRO (AP) — President Abdel Fattah el-Sissi of Egypt announced a Cabinet reshuffle Saturday to improve his administration’s performance as it faces towering economic challenges stemming largely from Russia’s war in Ukraine. The Cabinet shake-up, which was approved by...

Climate bill: Could coal communities shift to nuclear?

Aug. 13, 2022 09:01 AM EDT

PROVIDENCE, R.I. (AP) — A major economic bill headed to the president has “game-changing” incentives for the nuclear energy industry, experts say, and those tax credits are even more substantial if a facility is sited in a community where a coal plant is closing. The...

China sending fighter jets to Thailand for joint exercises

Aug. 13, 2022 02:10 AM EDT

BANGKOK (AP) — The Chinese air force is sending fighter jets and bombers to Thailand for a joint exercise with the Thai military on Sunday. The training will include air support, strikes on ground targets and small- and large-scale troop deployment, the Chinese Defense Ministry...

Expanded IRS free-file system one step closer in Dems' bill

Aug. 13, 2022 00:37 AM EDT

WASHINGTON (AP) — The flagship climate change and health care bill passed by Democrats and soon to be signed by President Joe Biden will bring U.S. taxpayers one step closer to a government-operated electronic free-file tax return system. It’s something lawmakers and advocates...

In Biden's big bill: Climate, health care, deficit reduction

Aug. 12, 2022 19:27 PM EDT

WASHINGTON (AP) — The biggest investment ever in the U.S. to fight climate change. A hard-fought cap on out-of-pocket prescription drug costs for Medicare recipients. A new corporate minimum tax to ensure big businesses pay their share. And billions left over to pay down federal...

Congress OKs Dems' climate, health bill, a Biden triumph

Aug. 12, 2022 19:08 PM EDT

WASHINGTON (AP) — A divided Congress gave final approval Friday to Democrats' flagship climate and health care bill, handing President Joe Biden a back-from-the-dead triumph on coveted priorities that the party hopes will bolster their prospects for keeping their House and Senate majorities in...

Russian GDP drops 4% in Q2 -- 1st full quarter of fighting

Aug. 12, 2022 18:57 PM EDT

MOSCOW (AP) — Russia’s gross domestic product contracted 4% in the second quarter of this year, the first full quarter since Russia sent troops into Ukraine, the state statistical service said Friday. Russia was hit with a wide array of sanctions following its move into Ukraine...

Inflation Reduction Act may have little impact on inflation

Aug. 12, 2022 18:08 PM EDT

WASHINGTON (AP) — With inflation raging near its highest level in four decades, the House on Friday gave final approval to President Joe Biden's landmark Inflation Reduction Act. Its title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships...

Wall Street extends winning streak to 4th week

Aug. 12, 2022 17:00 PM EDT

Wall Street capped a choppy week of trading with a broad stock market rally Friday, as the S&P 500 notched its fourth consecutive weekly gain. The benchmark index closed 1.7% higher, for a 3.3% weekly gain. The S&P 500 hadn't posted such a good stretch since November. ...