Latest Recessions and depressions News

A currency trader talks near the screens showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea, Wednesday, May 27, 2020. Major Asian stock markets have declined as US-Chinese tension over Hong Kong competes with optimism about recovery from the coronavirus pandemic. (AP Photo/Lee Jin-man)

Wall Street closes higher on economic revival hopes

May. 27, 2020 5:11 PM EDT

Stocks closed higher on Wall Street Wednesday, extending the market's gains into a third day on hopes for a coming economic revival as larger swaths of the country relax stay-at-home mandates imposed due to the coronavirus pandemic and clear the way for more businesses to reopen. Despite a choppy day of trading,...

FILE - In this July, 1997 file photo, Dwayne Hargo, left, Rick Chatman, right, and Quail Dobbs, in the barrel, try to divert the bull's attention away from a fallen cowboy at the Frontier Days rodeo in Cheyenne, Wyo. Cheyenne Frontier Days has been canceled for the first time in its 124-year history due to the coronavirus. Cheyenne Mayor Marian Orr said Wednesday, May 27, 2020 that organizers decided the risk of spreading the virus was too great for the more than 140,000 people who visit Cheyenne for Frontier Days in late July. (AP Photo/Ed Bailey, File)

Cheyenne Frontier Days canceled for 1st time in 124 years

May. 27, 2020 5:03 PM EDT

CHEYENNE, Wyo. (AP) — Cheyenne Frontier Days, billed as the world's largest outdoor rodeo, has been canceled for the first time in its 124-year history due to the coronavirus, the city's mayor told The Associated Press on Wednesday. Event organizers decided the risk of spreading the virus was too great for...

People hold a minute of silence for the victims of COVID-19 at Sol square in downtown Madrid, Spain, Wednesday, May 27, 2020. Flags are flying at half-mast on more than 14,000 public buildings in Spain as the European nation holds its first of 10 days of national mourning for the victims of the coronavirus. (AP Photo/Manu Fernandez)

What you need to know today about the virus outbreak

May. 27, 2020 4:02 PM EDT

Las Vegas casinos plan to welcome tourists again on June 4. South Korea on Wednesday announced a spike in new infections and considered reimposing social distancing restrictions, revealing the setbacks ahead for others on the road to reopening. The European Union unveiled a massive stimulus package for the...

This photo combo shows from left,  General Motors Chairman and Chief Executive Officer Mary Barra, David M. Zaslav, President and Chief Executive Officer of Discovery Communications, Lisa Su, president and CEO of AMD, Walt Disney Company Chairman and CEO Robert A. Iger and Netflix Founder and CEO Reed Hastings. The typical pay package for CEOs at the biggest U.S. companies topped $12.3 million in 2019, and the gap between the boss and their workforces widened further, according to AP’s annual survey of executive compensation.  (AP Photo/File)

CEO pay has topped $12.3M. Can it keep rising post-pandemic?

May. 27, 2020 1:30 PM EDT

The typical pay package for CEOs at the biggest U.S. companies topped $12.3 million last year, and the gap between the boss and their workforces widened further, according to AP’s annual survey of executive compensation. Median pay for CEOs in the survey climbed 4.1% last year. For the typical worker at...

European Commission President Ursula von der Leyen, right, gestures hello to an MEP prior to addressing the European Parliament plenary in Brussels, Wednesday, May 27, 2020. The European Union is to unveil Wednesday a massive coronavirus recovery plan worth hundreds of billions of euros to help countries rebuild their ailing economies, but the bloc remains deeply divided over what conditions should be attached to the funds. (AP Photo/Olivier Matthys)

EU proposes 750 billion-euro coronavirus recovery fund

May. 27, 2020 1:21 PM EDT

BRUSSELS (AP) — The European Union proposed a 750 billion-euro ($825 billion) recovery fund to help countries weather a painful recession triggered by the coronavirus and sought Wednesday to bridge divisions over the conditions that should be attached for access to the money. The fund, to be mostly made up...

Japan's Prime Minister Shinzo Abe speaks during a meeting of government and ruling party officials at his office in Tokyo Wednesday, May 27, 2020. Japan’s Cabinet has approved a proposed 32 trillion-yen ($296 billion) supplementary budget to help fund measures to cushion the blow to the economy from the coronavirus pandemic. (Kyodo News via AP)

Japan OKs funds for $1.1T stimulus to fight pandemic woes

May. 27, 2020 8:42 AM EDT

TOKYO (AP) — Japan’s Cabinet approved a proposed 32 trillion yen ($296 billion) supplementary budget on Wednesday to help fund $1.1 trillion in measures to cushion the blow to the economy from the coronavirus pandemic. The extra funding under consideration includes support for small businesses,...

FILE-  This Dec. 3, 2018, file photo, shows homes leveled by the Camp Fire line the Ridgewood Mobile Home Park retirement community in Paradise, Calif. Pacific Gas & Electric limped into bankruptcy vilified for its long-running neglect of a crumbling electrical grid that ignited horrific Northern California wildfires that left entire cities in ruins. After nearly a year-and-a-half of wrangling during one of the most complex bankruptcy cases in U.S. history, it’s unclear if PG&E is now any better equipped to protect the 16 million people who rely on it for power. (AP Photo/Noah Berger, File)

PG&E nears end of bankruptcy amid persisting safety worries

May. 26, 2020 7:26 PM EDT

BERKELEY, Calif. (AP) — Pacific Gas & Electric limped into bankruptcy vilified for its long-running neglect of a crumbling electrical grid that ignited a succession of horrific Northern California wildfires. After nearly a year-and-a-half of wrangling during one of the most complex bankruptcy cases in...

In this May 20, 2020, file photo, House Speaker Nancy Pelosi of Calif., speaks during a news conference on Capitol Hill in Washington. Congress is at a crossroads in the Covid-19 crisis. Lawmakers are wrestling over whether to “go big” as Pelosi wants for the next relief bill or hit “pause” as Senate Majority Leader Mitch McConnell insists. (AP Photo/Manuel Balce Ceneta)

Deadlocked Congress shifts virus focus to small business aid

May. 26, 2020 6:31 PM EDT

WASHINGTON (AP) — Deadlocked over the next big coronavirus relief bill, Congress is shifting its attention to a more modest overhaul of small business aid in hopes of helping employers reopen shops and survive the pandemic. Bipartisan legislation that would give small employers more time to take advantage...

French President Emmanuel Macron, center, wearing a protective face mask, listens to explanations by an employee as CEO of France-based multinational automotive supplier Valeo Jacques Aschenbroicha looks on, in Etaples, , northern France, Tuesday May 26, 2020. Emmanuel Macron announced a 8 billion euro ($8.8 billion) plan to save the country's car industry from huge losses wrought by virus lockdowns, including a big boost for electric vehicles. The plan includes government subsidies for car buyers and longer-term investment in innovative technology, especially in battery-powered cars. (Ludovic Marin, Pool via AP)

France deploys $8.8 billion to rescue ailing car industry

May. 26, 2020 4:01 PM EDT

PARIS (AP) — France’s government is injecting more than 8 billion euros ($8.8 billion) to save the country’s car industry from huge losses wrought by virus lockdowns, and wants to use the crisis to make France the No. 1 producer of electric vehicles in Europe. Starting next week, consumers...

FILE - In this April 21, 2020, file photo, a man rides his bike on Waikiki Beach in Honolulu. The coronavirus pandemic has been particularly brutal to the tourism-dependent economies of Nevada and Hawaii, lifting the unemployment rate in both states to about one-quarter of the workforce. (AP Photo/Caleb Jones, File)

Consumer confidence up slightly but remains near 6-year low

May. 26, 2020 3:07 PM EDT

WASHINGTON (AP) — U.S. consumer confidence inched up this month, showing signs of stabilizing, but remained near a six-year low in the face of the widespread business shutdowns that have sent the economy into recession. The Conference Board said Tuesday that its confidence index ticked up to a reading of...