Latest Economic policy News

Turkey hikes rates to support currency, fight inflation

Sep. 24, 2020 8:49 AM EDT

ANKARA, Turkey (AP) — Turkey’s Central Bank raised its benchmark interest rate by 2 percentage points on Thursday, its first hike in two years to fight inflation and support its falling currency. In a surprise move that helped boost the Turkish currency, the Monetary Policy Committee said it had...

Two women wearing face masks against coronavirus as wait to cross the road in the center of in Moscow, Russia, Wednesday, Sept. 23, 2020. Russia confirmed over six and half thousand new Covid-19 cases Wednesday, bringing the country's official number of cases to 1,122,241 as the number of new infections across the country continues to rise. (AP Photo/Alexander Zemlianichenko)

The Latest: Russia reports highest daily cases since July

Sep. 24, 2020 8:42 AM EDT

MOSCOW — Russian health officials have reported 6,595 new coronavirus cases, the highest daily surge since July. In Moscow, more than 1,000 new cases were recorded Thursday for the first time since June. The number of daily new cases started to grow in late August in Russia, which has the fourth largest...

Commuters at Waterloo Station, in London, Thursday, Sept. 24, 2020, after Britain's Prime Minister Boris Johnson announced a range of new restrictions to combat the rise in coronavirus cases in England. (Victoria Jones/PA via AP)

UK announces new plan to help workers hit by pandemic

Sep. 24, 2020 8:15 AM EDT

LONDON (AP) — Britain’s treasury chief on Thursday announced a new income support program for workers hurt by the coronavirus pandemic as the government races to prevent widespread layoffs when earlier employer subsidies end next month. Chancellor Rishi Sunak, in a speech to lawmakers, unveiled his...

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 24, 2020. Asian shares were mostly lower Thursday as caution again after a retreat on Wall Street driven by a decline in technology shares.(AP Photo/Ahn Young-joon)

Asian shares fall as caution sets in after Wall St retreat

Sep. 23, 2020 11:05 PM EDT

Asian shares were mostly lower Thursday as caution set in after a retreat on Wall Street driven by a decline in technology shares. Market players are feeling less optimistic about action from the U.S. Federal Reserve and Congress to help the U.S. economy amid the distractions of the presidential election and the...

How major US stock indexes fared Wednesday

Sep. 23, 2020 4:51 PM EDT

Technology companies dragged U.S. stocks sharply lower Wednesday as Wall Street's tumultuous month continues to churn. The latest losses erased the S&P 500's gains from a day earlier and deepened the benchmark index’s September slide to 7.5% after a five-month rally. Worries about a potential second...

FILE – This April 4, 2017, file photo shows the entrance to FirstEnergy Corp.'s Davis-Besse Nuclear Power Station in Oak Harbor, Ohio. Ohio’s attorney general has filed a lawsuit attempting to block the state’s nuclear plants from collecting fees on electricity bills that were authorized in a new law. Attorney General Dave Yost filed the lawsuit Wednesday, Sept. 23, 2020 in Franklin County Court against Energy Harbor. (AP Photo/Ron Schwane, file)

Ohio sues to block nuclear bailout money from being paid

Sep. 23, 2020 3:25 PM EDT

COLUMBUS, Ohio (AP) — Ohio’s attorney general sued Wednesday in an attempt to block the state’s nuclear plants from collecting fees on electricity bills that were authorized in a new law at the center of a $60 million federal bribery probe involving the former speaker of the Ohio House....

FILE - In this Saturday, Feb. 1, 2020 file photo, lorries wait to board ferries on the morning after Brexit took place at the Port of Dover, in Dover, England. The British government says there could be lines of 7,000 trucks at the English Channel and two-day waits to get into France immediately after the U.K. makes its economic break from the European Union at the end of the year. Brexit preparation minister Michael Gove describes that as a reasonable worst-case scenario in a letter to logistics firms. (AP Photo/Matt Dunham, FILE)

UK says no-deal Brexit could see 7,000-truck border queues

Sep. 23, 2020 11:09 AM EDT

LONDON (AP) — There there could be lines of 7,000 trucks at the English Channel and two-day waits to get into France immediately after the U.K. makes its economic break from the European Union at the end of the year, the British government said Wednesday, as it urged businesses to prepare for major change....

Olaf Scholz, Federal Minister of Finance, attends the meeting of the Federal Cabinet in the Federal Chancellery in Berlin, Germany, Sept. 23, 2020. (Kay Nietfeld/dpa via AP)

German Cabinet approves 2021 budget with high borrowing

Sep. 23, 2020 9:02 AM EDT

Germany's Cabinet on Wednesday approved a 2021 budget that foresees significant borrowing for the second consecutive year as Europe's biggest economy tries to lessen the fallout of the coronavirus crisis. The budget plan calls for spending of 413.4 billion euros ($485 billion) next year, down from this year's...

UN labor agency: Growing rich-poor gap amid COVID pandemic

Sep. 23, 2020 7:00 AM EDT

GENEVA (AP) — The U.N. labor agency warned Wednesday that the coronavirus pandemic has led to a massive drop in income for workers around the world and of rising inequality between rich countries that have injected government cash into their economies and poorer countries that can’t. In a report...

FILE - In this image made from undated, file video footage run by China's CCTV via AP Video, Muslim trainees work in a garment factory at the Hotan Vocational Education and Training Center in Hotan, Xinjiang, northwest China. China on Tuesday, Sept. 22, 2020, lashed out at the passage of a bill by the U.S. House of Representatives that threatens sanctions over the alleged use of forced labor in China’s Xinjiang region, calling the accusation a lie. (CCTV via AP Video, File)

China blasts US House bill, denies forced labor in Xinjiang

Sep. 23, 2020 6:37 AM EDT

BEIJING (AP) — China on Tuesday lashed out at the passage of a bill by the U.S. House of Representatives that threatens sanctions over the alleged use of forced labor in China’s Xinjiang region, calling the accusation a lie. Foreign ministry spokesman Wang Wenbin said the bill “maliciously...