Latest Economy News

APNewsBreak: Billionaire governor's family farms get subsidy

Oct. 17, 2019 2:43 PM EDT

LEWISBURG, W.Va. (AP) — A farming business owned by the family of West Virginia's billionaire governor has received $125,000 in soybean and corn subsidies, the maximum allowed from a federal program meant to help American farmers through the U.S. trade war with China. There is no evidence Gov. Jim Justice...

GM contract: worker pay hikes, factory closings move forward

Oct. 17, 2019 2:33 PM EDT

DETROIT (AP) — A tentative four-year contract with striking General Motors gives workers a mix of pay raises, lump sum payments and an $11,000 signing bonus. In return, the contract allows GM to proceed with factory closures in Lordstown, Ohio; Warren, Michigan; and near Baltimore. Details were posted...

IMF head says more needed to boost growth than US-China deal

Oct. 17, 2019 2:27 PM EDT

WASHINGTON (AP) — The International Monetary Fund's new leader said Thursday that a trade truce between the United States and China could trim expected losses to the world economy but won't be enough to produce strong global growth. Before last week's tentative trade agreement, the IMF had estimated that...

The Latest: Dems slam West Virginia governor for subsidy

Oct. 17, 2019 2:26 PM EDT

LEWISBURG, W.Va. (AP) — The Latest on The family of the billionaire governor of West Virginia getting a $125,000 taxpayer subsidy (all times local): 2:15 p.m. The West Virginia Democratic Party is slamming the state's billionaire governor after The Associated Press reported that one of his family...

Solid earnings, Britain-Europe deal push US stocks higher

Oct. 17, 2019 1:45 PM EDT

Stocks moved broadly higher in afternoon trading on Wall Street Thursday after several large companies delivered surprisingly good results. A breakthrough in negotiations over Britain's exit from the European Union also injected confidence into markets and prompted investors to move money into riskier holdings....

Slowing economy, trade wars, drag on US rail companies

Oct. 17, 2019 1:25 PM EDT

OMAHA, Neb. (AP) — The slowing economy and ongoing trade disputes are dragging railroad profits down in the second half of the year. Two railroads, Union Pacific and CSX, have reported declining profit and revenue this week as they hauled less grain, imported goods and other products. Union Pacific's...

The Latest: Johnson sure UK lawmakers will pass Brexit deal

Oct. 17, 2019 1:14 PM EDT

BRUSSELS (AP) — The Latest on Brexit (all times local): 7 p.m. British Prime Minister Boris Johnson says he's confident that Parliament on Saturday will adopt the Brexit deal he reached with the European Union. Speaking minutes after the deal was adopted Thursday by European leaders, Johnson said it was...

Europe's specialty food makers brace for US tariffs

Oct. 17, 2019 12:25 PM EDT

MILAN (AP) — European producers of specialty agricultural products like French wine, Italian Parmesan and Spanish olives are facing a U.S. tariff hike due Friday with a mix of trepidation and indignation at being dragged into a trade war they feel they have little to do with. The tariffs on $7.5 billion...

Markets Right Now: Earnings, Britain-Europe deal lift stocks

Oct. 17, 2019 12:02 PM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 11:45 a.m. A round of solid corporate earnings and a breakthrough in negotiations over Britain's exit from the European Union put investors in a buying mood. Companies including Netflix, CSX and Morgan Stanley rose Thursday...

FirstEnergy subsidiary wins bankruptcy plan approval

Oct. 17, 2019 12:01 PM EDT

TOLEDO, Ohio (AP) — A subsidiary of FirstEnergy Corp. that operates coal and nuclear plants in Ohio, Pennsylvania and West Virginia plans to emerge from bankruptcy protection by the end of the year after getting final approval from a federal judge. But FirstEnergy Solutions also warned this week that it...