Latest Economy News

A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, July 7, 2020. Asian shares were mixed Tuesday, as some benchmarks were buoyed by an ongoing worldwide rally as investors bet on a dramatic economic turnaround amid ongoing challenges of the coronavirus outbreak. (AP Photo/Vincent Yu)

Wall Street slips as virus outbreaks dim rebound hopes

Jul. 7, 2020 9:47 AM EDT

U.S. stocks are falling in early trading Tuesday as expanding coronavirus outbreaks dim hopes for a speedy recovery. The S&P 500 and Dow Jones Industrial Average followed benchmarks in France, Germany and Britain lower after the European Union slashed its forecasts for economic growth in 2020. Investors worry...

Australia warns of 'arbitrary detention' risk in China

Jul. 7, 2020 9:29 AM EDT

CANBERRA, Australia (AP) — Australia on Tuesday warned its citizens that they may be at risk of “arbitrary detention” if they visit China, in a move that will further test strained bilateral relations. The Department of Foreign Affairs and Trade said in an updated travel advisory for China...

FILE - In this early Friday, May 29, 2020 file photo, a protester carries a U.S. flag upside, a sign of distress, next to a burning building in Minneapolis. Protests over the death of George Floyd, a black man who died in police custody Monday, broke out in Minneapolis and across the country. The U.S. has been dramatically disrupted in a matter of months, brought low by a global pandemic, Depression-era economic dislocation, and then, nationwide unrest over racial injustice. (AP Photo/Julio Cortez)

AMERICA DISRUPTED: Troubles cleave a nation, and a city

Jul. 7, 2020 7:37 AM EDT

SAGINAW, Mich. (AP) — It was difficult to celebrate America in Saginaw this year. The deadly coronavirus had torn through the county. Unemployment had surged five-fold. Weeks of protest over racial inequality left many debating what should be hallowed and what must be changed. But Tom Roy had given it his...

Turkey's Foreign Minister Mevlut Cavusoglu, right, and Josep Borrell Fontelles, High RepresentativeĀ and Vice-PresidentĀ of the European Commission, speak during a joint news conference, in Ankara, Turkey, Monday, July 6, 2020. Turkey's Foreign Minister on Monday called on the European Union to be an

Cyprus: EU partners aim to rein in Turkey's 'expansionism'

Jul. 7, 2020 6:51 AM EDT

NICOSIA, Cyprus (AP) — Cyprus and its European Union partners are working to rein in Turkey’s “expansionist policy” in the eastern Mediterranean amid heightened tensions over an offshore search for hydrocarbons, the island nation's president said Tuesday. President Nicos Anastasiades...

European Commissioner for Economy Paolo Gentiloni speaks during a media conference on the summer 2020 economic forecast at EU headquarters in Brussels, Tuesday, July 7, 2020. (AP Photo/Virginia Mayo, Pool)

EU forecasts deeper economic hit from pandemic

Jul. 7, 2020 5:54 AM EDT

BRUSSELS (AP) — The European Union's executive arm forecasts that the bloc's economy will contract more than previously expected because of the coronavirus pandemic, which has caused lockdowns on business and public life that are only slowly being eased. The 27-nation EU economy will contract by 8.3% this...

The red ball of the sun sets behind the towers of the Lippendorf power plant, in Neukieritzsch south of Leipzig, Germany, Friday, June 26, 2020. (Hendrik Schmidt/dpa via AP)

German production rebounds in May, but misses expectations

Jul. 7, 2020 5:40 AM EDT

BERLIN (AP) — German industrial production picked up in May after dropping sharply in the two previous months, but the rebound fell short of expectations. Production was up 7.8% compared with the previous month, the Economy Ministry said Tuesday. That followed declines of 8.9% in March and a massive 17.5%...

FILE - In this Friday, Nov. 3, 2006. file photo, a working monkey rides on the back of a pickup truck with its owner and other workers to collect coconuts on a plantation in Chumphon province, southern Thailand. Thailand's coconut-picking monkeys, long a popular tourist attraction, have become a sensitive trade issue as British activists claim the animals are abused and push for a boycott of the nation's coconut products. (AP Photo/Apichart Weerawong)

Thailand denies monkeys abused to harvest coconut products

Jul. 7, 2020 5:33 AM EDT

BANGKOK (AP) — Thailand's coconut-picking monkeys, long a popular tourist attraction, have become a sensitive trade issue as British activists claim the animals are abused and push for a boycott of the nation's coconut products. Thai Commerce Minister Jurin Laksanawisit rejected the allegations made by...

A woman walks by the closed Wujek coal mine in Katowice, Poland, Saturday, July 4, 2020. The coronavirus has ripped through Poland's coal mines, where men descend deep underground in tightly packed elevators and work shoulder-to-shoulder. The virus hot spots, centered in the southern Silesia region, have paralyzed an already-troubled industry, forcing many to stay home from work and triggering a three-week closure of many state-run mines. (AP Photo/Czarek Sokolowski)

Coronavirus slams Poland's already-troubled coal industry

Jul. 7, 2020 4:34 AM EDT

WARSAW, Poland (AP) — The coronavirus has ripped through Poland's coal mines, where men descend deep underground in tightly packed elevators and work shoulder-to-shoulder to extract the source of 75% of the nation’s electrical power. Of Poland's more than 36,000 reported COVID-19 cases, about 6,500...

A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, July 7, 2020. Asian shares were mixed Tuesday, as some benchmarks were buoyed by an ongoing worldwide rally as investors bet on a dramatic economic turnaround amid ongoing challenges of the coronavirus outbreak. (AP Photo/Vincent Yu)

Asia markets slip as virus outbreaks mute hopes for rebound

Jul. 7, 2020 12:42 AM EDT

TOKYO (AP) — Markets were mostly lower in Asia on Tuesday as expanding coronavirus outbreaks dimmed hopes for a global recovery, despite an overnight rally in tech shares that pushed the Nasdaq composite to another record high. Japan's benchmark Nikkei 225 dropped 0.6% to 22,577.65 and South Korea's Kospi...

Vice President Mike Pence, left, greets Senior Pastor Dr. Robert Jeffress, right, after Pence spoke at the Southern Baptist megachurch First Baptist Dallas during a Celebrate Freedom Rally in Dallas, Sunday, June 28, 2020. (AP Photo/Tony Gutierrez)

Virus loans helped entities tied to Trump evangelical allies

Jul. 7, 2020 12:03 AM EDT

NEW YORK (AP) — Churches connected to President Donald Trump and other organizations linked to current or former Trump evangelical advisers received at least $17.3 million in loans from a federal rescue package designed to aid small businesses during the coronavirus pandemic. Those receiving loans include...