Latest Financial crisis News

More turn to UK food banks as food and fuel bills soar

May. 24, 2022 02:37 AM EDT

LONDON (AP) — For many struggling families, older people and the homeless, Michelle Donnelly’s food hub in east London has been a lifeline. Since the COVID-19 pandemic hit Britain, she has been collecting surplus groceries from supermarkets and distributing them to people who can't afford to...

India ships rice, other essentials to crisis-hit Sri Lanka

May. 23, 2022 21:01 PM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka received a first consignment of a $16 million humanitarian aid package from neighboring India to help mitigate severe shortages caused by the country’s worst economic crisis in recent memory. Gopal Baglay, the Indian envoy to Sri Lanka,...

Davos updates | Urgent need in Afghanistan is saving economy

May. 23, 2022 15:21 PM EDT

DAVOS, Switzerland (AP) — Two high-level speakers at the World Economic Forum gathering say Afghanistan’s most urgent need is saving its economy from complete collapse. Achim Steiner, administrator of the United Nations Development Program, said Monday in Davos that “we cannot...

Final-hour rally yanks Wall Street from maw of bear market

May. 20, 2022 21:57 PM EDT

NEW YORK (AP) — Wall Street rumbled to the edge of a bear market Friday after another drop for stocks briefly sent the S&P 500 more than 20% below its peak set early this year. The S&P 500 index, which sits at the heart of most workers’ 401(k) accounts, was down as much...

Florida lawmakers to meet for session on property insurance

May. 20, 2022 16:54 PM EDT

TALLAHASSEE, Fla. (AP) — Florida lawmakers return to the Capitol next week for a special legislative session aimed at addressing problems in the state’s turbulent property insurance market, a persistent and multifaceted crisis in a region vulnerable to damaging hurricanes. It is...

How major US stock indexes fared Friday

May. 20, 2022 16:50 PM EDT

The stock market clawed back from a midday drop Friday after coming to the edge of its first bear market since the beginning of the pandemic. The S&P 500 ended 18.7% below the record high it set in early January. A 20% decline would have been considered the beginning of a bear...

US stocks got close to a bear market. Here’s what that means

May. 20, 2022 16:46 PM EDT

NEW YORK (AP) — The bear came close to Wall Street but then backed off. The stock market’s slump this year briefly pulled the S&P 500 into what's known as a bear market Friday, before a late rally put the index in the green. The prevailing sentiment among investors remains...

The AP Interview: New Pakistani FM seeks better ties with US

May. 20, 2022 16:32 PM EDT

UNITED NATIONS (AP) — Pakistan’s new foreign minister says the United States and his country must move beyond past tensions over Afghanistan and are entering a new engagement after years of strained relations under former Prime Minister Imran Khan. Bilawal Bhutto Zardari, the...

Outgoing Lebanon government approves economic recovery plan

May. 20, 2022 13:39 PM EDT

BEIRUT (AP) — Lebanon’s outgoing government on Friday approved a recovery plan for pulling the Mideast nation out of its economic meltdown, the country's information minister said. The development came during the Cabinet’s last official meeting before it becomes a caretaker...

Sri Lanka closes schools, limits work amid fuel shortage

May. 20, 2022 03:58 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lankan authorities closed schools and asked public officials not to come to work in a desperate move to prepare for an acute fuel shortage that is expected to last days amid the nation's worst economic crisis in decades. The Public Administration...