Latest Financial crisis News

A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Monday, Jan. 18, 2021. Shares fell Monday across most of Asia following a retreat on Wall Street, but benchmarks in Hong Kong and Shanghai rose after data showed the Chinese economy grew a solid 2.3% in 2020. (AP Photo/Vincent Yu)

Asian shares mostly lower, China gains on GDP rebound

Jan. 17, 2021 11:38 PM EST

Shares fell Monday across most of Asia following a retreat on Wall Street, but benchmarks in Hong Kong and Shanghai rose after data showed the Chinese economy grew a solid 2.3% in 2020. The stronger than expected performance for the world's second-largest economy helped counter growing wariness among investors...

Violent youth protests hit Tunisia amid economic turmoil

Jan. 17, 2021 6:05 AM EST

TUNIS, Tunisia (AP) — Police used tear gas to disperse violent protests led by disgruntled youths in several Tunisian cities overnight, including in the capital of Tunis and in the seaside city of Sousse. Tunisians in general are angry that the North African country is on the verge of bankruptcy and has...

FILE - This images shows a depiction of Abraham Lincoln taking the oath of office as the 16th president of the United States administered by Chief Justice Roger B. Taney in front of the U.S. Capitol in Washington, on March 4, 1861. Historians cite the first inaugural speeches of Thomas Jefferson and Abraham Lincoln as possible parallels for Joe Biden, who has said his goal is to “restore the soul” of the country even as millions baselessly insist incumbent Donald Trump was the winner. (AP Photo, File)

Unity has long been a theme, and anxiety, for new presidents

Jan. 15, 2021 11:47 AM EST

NEW YORK (AP) — When Joe Biden addresses the country for the first time as president, his inaugural speech is likely to echo calls for unity that predecessors have invoked since the first time George Washington was sworn in. Unity has since been a theme, and an anxiety, for many incoming presidents, who...

A currency trader walks by 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, Friday, Jan. 15, 2021. Asian shares were mixed on Friday after a late slide in several Big Tech stocks left major indexes lower on Wall Street. (AP Photo/Lee Jin-man)

Asian shares mixed following Biden speech, Wall St retreat

Jan. 14, 2021 11:08 PM EST

Asian shares were mixed on Friday after a late slide in several Big Tech stocks left major indexes lower on Wall Street. U.S. futures were trading slightly lower after President-elect Joe Biden announced his plans to propose a $1.9 billion package to help along a recovery from the coronavirus pandemic. Biden...

FILE - In this Dec. 11, 2020 file photo, a worker shows a wad of Cuban pesos in Havana, Cuba, Friday, Dec. 11, 2020. In 2021, the government is implementing a deep financial reform that reduces subsidies, eliminates a dual currency that was key to the old system, and raises salaries, in hopes of boosting productivity to help alleviate an economic crisis and reconfigure a socialist system that will still grant universal benefits such as free health care and education. (AP Photo/Ramon Espinosa, File)

Cuba tweaks socialist model to encourage work amid crisis

Jan. 14, 2021 3:26 PM EST

HAVANA (AP) — For more than 60 years, Cuba supplied at least some rice, milk, beans, sugar, chicken, electrical power and even cigarettes to its people nearly free of cost regardless of whether they worked, allowing many to survive without a job or depend solely on remittances. But this year, the...

Police bike officers patrol on the empty waterfront promenade as the country starts a new lockdown, in Beirut, Lebanon, Thursday, Jan. 14, 2021. Lebanese authorities began enforcing an 11-day nationwide shutdown and round the clock curfew Thursday, hoping to limit the spread of coronavirus infections spinning out of control after the holiday period. (AP Photo/Bilal Hussein)

At virus tipping point, Lebanon imposes all-day curfew

Jan. 14, 2021 12:45 PM EST

BEIRUT (AP) — It was a choice between containing a spiraling virus outbreak and resuscitating a dying economy in a country that has been in steady financial and economic meltdown over the past year. Authorities in Lebanon chose the latter. Now, virus patients struggling to breathe wait outside hospitals...

FILE - In this file photo dated Sunday, March 3, 2019, Chairwoman of the Reform Party Kaja Kallas arrives at a polling station during a parliamentary elections in Tallinn, Estonia. President Kersti Kaljulaid said Thursday Jan. 14, 2021, in a statement that Kaja Kallas would now have 14-days to put together a new Cabinet, after Prime Minister Juri Ratas stepped down in the wake of a corruption scandal. (AP Photo/Raul Mee)

Reform Party leader tasked to form Estonia's new government

Jan. 14, 2021 8:22 AM EST

HELSINKI (AP) — Estonia’s president on Thursday tasked the leader of the main opposition party to form a new government, a day after Prime Minister Juri Ratas and his Cabinet stepped down in the wake of a corruption scandal in Ratas' ruling Center Party. Kaja Kallas, chairwoman of the center-right...

FILE - This Aug. 24, 2020 file photo shows Treasury Secretary Stephen Mnuchin at the White House in Washington.  The U.S. government’s deficit in the first three months of the budget year was a record-breaking $572.9 billion.  The Treasury Department reported Wednesday, Jan. 13, 2021 that with three months gone in the budget year, the deficit was $216.3 billion higher than the same October-December period a year ago.   (AP Photo/J. Scott Applewhite, File)

US budget deficit up 60.7% in first 3 months of budget year

Jan. 13, 2021 4:05 PM EST

WASHINGTON (AP) — The U.S. government's deficit in the first three months of the budget year was a record-breaking $572.9 billion, 60.7% higher than the same period a year ago, as spending to deal with the COVID-19 pandemic surged while revenue declined. The Treasury Department reported Wednesday that...

FILE - In this Jan. 8, 2021, file photo President-elect Joe Biden's nominee for Secretary of Commerce, Rhode Island Gov. Gina Raimondo speaks during an event at The Queen theater in Wilmington, Del. (AP Photo/Susan Walsh, File)

Biden's Commerce nominee says she has 'blueprint' for US

Jan. 13, 2021 3:37 PM EST

President-elect Joe Biden’s nominee to lead the Commerce Department said Wednesday if confirmed she will take much of what she has learned improving her home state of Rhode Island’s economy and apply it at the federal level. “Right before COVID, Rhode Island had a record number of jobs and...

FILE - In this, July 19, 2020 file photo, a homeless woman sleeps on a bench on the Mediterranean Sea corniche in Beirut, Lebanon. The World Bank has approved a $246 million loan to Lebanon to provide emergency cash assistance to nearly 800,000 Lebanese reeling under the country’s compounded economic and health crises. The World Bank said in a statement late Tuesday, Jan. 12, 2021, that the loan would also support the development of a national social safety net in Lebanon. (AP Photo/Hassan Ammar, File)

World Bank approves cash assistance to crisis-struck Lebanon

Jan. 13, 2021 10:01 AM EST

BEIRUT (AP) — The World Bank approved a $246 million loan to Lebanon to provide emergency cash assistance to nearly 800,000 Lebanese reeling under the country’s compounded economic and health crises. The World Bank said in a statement late Tuesday the loan would also support the development of a...