Latest Financial crisis News

A woman walks into a closing Gordmans store, Thursday, May 28, 2020, in St. Charles, Mo. Stage Stores, which owns Gordmans, is closing all its stores and has filed for Chapter 11 bankruptcy. (AP Photo/Jeff Roberson)

US consumer spending sinks by record 13.6% in face of virus

May. 29, 2020 11:29 AM EDT

WASHINGTON (AP) — U.S. consumer spending plunged by a record-shattering 13.6% in April as the viral pandemic shuttered businesses, forced millions of layoffs and sent the economy into a deep recession. Last month's spending decline was far worse than the revised 6.9% drop in March, which itself had set a...

In this May 21, 2020, photo, grave diggers bury a body at Radwan Cemetery in Aden, Yemen. At a cemetery in Yemen’s largest southern city, dozens of fresh graves are a testament to a spike in deaths amid the coronavirus pandemic. The cemetery workers who bury them don’t know what killed the newly deceased. But there’s no denying that there's been an increasing number of people getting sick in the port city of Aden — likely from the coronavirus. (AP Photo)

The Latest: UN urges $2.4 billion in aid for war-torn Yemen

May. 29, 2020 1:31 AM EDT

The Latest on the coronavirus pandemic. The new coronavirus causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems, it can cause more severe illness or death. TOP OF THE HOUR: — UN urgently appeals for $2.4 billion to help Yemen cope...

A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, May 29, 2020. Shares fell Friday in Asia after Wall Street’s rally petered out amid worries about flaring U.S.-China tensions. (AP Photo/Eugene Hoshiko)

Asia shares fall as US-China tensions douse rally on Wall St

May. 28, 2020 11:57 PM EDT

BANGKOK (AP) — Shares fell Friday in Asia after Wall Street’s rally petered out amid worries about flaring U.S.-China tensions. Benchmarks declined in Hong Kong, Tokyo and Sydney but rose in Shanghai. Investors are nervously awaiting a news conference about China by President Donald Trump later in...

An anti-government protester argues with riot police during a protest against a general amnesty law being proposed in parliament, in Beirut, Lebanon, Thursday, May 28, 2020. (AP Photo/Hussein Malla)

Lebanon removes banking secrecy rules to fight corruption

May. 28, 2020 1:02 PM EDT

BEIRUT (AP) — Lebanon’s parliament approved on Thursday a law to remove decades-old banking secrecy rules in order to better fight rampant corruption that has pushed the country to the edge of economic collapse. The move opens the way for investigations into bank accounts of current and former...

FILE - In this July 22, 2019 photo, trucks hauling shipping containers wait to unload at the Port of Oakland in Oakland, Calif.  The Commerce Department issues its second estimate of how the U.S. economy performed in the first quarter of 2020 on Thursday, May 28, 2020.(AP Photo/Ben Margot, File)

US economy shrank at 5% annual rate in Q1

May. 28, 2020 9:47 AM EDT

WASHINGTON (AP) — The U.S. economy shrank at an even faster pace than initially estimated in the first three months of this year with economists continuing to expect a far worse outcome in the current April-June quarter. The Commerce Department reported Thursday that the gross domestic product, the...

European Commissioners for European Green Deal Frans Timmermans speaks during a joint video press conference on Green and Just recovery at the EU headquarters in Brussels, Thursday, May 28, 2020. (Aris Oikonomou/Pool Photo via AP)

EU pledges to stay green in recovery from coronavirus

May. 28, 2020 8:44 AM EDT

BRUSSELS (AP) — The European Commission pledged Thursday to stay away from fossil-fueled projects in its coronavirus recovery strategy, and to stick to its target of making Europe the first climate neutral continent by the mid-century, but environmental groups said they were unimpressed. To weather the...

A women wearing a face mask walks past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange, Thursday, May 28, 2020. Asian stocks are mixed after an upbeat open, as hopes for an economic rebound from the coronavirus crisis were dimmed by tensions between the U.S. and China over Hong Kong and other issues. (AP Photo/Vincent Yu)

Asian shares mixed after Wall Street rally; Hong Kong lower

May. 28, 2020 12:36 AM EDT

BANGKOK (AP) — Asian stocks were mixed after an upbeat open on Thursday, as investors pinned their hopes on an economic rebound from the coronavirus crisis. Shares rose in Tokyo, Sydney and Shanghai but dropped in Hong Kong, where tensions are flaring over Beijing’s effort to exert more control...

Emma Hamlet prepares orders received online to be picked up at the Long Beach Surf Shop store her family owns, Wednesday, May 27, 2020, in Long Beach, N.Y. Long Island has become the latest region of New York to begin easing restrictions put in place to curb the spread of the coronavirus as it enters the first phase of the state's four-step reopening process. (AP Photo/Mary Altaffer)

New York City now alone in state in keeping economy closed

May. 27, 2020 5:18 PM EDT

NEW YORK (AP) — Long Island became the latest region of New York to begin easing some restrictions put in place to curb the spread of the coronavirus. Gov. Andrew Cuomo lobbied the president for help with transportation projects. New York City Mayor Bill de Blasio said efforts to fight the virus have left...

FILE - In this May 10, 2019, file photo, Bowling Green's Neil Lambert bats during the team's NCAA college baseball game against Kent Sate in Bowling Green, Ohio. Bowling Green recently announced that it is dropping baseball. Colleges mulling whether to cut sports amid the coronavirus pandemic must ensure they remain compliant with the federal civil-rights law known as Title IX, which requires the equitable treatment of remaining men's and women's programs. (AP Photo/Rick Osentoski, File)

Title IX major factor for colleges looking at sports cuts

May. 27, 2020 4:14 PM EDT

Financially challenged schools considering cutting sports in the wake of the coronavirus pandemic are making difficult decisions of who gets to keep playing and who doesn't. The choices aren't just about money when they involve women's sports. And while Title IX doesn't prevent women's sports from being...

A Puerto Rican flag flies on an empty beach at Ocean Park, in San Juan, Puerto Rico, Thursday, May 21, 2020. Puerto Rico is cautiously reopening beaches, restaurants, churches, malls, and hair salons under strict conditions as the U.S. territory emerges from a two-month lockdown despite dozens of new coronavirus cases reported daily. (AP Photo/Carlos Giusti) PUERTO RICO OUT-NO PUBLICAR EN PUERTO RICO

Board suspends budget cuts for struggling Puerto Rico

May. 27, 2020 1:53 PM EDT

SAN JUAN, Puerto Rico (AP) — A federal control board that oversees Puerto Rico’s finances approved a revised fiscal plan on Wednesday that temporarily suspends all budget cuts and anticipates the island’s projected surplus could plunge by 65% as it warned the government is unable to pay...