Latest Financial crisis News

Protests spread across Lebanon over proposed new taxes

Oct. 17, 2019 8:47 PM EDT

BEIRUT (AP) — Lebanese security forces fired tear gas to disperse hundreds of protesters in Beirut early Friday after they tried to push through security barriers around the government headquarters amid some of the largest demonstrations the country has seen in years. The protests erupted over the...

US-China trade war weighing on world's growth, IMF says

Oct. 17, 2019 4:03 PM EDT

The global economy is slowing, largely because of the U.S. trade war with China, according to the 189-member International Monetary Fund. The Washington-based institution is the world's lender of last resort, providing emergency loans when countries face financial crisis. In its latest forecast the IMF blamed...

Brazil's income inequality hits highest since at least 2012

Oct. 16, 2019 5:08 PM EDT

RIO DE JANEIRO (AP) — Brazil's income inequality in 2018 reached its highest level since the start of the national statistics' series in 2012, according to data released Wednesday, reflecting an economic downturn that's taken an outsized toll on the poor. Data from the national statistics agency showed the...

New study: Opioid crisis cost US economy $631B over 4 years

Oct. 15, 2019 5:56 PM EDT

The opioid crisis cost the U.S. economy $631 billion from 2015 through last year — and it may keep getting more expensive, according to a study released Tuesday by the Society of Actuaries. The biggest driver of the cost over the four-year period is unrealized lifetime earnings of those who died from the...

Justices seem likely to uphold Puerto Rico oversight board

Oct. 15, 2019 5:07 PM EDT

WASHINGTON (AP) — The Supreme Court seems likely to leave in place the oversight board established by Congress to help Puerto Rico out of a devastating financial crisis that was deepened by Hurricane Maria in 2017. The justices voiced skepticism on Tuesday about a constitutional challenge to the oversight...

IMF downgrades outlook for world economy, citing trade wars

Oct. 15, 2019 11:49 AM EDT

WASHINGTON (AP) — The International Monetary Fund is further downgrading its outlook for the world economy, predicting that growth this year will be the weakest since the 2008 financial crisis, primarily because of widening global conflicts. The IMF's latest World Economic Outlook released Tuesday foresees...

UK labor market weakening amid Brexit uncertainty

Oct. 15, 2019 10:17 AM EDT

LONDON (AP) — Brexit uncertainty appears to be finally affecting Britain's labor market, which has been resilient over the past three years in spite of a slowdown in economic growth. With the scheduled Brexit deadline of Oct. 31 looming, it's increasingly clear that firms are beginning to hold back on...

Venezuela boosts worker pay again amid hyperinflation

Oct. 14, 2019 6:13 PM EDT

CARACAS, Venezuela (AP) — Venezuela announced a dramatic hike to the minimum wage Monday in a move that critics expect will do little to alleviate widespread suffering in the crisis-torn country. The monthly package of pay and bonuses workers will soon bring home equals roughly $15 monthly, socialist party...

Agency eyes big revamp of Wall Street whistleblower program

Oct. 12, 2019 10:48 AM EDT

WASHINGTON (AP) — A federal agency is moving with little fanfare to revamp one of the most successful whistleblower programs in the government, alarming advocates who warn the changes will set back efforts to police Wall Street and punish corporate fraud. Much like the whistleblower system for intelligence...

Venezuela's gas shortages stall ambulances in their tracks

Oct. 10, 2019 6:06 PM EDT

SAN CRISTOBAL, Venezuela (AP) — Ambulances have become the latest casualty of Venezuela's unraveling political and economic crisis, struggling to fuel up and speed away to emergencies as gasoline scarcities deepen. Long lines winding for miles up to service stations are often commonplace for residents...