Latest Recessions and depressions News
Stock market today: Wall Street churns to a mixed finish
NEW YORK (AP) — Wall Street churned to a mixed finish Tuesday as a long list of worries looms, even if the most pressing crisis seems to be calming as Washington moves to avoid a default on its debt. The S&P 500 edged up by 0.07, or less than 0.1%, to 4,205.52, hovering close...
Bola Tinubu sworn in as Nigeria's president amid hopes, skepticism
Associated Press (AP) — Bola Tinubu became Nigeria's president on Monday during a period of unprecedented challenges for Africa’s most populous country, leaving some citizens hopeful for a better life and others skeptical that his government would perform better than the one he succeeded. ...
Facing pushback from Lebanese officials, UN walks back plan to give aid to Syrian refugees in USD
BEIRUT (AP) — The United Nations announced Saturday that it will suspend a plan to begin making aid payments to Syrian refugees in crisis-wracked Lebanon in dollars, after pushback from Lebanese officials. Lebanon has been in the throes of a severe financial crisis since 2019, with...
Stock market today: Tech leads more gains on Wall Street
NEW YORK (AP) — Technology stocks powered solid gains for Wall Street on Friday after another chipmaker reported strong demand related to artificial intelligence. The upbeat finish to the week for major indexes comes amid lingering anxiety over persistently high inflation, the risk...
World Bank approves $300 million financing to help poor people in Lebanon
BEIRUT (AP) — The World Bank approved a $300 million additional financing to Lebanon's poor, providing cash payments to help families struggling through the country’s historic economic meltdown, the institution said in a statement Friday. The new financing comes two years after...
UK's Treasury chief accepts that recession may be necessary to get inflation down
LONDON (AP) — Britain's Treasury chief said he would be prepared to see the U.K. economy slip back into recession if further interest rate hikes are necessary to bring down inflation. With the Bank of England expected to keep raising rates following higher-than-anticipated...
Germany economy shrinks in first quarter, signaling one definition of recession
BERLIN (AP) — The German economy shrank unexpectedly in the first three months of this year, marking the second quarter of contraction that is one definition of recession. Data released Thursday by the Federal Statistical Office shows Germany's gross domestic product, or GDP,...
More Americans apply for jobless benefits but labor market remains tight
U.S. applications for jobless claims rose slightly last week but remain at healthy levels with companies reticent to let go of employees in a tight labor market. The number of Americans filing for jobless claims for the week ending May 20 rose by 4,000 to 229,000 from 225,000 the...
Office landlords squeezed by falling occupancy rates, refinancing difficulties. Here's why
LOS ANGELES (AP) — The failure of several large lenders earlier this year and the banking turmoil that followed have fueled worries for owners of office space such as Boston Properties and Vornado Realty Trust. The sharp runup in interest rates by the Federal Reserve over the past...
UK economy to avoid recession but inflation still a worry, IMF says
LONDON (AP) — The British economy will avoid falling into recession this year, according to upgraded growth forecasts Tuesday from the International Monetary Fund. In its latest assessment of the U.K. economy, the Washington-based fund said domestic demand had proven more...
