Latest Financial crisis News

Former presidential yacht to be restored at Maine shipyard

Aug. 12, 2022 11:33 AM EDT

BELFAST, Maine (AP) — A private shipyard is preparing for a painstaking stem-to-stern restoration of a floating piece of presidential history. The Sequoia is a 1925 motor yacht that served eight presidents before being sold by President Jimmy Carter in 1977. French...

Beirut bank standoff exposes desperation of economic crisis

Aug. 12, 2022 10:04 AM EDT

BEIRUT (AP) — A judge ordered a gunman who took up to 10 hostages at a Beirut bank to force the release of his trapped savings to stay behind bars Friday, apparently a bid to prevent copycats as desperation deepens over Lebanon's economic meltdown. A few dozen relatives of Bassam...

Hostage standoff at Beirut bank ends with gunman's arrest

Aug. 11, 2022 15:23 PM EDT

BEIRUT (AP) — A gunman demanding a Beirut bank let him withdraw his trapped savings to pay his father’s medical bills took up to 10 people hostage in a seven-hour standoff Thursday before surrendering in exchange for what a family lawyer said was $35,000 of his money. Bassam...

Sri Lankan ex-president who fled homeland arrives in Bangkok

Aug. 11, 2022 11:46 AM EDT

BANGKOK (AP) — Former Sri Lankan President Gotabaya Rajapaksa, who last month fled anti-government protests in his country, arrived in Thailand on Thursday night on a flight from Singapore, where he had been staying since mid-July. Thai television stations showed Rajapaksa and a...

Rhine River could fall below critical mark, risking industry

Aug. 11, 2022 01:39 AM EDT

COLOGNE, Germany (AP) — Water levels on the Rhine River could reach a critically low point in the coming days, German officials said Wednesday, making it increasingly difficult to transport goods — including coal and gasoline — as drought and an energy crisis grip Europe. Weeks...

Sri Lanka introduces reform bill to clip presidential powers

Aug. 10, 2022 11:00 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka's justice minister submitted a proposed constitutional amendment to Parliament on Wednesday that would clip the powers of the president, a key demand of protesters calling for political reforms and solutions to the country’s worst economic crisis. ...

In race to win, UK Conservatives accused of ignoring crises

Aug. 10, 2022 03:51 AM EDT

LONDON (AP) — As Britain swelters through a roasting summer, and braces for a cold financial reckoning in the fall, calls for the Conservative government to act are getting louder. But the Conservatives are busy choosing a new leader, through a prolonged party election whose...

Sri Lankans rally against crackdown on protesters

Aug. 09, 2022 09:11 AM EDT

COLOMBO, Sri Lanka (AP) — Hundreds of Sri Lankans on Tuesday rallied against a government crackdown and the use of emergency laws against peaceful protesters demanding answers to the country’s worst economic crisis. Protesters led by religious and trade union leaders marched to...

Ex-Philippine leader and democracy defender Ramos is buried

Aug. 09, 2022 03:51 AM EDT

MANILA, Philippines (AP) — Former Philippine President Fidel Ramos was laid to rest in a state funeral Tuesday, hailed as an ex-general who backed and then helped oust a dictatorship and became a defender of democracy and a can-do reformist in his poverty-wracked Asian country. ...

Public sector strike cripples cash-strapped Lebanon

Aug. 09, 2022 02:58 AM EDT

BEIRUT (AP) — Tarek Younes was once solidly middle class and felt he helped contribute to society as an inspector in the Lebanese government’s consumer protection agency. But the country's economic free-fall has eroded his income and civic pride. In his desperation, Younes has...