Latest Business News

US sanctions squeeze Iran middle class, upend housing sector

Jul. 23, 2019 5:50 AM EDT

TEHRAN, Iran (AP) — Stay-at-home mom Maryam Alidadi used to lead a comfortable middle-class life. The 35-year-old and her husband, a mechanic, could afford a spacious rental apartment in a central neighborhood of Tehran, along with a car, occasional restaurant meals and holidays abroad. Now they are barely...

Global stocks rise on hopes for US-China trade talks

Jul. 23, 2019 5:44 AM EDT

BEIJING (AP) — Global stock markets rose Tuesday on optimism over possible new U.S.-China talks despite heightened Middle East tensions. In early trading, London's FTSE 100 rose 0.6% to 7,556.70 and Frankfurt's DAX climbed 0.85% to 12,392.70. France's CAC-40 jumped 0.3% to 5584.15. On Wall Street, futures...

Boris Johnson tipped to win as UK Tories reveal new leader

Jul. 23, 2019 5:41 AM EDT

LONDON (AP) — Britain's governing Conservative Party is set to reveal Tuesday the identity of the country's next prime minister, with Brexit hardliner Boris Johnson the strong favorite to get the job. Party officials will announce whether Johnson or rival Jeremy Hunt has won a ballot of about 160,000...

UN compensation panel pays out $270M for Kuwait oil company

Jul. 23, 2019 5:38 AM EDT

BERLIN (AP) — A United Nations panel that oversees compensation claims stemming from Iraq's 1990-1991 invasion of Kuwait says it has paid out $270 million to Kuwait's national oil company. The Geneva-based U.N. Compensation Commission said Tuesday the tranche brings to $48.7 billion the amount it has paid...

Channel Tunnel operator: 'no-deal' Brexit now main scenario

Jul. 23, 2019 5:30 AM EDT

LONDON (AP) — Channel Tunnel operator Getlink is warning that Britain's departure from the European Union without a deal is now "very likely" and is its main scenario as it forecasts earnings. The operator says its outlook for earnings before interest, tax, depreciation and amortization in case of a...

Tennessee Newspaper Hall of Fame inducts 3 posthumously

Jul. 23, 2019 5:08 AM EDT

CHATTANOOGA, Tenn. (AP) — Three newspaper executives have been posthumously inducted into the Tennessee Newspaper Hall of Fame. John M. Jones III was publisher of The Greeneville Sun who expanded his company, Jones Media, into a family-owned group of eight newspapers. Adams Publishing Group acquired Jones...

FreightCar America closing Virginia plant, cutting 200 jobs

Jul. 23, 2019 5:05 AM EDT

ROANOKE, Va. (AP) — A Virginia manufacturing plant is closing in the fall, putting 200 people out of work. The Roanoke Times reports that Roanoke Mayor Sherman Lea announced on Monday that FreightCar America will close by Nov. 11. The rail car maker announced it could save $5 million a year by shifting...

Colonial-era Korean laborers want Mitsubishi compensation

Jul. 23, 2019 4:57 AM EDT

SEOUL, South Korea (AP) — Colonial-era Korean forced laborers launched a legal step Tuesday to get court approval for the sale of local assets of their former Japanese employer Mitsubishi Heavy Industries, which has refused to compensate the former workers. South Korea's Supreme Court last year ordered two...

The Latest: McConnell promises budget vote before recess

Jul. 23, 2019 4:53 AM EDT

WASHINGTON (AP) — The Latest on the debt and budget agreement between the White House and Congress (all times local): 6:35 p.m. Majority Leader Mitch McConnell is promising the Senate will vote on the budget deal agreed to by congressional leaders and the White House before senators leave town for the...

Asian stocks rise on hopes for US-China trade talks

Jul. 23, 2019 3:15 AM EDT

BEIJING (AP) — Asian stock markets rose Tuesday on optimism over possible new U.S.-China talks despite concerns about rising Middle East tensions. Benchmarks in Shanghai, Tokyo, Hong Kong and Sydney all climbed. Traders were encouraged by U.S. Treasury Secretary Steven Mnuchin's suggestion last week that...