Latest Economy News

FILE - In this Aug. 27, 2019 file photo, the Best Buy logo is shown on a store in Richfield, Minn.  On Tuesday, Nov. 24, 2020, Best Buy Co. reported fiscal third-quarter results that blew through analysts’ expectations as the nation’s largest consumer electronics retailer  saw surging demand for items like home theater and appliances that help people learn, cook, work and connect in their homes during the pandemic.   (AP Photo/Jim Mone)

Best Buy reports 3Q results that exceed Wall Street views

Nov. 24, 2020 9:56 AM EST

NEW YORK (AP) — Best Buy Co. reported fiscal third-quarter results that blew through analysts' expectations as the nation's largest consumer electronics retailer enjoyed surging demand for items like home theater and appliances that help people learn, cook, work and connect in their homes during the...

A man wearing a protective face mask to help curb the spread of the coronavirus walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Tuesday, Nov. 24, 2020. Asian shares were mostly higher Tuesday, encouraged by news on the development of coronavirus vaccines and more assurance for a transition of power in the U.S. to President-elect Joe Biden. (AP Photo/Eugene Hoshiko)

Stocks climb on Wall Street as Biden transition begins

Nov. 24, 2020 9:42 AM EST

NEW YORK (AP) — Stocks are opening broadly higher on Wall Street as traders were encouraged by news that the transition of power in the U.S. to President-elect Joe Biden will finally begin, and that Biden had selected Janet Yellen, a widely respected former Federal Reserve chair, as treasury secretary. The...

FILE - In this Sept. 3, 2019 file photo a sign rests in front of a newly constructed home, in Westwood, Mass. U.S. home prices rose in April for the eighth straight month, even as sales have stumbled, a sign the coronavirus outbreak has had little impact on real estate values. The S&P CoreLogic Case-Shiller 20-city home price index climbed 4% in April, the largest gain since December 2018, up from 3.9% in March. (AP Photo/Steven Senne, File)

US home price gains accelerate as pandemic shakes up housing

Nov. 24, 2020 9:40 AM EST

WASHINGTON (AP) — U.S. home prices jumped in September as strong demand, low interest rates and the smallest number of available homes on record combined to push up housing costs. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, showed that home prices rose 6.6% in September...

China' Foreign Minister Wang Yi, left, and his Japanese counterpart Toshimitsu Motegi participate in a press briefing in Tokyo on Tuesday, Nov. 24, 2020. Wang met Motegi on Tuesday to discuss ways to revive their pandemic-hit economies as well as regional concerns over China’s growing influence. (Issei Kato/Pool Photo via AP)

China, Japan to cooperate in reviving virus-hit economies

Nov. 24, 2020 9:38 AM EST

TOKYO (AP) — The foreign ministers of Japan and China agreed Tuesday to cooperate in fighting the coronavirus and reviving their pandemic-hit economies, while trying to avoid actions that provoke tensions over disputed islands in the East China Sea. Chinese Foreign Minister Wang Yi, who arrived in Tokyo...

Report cites need for economic diversity in Lawrence

Nov. 24, 2020 7:52 AM EST

LAWRENCE, Kan. (AP) — A new report commissioned by the city of Lawrence cites a need for the community to diversify its economy or risk becoming too expensive for many people. The Lawrence Journal-World reports that the city in June hired Ernst & Young to create an economic development strategic plan....

File - In this Tuesday, March 5, 2019, file photo, an employee in protective clothing works with a steel pouring ladle during a guided media tour at the steel producer Salzgitter AG in Salzgitter. A closely watched survey shows that business confidence in Germany, Europe’s biggest economy, fell for a second consecutive month in November as a resurgence of coronavirus infections led to partial shutdowns across the continent. (AP Photo/Markus Schreiber, file)

German business confidence down for 2nd consecutive month

Nov. 24, 2020 6:24 AM EST

BERLIN (AP) — Business confidence in Germany, Europe's biggest economy, fell for a second consecutive month in November as a resurgence of coronavirus infections led to partial shutdowns across the continent, a closely watched survey showed Tuesday. Still, the decline was smaller than economists had...

FILE - In this Oct. 8, 2018, file photo, is the entrance to ABQ Studios in Albuquerque, N.M., where Netflix announced at the studio complex that it chose Albuquerque as a new production hub. Netflix is pledging an additional $1 billion investment in its production hub in New Mexico. The company joined government officials Monday, Nov. 23, 2020, in announcing its plans. The expansion will add about 300 acres to the existing campus on the southern edge of Albuquerque, making it what officials say will be one of the largest film production facilities in North America. (AP Photo/Susan Montoya Bryan, File)

Netflix to expand production hub in New Mexico

Nov. 24, 2020 1:09 AM EST

ALBUQUERQUE, N.M. (AP) — Netflix plans to establish one of the largest production hubs in North America with an expansion of its existing studio complex in New Mexico and a commitment to an additional $1 billion in production spending, government and corporate leaders announced Monday. Ten new stages,...

FILE- In this April 16, 2009 file photo, the Kuwait city skyline is seen through the haze of a sand storm in Kuwait City. Kuwait, one of the world’s wealthiest countries, is facing a debt crisis. The pandemic has sent the price of oil crashing to all-time lows and pushed Kuwait toward a reckoning with its longtime largesse for its citizens just as a parliamentary election looms in Dec. 2020. It needs the new parliament to approve raising its debt spending and passing the bill will be the first legislative challenge for Kuwait's new emir. (AP Photo, File)

Oil-rich Kuwait faces reckoning as debt crisis looms

Nov. 24, 2020 1:08 AM EST

DUBAI, United Arab Emirates (AP) — When Kuwait emerged from a monthslong coronavirus lockdown, hundreds of Kuwaitis flocked to reopened stores, the lines clogging malls, snaking through hallways and spilling onto sidewalks. But unlike much of the world, where long lines formed for donated food, Kuwaitis...

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. (AP Photo/Andrew Harnik, File)

Awaiting Yellen at Treasury: Yet another daunting crisis

Nov. 24, 2020 12:01 AM EST

WASHINGTON (AP) — Janet Yellen is in line for another top economic policy job — just in time to confront yet another crisis. Yellen, President-elect Joe Biden's apparent choice for treasury secretary, served on the Federal Reserve's policymaking committee during the 2008-2009 financial crisis that...

A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, Nov. 24, 2020. Asian shares were mostly higher Tuesday, encouraged by news on the development of coronavirus vaccines and more assurance for a transition of power in the U.S. to President-elect Joe Biden. (AP Photo/Vincent Yu)

Asian shares mostly rise on virus vaccine, Yellen hopes

Nov. 23, 2020 10:17 PM EST

TOKYO (AP) — Asian shares were mostly higher Tuesday, encouraged by news on the development of coronavirus vaccines and more assurance for a transition of power in the U.S. to President-elect Joe Biden. The U.S. federal government recognized Biden as the “apparent winner” of the Nov. 3...