Latest Recessions and depressions News
How major US stock indexes fared Friday 6/2/2023
Stocks rushed higher after a strong report on the U.S. job market eased Wall Street’s worries about a possible recession. The S&P 500 jumped 1.5% Friday, while the Dow soared 701 points. The rally brought the S&P 500 nearly 20% above a low hit in October. It’s on the...
Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns
NEW YORK (AP) — Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned Thursday. The alert comes several weeks after the failure of...
IMF says Sri Lanka's economic recovery shows signs of improvement but challenges remain
COLOMBO, Sri Lanka (AP) — Debt-stricken Sri Lanka, which declared bankruptcy last year, is showing signs of economic improvement but its recovery still faces challenges, the International Monetary Fund said Friday. The Indian Ocean island nation declared bankruptcy in April 2022...
Recession ahead? By this metric, one's here now: Earnings fall and Wall Street expects 2Q soreness.
NEW YORK (AP) — The latest round of corporate earnings is leaving Wall Street with a confounding sense of relief and lingering anxiety. Companies are in the midst of an “earnings recession," meaning profits have contracted for two straight quarters, starting with a 4.6% drop at...
Sri Lanka reduces interest rates for 1st time since bankruptcy as economy shows signs of rebounding
COLOMBO, Sri Lanka (AP) — The Central Bank of Sri Lanka reduced its interest rates Thursday for the first time since the island nation declared bankruptcy, after stern fiscal controls, improved foreign currency income and help from an International Monetary Fund program resulted in inflation...
US job openings hit 10.1 million and labor market still strong despite Fed efforts to cool economy
WASHINGTON (AP) — U.S. job openings rose unexpectedly in April, illustrating the resilience of the American labor market and complicating Federal Reserve efforts to fight inflation. Employers posted 10.1 million job openings last month, up from 9.7 million in March and the most...
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...
