Latest Development banking News

A soldier stands at the devastated site of the explosion in the port of Beirut, Lebanon, Thursday, Aug. 6, 2020. French President Emmanuel Macron came in Beirut to offer French support to Lebanon after the deadly port blast. (AP Photo/Thibault Camus, Pool)

The Latest: Macron says France doesn’t want to run Lebanon

Aug. 6, 2020 2:18 PM EDT

BEIRUT (AP) — The Latest on the explosion in Beirut (all times local): 9:15 p.m. French President Emmanuel Macron has denied that he's seeking to pull the strings in Lebanon and revive France’s colonial-era influence over a country reeling from a giant, deadly explosion. Macron was on a visit to...

FILE - In this July 20, 2020 file photo, people exercise during a government-ordered lockdown to curb the spread of the new coronavirus in Buenos Aires, Argentina, after the city government authorized people to exercise outdoors as part of a roadmap for rolling back on Covid-19 curbing quarantine restrictions. Argentina’s government said Tuesday, Aug. 4, 2020, it has reached an agreement with its main creditors to restructure billions of dollars in foreign debt, offering some relief for a country hobbled by recession even before the pandemic hit. (AP Photo/Natacha Pisarenko, File)

Argentina reports debt restructuring deal with creditors

Aug. 4, 2020 3:46 PM EDT

BUENOS AIRES, Argentina (AP) — Argentina said Tuesday it has reached an agreement with its main creditors to restructure $65 billion in foreign debt, offering some relief for a country hobbled by recession long before the pandemic. The agreement will allow creditor groups “to support...

People wearing face masks to help protect against the spread of the new coronavirus walk outside Flinders Street Station in Melbourne, Australia, Thursday, July 23, 2020. There were few bare faces among rush-hour commuters in Australia’s second-largest city on Thursday morning as Melbourne residents were largely complying with a new law making face coverings compulsory. (James Ross/AAP Image via AP)

The Latest: Hard hit Australian state sees new cases drop

Jul. 28, 2020 11:23 PM EDT

MELBOURNE, Australia — Australia’s hard-hit Victoria state has recorded its lowest daily tally of COVID-19 cases in nine days while the state premier is expressing hope that it is the start of a downward trend. Victoria on Wednesday reported 295 new cases and nine deaths, seven of which were in aged...

FILE - In this Nov. 19, 2019 file photo, people gather as they celebrate first anniversary of mass protests that led to the ouster of former president and longtime autocrat Omar al-Bashir. in Khartoum, Sudan. On Thursday, June 25, 2020, the United States, Germany and France have pledged hundreds of millions in aid to Sudan. The funds are intended to help the struggling African nation a year after pro-democracy protesters forced the removal of its long-time autocratic ruler, Omar al-Bashir.(AP Photo, File)

Sudan protest movement rejects gov't plans to cut subsidies

Jul. 23, 2020 8:24 PM EDT

CAIRO (AP) — Sudan’s protest leaders announced Thursday that they oppose the government’s economic reform plan to slash fuel subsidies and float the Sudanese currency, raising the specter of unrest as the country makes a fragile transition to democracy. The rejection came a day after Prime...

French Foreign Minister Jean-Yves Le Drian, and his Lebanese counterpart Nassif Hitti, hold a news conference following their meeting at the Lebanese foreign ministry in Beirut, Lebanon, Thursday, July. 23, 2020. Le Drian met with Lebanon's president Thursday at the start of his two-day visit to the Mediterranean country that is witnessing the worst economic crisis of its modern history. (AP Photo/Bilal Hussein)

French foreign minister: IMF only way out of Lebanon crisis

Jul. 23, 2020 2:46 PM EDT

BEIRUT (AP) — France's foreign minister said Thursday that talks with the International Monetary Fund are the only way out of Lebanon’s economic crisis, urging Lebanese officials to resume discussions with the lender that faltered over internal disagreements. Jean-Yves Le Drian, the first Western...

IMF: U.S. economy will drop 6.6% in 2020 in face of pandemic

Jul. 17, 2020 6:05 PM EDT

WASHINGTON (AP) — The International Monetary Fund predicted Friday that the U.S. economy will shrink 6.6% this year, pounded by the coronavirus and the lockdowns meant to contain it. The grim forecast is actually an upgrade from one the IMF made last month when it foresaw the American economy contracting...

Lebanese Energy Minister Raymond Ghajar speaks during an interview in Beirut, Lebanon, Thursday, July 16, 2020. Lebanon's worsening economic crisis which culminated with the tiny nation defaulting on its debt this year is making it increasingly difficult to attract investors to the country's ailing electricity sector, which has been a huge drain on state coffers for decades, Ghajar said. (AP Photo/Hassan Ammar)

Minister: No investors for Lebanon's ailing power sector

Jul. 16, 2020 2:45 PM EDT

BEIRUT (AP) — Lebanon’s worsening economic crisis, which culminated with the tiny nation defaulting on its debt this year, is making it increasingly difficult to attract investors for the country’s ailing electricity sector, the energy minister said Thursday. This in turn makes it harder to...

FILE - In this Thursday, June 11, 2020, file photo, an anti-government protester chants slogans as others burn wood and barriers to block a road during a protest against the political leadership they blame for the economic and financial crisis, in Beirut, Lebanon. In recent weeks, Lebanon has been looking for stronger economic relations with eastern countries including China, Iraq and Russia as western countries and oil-rich gulf states have abstained from helping Prime Minister Hassan Diab's government that is backed by Hezbollah and its allies. (AP Photo / Hussein Malla, File)

Lebanon looks to China as US, Arabs refuse to help in crisis

Jul. 15, 2020 11:29 AM EDT

BEIRUT (AP) — Facing a worsening economic crisis and with little chance of Western or oil-rich Arab countries providing assistance without substantial reforms, Lebanon’s cash-strapped government is looking east, hoping to secure investments from China that could bring relief. But help from Beijing...

An anti-government protester shouts at riot police, near the scene where a Lebanese man killed himself on Beirut's commercial Hamra Street, apparently because of the deteriorating economic and financial crisis in the country, in Beirut, Lebanon, Friday, July 3, 2020. The man left a note that reads in Arabic:

IMF calls on Lebanese to unite behind government reform plan

Jul. 13, 2020 11:24 AM EDT

BEIRUT (AP) — The International Monetary Fund on Monday urged Lebanese authorities to unite behind a government economic plan that has received a cool reception from the banking sector, saying the country needs a reform program to rescue an economy mired in crisis. Lebanon, one of the most indebted nations...

FILE - In this Sept. 20, 2019 file photo, workers stand on a platform at a Saudi Aramco oil separator processing facility in Abqaiq, near Dammam in the Kingdom's Eastern Province. The International Monetary Fund said in the latest outlook released Monday, July 13, 2020, that the Middle East’s energy producers are expected to earn $270 billion less in oil revenue compared to last year. That's as the region’s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic. Oil importing Mideast countries, which include Egypt, Jordan and Sudan, are expected to see average economic contraction of 1.1%, but inflation is expected to reach 10%. (AP Photo/Amr Nabil, File)

IMF: Mideast loses $270B oil income amid virus, recession

Jul. 13, 2020 7:09 AM EDT

DUBAI, United Arab Emirates (AP) — The Middle East's energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region's economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund's...