Latest Financial crisis News

Diplomats to Lebanon: Expect no aid before government formed

Dec. 11, 2019 5:22 PM EST

PARIS (AP) — Lebanon cannot expect to receive international aid for its battered economy until a new government undertakes serious reforms, diplomats decided at a closed-door meeting in Paris on Wednesday. The international group, led by France and the United Nations, met to discuss conditions for helping...

Alberto Fernández inaugurated as president of Argentina

Dec. 10, 2019 7:42 PM EST

BUENOS AIRES (AP) — Alberto Fernández assumed the presidency of Argentina on Tuesday, returning the country to the ranks of left-leaning nations at a moment of right-wing resurgence in the Western Hemisphere. He pledged more aid for the poor and warned that the country would be unable to pay all its...

AP Explains: Peronism returns in Argentina amid crisis

Dec. 10, 2019 1:43 PM EST

BUENOS AIRES (AP) — Alberto Fernández became president of Argentina on Tuesday, returning the country's Peronist political movement to power amid an economic crisis and rising poverty. He has said that to improve the economy and calm widespread public discontent, he plans to undo the austerity...

Europe's new central bank chief faces slow growth, dissent

Dec. 10, 2019 11:48 AM EST

FRANKFURT, Germany (AP) — Mario Draghi took over as head of the European Central Bank eight years ago amid market speculation that the euro currency union might break up. Christine Lagarde succeeds him with more breathing room - but facing serious challenges from a weak economy, policy differences among...

Kim Woo-choong, founder of Daewoo business group, dies

Dec. 10, 2019 4:45 AM EST

SEOUL, South Korea (AP) — Kim Woo-choong, the disgraced founder of the now-collapsed Daewoo business group whose rise and fall symbolized South Korea’s turbulent rapid economic growth in the 1970s, has died. He was 82. Kim died of pneumonia on Monday night at a hospital in Suwon, just south of...

Dominican Republic to require visas for Venezuelans

Dec. 9, 2019 5:56 PM EST

SANTO DOMINGO, Dominican Republic (AP) — The Dominican Republic will require visas for Venezuelans, who have moved to the country by the thousands amid an economic and humanitarian crisis, officials said Monday. The measure goes into effect Dec. 16. Until then, Venezuelans will be able to travel to the...

Ex-Fed Chair Volcker dies, tamed inflation with recession

Dec. 9, 2019 12:49 PM EST

Paul Volcker, who as Federal Reserve chairman in the early 1980s elevated interest rates to historic highs and triggered a recession as the price of quashing double-digit inflation, has died, according to his office. He was 92. Volcker took charge of the Fed in August 1979, when the U.S. economy was in the grip...

Heavy rain causes floods, paralyzes Lebanon's capital

Dec. 9, 2019 11:07 AM EST

BEIRUT (AP) — A rainstorm paralyzed parts of Lebanon's capital Beirut on Monday, turning streets to small rivers, stranding motorists inside their vehicles and damaging homes in some areas. The flooding came as protesters have been holding nearly two months of demonstrations against the country's...

Iran says new budget bucks US oil embargo, uses Russian loan

Dec. 8, 2019 11:18 AM EST

TEHRAN, Iran (AP) — Iran's president said on Sunday his country will depend less on oil revenue next year, in a new budget that is designed to resist crippling U.S. trade embargoes. Iran is in the grip of an economic crisis. The U.S. re-imposed sanctions that block Iran from selling its crude oil abroad,...

US firms keep hiring, easing worries of weakening economy

Dec. 6, 2019 5:45 PM EST

WASHINGTON (AP) — American businesses have complained for years that they can’t find the workers they need to fill available jobs. November’s robust hiring gain suggests that at least some have found a way to do so. With the unemployment rate now at a half-century low of 3.5%, many economists...