Latest Financial crisis News

Venezuelans buy gas with cigarettes to battle inflation

Oct. 22, 2019 12:02 AM EDT

CARACAS, Venezuela (AP) — Motorists in socialist Venezuela have long enjoyed the world's cheapest gasoline, with fuel so heavily subsidized that a full tank these days costs a tiny fraction of a U.S. penny. But the economy is in such shambles that drivers are now paying for fill-ups with a little food, a...

Protesters remain despite Lebanese PM's reform package

Oct. 21, 2019 3:09 PM EDT

BEIRUT (AP) — Facing escalating mass protests, the government of Lebanese Prime Minister Saad Hariri approved Monday a package of economic reforms and a 2020 budget without new taxes, hoping to appease people in the streets. Protests swelled in the hours after the announcement, however, as many...

Hundreds of thousands of Lebanese protesters flood streets

Oct. 20, 2019 1:25 PM EDT

BEIRUT (AP) — Hundreds of thousands of Lebanese protesters of all ages flooded major cities and towns nationwide Sunday demanding an end to corruption and the rule of the country's political elite. Each hour brought hundreds more people to the streets for the largest anti-government protests yet in four...

Lebanon's Nasrallah says he's against government resignation

Oct. 19, 2019 5:49 PM EDT

BEIRUT (AP) — Lebanon's influential Hezbollah leader said Saturday he is against the government's resignation as nationwide protests gained momentum on their third day, calling for the removal of the country's political elite. Hassan Nasrallah said the current unity government should instead bring "a new...

The Latest: Lebanon party pulls out of embattled government

Oct. 19, 2019 5:27 PM EDT

BEIRUT (AP) — The Latest on anti-government protests in Lebanon (all times local): 12:20 a.m. A Lebanese Christian leader has asked his four ministers in the Cabinet to resign amid nationwide protests against the country's political elite. Samir Geagea, who heads the right-wing Lebanese Forces party, said...

Finance officials pledge to combat global economic slowdown

Oct. 19, 2019 3:42 PM EDT

WASHINGTON (AP) — Global finance officials wrapped up their fall meetings on Saturday with a pledge to "employ all appropriate tools" to combat the weakest global growth in a decade, but there was little evidence of progress in easing trade tensions, a major source of the slowdown. The policy-setting...

Faced with protests, Lebanon PM blames own gov't for crisis

Oct. 18, 2019 3:52 PM EDT

BEIRUT (AP) — Lebanon's prime minister gave his partners in government a 72-hour ultimatum to come up with "convincing" solutions for a rapidly worsening economic crisis, as nationwide protests against the country's entire ruling political class escalated. The blaze of protests was unleashed a day earlier...

Supreme Court steps into case over consumer agency

Oct. 18, 2019 3:43 PM EDT

WASHINGTON (AP) — The Supreme Court is stepping into a yearslong, politically charged fight over the federal consumer finance watchdog agency that was created in the wake of the 2008 financial crisis. The justices agreed Friday to review an appeals court decision that upheld the structure of the Consumer...

The Latest: Protesters meet with Lebanese president Aoun

Oct. 18, 2019 3:18 PM EDT

BEIRUT (AP) — The Latest on demonstrations against proposed new taxes amid economic crisis in Lebanon (all times local): 10:15 p.m. President Michel Aoun has received a delegation representing protesters and told them that he will do all he can to "ease your suffering." Aoun's office posted a photo of the...

Despite labor costs, GM averts financial woes of its past

Oct. 18, 2019 2:16 PM EDT

DETROIT (AP) — A decade ago, high labor costs helped drag a bloated and debt-ridden General Motors into a government-funded bankruptcy. Now, a contract deal reached this week with the United Auto Workers union will raise the company's costs once again, at a time when the auto industry is facing the...