Latest Financial crisis News

Mexico's central bank lowers prime rate to 4.5%

Aug. 13, 2020 4:21 PM EDT

MEXICO CITY (AP) — Mexico’s central bank decided Thursday to lower its prime interest rate by a half-point to 4.5% amid a sharp economic downturn and rising inflation due to the coronavirus pandemic. The Bank of Mexico said inflation rose to 3.62% in July. At that level, government 28-day treasury...

FILE - This April 16, 2020 file photo shows a real estate company sign that marks a home for sale in Harmony, Pa.  U.S. average rates on long-term mortgages rose this week but remained at historically low levels.  Mortgage buyer Freddie Mac reports, Thursday, Aug. 13, that the average rate on the 30-year home loan increased to 2.96% from 2.88% last week. (AP Photo/Keith Srakocic, File)

US long-term mortgage rates rise; 30-year at 2.96%

Aug. 13, 2020 3:50 PM EDT

WASHINGTON (AP) — U.S. average rates on long-term mortgages rose this week but remained at historically low levels. The key 30-year loan stayed below 3%. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan increased to 2.96% from 2.88% last week. By contrast, the...

U.S. Undersecretary of State for Political Affairs David Hale, right, listens to an NGO volunteer during his visit to a main gathering point for volunteers, near the site of last week's explosion that hit the seaport of Beirut, Lebanon, Thursday, Aug. 13, 2020. (AP Photo/Hussein Malla, Pool)

US official says FBI joining Beirut explosion investigation

Aug. 13, 2020 12:23 PM EDT

BEIRUT (AP) — The FBI will join Lebanese and other international investigators in the probe of the massive explosion at Beirut's port that killed more than 170 people, injured thousands and caused widespread destruction, a U.S. diplomat said Thursday. Lebanese authorities had invited the FBI to take part,...

In this Wednesday, May 27, 2020 photo, Thailand Prime Minister Prayuth Chan-ocha wears a face mask to help curb the spread of the coronavirus as he attends an open session at the parliament house in Bangkok, Thailand. Thailand's prime minister has warned his fellow citizens that their nation has handled the health challenges of the coronavirus well, but must pull together to overcome the tremendous damage done to the economy by the pandemic. (AP Photo/Sakchai Lalit)

Thai leader says unity necessary to revive virus-hit economy

Aug. 13, 2020 10:16 AM EDT

BANGKOK (AP) — Thailand’s prime minister, facing growing demands from students for change, warned Thursday that the nation must pull together to overcome the economic damage caused by the coronavirus pandemic. In a speech marking the appointment of a new team of financial specialists to his Cabinet,...

FILE - In this Oct. 24, 2019, file photo students walks in front of Fraser Hall on the University of Kansas campus in Lawrence, Kan. Student loan borrowers with federal debt won’t see a bill until January 2021. That means three extra months of paused payments tacked onto the original six months made possible by the coronavirus relief package. (AP Photo/Orlin Wagner, File)

What No Student Loan Payments Until 2021 Means for You

Aug. 13, 2020 7:46 AM EDT

You don’t have to make another federal student loan payment in 2020. Now is the time, though, to decide what to do before your bill arrives in January 2021. Federal student loan borrowers were already in an automatic interest-free pause on payments as part of the original coronavirus relief bill, known as...

FILE - In this Aug. 27, 2018, file photo is University of Wisconsin-Madison Chancellor Rebecca Blank, at the Wisconsin Institute for Discovery on the UW-Madison campus, in Madison, Wis. Chancellor Blank delivered a sobering message Wednesday, Aug. 12, 2020, about the state's flagship campus as the fall semester looms, saying

UW-Madison Chancellor: 'We're in a real financial crisis'

Aug. 12, 2020 8:20 PM EDT

MADISON, Wis. (AP) — University of Wisconsin-Madison Chancellor Rebecca Blank delivered a sobering message Wednesday about the state's flagship campus as the fall semester looms, saying "we're in a real financial crisis” due to the coronavirus pandemic. How bad the crisis will be depends on several...

N.C. governor says he'll seek jobless aid that Trump offered

Aug. 12, 2020 7:11 PM EDT

RALEIGH, N.C. (AP) — North Carolina Gov. Roy Cooper said on Wednesday that he's preparing to accept for the state extended unemployment benefits that President Donald Trump directed in an executive order, part of the continuing response to the COVID-19 economic downturn. Cooper, a Democrat, told top...

FILE - In this Jan. 7, 2020 file photo, Syrian President Bashar Assad listens to Russian President Vladimir Putin during their meeting in Damascus, Syria. Assad interrupted a speech he was giving to Parliament after he suffered a brief drop in blood pressure, the Syrian presidency said Wednesday, Aug. 12, 2020. The presidency said the apparently pre-recorded speech was halted for “several minutes” because of a “mild” case of low blood pressure he suffered, after which he continued the speech as normal. (Alexei Nikolsky, Sputnik, Kremlin Pool Photo via AP, File)

Syria: President Assad suffers brief drop in blood pressure

Aug. 12, 2020 3:32 PM EDT

DAMASCUS, Syria (AP) — Syrian President Bashar Assad interrupted a speech he was giving to parliament Wednesday, telling a room full of lawmakers that he needed to “sit down for a minute” after suffering a brief drop in blood pressure. Assad, 54, was half an hour through his speech when he...

Ricky Hurtado, a Democratic candidate for the North Carolina state house, walks past a child's toy car as he canvasses in a largely Latino trailer community, in Burlington, N.C., Sunday, March 8, 2020. (AP Photo/Jacquelyn Martin)

He set out to mobilize Latino voters. Then the virus hit.

Aug. 12, 2020 12:48 PM EDT

GRAHAM, N.C (AP) — Like many Americans, Ricky Hurtado had different plans for his summer. He formally announced his first bid for public office in March and expected to spend sweltering days knocking on doors, clenching glossy campaign literature and making his case directly to voters. This was the summer...

FILE - In this Nov. 25, 2019 file photo Federal Reserve Bank of Boston President Eric Rosengren, left, speaks during a round table discussion at Silver Lane Elementary School, in East Hartford, Conn.  Rosengren said in remarks delivered online Wednesday, Aug. 12, 2020,  that states in the South and West that allowed their businesses to reopen after short shutdowns saw an initial burst of economic activity. But spikes in infection rates soon followed and those states’ economies are now lagging those in the Northeast as consumers have become more cautious.  (AP Photo/Steven Senne, file)

Boston Fed chief: States' rush to reopen slowed US recovery

Aug. 12, 2020 12:31 PM EDT

WASHINGTON (AP) — A top official at the Federal Reserve criticized the decision by many states to reopen businesses this spring before getting the virus fully under control, and said those choices have hindered an economic recovery in the U.S. Eric Rosengren, president of the Federal Reserve Bank of...