Latest Financial crisis News

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...

Lebanese PM asks friendly nations for credit amid crisis

Dec. 6, 2019 8:57 AM EST

BEIRUT (AP) — Lebanon's outgoing prime minister called on several Arab and world leaders Friday to help his country secure credit lines for imports from friendly nations as the tiny Mediterranean country passes through its worst economic and financial crisis in decades. According to a statement released by...

UN says Zimbabwe’s cash shortage hurts aid delivery efforts

Dec. 5, 2019 11:21 AM EST

HARARE, Zimbabwe (AP) — The World Food Program says Zimbabwe’s cash shortage complicates efforts to rush aid to millions of people facing severe hunger. The U.N. agency’s country director Eddie Rowe said Thursday that challenges in accessing cash have delayed aid delivery to parts of the...

Retired government workers decry pension-solvency proposal

Dec. 4, 2019 5:00 PM EST

SANTA FE, N.M. (AP) — An advocacy group for retired public employees assailed core provisions of a pension reform proposal in defiance of recommendations by the governor, at a legislative hearing Wednesday. Miguel Gómez, executive director of Retired Public Employees of New Mexico that represents more...

Lebanese central bank slashes interest rates amid crisis

Dec. 4, 2019 1:27 PM EST

BEIRUT (AP) — Lebanon’s central bank on Wednesday dramatically lowered interest rates on dollar and Lebanese pound deposits and loans — the latest measure to shore up the country’s banking system amid a burgeoning economic crisis. Banque de Liban also announced that for the next six...

Lebanon’s outgoing PM backs businessman to replace him

Dec. 3, 2019 8:27 PM EST

BEIRUT (AP) — Lebanon’s outgoing Prime Minister Saad Hariri said Tuesday he supports the nomination of a prominent contractor to become the next premier, a move that will likely pave the way for the formation of a new Cabinet amid a severe economic and financial crisis. The news of the possible...

Rio Treaty nations move to further isolate Venezuela

Dec. 3, 2019 7:56 PM EST

BOGOTA, Colombia (AP) — Representatives from over a dozen nations that are signatories to a Cold War-era defense treaty for the Americas moved Tuesday to further isolate close allies of Venezuelan President Nicolás Maduro with targeted sanctions. The 1947 Rio Treaty signatories vowed to cooperate in...

Trump against the world: A snapshot of his trade disputes

Dec. 3, 2019 4:31 PM EST

WASHINGTON (AP) — There are lots of ways, it seems, to land on one of President Donald Trump’s tariff hit lists. Countries can allegedly steal U.S. trade secrets. Or they can introduce a tax that the Trump administration doesn’t like. Or they can be unlucky enough to find themselves in such...

UN says half of Zimbabwe’s people face severe hunger

Dec. 3, 2019 8:44 AM EST

HARARE, Zimbabwe (AP) — About half of Zimbabwe’s population faces severe hunger amid a devastating drought and economic collapse, the United Nations said Tuesday, noting a “vicious cycle of skyrocketing malnutrition that’s hitting women and children hardest.” The World Food...