Latest Economy News

Federal plan to end state mileage standards draws criticism

Sep. 18, 2019 1:16 AM EDT

WASHINGTON (AP) — The Trump administration is poised to revoke California's authority to set auto mileage standards, asserting that only the federal government has the power to regulate greenhouse gas emissions and fuel economy. Conservative and free-market groups have been asked to attend a formal...

Asian stocks rise after oil falls, Wall Street advances

Sep. 18, 2019 12:41 AM EDT

BEIJING (AP) — Asian stock prices rose Wednesday after oil prices fell back and Wall Street advanced. Benchmarks in Tokyo, Shanghai and Hong Kong all gained. Markets steadied following a decline Tuesday in crude prices that spiked after a weekend attack on a Saudi soil facility. The Saudi oil minister said...

Fed likely to cut rates a 2nd time as economic threats loom

Sep. 18, 2019 12:19 AM EDT

WASHINGTON (AP) — The Federal Reserve looks poised to cut interest rates for a second time Wednesday to help extend the economic expansion in the face of global weakness, President Donald Trump's trade war with China and geopolitical risks such as the attacks on Saudi Arabia's oil facilities. The modest...

Sanders-Biden feud ramps up in front of key union audience

Sep. 17, 2019 11:47 PM EDT

PHILADELPHIA (AP) — The high-stakes fight for working-class voters moved to Pennsylvania on Tuesday as a slate of Democratic White House hopefuls vowed to use the power of the presidency to crack down on corporate America and strengthen organized labor. But beneath all the agreement at the AFL-CIO...

South Korea downgrades Japan trade status as dispute deepens

Sep. 17, 2019 11:46 PM EDT

SEOUL, South Korea (AP) — South Korea on Wednesday dropped Japan from a list of countries receiving fast-track approvals in trade, a reaction to Tokyo's decision to downgrade Seoul's trade status amid a tense diplomatic dispute. South Korea' trade ministry said Japan's removal from a 29-member "white list"...

The Latest: Saudi minister: 50% of crude reduction restored

Sep. 17, 2019 8:56 PM EDT

DUBAI, United Arab Emirates (AP) — The Latest on tensions in the Persian Gulf and the fallout after weekend attack on major oil sites in Saudi Arabia (all times local): 10 p.m. Saudi Arabia's energy minister says 50% of the production cut by the attack on its oil processing plant has been restored. Prince...

FedEx profit falls, company cites uncertainty over trade

Sep. 17, 2019 7:49 PM EDT

DALLAS (AP) — Profit at FedEx fell 11% in its fiscal first quarter, as the package delivery company was buffeted by slower economic growth and the loss of business from retail giant Amazon. The results fell short of Wall Street expectations, and the company lowered its forecast for earnings through next...

Trump strains to balance diplomacy, military threat to Iran

Sep. 17, 2019 6:48 PM EDT

WASHINGTON (AP) — The Trump administration tried to balance diplomacy with fresh talk of military action Tuesday in response to the fiery missile and drone attack on the heart of Saudi Arabia's oil industry — a strike marking the most explosive consequence yet of the "maximum pressure" U.S. economic...

Democrats push ahead with short-term bill to avoid shutdown

Sep. 17, 2019 6:44 PM EDT

WASHINGTON (AP) — Democrats controlling the House are steering clear of controversy in a short-term, government-wide spending measure that's needed to prevent a government shutdown at the end of September. House Speaker Nancy Pelosi has agreed to a White House request to replenish funds for bailout...

Progress reported in contract talks between GM, union

Sep. 17, 2019 6:26 PM EDT

DETROIT (AP) — Faced with weakening sales, a deteriorating global economy and an unpredictable trade war, General Motors and striking auto workers appeared to be making progress Tuesday toward a four-year labor contract. The two-day walkout by 49,000 workers brought to a standstill more than 50 factories...