Latest Recessions and depressions News
Average rate on a 30-year mortgage climbs for the first time since late May to just under 7%
LOS ANGELES (AP) — The average rate on a 30-year mortgage rose this week, pushing up borrowing costs on a home loan for the first time since late May. The rate rose to 6.95% from 6.86% last week, mortgage buyer Freddie Mac said Wednesday. A year ago, the rate averaged 6.81%. ...
Small businesses could find filing for bankruptcy more difficult as government program expires
NEW YORK (AP) — A type of bankruptcy protection filing that made it easier for small businesses to seek relief has expired, which will complicate filing for small businesses with more than $3 million in debt. The filing type, known as Subchapter V, is cheaper and less...
Rhode Island tackles housing shortage by making it easier to add rental units on to homes
BOSTON (AP) — A new state law designed to streamline the process of developing accessory dwelling units — also known as “granny flats” or “in-law apartments” — is being hailed by advocates as a way to create affordable living spaces amid an ongoing housing crunch. The...
TV personality Carlos Watson testifies in his trial over collapse of startup Ozy Media
NEW YORK (AP) — Former TV host Carlos Watson told a jury Monday he never schemed to con backers of his Ozy Media, a once high-flying startup that crashed in a storm of doubt about its business tactics and claims of success. “Mr. Watson, did you conspire to commit securities...
Economic turmoil in Bolivia fuels distrust in government and its claim of a 'failed coup'
LA PAZ, Bolivia (AP) — Signs reading “I'm buying dollars” line the doors of Víctor Vargas’ shoe shop in the heart of Bolivia’s biggest city, a desperate attempt to keep his family business alive. Just a few years ago, the 45-year-old Vargas would unlock the doors at 8 a.m....
Market for newly built homes slows as elevated mortgage rates put off many home shoppers
LOS ANGELES (AP) — Homebuilders who bucked the worst of last year’s housing slump may be seeing their luck run out. After showing signs of strengthening early this year, sales of new U.S. homes fell in April and May from a year earlier by 7.7% and 16.5%, respectively. ...
Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France
COLOMBO, Sri Lanka (AP) — Sri Lanka’s President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. The agreement marks a key step in the country’s economic recovery after defaulting...
Consumer confidence in U.S. falls in June as Americans fret about near-term prospects
American consumers lost some confidence in June as expectations over the near-term future fell again. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell in June to 100.4 from 101.3 in May. The index's decline was not quite as bad as...
Yellen announces efforts to boost the housing supply as high prices create a crunch
WASHINGTON (AP) — The Biden administration announced new steps to increase access to affordable housing as still-high prices on groceries and other necessities and high interest rates have dramatically pushed up the cost of living in the post-pandemic years. Treasury Secretary...
Bankruptcy judge approves sale of Express Inc to group led by WHP Global
NEW YORK (AP) — A U.S. bankruptcy judge has approved the sale of the majority of Express Inc. 's operations to a consortium led by brand acquisition and management firm WHP Global — providing a lifeline to the struggling retailer and its hundreds of remaining stores. The offer...
