Latest Economy News

Death toll of children in Afghanistan quake rises to 155

Jun. 27, 2022 07:44 AM EDT

GAYAN, Afghanistan (AP) — The death toll of children in last week's devastating earthquake in southeastern Afghanistan has risen to at least 155, the United Nations said as the scope of the deadliest quake to hit the impoverished country in two decades comes into focus. The U.N.'s...

EXPLAINER: What's the impact of a Russian debt default?

Jun. 27, 2022 07:44 AM EDT

Russia is poised to default on its foreign debt for the first time since the Bolshevik Revolution more than a century ago, further alienating the country from the global financial system following sanctions imposed over its war in Ukraine. A 30-day grace period on interest payments...

Live updates | G7 to support Ukraine 'as long as it takes'

Jun. 27, 2022 07:42 AM EDT

ELMAU, Germany (AP) — The Latest on the G-7 summit, the annual meeting of the leading democratic economies, which this year is being held in the Bavarian Alps in Germany; and on the summit of NATO leaders that will start on Tuesday in Madrid: The Group of Seven leaders have pledged...

UK presses on with Brexit rules rewrite; EU calls it illegal

Jun. 27, 2022 07:37 AM EDT

LONDON (AP) — Britain is ramping up a feud with the European Union by pressing on with a plan to rip up parts of the post-Brexit trade deal it signed with the bloc. Legislation that rewrites trade rules for Northern Ireland is scheduled to get its first major House of Commons...

G-7 leaders confer with Zelenskyy, prep new aid for Ukraine

Jun. 27, 2022 07:35 AM EDT

ELMAU, Germany (AP) — Leading economic powers conferred by video link with Ukrainian President Volodymyr Zelenskyy on Monday as they underscored their commitment to Ukraine for “as long as it takes” with plans to pursue a price cap on Russian oil, raise tariffs on Russian goods and impose...

Editorial Roundup: Ohio

Jun. 27, 2022 07:14 AM EDT

Cleveland Plain Dealer. June 24, 2022. Editorial: Jon Husted should resign his seat on a private bank’s board of directors It is hard to understand how Ohio Lt. Gov. Jon Husted does not see a problem with serving as a paid board member for a private Ohio bank that...

World shares higher after rally on Wall Street

Jun. 27, 2022 06:34 AM EDT

BANGKOK (AP) — European shares were trading higher Monday after a day of gains in Asia. U.S. futures and oil prices also advanced. Leaders of the Group of Seven leading economic powers pledged financial, humanitarian and other support for Ukraine. Conferring by...

Sri Lanka sends 2 ministers to Russia for oil amid crisis

Jun. 27, 2022 06:14 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka is sending two government ministers to Russia to negotiate for fuel — one of the necessities nearly exhausted amid the Indian Ocean island nation's economic collapse. The development comes as Washington and its allies aim to cut off energy...

Cyberattack forces Iran steel company to halt production

Jun. 27, 2022 05:11 AM EDT

DUBAI, United Arab Emirates (AP) — One of Iran's major steel companies said on Monday it was forced to halt production after being hit by a cyberattack, apparently marking one of the biggest such assaults on the country's strategic industrial sector in recent memory. The...

EXPLAINER: G7 provides forum for like-minded democracies

Jun. 27, 2022 04:44 AM EDT

ELMAU, Germany (AP) — In 1975, leaders of the world’s wealthy democracies gathered to deal with an energy crisis sparked by a war and rampant inflation. Those same sore points are bedeviling their successors representing 46% of the global economy at this week's Group of Seven summit, with high...