Latest Economy News

In major rebuke, ASEAN downgrades Myanmar presence at summit

Oct. 16, 2021 12:01 PM EDT

KUALA LUMPUR, Malaysia (AP) — Southeast Asian foreign ministers have agreed to downgrade Myanmar's participation in an upcoming summit in their sharpest rebuke yet of its leaders following a Feb. 1 military takeover. The Association of Southeast Asian Nations will...

COVID-19 underscores need to diversify Tahoe tourist economy

Oct. 16, 2021 11:12 AM EDT

RENO, Nev. (AP) — The COVID-19 pandemic helped expose the growing vulnerability of Lake Tahoe’s increasingly tourism-dependent economy as housing costs balloon, year-round residency declines and more workers commute from afar or seek jobs elsewhere, a new report says. ...

Cyprus, Egypt sign deal to speed up electricity grid linkage

Oct. 16, 2021 08:48 AM EDT

NICOSIA, Cyprus (AP) — An undersea cable linking the electricity grids of Cyprus and Egypt could be key to helping both countries transition to a green economy and meet their commitments on battling climate change, the Cypriot energy minister said Saturday. Minister...

Analysis: Beirut street battles may spell even darker times

Oct. 16, 2021 03:09 AM EDT

BEIRUT (AP) — The most powerful men in Lebanese politics have been in charge for decades, some since the early 1970s. They’ve survived civil war, assassinations, uprisings and other turmoil, hanging on to power for decades in a turbulent, unforgiving region. Now,...

Company behind Tether 'token' fined $41M by US regulators

Oct. 15, 2021 19:04 PM EDT

The company behind a digital token called Tether has agreed to pay $41 million to settle charges that it misled investors by claiming the token was fully backed at all times by U.S. dollars and other fiat currencies. The Commodity Futures Trading Commission said Friday it...

Stocks end higher, giving S&P 500 its best week since July

Oct. 15, 2021 16:46 PM EDT

Wall Street added to its recent gains Friday as stocks closed higher, driving the S&P 500 to its best week since July. The S&P 500 rose 0.7% for its third straight gain and ended the week 1.8% higher. The Dow Jones Industrial Average rose 1.1% and the Nasdaq...

US, allies step up pressure on Iran to return to nuke talks

Oct. 15, 2021 16:06 PM EDT

WASHINGTON (AP) — The United States and its closest partners are stepping up pressure on Iran to return to stalled nuclear negotiations, warning that it will face greater international isolation, new economic penalties and possibly military action if it forges ahead with its atomic program....

Retail sales climb despite rising prices, supply issues

Oct. 15, 2021 16:04 PM EDT

NEW YORK (AP) — Americans continued to spend at a solid clip in September even while facing sticker shock in grocery aisles, car lots and restaurants as snarled global supply chains slow the flow of goods. Retail sales rose a seasonally adjusted 0.7% in September from...

Governor releases vision of Rhode Island's future

Oct. 15, 2021 14:44 PM EDT

PROVIDENCE, R.I. (AP) — Gov. Dan McKee on Friday released a working draft of his administration's vision for Rhode Island's future. The 55-page RI2030 plan looks at spurring economic growth, strengthening education, addressing climate change, prioritizing housing, and...

Lebanon buries 7 killed amid street battles over port probe

Oct. 15, 2021 14:22 PM EDT

BEIRUT (AP) — Lebanon on Friday mourned seven people killed in gunbattles on the streets of Beirut the previous day, a confrontation that erupted over a long-running probe into last year’s massive port blast in the city and raised fears of the country being drawn into further violence. ...