Latest Financial crisis News

FILE - In this Tuesday, Feb. 11, 2020 file photo, a firefighter looks before entering a bank that was set on fire by anti-government protesters, as a riot policeman passes by, during a protest in downtown Beirut, Lebanon. Fitch Ratings said Tuesday, Feb. 18, 2020, that Lebanon's financial position points to a likely restructuring of the country's massive debt and financial sector as the Arab nation passes though its worst financial and economic crisis in decades. (AP Photo/Hussein Malla, File)

Fitch Ratings: Lebanon finances point to debt restructuring

Feb. 18, 2020 11:21 AM EST

BEIRUT (AP) — Lebanon's financial situation points to a likely restructuring of the country's massive debt and financial sector to preserve declining foreign currency reserves, Fitch Ratings said Tuesday. The credit rating agency's report comes as Lebanese officials are debating whether to pay back $1.2...

FILE - In this Feb. 17, 2020, file photo, commuters ride in a quiet subway train during the morning rush hour in Beijing. As many Chinese finally go back to work after their longest Lunar New Year holiday ever, the economic fallout from the outbreak of a new coronavirus that began in Wuhan may be just beginning. Companies are warning their bottom lines will take a hit, and governments are ramping up stimulus measures for economies that just weeks ago were hoping to see recoveries after months of uncertainty due to trade tensions and slowing global growth. (AP Photo/Andy Wong, File)

China virus outbreak chilling recovery for Asian economies

Feb. 18, 2020 6:47 AM EST

BANGKOK (AP) — The virus outbreak in China has put South Korea's economy into an "emergency situation," its president says. Japan is on the brink of recession and big manufacturers are forecasting a whole world of woe. As many Chinese finally go back to work after their longest Lunar New Year holiday...

Democratic presidential candidate Mike Bloomberg gives his thumbs-up after speaking during a campaign event at Hardywood Park Craft Brewery in Richmond, Va., Saturday, Feb. 15, 2020. (James H. Wallace/Richmond Times-Dispatch via AP)

Bloomberg takes veiled swipe at rival's aggressive loyalists

Feb. 17, 2020 11:11 AM EST

CARSON CITY, Nev. (AP) — With the Nevada caucuses less than a week away, Democratic presidential candidates campaigning were fixated on a rival who wasn't contesting the state. Bernie Sanders, Joe Biden, Amy Klobuchar, Elizabeth Warren and Pete Buttigieg all went after billionaire Mike Bloomberg and made...

European Central Bank President Christine Lagarde addresses European Parliament lawmakers during a monetary dialogue meeting at the European Parliament in Brussels, Thursday, Feb. 6, 2020. (AP Photo/Francisco Seco)

Negative interest rates turn saving, borrowing upside down

Feb. 14, 2020 11:00 AM EST

FRANKFURT, Germany (AP) — Imagine a mortgage that pays you the interest, not the other way around. Or a savings account where it's the bank, not the saver, who collects interest. Welcome to the upside-down world of ultra-low and negative interest rates that is taking hold in many parts of the world where...

Cyprus' President Nicos Anastasiades, center, and Mustafa Akinci, centre right, the leader of the ethnically divided island's breakaway Turkish Cypriots, attend an exhibition of culturally significant paintings and audio visual recordings that were recently exchanged as part of an effort to boost confidence between the ethnically divided island nation's two communities, at the Ledra Palace Hotel inside the UN controlled buffer zone in divided capital Nicosia, Cyprus, Monday, Feb. 3, 2020. (AP Photo/Petros Karadjias)

Cyprus struggles to ease problem of bad loans

Feb. 14, 2020 9:28 AM EST

NICOSIA, Cyprus (AP) — Defaulted loans are a prime economic issue for Cyprus, which since a 2013 financial crisis has seen overdue payments weigh on consumers and banks. Yet a government scheme to ease the problem has not been embraced by borrowers as hoped. Just over 5,600 applications to the ESTIA scheme...

Democratic presidential candidate and former New York City Mayor Mike Bloomberg greets supporters after speaking at a campaign event in Raleigh, N.C., Thursday, Feb. 13, 2020. (AP Photo/Gerald Herbert)

2020 Democrats step up attacks to blunt Bloomberg's rise

Feb. 14, 2020 7:31 AM EST

WASHINGTON (AP) — Democratic presidential candidates hoping to revive their flagging campaigns increasingly took aim at Mike Bloomberg, blasting their billionaire rival for trying to buy his way into the White House and raising questions about his commitment to racial equality. Struggling to recover from...

FILE - In this Thursday, Sept. 11, 2014 file photo, an exterior view of a Royal Bank of Scotland (RBS) logo at their offices in London. The majority state-owned U.K. bank RBS announced a name change on Friday, Feb. 14, 2020 as it tries to leave behind its near-collapse during the 2008 financial crisis. The bank said it will now be known as NatWest Group PLC, shedding the 300-year-old Royal Bank of Scotland name. (AP Photo/Matt Dunham, file)

RBS changes name to NatWest in bid to shed legacy of bailout

Feb. 14, 2020 5:57 AM EST

LONDON (AP) — The majority state-owned U.K. bank RBS announced a name change on Friday as it tries to leave behind its near-collapse during the 2008 financial crisis. The bank said it will now be known as NatWest Group Plc, shedding the 300-year-old Royal Bank of Scotland name. The Edinburgh-based lender...

South African President Cyril Ramaphosa delivers his State of the Nation Address in Cape Town, South Africa, Thursday, Feb. 13, 2020. (Sumaya Hisham/Pool Photo via AP)

South Africa seeks more renewable energy amid power cuts

Feb. 13, 2020 3:42 PM EST

JOHANNESBURG (AP) — South Africa’s president said Thursday the coal-dependent country will turn to more renewable energy as one way to help ease power cuts that have “severely set back” efforts to rebuild the weak economy. But he warned of more blackouts in the immediate future. South...

FILE - In this Feb. 3, 2020, photo, Democratic presidential candidate and former New York City Mayor Michael Bloomberg, right, talks with supporters during a campaign stop in Sacramento, Calif. (AP Photo/Rich Pedroncelli)

Bloomberg once blamed end of 'redlining' for 2008 collapse

Feb. 13, 2020 11:59 AM EST

WASHINGTON (AP) — At the height of the 2008 economic collapse, then-New York Mayor Michael Bloomberg said the elimination of a discriminatory housing practice known as “redlining” was responsible for instigating the meltdown. “It all started back when there was a lot of pressure on...

In this photo released by the Lebanese Government, Lebanon's Finance Minister Ghazi Wazni speaks during a press conference, at the Presidential Palace in Baabda, east of Beirut, Lebanon, Thursday, Feb. 13, 2020. Wazni said Thursday that its new government is weighing whether to pay or default on its $1.2 billion Eurobond maturing next month, amid an economic crisis that has sparked months of unrest. (Dalati Nohra/Lebanese Government via AP)

To pay or not to pay: Lebanon weighs Eurobond debt

Feb. 13, 2020 10:09 AM EST

BEIRUT (AP) — Lebanon's finance minister said Thursday the country's new government is weighing whether to pay or default on its $1.2 billion Eurobond debt, which matures next month, amid an economic crisis that has sparked months of unrest. Lebanon is grappling with its worst financial crisis since the...