Latest Financial crisis News

G-7 pledge to share, but jostle for ground in the sandbox

Jun. 11, 2021 19:29 PM EDT

CARBIS BAY, England (AP) — Group of Seven leaders brought pledges to share vaccine doses and make a fairer global economy Friday to a seaside summit in England, where British Prime Minister Boris Johnson said the coronavirus pandemic should not be allowed to leave a “lasting scar” on...

Pharmacies close doors over shortages in crises-hit Lebanon

Jun. 11, 2021 11:41 AM EDT

BEIRUT (AP) — Pharmacies across Lebanon shuttered their doors on Friday to protest severe shortages of medicines as motorists lined up for hours outside gas stations since the crack of dawn. The two-day strike called by pharmacists over lack of supplies, including...

No more kidney dialysis? Lebanese hospitals issue warning

Jun. 10, 2021 11:02 AM EDT

BEIRUT (AP) — Hospitals in Lebanon warned Thursday they may be forced to suspend kidney dialysis next week due to severe shortages in supplies, the latest in Lebanon’s accelerating crises and collapsing health sector. Lebanon is grappling with an unprecedented...

Thai lawmakers approve $16B in borrowing to fight COVID-19

Jun. 10, 2021 10:09 AM EDT

BANGKOK (AP) — Thailand’s House of Representatives on Thursday approved a bill that would allow the government to borrow up to 500 billion baht ($16 billion) to deal with the economic fallout and medical costs of the coronavirus. About 300 billion baht ($9.6 billion)...

In Lebanon, a search for medicine and a stranger's help

Jun. 09, 2021 07:34 AM EDT

To all the struggles of life in Lebanon — the pandemic, the power outages, the inflation, the punishing financial and political crises — add one more: shortages of crucial medications. But as residents struggle to find the medicines they need, some are finding that...

Biden to launch task force on bottlenecks in supply chains

Jun. 08, 2021 21:21 PM EDT

WASHINGTON (AP) — After completing a review of supply chains, the Biden administration announced Tuesday that it was forming a task force to address the bottlenecks in the semiconductor, construction, transportation and agriculture sectors. Administration officials said...

Lebanon grants limited access to bank deposits amid crisis

Jun. 08, 2021 13:12 PM EDT

BEIRUT (AP) — Lebanon’s central bank said Tuesday that depositors will be allowed to withdraw limited monthly amounts from their foreign currency accounts, nearly 20 months after banks denied them access amid a severe financial crisis. The move is a small step toward...

China pledges further COVID-19 aid to Southeast Asia

Jun. 08, 2021 06:23 AM EDT

BEIJING (AP) — China on Tuesday pledged further assistance to Southeast Asian nations in battling the coronavirus pandemic as it seeks to boost influence with the region where the United States is also looking to strengthen ties. Chinese Foreign Minister Wang Yi told...

State media: Kim has plans to stabilize N. Korean economy

Jun. 08, 2021 00:39 AM EDT

SEOUL, South Korea (AP) — North Korean leader Kim Jong Un presented economic plans to senior ruling party officials before an upcoming meeting to review efforts to overcome hardships brought about by the pandemic, state media said Tuesday. The Korean Central News Agency...

Bosch opens $1.2B semiconductor factory in eastern Germany

Jun. 07, 2021 12:32 PM EDT

BERLIN (AP) — German technology company Bosch on Monday opened a 1 billion euro ($1.2 billion) chip factory in the eastern city of Dresden to help meet the growing demand for semiconductors. A global shortage of semiconductors has forced major auto companies such as...