Latest Financial crisis News

Venezuela's baseball season kicks off but virus takes a toll

Nov. 27, 2020 6:05 PM EST

CARACAS, Venezuela (AP) — Venezuela’s storied baseball season kicked off Friday — and an economic crisis and global pandemic will make it one for the record books. Stadiums that have long been a temporary escape from the South American country's mounting poverty and political turmoil were...

FILE - In this file photo dated Friday, Nov. 20, 2020, a woman wearing a face mask walks past mannequins wearing face masks in the window of a temporarily closed branch of the Topshop women's clothing chain during England's second coronavirus lockdown, in London.  Some 15,000 retailing jobs in Britain are in peril after Arcadia Group, owner of some of the country's best-known fashion chains like Topshop, confirmed Friday Nov. 27, 2020, that it is in talks about its future. (AP Photo/Matt Dunham, FILE)

UK retail empire of billionaire Philip Green teeters on edge

Nov. 27, 2020 12:00 PM EST

LONDON (AP) — The retail empire of tycoon Philip Green, which owns well-known British fashion chains like Topshop, appears to be on the brink of collapse following the economic shock of the coronavirus pandemic. In another blow to the British retailing industry in the run-up to the crucial Christmas...

Hungary, Poland uphold their veto to EU money mechanism

Nov. 26, 2020 3:07 PM EST

BUDAPEST, Hungary (AP) — The leaders of Hungary and Poland vowed Thursday to uphold their veto of the European Union’s next budget — and its massive pandemic relief fund — saying a mechanism that ties payment of funds to rule of law principles risks derailing the bloc. The EU has...

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. (AP Photo/Andrew Harnik, File)

Awaiting Yellen at Treasury: Yet another daunting crisis

Nov. 24, 2020 12:01 AM EST

WASHINGTON (AP) — Janet Yellen is in line for another top economic policy job — just in time to confront yet another crisis. Yellen, President-elect Joe Biden's apparent choice for treasury secretary, served on the Federal Reserve's policymaking committee during the 2008-2009 financial crisis that...

FILE - In this June 2, 2014 file photo, Willie Walsh, chief executive officer for International Airlines Group, speaks during a panel discussion of the 70th International Air Transport Association (IATA) in Doha, Qatar.   The International Air Transport Association said Monday, Nov. 23, 2020,  that Alexandre de Juniac will leave as CEO and director general next March 31. The group's governors plan to recommend de Juniac be replaced by Walsh. A resolution naming Walsh to the job is expected to be presented at the airline group’s annual meeting this week.   (AP Photo/Osama Faisal)

Ex-British Airways CEO poised to lead airline trade group

Nov. 23, 2020 3:03 PM EST

GENEVA (AP) — The CEO of the main trade group for global airlines will step down next March, and organization officials are supporting a former British Airways CEO to replace him. The change in leadership comes as airlines confront their worst financial crisis ever because of the coronavirus pandemic,...

President Barack Obama shakes hands with President-elect Donald Trump in the Oval Office of the White House in Washington, Thursday, Nov. 10, 2016. President Trump and his allies are harking back to his own transition four years ago to make a false argument that his own presidency was denied a fair chance for a clean launch. Press secretary Kayleigh McEnany laid out the case from the White House podium last week. Obama, who had portrayed Trump as an existential threat to the nation, invited the president-elect to the White House and visited with him in the Oval Office. Obama's aides also offered help to Trump's incoming staffers. (AP Photo/Pablo Martinez Monsivais)

Trump team making false argument about his 2016 transition

Nov. 22, 2020 2:10 PM EST

WASHINGTON (AP) — It’s not just President-elect Joe Biden’s transition that’s under a microscope. President Donald Trump and his allies are harking back to his own transition four years ago to make a false argument that his own presidency was denied a fair chance for a clean launch....

Cyclists ride along a quiet Oxford Street, London, where the majority of shops are closed as England continues a four week national lockdown to curb the spread of coronavirus,  Saturday, Nov. 21, 2020. (Dominic Lipinski/PA via AP)

UK Treasury chief shows no sign of turning off spending taps

Nov. 22, 2020 11:18 AM EST

LONDON (AP) — The U.K’s treasury chief batted away speculation Sunday that he is about to turn off the spending that has buoyed the economy during the COVID-19 pandemic, saying now is not the time to worry about the government’s record peacetime borrowing. Rishi Sunak used appearances on...

FILE - In this April 23, 2020 file photo, Lebanese riot police stand guard in front the central bank building, where the anti-government protesters protest against the Lebanese central bank's governor Riad Salameh and the deepening financial crisis, in Beirut, Lebanon. A New-York-based company that was contracted by Lebanon's government to conduct a forensic audit of the country's central bank has decided to pull out of the deal because it was not able to acquire needed information and documents, Lebanese outgoing finance minister said Friday, Nov. 20, 2020. (AP Photo/Hussein Malla, File)

NY-based company pulls out of Lebanon bank's forensic audit

Nov. 20, 2020 11:24 AM EST

BEIRUT (AP) — A New-York-based company contracted by the Lebanese government to conduct a forensic audit of the country’s central bank has decided to pull out of the deal because it was not able to acquire requested information and documents, Lebanon's outgoing finance minister said Friday. The...

The Parthenon temple is illuminated atop of the Acropolis hill as a ferry approaches the port of Piraeus as another one departs in Athens, Monday, Oct. 26, 2020. (AP Photo/Thanassis Stavrakis)

Barely out of crisis, Greek economy hammered by new lockdown

Nov. 20, 2020 11:21 AM EST

Greece has downgraded its forecasts for the economy this year to include the impact of a second lockdown, and says the national debt is now expected to exceed 200% of annual output. The Finance Ministry on Friday said that it expects the economy to contract by 10.5% in 2020 and rebound by a modest 4.8% next year,...

President-elect Joe Biden, accompanied by Vice President-elect Kamala Harris, prepares to speak at The Queen theater, Thursday, Nov. 19, 2020, in Wilmington, Del. (AP Photo/Andrew Harnik)

The Latest: Romney slams Trump efforts as 'undemocratic'

Nov. 19, 2020 11:26 PM EST

WASHINGTON (AP) — The Latest on President-elect Joe Biden (all times local): 11 p.m. Two Republican senators are criticizing President Donald Trump and his team for their efforts to pressure state and local election officials to overturn President-elect Joe Biden’s victories in several closely...