Latest Recessions and depressions News

Mozambique’s ex-finance minister gets another 2.5 years behind bars in ‘tuna bonds’ corruption case

Jan. 17, 2025 18:43 PM EST

NEW YORK (AP) — Mozambique’s former finance minister has been sentenced to serve another two-and-a-half years in prison by a U.S. court for his role in the “ tuna bond ” scandal that triggered a financial crisis in the struggling African nation. Manuel Chang, 69, was...

Pakistan's premier welcomes World Bank's 10-year funding plan of $20 billion

Jan. 15, 2025 09:20 AM EST

ISLAMABAD (AP) — Pakistan's prime minister on Wednesday welcomed the first-of-its-kind agreement with the World Bank under which Islamabad will get $20 billion in funding in 10 years to invest in renewable energy, education, and social sectors. In a post on the X platform, Shehbaz...

The leader of Sri Lanka navigates the China-India rivalry on a visit to Beijing

Jan. 15, 2025 07:45 AM EST

BEIJING (AP) — Sri Lanka and China signed a series of cooperation agreements on Wednesday following talks between their leaders, one month after Sri Lankan President Anura Kumara Dissanayake made India his first overseas trip since winning election last September. The support of...

Rising borrowing costs batter UK government and threaten to derail its left-leaning program

Jan. 15, 2025 07:17 AM EST

LONDON (AP) — Britain’s new government, which is already facing anger over higher taxes, unpopular spending decisions and political scandals just six months after taking office, is now being battered by rising borrowing costs that threaten to derail its left-leaning program. The...

Why is Spain considering a 100% tax on homes bought by non-EU buyers?

Jan. 14, 2025 13:24 PM EST

MADRID (AP) — Spain is planning a raft of measures to address its brewing housing crisis, including an up to 100% tax on properties bought by people who are neither citizens nor residents of the European Union. Spanish Prime Minister Pedro Sánchez announced the plan this week to...

Mark Carney all but says he's running to be Canada's next prime minister in a Jon Stewart interview

Jan. 14, 2025 03:22 AM EST

PALM DESERT, Calif. (AP) — Former central banker Mark Carney all but said he is running to be Canada’s next prime minister during an appearance on Jon Stewart's ‘The Daily Show’ on Monday night. This follows Justin Trudeau's resignation announcement on Jan. 6 after facing an...

Company linked to Alex Jones doubles offer to buy Infowars after failed bankruptcy auction

Jan. 13, 2025 15:23 PM EST

A company linked to conspiracy theorist Alex Jones is now offering over $7 million to buy his Infowars platforms, more than double what it proposed when it lost to The Onion satirical news outlet in a bankruptcy auction that was later voided by a judge, a lawyer in the case said Monday. ...

Puerto Rico's new governor appoints an energy czar to tackle the island's power crisis

Jan. 08, 2025 21:12 PM EST

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s new governor appointed a so-called energy czar on Wednesday to help pull the U.S. territory out of a power-supply crisis. The nomination of Josué Colón comes days after a massive blackout hit the island, leaving nearly all its 3.2...

US Justice Department accuses six major landlords of scheming to keep rents high

Jan. 07, 2025 20:10 PM EST

DENVER (AP) — The U.S. Justice Department is suing several large landlords for allegedly coordinating to keep Americans’ rents high by using both an algorithm to help set rents and privately sharing sensitive information with their competitors to boost profits. The lawsuit...

Massachusetts lawmakers approve bill to close loopholes in health care market

Dec. 31, 2024 14:41 PM EST

BOSTON (AP) — The Massachusetts Legislature approved a bill Monday aimed at closing loopholes in the state's health care market regulatory process exposed by the collapse of Steward Health Care. The bill is also designed to increase financial transparency by gathering more...