Latest Economy News

A currency trader talks near the screens showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea, Wednesday, May 27, 2020. Major Asian stock markets have declined as US-Chinese tension over Hong Kong competes with optimism about recovery from the coronavirus pandemic. (AP Photo/Lee Jin-man)

Wall Street opens higher on economic stimulus hopes

May. 27, 2020 9:40 AM EDT

Stocks are opening higher on Wall Street Wednesday, led by financial stocks. Global stock markets are rising after the European Union proposed more economic stimulus. European markets rose Wednesday after the EU commission proposed a new 750 billion-euro ($825 billion) package of financial aid meant to help the...

Workers spray disinfectant in front of the MADE, a major club in the international tourist district of Itaewon, in Seoul, South Korea, on May 12, 2020. As South Korea significantly relaxes its rigid social distancing rules as a result of waning coronavirus cases, the world is paying close attention to whether it can return to something that resembles normal - or face a virus resurgence. Already, a mini-outbreak linked to nightclubs in Seoul has tested South Korea’s widely praised method for dealing with the disease _ essentially a combination of rapid tracing, testing and treatment, along with stringent social distancing practices. (Lim Hun-jung/Yonhap via AP)

Spike in South Korea virus cases shows perils of reopening

May. 27, 2020 9:34 AM EDT

SEOUL, South Korea (AP) — As Mediterranean beaches and Las Vegas casinos laid out plans to welcome tourists again, South Korea announced a spike in new infections Wednesday and considered reimposing social distancing restrictions, revealing the setbacks ahead for other nations on the road to reopening. ...

Women wear face masks amid the new coronavirus pandemic as they wait for a quick test at a COVID-19 testing site set up on a public school's basketball court in the Estrutural neighborhood of Brasilia, Brazil, Tuesday, May 26, 2020. According to officials, the objective is to expand surveillance and the tracking of possible asymptomatic positive cases, especially in poor, remote areas. (AP Photo/Eraldo Peres)

What you need to know today about the virus outbreak

May. 27, 2020 9:29 AM EDT

Las Vegas casinos plan to welcome tourists again on June 4. South Korea on Wednesday announced a spike in new infections and considered reimposing social distancing restrictions, revealing the setbacks ahead for others on the road to reopening. The European Union was unveiling a massive stimulus package for the...

Stimulus funds expected to cover Norfolk airport shortfalls

May. 27, 2020 9:05 AM EDT

NORFOLK, Va. (AP) — Norfolk International Airport is expecting a steep drop in revenue because of the coronavirus pandemic. But the losses should be covered by federal stimulus money. The Virginian-Pilot reported Tuesday that the airport anticipates its budget to be off by $10 million this coming fiscal...

European Commission President Ursula von der Leyen, right, gestures hello to an MEP prior to addressing the European Parliament plenary in Brussels, Wednesday, May 27, 2020. The European Union is to unveil Wednesday a massive coronavirus recovery plan worth hundreds of billions of euros to help countries rebuild their ailing economies, but the bloc remains deeply divided over what conditions should be attached to the funds. (AP Photo/Olivier Matthys)

EU proposes 750 billion-euro coronavirus recovery fund

May. 27, 2020 9:05 AM EDT

BRUSSELS (AP) — The European Union proposed Wednesday a 750 billion-euro ($825 billion) recovery fund to help countries weather a painful recession triggered by the coronavirus and bridge divisions over the conditions that should be attached for access to the money. The fund, to be mostly made up of grants...

Diana Rubito, foreground, plays with her son Bryce in the afternoon sun where they had the beach nearly all to themselves Tuesday afternoon, May 26, 2020 in Auburn, Maine. There were not many people swimming and taking advantage of the ideal weather at Crescent Beach Tuesday.   (Russ Dillingham/Sun Journal via AP)

Maine test maker to expand; jobless claims are investigated

May. 27, 2020 9:03 AM EDT

WESTBROOK, Maine (AP) — A company that makes rapid-result tests for the new coronavirus plans to add a new production center in Westbrook. Abbott Laboratories is renovating and expanding a building that was used as a sporting goods distribution center. The building will be converted into a manufacturing...

Japan's Prime Minister Shinzo Abe speaks during a meeting of government and ruling party officials at his office in Tokyo Wednesday, May 27, 2020. Japan’s Cabinet has approved a proposed 32 trillion-yen ($296 billion) supplementary budget to help fund measures to cushion the blow to the economy from the coronavirus pandemic. (Kyodo News via AP)

The Latest: Japan approves largest budget for combined $2.1T

May. 27, 2020 8:53 AM EDT

The Latest on the coronavirus pandemic. The new coronavirus causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems, it can cause more severe illness or death. TOP OF THE HOUR: — Virus expands grip in many areas, US nears 100,000 deaths....

Japan's Prime Minister Shinzo Abe speaks during a meeting of government and ruling party officials at his office in Tokyo Wednesday, May 27, 2020. Japan’s Cabinet has approved a proposed 32 trillion-yen ($296 billion) supplementary budget to help fund measures to cushion the blow to the economy from the coronavirus pandemic. (Kyodo News via AP)

Japan OKs funds for $1.1T stimulus to fight pandemic woes

May. 27, 2020 8:42 AM EDT

TOKYO (AP) — Japan’s Cabinet approved a proposed 32 trillion yen ($296 billion) supplementary budget on Wednesday to help fund $1.1 trillion in measures to cushion the blow to the economy from the coronavirus pandemic. The extra funding under consideration includes support for small businesses,...

Legislator seeking Pritzker recall due to unemployment woes

May. 27, 2020 6:10 AM EDT

SPRINGFIELD, Ill. (AP) — An Illinois Republican state representative on Tuesday announced plans to seek the recall of Gov. J.B. Pritzker because of woes in the state’s unemployment office. An influx of jobless claims prompted by the closing of nonessential businesses because of the spread of the...

This May 10, 2020 photo shows locusts swarming over city and near by area in Ajmer, Rajasthan, India. More than half of Rajasthan's districts are affected by this worst attack. An invasion of locust swarms is posing a challenge to India’s farmers who are already struggling with economic instability due to the virus lockdown. Authorities estimate that desert locusts have engulfed more than 40,000 hectares in seven of India’s heartland states, raising concerns among farmers about the upcoming summer crop. (AP Photo/Deepak Sharma)

Swarms of desert locusts threaten India's summer crops

May. 27, 2020 3:12 AM EDT

NEW DELHI (AP) — An invasion by swarms of desert locusts has devastated crops in India's heartland, threatening an already vulnerable region that is struggling with the economic cost of coronavirus lockdown. The situation has been particularly grim in central India's Rajasthan, where millions of locusts...