Latest Financial crisis News

SC budget negotiators have almost $1B more to talk about

May. 24, 2022 16:08 PM EDT

COLUMBIA, S.C. (AP) — The South Carolina lawmakers negotiating big gap s between the House and Senate versions of the state budget received a big gift Tuesday as the state's economy continued to do better than predicted. South Carolina can now expect to have about $950 million more...

US to end Russia's ability to pay international investors

May. 24, 2022 16:07 PM EDT

WASHINGTON (AP) — The U.S. will close the last avenue for Russia to pay its billions in debt back to international investors on Wednesday, making a Russian default on its debts for the first time since the Bolshevik Revolution all but inevitable. The Treasury Department said in a...

Lebanon currency hits new low after vote, crisis deepens

May. 24, 2022 11:08 AM EDT

BEIRUT (AP) — Lebanon’s currency hit a new low Tuesday as deep divisions within the newly elected parliament raised concerns that political paralysis could further exacerbate one of the worst economic meltdowns in history. The legislature elected May 15 showed no clear majority...

More turn to UK food banks as food and fuel bills soar

May. 24, 2022 08:20 AM EDT

LONDON (AP) — For many struggling families, older people and the homeless, Michelle Dornelly’s food hub in east London has been a lifeline. Since the COVID-19 pandemic hit Britain, she has been collecting surplus groceries from supermarkets and distributing them to people who can't afford to...

Sri Lanka arrests 67 suspected to be heading to Australia

May. 24, 2022 06:07 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s navy said Tuesday that it has arrested 67 people who it believes were trying to travel by sea to Australia illegally. The navy said in a statement that 12 men were arrested first near the port town of Trincomalee, 260 kilometers (160 miles)...

India ships rice, other essentials to crisis-hit Sri Lanka

May. 23, 2022 21:01 PM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka received a first consignment of a $16 million humanitarian aid package from neighboring India to help mitigate severe shortages caused by the country’s worst economic crisis in recent memory. Gopal Baglay, the Indian envoy to Sri Lanka,...

Davos updates | Urgent need in Afghanistan is saving economy

May. 23, 2022 15:21 PM EDT

DAVOS, Switzerland (AP) — Two high-level speakers at the World Economic Forum gathering say Afghanistan’s most urgent need is saving its economy from complete collapse. Achim Steiner, administrator of the United Nations Development Program, said Monday in Davos that “we cannot...

Final-hour rally yanks Wall Street from maw of bear market

May. 20, 2022 21:57 PM EDT

NEW YORK (AP) — Wall Street rumbled to the edge of a bear market Friday after another drop for stocks briefly sent the S&P 500 more than 20% below its peak set early this year. The S&P 500 index, which sits at the heart of most workers’ 401(k) accounts, was down as much...

Florida lawmakers to meet for session on property insurance

May. 20, 2022 16:54 PM EDT

TALLAHASSEE, Fla. (AP) — Florida lawmakers return to the Capitol next week for a special legislative session aimed at addressing problems in the state’s turbulent property insurance market, a persistent and multifaceted crisis in a region vulnerable to damaging hurricanes. It is...

How major US stock indexes fared Friday

May. 20, 2022 16:50 PM EDT

The stock market clawed back from a midday drop Friday after coming to the edge of its first bear market since the beginning of the pandemic. The S&P 500 ended 18.7% below the record high it set in early January. A 20% decline would have been considered the beginning of a bear...