Latest Recessions and depressions News

Crafts retailer Joann files for Chapter 11 bankruptcy as consumers cut back on pandemic-era hobbies

Mar. 18, 2024 12:04 PM EDT

NEW YORK (AP) — Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending and some pandemic-era hobbies. In a Monday statement, the Hudson, Ohio-based company said that it expected to emerge from...

Why are so many voters frustrated by the US economy? It's home prices

Mar. 15, 2024 11:30 AM EDT

WASHINGTON (AP) — Lori Shelton can't fathom ever having the money to buy a home — and that's a major reason why so many voters feel down on the economy ahead of this year's presidential election. Shelton, 67, drives an Uber to help pay rent in Aurora, Colorado. An advance on her...

IMF to hold crucial talks with Pakistan over release of final $1.1B tranche of $3B bailout

Mar. 13, 2024 21:10 PM EDT

ISLAMABAD (AP) — The International Monetary Fund will hold a crucial round of talks with Pakistan's newly elected government this week to determine whether the country has met conditions for receiving the much needed final $1.1 billion tranche of a $3 billion bailout, officials said Wednesday. ...

Elderly retirees face big losses after Chinese trust goes bust, reflecting turbulent economy

Mar. 13, 2024 01:27 AM EDT

CHENGDU, China (AP) — Some investors in a troubled trust fund in China are facing financial ruin under a government plan to return a fraction of their money, casualties of a slump in the property industry and a broader economic slowdown. Sichuan Trust, headquartered in the...

Japan's economy avoids recession by growing in last year's final quarter, according to revised data

Mar. 11, 2024 22:24 PM EDT

TOKYO (AP) — Japan's economy managed to grow in the fourth quarter of last year, averting a recession, according to revised government data released Monday that had previously shown a contraction. Real gross domestic product, or GDP, grew in October-December at an annual pace of...

Maryland revenue estimates drop about $255M in two fiscal years

Mar. 07, 2024 14:49 PM EST

ANNAPOLIS, Md. (AP) — Maryland's revenue forecast has been revised downward by about $255 million in two fiscal years, state officials said Thursday, citing slowing growth while also noting that the state was not experiencing a recession. The state's Board of Revenue Estimates...

Sri Lankan president says he is seeking to defer loan payments until 2028 amid economic crisis

Mar. 06, 2024 03:40 AM EST

COLOMBO, Sri Lanka (AP) — Sri Lanka's president said Wednesday that he is seeking a loan repayment moratorium until 2028 as the debt-ridden county tries to emerge from bankruptcy. President Ranil Wickremesinghe told Parliament the government is asking lenders to accept a plan to...

University of Arizona president to get a 10% pay cut after school's $177M budget shortfall

Mar. 05, 2024 15:01 PM EST

TUCSON, Ariz. (AP) — University of Arizona President Robert Robbins is about to get a salary reduction, but he doesn’t have a problem with that. In fact, he asked for it. Robbins has become a central figure in the school’s financial crisis. The university based in Tucson is...

Bitcoin bounces back to new high less than two years after the collapse of FTX exchange crushed prices

Mar. 05, 2024 10:37 AM EST
NEW YORK (AP) — Bitcoin bounces back to new high less than two years after the collapse of FTX exchange crushed prices.

Puerto Rico's power company holds a massive debt. A key hearing to restructure it has started

Mar. 04, 2024 16:06 PM EST

SAN JUAN, Puerto Rico (AP) — A key hearing over the future of Puerto Rico’s crumbling power company and its staggering $9 billion debt began Monday in federal court following years of acrimonious talks between the U.S. territory's government and creditors seeking to recover their investments. ...