Latest Recessions and depressions News

Qatar replaces Russian company in Lebanon gas exploration

Jan. 29, 2023 07:33 AM EST

BEIRUT (AP) — Lebanon, two international oil giants and state-owned oil and gas company Qatar Energy signed an agreement Sunday that the Qatari firm will join a consortium that will search for gas in the Mediterranean Sea off Lebanon’s coast. The deal inked in Beirut brings Qatar...

Lots of sound and fury on US debt, but not a crisis — yet

Jan. 28, 2023 15:59 PM EST

WASHINGTON (AP) — For all the sound and fury about raising the nation's debt limit, most economists say federal borrowing is not at a crisis point ... at least not yet. The national debt is at the core of a dispute about how to raise the government's legal borrowing authority, a...

Flights canceled as UK airline Flybe sinks into bankruptcy

Jan. 28, 2023 05:48 AM EST

LONDON (AP) — Struggling U.K. regional airline Flybe collapsed for the second time in three years Saturday, putting jobs on the line and leaving passengers stranded. The airline initially slumped into bankruptcy in March 2020, shedding 2,400 jobs, as coronavirus restrictions...

US inflation and consumer spending cooled in December

Jan. 27, 2023 11:32 AM EST

WASHINGTON (AP) — The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed's series of interest rate hikes are slowing the economy. Friday’s report from the Commerce Department showed that prices...

Asian shares edge higher, tracking Wall Street rally

Jan. 26, 2023 22:32 PM EST

TOKYO (AP) — Asian shares advanced Friday, tracking a rally on Wall Street following reports suggesting the economy and corporate profits may be doing better than feared. In Tokyo, data showed the core consumer price index was up 4.3%, slightly higher than expected at 4.2%, and...

Bed Bath & Beyond says it's in default on its loans

Jan. 26, 2023 16:36 PM EST

NEW YORK (AP) — Bed Bath & Beyond said Thursday that it's in default on its loans and doesn't have sufficient funds to repay what it owes. The home goods chain said in a Securities and Exchange Commission filing that the default would force it to consider alternatives including...

US economy slowed but still grew at 2.9% rate last quarter

Jan. 26, 2023 16:11 PM EST

WASHINGTON (AP) — The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. Thursday’s estimate from the Commerce Department showed that the...

Yellen visits Zambian farm to showcase Africa's ag potential

Jan. 26, 2023 11:35 AM EST

CHONGWE, Zambia (AP) — U.S. Treasury Secretary Janet Yellen traveled from a small farm on a rural red clay road to a ramen noodle manufacturing plant in Zambia's bustling capitol of Lusaka on Tuesday to showcase Africa's potential to help solve the world's problems with food shortages. ...

How will we know if the US economy is in a recession?

Jan. 26, 2023 09:49 AM EST

WASHINGTON (AP) — The second consecutive quarter of economic growth that the government reported Thursday underscored that the nation isn't in a recession despite high inflation and the Federal Reserve's fastest pace of interest rate hikes in four decades. Yet the U.S. economy is...

US economy grew at 2.9% pace from October through December despite pressure from high rates and fear of coming recession

Jan. 26, 2023 08:40 AM EST
WASHINGTON (AP) — US economy grew at 2.9% pace from October through December despite pressure from high rates and fear of coming recession.