Latest Economy News

US stocks rise as trade fears ebb and tech companies lead

Jun. 20, 2018 2:57 PM EDT

NEW YORK (AP) — U.S. stocks are rising Wednesday, led by technology and media companies, as global markets let go of some of their fears about the growing trade dispute between the U.S. and China. Still, investors are favoring the companies they think are less vulnerable to tariffs. Twenty-First Century...

Senate blocks Trump plan to cut $15B in unused spending

Jun. 20, 2018 2:24 PM EDT

WASHINGTON (AP) — The Senate has blocked a White House plan to cut almost $15 billion in unused government money slated for children's health insurance and other programs. Fifty senators voted against the measure Wednesday, with 48 supporting it. The House narrowly passed the plan this month. It would take...

Tariff troubles: Volvo opens 1st US plant in changed economy

Jun. 20, 2018 1:51 PM EDT

COLUMBIA, S.C. (AP) — Volvo Cars opened its first plant in the U.S. on Wednesday in a much different trade environment than when it announced its expansion across the Atlantic three years ago. The Swedish automaker threw a glitzy party for the reveal of its redesigned S60 sedan, which will roll off a South...

Lawmakers rip tariffs enacted in name of national security

Jun. 20, 2018 1:35 PM EDT

WASHINGTON (AP) — Pointing to damage done to home-state companies, lawmakers from both parties Wednesday criticized tariffs the Trump administration has imposed on imported steel and aluminum products in the name of national security. The Trump administration has turned to a little-used weapon in trade...

No easy path: Complex mass migration, politics reshape globe

Jun. 20, 2018 1:11 PM EDT

PARIS (AP) — Lined up before dawn, dozens of migrants outside a government office in Italy jostled to be one of the handful allowed inside to request asylum Wednesday. The journeys that brought them to Rome and the sleepless nights wondering if they would be allowed to stay was being repeated in cities and...

Puerto Rico gov signs bill to privatize power company assets

Jun. 20, 2018 1:08 PM EDT

SAN JUAN, Puerto Rico (AP) — Puerto Rico's governor signed a historic bill on Wednesday to privatize the U.S. territory's troubled power company in a move many hope will help minimize power outages that have followed Hurricane Maria and stabilize the production and distribution of energy amid an...

Central bank chiefs of 4 major nations raise trade concerns

Jun. 20, 2018 1:07 PM EDT

WASHINGTON (AP) — The leaders of the central banks of four major economies expressed alarm Wednesday that multiple trade conflicts are threatening to slow global growth. The officials said at a conference in Portugal that the escalating trade fights involving the United States, China and Europe could erode...

The Latest: Reports: Europe to toughen migrant checks

Jun. 20, 2018 1:02 PM EDT

PARIS (AP) — The Latest on global migration and World Refugee Day (all times local): 7 p.m. European governments are reportedly planning tougher checks at train and bus stations as part of efforts to stop asylum-seekers from traveling freely across the continent's open borders. German media reported...

Deutsche Bank fined $205 million for currency manipulation

Jun. 20, 2018 12:51 PM EDT

NEW YORK (AP) — New York regulators are slapping a $205 million fine on Deutsche Bank, following allegations that traders at Deutsche manipulated the foreign exchange market for years. Deutsche Bank is the latest Wall Street firm to face penalties for manipulating the $5.3 trillion currency market. Banks...

EU to tax Harleys, bourbon and other US goods from Friday

Jun. 20, 2018 12:35 PM EDT

BRUSSELS (AP) — The European Union will start taxing a range of U.S. imports Friday, including quintessentially American goods like Harley-Davidson bikes and cranberries, in response to President Donald Trump's decision to slap tariffs on European steel and aluminum. The 28-nation EU's trade chief, Cecilia...