Latest Financial crisis News

Board: Puerto Rico to see 65% surplus drop amid debt crisis

May. 27, 2020 12:06 AM EDT

SAN JUAN, Puerto Rico (AP) — A federal control board that oversees Puerto Rico’s finances prepared to vote Wednesday on a revised fiscal plan as it warned the island’s surplus could plunge by 65% and that the government is unable to pay current debt obligations. The plan will serve as a...

Board: Puerto Rico to see 65% surplus drop amid debt crisis

May. 26, 2020 10:11 PM EDT

SAN JUAN, Puerto Rico (AP) — A federal control board that oversees Puerto Rico’s finances said Tuesday that the island could be hit with a deficit earlier than expected and see its surplus plunge by 65% in upcoming years, warning the government cannot afford to pay current debt obligations. The...

French President Emmanuel Macron, center, wearing a protective face mask, listens to explanations by an employee as CEO of France-based multinational automotive supplier Valeo Jacques Aschenbroicha looks on, in Etaples, , northern France, Tuesday May 26, 2020. Emmanuel Macron announced a 8 billion euro ($8.8 billion) plan to save the country's car industry from huge losses wrought by virus lockdowns, including a big boost for electric vehicles. The plan includes government subsidies for car buyers and longer-term investment in innovative technology, especially in battery-powered cars. (Ludovic Marin, Pool via AP)

France deploys $8.8 billion to rescue ailing car industry

May. 26, 2020 4:01 PM EDT

PARIS (AP) — France’s government is injecting more than 8 billion euros ($8.8 billion) to save the country’s car industry from huge losses wrought by virus lockdowns, and wants to use the crisis to make France the No. 1 producer of electric vehicles in Europe. Starting next week, consumers...

In this Saturday, May 23, 2020 photo, an Ethiopian domestic worker cleans her employer's balcony, in Beirut, Lebanon. Some 250,000 registered migrant laborers in Lebanon — maids, garbage collectors, farm hands and construction workers — are growing more desperate as a crippling economic and financial crisis sets in, coupled with coronavirus restrictions. With no functioning airports and exorbitant costs of repatriation flights, many are trapped, unable to go home. (AP Photo/Hussein Malla)

Lebanon's migrant workers' plight worsens as crises multiply

May. 26, 2020 6:03 AM EDT

BEIRUT (AP) — Long before the pandemic struck, they lived and worked in conditions that rights groups called exploitative — low wages, long hours, no labor law protections. Now, some 250,000 registered migrant laborers in Lebanon — maids, garbage collectors, farm hands and construction...

Democratic presidential candidate, former Vice President Joe Biden and Jill Biden, arrive to lay a wreath at the Delaware Memorial Bridge Veterans Memorial Park, Monday, May 25, 2020, in New Castle, Del. (AP Photo/Patrick Semansky)

Biden marks Memorial Day at veterans park near Delaware home

May. 26, 2020 12:01 AM EDT

NEW CASTLE, Del. (AP) — Joe Biden made his first in-person appearance in more than two months on Monday as he marked Memorial Day by laying a wreath at a veterans park near his Delaware home. Since abruptly canceling a March 10 rally in Cleveland at the onset of the coronavirus pandemic, the presumptive...

A woman wearing face mask walks past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, May 26, 2020. Asian shares are rising as some regions in Japan resume near-normal business activity, with hopes for economic recovery overshadowing worries over the coronavirus pandemic. (AP Photo/Vincent Yu)

Asian shares up as recovery hopes overshadow virus worries

May. 25, 2020 11:59 PM EDT

TOKYO (AP) — Shares rose in Asia on Tuesday as some regions in Japan resumed close-to-normal business activity, with hopes for economic recovery overshadowing worries over the coronavirus pandemic. The market focus is shifting to how various nations are adapting to getting back to business, while striving...

In this Tuesday, Feb. 25, 2020 file photo, workers complete an electric car ID.3 body at the assembly line during a press tour at the plant of the German manufacturer Volkswagen AG (VW) in Zwickau, Germany. The German economy shrank by 2,2 percent in the first quarter of the year compared to the same period in 2019 amid a global downturn linked to the coronavirus pandemic. Germany's Federal Statistical Office said Monday that it was the biggest quarterly decline since the 2008-2009 global financial crisis. (AP Photo/Jens Meyer)

German activity picks up, can't escape official recession

May. 25, 2020 6:01 AM EDT

FRANKFURT, Germany (AP) — A key indicator of German business outlooks bounced upward in May as more businesses and activities re-opened — but the index remained far below normal readings as Germany faced a long journey toward full recovery from the coronavirus downturn. Revised official figures...

FILE - In this Sunday, May 24, 2020, file photo, China's Foreign Minister Wang Yi is seen broadcasted remotely on big screens at the media center during a press conference held on the sideline of the National People's Congress in Beijing. Wang is dismissing claims that the country is exploiting the coronavirus outbreak to expand its footprint in the South China Sea, labeling such accusations as “sheer nonsense.

China denies using virus to grow presence in South China Sea

May. 24, 2020 11:35 PM EDT

BEIJING (AP) — A look at recent developments in the South China Sea, where China is pitted against smaller neighbors in multiple territorial disputes over islands, coral reefs and lagoons. The waters are a major shipping route for global commerce and are rich in fish and possible oil and gas reserves. ___...

A health worker checks a computer screen at the COVID-19 test department of the Broussais Hospital in Paris, Monday May 11, 2020. French President Emmanuel Macron has repeatedly pledged the country would be able to test up to 700,000 people per week as key to the re-opening process, but so far the number of people tested is much lower and the effective capacities in the country remain vague. (Alain Jocard, Pool via AP)

The Latest: UN warns cybercrime on rise during pandemic

May. 23, 2020 12:43 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: —UN warns cybercrime on rise during pandemic. —South...

After being closed for several weeks due to the coronavirus outbreak, Chandler Fashion Center Mall welcomes back patrons with many social distancing guideline signs Sunday, May 17, 2020, in Chandler, Ariz.  Much of the country remains unlikely to venture out to bars, restaurants, theaters or the gym anytime soon, despite state and local officials increasingly allowing businesses to reopen. That's according to a new survey by The Associated Press-NORC Center for Public Affairs Research.  (AP Photo/Ross D. Franklin)

AP-NORC poll: Many in US won't return to gym or dining out

May. 22, 2020 4:42 PM EDT

WASHINGTON (AP) — Much of the country remains unlikely to venture out to bars, restaurants, theaters or gyms anytime soon, despite state and local officials across the country increasingly allowing businesses to reopen, according to a new survey by The Associated Press-NORC Center for Public Affairs...