Latest Recessions and depressions News

A timeline of the downfall of Sam Bankman-Fried and the colossal failure of FTX

Mar. 28, 2024 13:33 PM EDT

Sam Bankman-Fried went from cryptocurrency golden boy to the face of the industry's collapse. The founder and former CEO of the massive cryptocurrency exchange FTX was sentenced to 25 years in prison Thursday after being convicted of fraud for stealing at least $10 billion from customers and...

A UK financial trader dubbed the ringleader of an interest rate manipulation scandal loses an appeal

Mar. 27, 2024 12:54 PM EDT

LONDON (AP) — A British financial trader, who has been described as the ringleader in the manipulation of a key interest rate before and after the global financial crisis, lost his appeal Wednesday to have his conviction quashed. Tom Hayes, 44, who was a former trader at U.S. bank...

This week: Consumer confidence, Cintas earnings, pending home sales

Mar. 25, 2024 03:12 AM EDT

A look at some of the key business events and economic indicators upcoming this week. CONSUMERS' MOOD The Conference Board on Tuesday releases its consumer confidence index for March. In February, American consumers were feeling less confident as...

Rationed food kept Cubans fed during the Cold War. Today an economic crisis has them hungry

Mar. 24, 2024 00:05 AM EDT

HAVANA (AP) — Like millions of other Cubans, María de los Ángeles Pozo thinks back fondly to when a government ration book fed her family everything from hamburgers, fish and milk to chocolate and beer. People would even get cakes for birthdays and weddings. The “libreta,” as...

Two Nigerian students are killed and 23 injured in a stampede to get donated rice

Mar. 22, 2024 10:43 AM EDT

ABUJA, Nigeria (AP) — Hundreds of students in northern Nigeria rushed to get food donated to their school by the government to help ease hardship, resulting in a stampede that left two dead and 23 others injured, school authorities said Friday. Africa's most populous country is...

IMF says the economic situation in debt-stricken Sri Lanka is gradually improving

Mar. 21, 2024 22:44 PM EDT

COLOMBO, Sri Lanka (AP) — The economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago, the International Monetary Fund said Thursday. Inflation has come down from a peak of 70% in 2022 to 5.9% last month and...

New Zealand slips into its second recession in 18 months as economy contracts

Mar. 20, 2024 23:06 PM EDT

WELLINGTON, New Zealand (AP) — New Zealand has entered its second recession in 18 months after the latest round of GDP figures confirmed its economy contracted in the last quarter of 2023. The country's economy shrank by 0.1% in the quarter to December, and 0.7% in per capita...

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. ...