Latest Economy News

Sweeping climate bill pushes American energy to go green

Aug. 11, 2022 20:37 PM EDT

WASHINGTON (AP) — After decades of inaction in the face of escalating natural disasters and sustained global warming, Congress hopes to make clean energy so cheap in all aspects of life that it’s nearly irresistible. The House is poised to pass a transformative bill Friday that would provide...

Explainer: Why gas prices are falling

Aug. 11, 2022 18:29 PM EDT

U.S. consumers are breathing a bit easier now that gasoline prices have come down from record levels, but pump prices are still high, and the two-month slide could be nearing an end. The nationwide average price for a gallon of gas dropped to $3.99 on Thursday, according to AAA....

Gas prices dip just below $4 for the first time in 5 months

Aug. 11, 2022 18:26 PM EDT

DALLAS (AP) — Gasoline prices have dipped under $4 for the first time in more than five months — good news for consumers who are struggling with high prices for many other essentials. AAA said the national average for a gallon of regular was $3.99 on Thursday, down from the...

Mexico raises key interest rate to 8.5%, highest in 16 years

Aug. 11, 2022 17:18 PM EDT

MEXICO CITY (AP) — Mexico’s central bank has raised its interbank interest rate by 0.75% to 8.5% Thursday — the highest level in the 16 years since comparable bank policies went into effect. The Bank of Mexico cited continuing inflationary pressures, and predicted inflation...

Stocks close mixed after new signs of cooling inflation

Aug. 11, 2022 17:12 PM EDT

NEW YORK (AP) — An afternoon pullback left stock indexes on Wall Street with a mixed finish Thursday, erasing most of their gains from a morning rally over new signs of cooling inflation. The S&P 500 closed 0.1% lower after having been up 1.1% in the early going. The Nasdaq...

Give and take: West gives Ukraine weapons, bans Russian coal

Aug. 11, 2022 16:55 PM EDT

KYIV, Ukraine (AP) — On a day of give and take, Western nations made more pledges to send arms to Ukraine while the European Union's full ban on Russian coal imports kicked in Thursday, adding to the sanctions against Moscow that intelligence claims are hurting its defense exports. ...

How major US stock indexes fared Thursday 8/11/2022

Aug. 11, 2022 16:30 PM EDT

An afternoon pullback left stock indexes on Wall Street mixed Thursday, erasing most of their morning gains fueled by another encouraging report about inflation. The S&P 500 closed 0.1% lower. The Nasdaq also fell, while the Dow Jones Industrial Average rose slightly. Investors weighed new data...

Bartering increases in Argentina as inflation keeps soaring

Aug. 11, 2022 15:53 PM EDT

BUENOS AIRES, Argentina (AP) — Argentina reported a monthly inflation rate of 7.4% in July, the highest number in two decades for a country where citizens are used to increasing prices. Over the past year, Argentina’s consumer prices have soared a whopping 71%, the INDEC national...

Politicians, energy experts, advocates on climate bill

Aug. 11, 2022 15:23 PM EDT

Congress is expected on Friday to pass a major bill that includes close to $375 billion in spending related to fighting climate change. The bill, called the Inflation Reduction Act, will infuse cash, subsidies and tax breaks into various sectors of the economy, all aimed at making green energy much...

Hostage standoff at Beirut bank ends with gunman's arrest

Aug. 11, 2022 15:23 PM EDT

BEIRUT (AP) — A gunman demanding a Beirut bank let him withdraw his trapped savings to pay his father’s medical bills took up to 10 people hostage in a seven-hour standoff Thursday before surrendering in exchange for what a family lawyer said was $35,000 of his money. Bassam...