Latest Recessions and depressions News

Under President Milei, the worst economic crisis in decades puts Argentine ingenuity to the test

Jul. 24, 2024 01:37 AM EDT

BUENOS AIRES, Argentina (AP) — In the crush of anti-government protests paralyzing downtown Buenos Aires in the last months, some Argentines saw a traffic-induced headache. Others saw a reaction to President Javier Milei's brutal austerity measures. Alejandra, a street vendor, saw...

US homes find fewer foreign buyers as rising costs and a strong dollar leave market in record slump

Jul. 18, 2024 16:13 PM EDT

LOS ANGELES (AP) — Sales of U.S. homes to Chinese, Canadian and other foreign buyers have fallen to the lowest level in more than a decade, hampered by a strong dollar and more hurdles that have kept the housing market in a deep sales slump for over two years. Some 54,300...

Former Mozambique finance minister on trial in US over 'tuna bond' scandal that spurred debt crisis

Jul. 17, 2024 17:14 PM EDT

NEW YORK (AP) — The “ tuna bond ” scandal that shook Mozambique's economy is washing into a U.S. court, where a former Mozambican finance minister is being tried on charges that he took bribes to commit his country — secretly — to huge loans that prosecutors say got looted. ...

China's Communist Party charts technology- and security-focused development for reviving the economy

Jul. 17, 2024 07:28 AM EDT

BANGKOK (AP) — In a year of major elections that will determine the destinies of many countries, China’s ruling Communist Party is holding closed, top-level meetings in Beijing to set strategies for reviving its slowing economy. State media likened the meetings that end Thursday...

Argentina's inflation edges up in June, breaking a months-long streak in a blow to President Milei

Jul. 12, 2024 22:17 PM EDT

BUENOS AIRES, Argentina (AP) — A closely watched measure of inflation in Argentina was stronger than the libertarian government of President Javier Milei would have hoped on Friday, as the official statistics agency reported prices edging up in June and breaking a months-long streak of declines....

Average rate on a 30-year mortgage falls slightly, easing borrowing costs for home shoppers

Jul. 11, 2024 13:42 PM EDT

LOS ANGELES (AP) — The average rate on a 30-year mortgage fell slightly this week, providing modest relief for home shoppers facing record-high home prices. The rate fell to 6.89% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.96%. ...

Chileans confront a homelessness crisis, a first for one of South America's richest countries

Jul. 11, 2024 12:02 PM EDT

SANTIAGO, Chile (AP) — The presidential residence of Gabriel Boric, the leftist millennial leader of Chile elected three years ago in the wake of public unrest over income inequality, shares a street in downtown Santiago with an overwhelmed homeless shelter. The sight of cardboard...

An Oahu teacher’s futile apartment hunt shows how bad the rental market is

Jul. 08, 2024 12:49 PM EDT

Helen Lau’s life was recently upended by a note on her door. “I regret to inform you that I will not be extending your rental agreement,” wrote Suzi Rim, the owner of the condo that Lau’s been living in since October 2020. Lau had 45 days to move out, the note said. ...

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?

Jul. 08, 2024 07:36 AM EDT

LOS ANGELES (AP) — The housing market shows few signs of busting out of its three-year funk after a disappointing spring season and amid a gloomy outlook for the summer and fall. Home shoppers came into 2024 with optimism that mortgage rates would ease further after a decline late...

New Zealand will radically ease zoning rules to try to relieve its stubborn housing shortage

Jul. 04, 2024 22:57 PM EDT

WELLINGTON, New Zealand (AP) — New Zealand will drastically ease zoning restrictions in a bid to “flood the market” with land for homes and override the powers of local councils to curb development, the nation's housing minister said in announcing reforms to what he called one of the...