Latest Financial crisis News

A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Thursday, June 4, 2020.  Asian stock markets are mixed after Wall Street rose on better U.S. jobs and manufacturing data than expected.(AP Photo/Lee Jin-man)

Wall Street's rally takes a pause; indexes close to flat

Jun. 4, 2020 12:23 PM EDT

Stocks are flipping between small gains and losses in midday trading on Wall Street Thursday, as Wall Street's remarkable rally takes a pause. The S&P 500 was down 0.2%, as of noon Eastern time, after earlier being on track for its first five-day winning streak since December. The index is about 8% below its...

An Ethiopian domestic worker cries as she waits with dozens of others outside the Ethiopian consulate, some inquiring about flights home, others stranded after they were abandoned by employers who claimed they could no longer afford to pay their salaries, in Hazmieh, east of Beirut, Lebanon, Thursday, June 4, 2020. Some 180,000 domestic workers in Lebanon, most of them female from Ethiopia, are growing more desperate as a crippling economic and financial crisis sets in, coupled with coronavirus restrictions. (AP Photo/Hassan Ammar)

Ethiopian domestic workers stranded in crisis-hit Lebanon

Jun. 4, 2020 10:39 AM EDT

BEIRUT (AP) — Dozens of domestic workers gathered outside the Ethiopian Consulate in Beirut on Thursday, some inquiring about flights home, others stranded after they were abandoned by employers who claimed they could no longer afford to pay their salaries. About 180,000 domestic workers in Lebanon, most...

In this Wednesday, June 3, 2020 photo, Juan Santos stocks shelves at the Presidente Supermarket in the Little Havana neighborhood of Miami.  The U.S. government is set to issue its latest report on the layoffs that have left millions unemployed but have steadily slowed as many businesses have begun to reopen and to rehire some laid-off workers.  (AP Photo/Wilfredo Lee)

1.9 million seek jobless aid even as reopenings slow layoffs

Jun. 4, 2020 10:32 AM EDT

WASHINGTON (AP) — Nearly 1.9 million people applied for U.S. unemployment benefits last week, evidence that many employers are still cutting jobs even as the gradual reopening of businesses has slowed the pace of layoffs. The total number of people who are receiving jobless aid rose slightly to 21.5...

FILE -- In this Thursday, March 12, 2020 file photo the President of European Central Bank Christine Lagarde looks up prior to a press conference following a meeting of the ECB governing council in Frankfurt, Germany. The European Central Bank has boosted its pandemic emergency support program by 600 billion euros to 1.35 trillion euros ($1.5 trillion) in an effort to keep affordable credit flowing to the economy during the steep downturn caused by the virus outbreak. (AP Photo/Michael Probst, file)

European Central Bank nearly doubles pandemic support scheme

Jun. 4, 2020 9:53 AM EDT

FRANKFURT, Germany (AP) — The European Central Bank has boosted its pandemic emergency support program by an unexpectedly large 600 billion euros to 1.35 trillion euros ($1.5 trillion), adding to a range of efforts in Europe and around the world to help the economy weather the steep downturn caused by the...

Orlando church donates $500,000 to nonprofits hit by COVID

Jun. 4, 2020 7:24 AM EDT

ORLANDO, Fla. (AP) — Orlando's First Presbyterian Church has made a donation of over $500,000 to Central Florida's nonprofits to help ease some of the economic devastation caused by the coronavirus. The church pooled money from from virtual collection plates, and used leftover funds from a capital...

In this June 2, 2020, photo, Democratic presidential candidate, former Vice President Joe Biden speaks in Philadelphia. Biden is pledging to unveil a series of proposals in coming weeks aimed at reversing the economic devastation wrought by the pandemic and addressing inequalities sparking protests sweeping the country. (AP Photo/Matt Rourke)

Biden to focus on economic plans, inequality in weeks ahead

Jun. 4, 2020 5:49 AM EDT

WASHINGTON (AP) — Joe Biden is pledging to unveil a series of proposals in coming weeks aimed at reversing the economic devastation wrought by the coronavirus pandemic and addressing inequalities that have contributed to protests sweeping the country. The presumptive Democratic presidential nominee and his...

Wyoming lawmakers consider $7.5M in funding to reclaim wells

Jun. 3, 2020 4:47 PM EDT

CASPER, Wyo. (AP) — Wyoming lawmakers are considering a $7.5 million proposal for oil and gas reclamation efforts to spark economic development following the collapse of oil markets related to the coronavirus. The Legislature's Joint Interim Minerals, Business and Economic Development Committee proposed...

Pedestrians and commuters wearing face masks amid the new coronavirus pandemic crowd a sidewalk near a bus stop in Caracas, Venezuela, Monday, June 1, 2020. After two and a half months of COVID-19 related quarantine, some industries are allowed to reactivate under a scheme of five days' work and 10 days rest. (AP Photo/Ariana Cubillos)

Virus forges rare accord among bitter Venezuelan rivals

Jun. 3, 2020 3:32 PM EDT

CARACAS, Venezuela (AP) — President Nicolás Maduro and Venezuela's opposition, led by Juan Guaidó, have agreed to a measures for battling the new coronavirus to be overseen by international health workers, a first step in years toward cooperation between bitter political rivals for the benefit of...

FILE - In this March 19, 2020, file photo, a man wearing a mask, left, rides a personal transporter past the Reserve Bank of Australia in Sydney. The coronavirus pandemic pushed Australia’s economy into recession for the first time in 29 years in the first quarter of the year 2022, and the situation is expected to get worse.  (AP Photo/Rick Rycroft, File)

Pandemic brings 1st Australian recession in 29 years

Jun. 3, 2020 6:05 AM EDT

CANBERRA, Australia (AP) — The coronavirus pandemic pushed Australia’s economy into recession for the first time in 29 years in the first quarter of the year, and the situation is expected to get worse. Treasurer Josh Frydenberg said Wednesday the current June quarter will be the second in a row in...

Layoffs, few seasonal workers at Oregon State Parks

Jun. 2, 2020 6:49 PM EDT

PORTLAND, Ore. (AP) — Oregon’s state parks have started to reopen, but the agency that manages them is is facing an estimated $22 million budget shortfall between now and next June amid the economic collapse caused by the coronavirus pandemic. The Oregon Parks and Recreation Department said Tuesday...