Latest Financial crisis News

Boy Scouts mortgage vast New Mexico ranch as collateral

Nov. 22, 2019 4:54 PM EST

The Boy Scouts of America has mortgaged one of the most spectacular properties it owns, the vast Philmont Scout Ranch in New Mexico, to help secure a line of credit as the financially strapped organization faces a growing wave of new sex-abuse lawsuits. The BSA said Friday that it has no plans to sell the...

Isolated Iceland newly vulnerable to computer scams

Nov. 22, 2019 11:43 AM EST

REYKJAVIK, Iceland (AP) — "Hi, I hope you are not busy?" The treasurer of the Icelandic soccer club Afturelding got the email from his manager late in the afternoon, soon before banks were about to close. The words “Sent from my iPhone” were at the bottom, suggesting urgency, and through a...

Merkel’s heir apparent takes on critics, wins applause

Nov. 22, 2019 10:22 AM EST

BERLIN (AP) — German Chancellor Angela Merkel’s embattled heir apparent sought to silence critics Friday, throwing down the gauntlet for any member of the Christian Democratic Party to challenge her if they didn’t like the direction in which she was leading the party. Annegret...

10 Things to Know for Today

Nov. 21, 2019 8:38 AM EST

Your daily look at late-breaking news, upcoming events and the stories that will be talked about today: 1. KEY WITNESSES CAP INTENSE WEEK IN IMPEACHMENT INQUIRY David Holmes and Fiona Hill are expected to recount how they grew alarmed by how Trump and others in his orbit were conducting foreign policy in Ukraine....

Fear, turmoil in Lebanon as its financial crisis worsens

Nov. 21, 2019 1:10 AM EST

BEIRUT (AP) — On one of Beirut’s main commercial streets, store owners are cutting salaries by half or considering shutting down. Shops advertise sales, but still can’t draw in customers. The only place doing a thriving business: the store that sells safes, as Lebanese increasingly stash...

California agency predicts $7 billion state budget surplus

Nov. 20, 2019 7:56 PM EST

SACRAMENTO, Calif. (AP) — California is expected to have a $7 billion budget surplus next year, but lawmakers were urged Wednesday not to spend all of it because a sizable chunk depends on an upcoming decision by the Trump administration as it feuds with state Democratic leaders. A report from the...

Zimbabwe police fire tear gas at opposition supporters

Nov. 20, 2019 10:01 AM EST

HARARE, Zimbabwe (AP) — Zimbabwe police with riot gear fired tear gas and struck people who gathered on Wednesday to hear a speech by the country’s top opposition leader amid growing frustration with the collapsing economy. Dozens of people ran and dodged baton blows in the capital, Harare. Officers...

Patrick defends corporations and capitalism in primary bid

Nov. 19, 2019 9:57 AM EST

DES MOINES, Iowa (AP) — Democratic presidential candidate Deval Patrick is centering his fledgling campaign on a defense of corporations and capitalism that puts him directly at odds with some of the party’s most progressive figures. “There is a role in the economy for private equity. You bet...

No training, no gloves: Zimbabwe’s desperate childbirths

Nov. 18, 2019 8:19 AM EST

HARARE, Zimbabwe (AP) — When her contractions became unbearably painful, 18-year-old Perseverance Kanyoza rushed to a maternity hospital in Zimbabwe’s capital, Harare. But the doors were closed amid a weekslong strike by public health workers. With no money for private care, panic set in. A hospital...

Fed finds resilient financial system despite high debt

Nov. 15, 2019 5:54 PM EST

WASHINGTON (AP) — The Federal Reserve said Friday that corporate debt remains at historically high levels but overall the U.S. financial system is resilient, a view in sharp contrast to the problems that led to the 2008 financial crisis. In its twice-yearly “Financial Stability Report,” the...