Latest Financial crisis News

UK Treasury chief vows to quit if Boris Johnson becomes PM

Jul. 21, 2019 7:39 AM EDT

LONDON (AP) — British Treasury chief Philip Hammond said Sunday that he will quit if — as widely expected — Boris Johnson becomes prime minister this week on a promise to leave the European Union with or without a divorce deal. Hammond said Johnson's vow to press for a no-deal Brexit if he...

Lebanese losing faith as politicians fumble over economy

Jul. 19, 2019 3:21 PM EDT

BEIRUT (AP) — For days, Lebanese TV stations have been blanketed with live coverage as lawmakers held heated debate over a controversial austerity budget meant to salvage the flailing economy, with protests outside parliament and critics denouncing its focus on tax hikes and wage cuts. Mohammed Badran,...

Lebanon lawmakers ratify austerity budget to address a slump

Jul. 19, 2019 2:55 PM EDT

BEIRUT (AP) — Lebanese lawmakers ratified Friday a controversial austerity budget that aims to save an indebted economy following a raucous voting day that saw protesters attempting to breach the parliament security zone. The austerity budget, which increased income and import taxes and suspended early...

Scuffles near Lebanon parliament before vote on budget

Jul. 18, 2019 3:13 PM EDT

BEIRUT (AP) — Dozens of protesters scuffled with Lebanese security forces guarding the country's parliament Thursday just as lawmakers were meeting ahead of a final vote on a controversial austerity budget. The protesters, most of them army veterans, were pushed back and moved down the road, where they...

Powell says financial crisis accelerated economic changes

Jul. 16, 2019 2:54 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Tuesday that the 2008 financial crisis accelerated major changes in the U.S. and global economies, leading to slower growth, lower inflation and lower interest rates. Delivering remarks to a Paris economic conference, Powell said that since the...

Lebanese parliament convenes on budget amid tight security

Jul. 16, 2019 12:28 PM EDT

BEIRUT (AP) — Under tight security, Lebanese lawmakers on Tuesday began discussing the draft 2019 state budget that aims to avert a financial crisis in the heavily indebted country by raising taxes and cutting public spending. The discussions were being held amid limited protests against proposed austerity...

China's growth cools further as tariff war pressures mount

Jul. 15, 2019 3:20 PM EDT

BEIJING (AP) — China's economic growth sank to its lowest level in at least 26 years in the quarter ending in June, adding to pressure on Chinese leaders as they fight a tariff war with Washington. The world's second-largest economy grew 6.2% over a year ago, down from the previous quarter's 6.4%,...

Venezuelan government, opposition resume talks in Barbados

Jul. 15, 2019 3:17 PM EDT

CARACAS, Venezuela (AP) — The Venezuelan government and the opposition are resuming talks aimed at ending the political crisis in their country, the country's information minister said Monday. Jorge Rodríguez said on Twitter that he and the rest of the government's delegation have arrived for...

World shares mixed as China reports economic slowdown

Jul. 15, 2019 7:41 AM EDT

BANGKOK (AP) — Global shares were mixed Monday after China reported that its economy grew at the slowest pace in at least 26 years in the last quarter, leading investors to opt for caution despite Friday's record highs on Wall Street. Tariff hikes by President Donald Trump have battered Chinese and U.S....

Venezuelan authorities arrest 2 Guaidó security guards

Jul. 13, 2019 7:10 PM EDT

CARACAS, Venezuela (AP) — Venezuelan authorities have detained two members of opposition leader Juan Guaidó's security team, keeping pressure on their U.S.-backed adversary even as the two sides hold talks aimed at finding a solution to the country's political standoff. The two men planned to sell...