Latest Financial crisis News

Crisis-hit Lebanese parliament fails to elect president

Sep. 29, 2022 06:16 AM EDT

BEIRUT (AP) — Lebanon's Parliament on Thursday failed to elect a new president, with the majority of lawmakers casting blank ballots and some walking out. Under Lebanon’s fragile sectarian power-sharing system, the country’s 128-member parliament votes for a president, who must...

Harris, Yellen focus on community finance at Freedman Forum

Sep. 29, 2022 06:02 AM EDT

WASHINGTON (AP) — Vice President Kamala Harris and Treasury Secretary Janet Yellen plan to use this year's Freedman's Bank Forum to highlight how federal coronavirus pandemic relief program funds have helped support Black- and minority-owned businesses. The Treasury Department...

UK's Truss defends economic plan that sent pound tumbling

Sep. 29, 2022 03:51 AM EDT

LONDON (AP) — British Prime Minister Liz Truss on Thursday defended her economic plan and shrugged off the negative reaction from financial markets, saying she’s willing to make “difficult decisions” to get the economy growing. In her first public comments since the...

British leader Liz Truss defends economic plan, says she’ll make “difficult decisions” in comments on market turmoil.

Sep. 29, 2022 03:19 AM EDT
LONDON (AP) — British leader Liz Truss defends economic plan, says she’ll make “difficult decisions” in comments on market turmoil.

Asian stocks follow Wall St higher after UK calms markets

Sep. 28, 2022 23:56 PM EDT

BEIJING (AP) — Asian stock markets followed Wall Street higher Thursday after Britain's central bank moved forcefully to stop a budding financial crisis. Market benchmarks in Hong Kong, Seoul and Sydney added more than 1%. Shanghai and Tokyo also rose. Oil prices edged lower after...

Cuba begins to turn on lights after Ian blacks out island

Sep. 28, 2022 14:04 PM EDT

HAVANA (AP) — Cuban officials said they had begun to restore some power Wednesday after Hurricane Ian knocked out electricity to the entire island while devastating some of the country’s most important tobacco farms when it hit the island’s western tip as a major storm. At...

How major US stock indexes fared Wednesday 9/28/2022

Sep. 28, 2022 16:18 PM EDT

Stocks on Wall Street soared to their first gain in more than a week as some calm returns to financial markets around the world. The S&P 500 jumped 2% Wednesday for its best day in seven weeks. That snapped Wall Street’s longest losing streak since the coronavirus crash in...

UK central bank intervenes in market to halt economic crisis

Sep. 28, 2022 13:28 PM EDT

LONDON (AP) — The Bank of England took emergency action Wednesday to stabilize U.K. financial markets and head off a crisis in the broader economy after the government spooked investors with a program of unfunded tax cuts, sending the pound tumbling and the cost of government debt soaring. ...

Economic storm tests UK's new leader, alarms Conservatives

Sep. 28, 2022 12:27 PM EDT

LONDON (AP) — New British Prime Minister Liz Truss came under growing pressure Wednesday from opponents — and inside her Conservative Party — to reverse announced tax cuts that are fueling a financial crisis in an already struggling economy. The Bank of England stepped in to...

Pakistan appoints new finance minister amid economic crisis

Sep. 28, 2022 04:05 AM EDT

ISLAMABAD (AP) — Pakistan appointed a new finance minister on Wednesday, as the impoverished Islamic nation struggles to recover from an economic crisis worsened by deadly floods. Ishaq Dar, a senior figure in the ruling Pakistan Muslim League party, has been finance minister three...