Latest Economy News

In this Sunday, Jan. 28, 2020 photo, Ibrahim Elbadawi, Sudan's interim minister of finance, speaks in an interview in Khartoum, Sudan. Sudan is moving forward with an ambitious economic plan that will slash subsidies and replace them with direct cash payments to the poor, Elbadawi said. (AP Photo)

Sudan to tackle fuel subsidies as economy hangs on the edge

Jan. 29, 2020 6:05 AM EST

KHARTOUM, Sudan (AP) — Sudan hopes to cut fuel subsidies over the course of 18 months, starting as early as March, and replace them with direct cash payments to the poor, the country’s finance minister said Wednesday, laying out a timetable for sweeping economic reforms sought by international...

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Jan. 29, 2020. Shares are mostly higher in Asia after a rebound on Wall Street that reversed most losses from a sell-off the day before. (AP Photo/Ahn Young-joon)

World shares mostly higher after rebound on Wall Street

Jan. 29, 2020 4:58 AM EST

Shares advanced in most European and Asian markets on Wednesday after a rebound on Wall Street reversed most losses from a sell-off the day before. Hong Kong's Hang Seng dropped 2.8%, to 27,174.43 after its markets reopened from Lunar New Year holidays, while other Chinese markets remained closed. The U.S....

Mobile network phone masts are visible in front of St Paul's Cathedral in the City of London, Tuesday, Jan. 28, 2020.The Chinese tech firm Huawei has been designated a

In snub to US, Britain will allow Huawei in 5G networks

Jan. 29, 2020 1:47 AM EST

LONDON (AP) — Britain decided Tuesday to let Chinese tech giant Huawei have a limited role supplying new high-speed network equipment to wireless carriers, ignoring the U.S. government's warnings that it would sever intelligence sharing if the company was not banned. Britain's decision is the first by a...

President Donald Trump speaks during a campaign rally at the Wildwoods Convention Center Oceanfront, Tuesday, Jan. 28, 2020, in Wildwood, N.J. (AP Photo/ Evan Vucci)

Trump looks to sign trade deal, show wins during impeachment

Jan. 29, 2020 1:46 AM EST

WASHINGTON (AP) — President Donald Trump is eager to show off a big policy win during his impeachment trial by signing into law a major rewrite of the rules of trade with Canada and Mexico. Trump made renegotiating the North American Free Trade Agreement a priority during his 2016 campaign, although trade...

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Jan. 29, 2020. Shares are mostly higher in Asia after a rebound on Wall Street that reversed most losses from a sell-off the day before. (AP Photo/Ahn Young-joon)

Asian shares mostly higher after rebound on Wall Street

Jan. 28, 2020 11:47 PM EST

Shares advanced in most Asian markets on Wednesday after a rebound on Wall Street that reversed most losses from a sell-off the day before. Hong Kong's Hang Seng dropped 2.4%, to 27,289.55 after reopening from Lunar New Year holidays, while other Chinese markets remained closed. The U.S. rally overnight snapped...

FILE - In this March 23, 2016 file photo, British futures trader Navinder Singh Sarao leaves after the ruling in his extradition hearing at Westminster Magistrates Court in London. A U.S. judge on Tuesday, Jan. 28, 2020, sentenced Navinder Singh Sarao, a socially awkward math whiz-turned-futures trader who helped trigger a U.S. stock market

Autistic futures trader who triggered crash spared prison

Jan. 28, 2020 9:53 PM EST

CHICAGO (AP) — A U.S. judge Tuesday sentenced a socially awkward math whiz-turned-futures trader who earned tens of millions of dollars over several years and helped trigger a U.S. stock market “flash crash” from his parents’ suburban London home to time served and a year's home...

How major US stock indexes fared Tuesday

Jan. 28, 2020 5:53 PM EST

U.S. stocks closed broadly higher Tuesday, reversing a big portion of their losses from a sharp sell-off the day before. The gains snapped a two-day skid in the bechmark S&P 500 index driven by fears that the spread of a new virus in China could hamper global ecomomic growth. Technology stocks rose the most....

A worker wearing a face mask sprays disinfectant along a path in Wuhan in central China's Hubei Province, Tuesday, Jan. 28, 2020. China's death toll from a new viral disease that is causing global concern rose by 25 to at least 106 on Tuesday as the United States and other governments prepared to fly their citizens out of the locked-down city at center of the outbreak. (AP Photo/Arek Rataj)

Bad timing: New virus poses threat to fragile world economy

Jan. 28, 2020 4:54 PM EST

This should be peak season for a 12-room hotel near the train station in the Chinese industrial hub of Wuhan. The Chinese New Year usually brings in plenty of travelers and delivers profits of around $3,000 a month. But the place is empty. Wuhan, the center of a deadly viral outbreak, is on lockdown....

FILE- In this Oct. 24, 2017, file photo, the logo for 3M appears on a screen above the trading floor of the New York Stock Exchange. A profound slump in manufacturing and a trade war that has slowed economic growth in China has led to a second round of layoffs at 3M, the Minnesota company that, in addition to Post-it notes, makes industrial coatings and ceramics. (AP Photo/Richard Drew, File)

In grinding manufacturing slump, 3M cuts another 1,500 jobs

Jan. 28, 2020 4:39 PM EST

A profound slump in manufacturing and a trade war that has slowed economic growth in China has led to a second round of layoffs at 3M, the Minnesota company that makes Post-it notes as well as industrial coatings and ceramics. The 1,500 job cuts come on top of the 2,000 jobs the company trimmed less than a year...

FILE - In this Nov. 23, 2015, file photo, the Pfizer logo is displayed at world headquarters in New York.  Pfizer is reporting a $306 million loss for the fourth quarter after it shifted its consumer health business into a joint venture last year. It narrowly Wall Street expectations for net income when nonrecurring events are removed. The biggest US drugmaker on Tuesday, Jan. 28, 2020 reported a net loss of  6 cents per share.   (AP Photo/Mark Lennihan, File)

Pfizer posts 4Q loss, misses Street views, on lower revenue

Jan. 28, 2020 4:32 PM EST

Pfizer's ongoing restructuring is significantly reducing revenue, resulting in a $337 million loss in its fourth quarter and a miss of Wall Street's profit expectations. The results and Pfizer's 2020 financial forecasts didn't please investors, who drove Pfizer shares down more than 4%, an unusually large drop...