Latest Economy News

Black Friday shoppers wear face masks as the leave Saks Fifth Avenue flagships store empty handed, Friday, Nov. 27, 2020, in New York. (AP Photo/Mary Altaffer)

Virus keeps Black Friday crowds thin, shoppers shift online

Nov. 27, 2020 5:51 PM EST

NEW YORK (AP) — The raging coronavirus pandemic kept crowds thin at malls and stores across the country on Black Friday, but a surge in online shopping offered a beacon of hope for struggling retailers after months of slumping sales and businesses toppling into bankruptcy. In normal times, Black Friday is...

How major US stock indexes fared Friday

Nov. 27, 2020 2:35 PM EST

The S&P 500 rose to a record high Friday as investors continue to look forward to the distribution of a COVID-19 vaccine and relief for the global economy. The Nasdaq also closed at a record helped by gains in Apple, Tesla, Zoom and other tech companies. Positive developments on a vaccine front have driven...

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Nov. 27, 2020. Asian stock markets declined Friday as questions about the effectiveness of one possible coronavirus vaccine weighed on investor optimism. (AP Photo/Ahn Young-joon)

Stocks rise on Wall Street as S&P 500 hits record high

Nov. 27, 2020 2:10 PM EST

NEW YORK (AP) — The S&P 500 rose to a record high Friday as investors continue to look forward to the distribution of a COVID-19 vaccine and relief for the global economy. The benchmark index rose 8.70 points, or 0.2%, led by gains in technology companies, and closed at an all-time high of 3,638.35....

Jeezy poses for a portrait on Wednesday, Nov. 18, 2020 in Atlanta. (Photo by Paul R. Giunta/Invision/AP)

Jeezy evolves from 'Trap or Die' mantra to empowerment

Nov. 27, 2020 1:57 PM EST

Self-improvement can be a difficult journey. It’s often an arduous process that takes time to work through and move toward. But Jeezy, who burst onto the national music scene in meteoric fashion 15 years ago with his accounts of street life and drug dealing, is relaying a new message on his latest album:...

Women sow potatoes in a field in Pisac, in southern rural Peru, Friday, Oct. 30, 2020. Small farmers in Peru provide a majority of the food that ends up on the South American nation's dinner tables. But a severe economic contraction has left many peasants bankrupt and uncertain about whether they will be able to keep growing crops. (AP Photo/Martin Mejia)

Pandemic pushes Peru's vital peasant farmers to the brink

Nov. 27, 2020 12:06 PM EST

PISAC, Peru (AP) — Under a punishing Andean sun, Nazario Quispe digs his plow into the soil where he is growing dozens of different potato varieties — uncertain when he will be able to afford the seeds and supplies to sow them again. Farmers like Quispe are responsible for the food that lands on 70%...

FILE - In this file photo dated Friday, Nov. 20, 2020, a woman wearing a face mask walks past mannequins wearing face masks in the window of a temporarily closed branch of the Topshop women's clothing chain during England's second coronavirus lockdown, in London.  Some 15,000 retailing jobs in Britain are in peril after Arcadia Group, owner of some of the country's best-known fashion chains like Topshop, confirmed Friday Nov. 27, 2020, that it is in talks about its future. (AP Photo/Matt Dunham, FILE)

UK retail empire of billionaire Philip Green teeters on edge

Nov. 27, 2020 12:00 PM EST

LONDON (AP) — The retail empire of tycoon Philip Green, which owns well-known British fashion chains like Topshop, appears to be on the brink of collapse following the economic shock of the coronavirus pandemic. In another blow to the British retailing industry in the run-up to the crucial Christmas...

FILE - In this Nov. 15, 2020, file photo provided by the North Korean government, North Korean leader Kim Jong Un attends a meeting of the ruling Workers' Party Politburo in Pyongyang, North Korea. Kim ordered at least two people executed, banned fishing at sea and locked down capital Pyongyang as part of frantic efforts to guard against the coronavirus and its economic damage, South Korea’s spy agency told lawmakers Friday, Nov. 27, 2020.(Korean Central News Agency/Korea News Service via AP, File)

S. Korea agency says N. Korea executed people, shut capital

Nov. 27, 2020 10:01 AM EST

SEOUL, South Korea (AP) — North Korean leader Kim Jong Un has ordered at least two people executed, banned fishing at sea and locked down the capital, Pyongyang, as part of frantic efforts to guard against the coronavirus and its economic damage, South Korea’s spy agency told lawmakers Friday. Kim's...

A staff member wearing a face mask stands near a display of Australian wines at the China International Import Expo in Shanghai, Thursday, Nov. 5, 2020. Chinese leaders are conducting an import fair under intensive anti-coronavirus controls in their latest effort to revive the world's No. 2 economy while the United States and Europe struggle with a renewed surge of infections. (AP Photo/Mark Schiefelbein)

China slaps 200% tax on Australia wine amid tensions

Nov. 27, 2020 9:55 AM EST

BEIJING (AP) — China on Friday added wine to the growing list of Australian goods barred from its markets in a trade war against Australia over disputes including its support for a probe into the origin of the coronavirus. The Ministry of Commerce imposed import taxes of up to 212.1%, effective Saturday,...

India's economy contracts by 7.5%, enters its 1st recession

Nov. 27, 2020 9:41 AM EST

NEW DELHI (AP) — India’s economy contracted by 7.5% in the July-September quarter following a record slump of 23.9% in the previous three months, pushing the country into a recession for the first time in its history. The contraction occurred despite the government's lifting of a strict two-month...

Brompton folding bicycles are assembled by hand at the Brompton factory in west London, Tuesday, Nov. 24, 2020. The team at Brompton Bicycles company thought they were prepared for Britain's Brexit split with Europe, but they face uncertainty about supplies and unexpected new competition from China, all amid a global COVID pandemic.(AP Photo/Matt Dunham)

British bike maker pedals on, with Brexit deal up in the air

Nov. 27, 2020 9:31 AM EST

LONDON (AP) — The team at Brompton Bicycle Ltd. thought they were prepared for Brexit. Bosses at the British firm, which exports hand-made folding bikes to 47 countries, looked at the uncertainty swirling around the U.K.’s decision to leave the European Union and started stockpiling parts. Yet with...