Latest Economy News

Profit surges at American Express with US spending resilient

Oct. 22, 2021 07:59 AM EDT

NEW YORK (AP) — American Express had a very strong third quarter, posting a profit of $1.78 billion with Americans continuing to prove resilient in their spending despite the tenacity of the delta variant, as well as global supply chain issues. The New York company on...

Turkish lira continues to slide after interest rate cut

Oct. 22, 2021 07:16 AM EDT

ANKARA, Turkey (AP) — The Turkish lira continued to slide and reached a record low against the U.S. dollar Friday, a day after the Central Bank sharply cut interest rates. It was another hit after a global financial watchdog placed Turkey on a list of countries to monitor for money...

First female head of Japan labor lobby vows to empower women

Oct. 22, 2021 07:10 AM EDT

TOKYO (AP) — The first female president of Japan’s powerful labor union federation said Friday she will work to correct the gender gap in wages and working conditions to help empower women. “Progress is extremely slow,” said Tomoko Yoshino, who was elected this...

Global shares mostly higher after S&P 500 hits new record

Oct. 22, 2021 05:15 AM EDT

Shares were mostly higher in Europe on Friday after a mixed session in Asia. Benchmarks rose in Paris, London, Tokyo and Hong Kong. Shares fell in Shanghai and Seoul. An official newspaper, the Securities Times, and other state media said China...

Report: Struggling Chinese developer makes bond payment

Oct. 22, 2021 01:29 AM EDT

BEIJING (AP) — A troubled Chinese developer whose struggle to avoid a multibillion-dollar debt default has rattled global financial markets wired $83.5 million on Friday to make an overdue payment to foreign bondholders, a government newspaper reported. Evergrande...

Desperate Haitians suffocate under growing power of gangs

Oct. 21, 2021 20:09 PM EDT

PORT-AU-PRINCE, Haiti (AP) — The video shows more than 30 men lined up in front of a crumbling structure in silence. Their heads are bowed as a man walks between them and swigs from a small bottle. Someone exclaims, “There will be trouble in Port-au-Prince!” Nearby,...

US regulators endorse efforts to address climate risks

Oct. 21, 2021 19:46 PM EDT

WASHINGTON (AP) — U.S. financial regulators on Thursday approved a series of steps toward addressing the dangers that climate change poses to the nation’s financial system. The Financial Stability Oversight Council, which is headed by Treasury Secretary Janet Yellen...

Snap's stock drops as iPhone privacy controls pinch ad sales

Oct. 21, 2021 19:25 PM EDT

SANTA MONICA, Calif. (AP) — Snapchat's corporate parent disclosed Thursday that its ad sales are being hurt by a privacy crackdown that rolled out on Apple's iPhones earlier this year, raising investor fears that the app's financial growth is going into a tailspin. The...

EU leaders seek to safeguard energy supplies as prices soar

Oct. 21, 2021 18:29 PM EDT

BRUSSELS (AP) — European Union leaders struggled to find a common ground during a long debate Thursday on how to ease the pain of soaring energy bills. The hours-long energy discussion at the EU leaders’ summit came amid spiraling prices that are pummeling households...

Lt. Gov. Coleman stepping down from cabinet secretary role

Oct. 21, 2021 17:30 PM EDT

FRANKFORT, Ky. (AP) — Kentucky Lt. Gov. Jacqueline Coleman said Thursday that she will step down from her second role as a cabinet secretary to focus more attention on the state's economic development efforts. Since taking office alongside Gov. Andy Beshear in late...