Latest Economy News

EXPLAINER: Why North Korea wants sanctions lifted first

Sep. 24, 2021 07:29 AM EDT

SEOUL, South Korea (AP) — Days after outgoing South Korean President Moon Jae-in made possibly his last ambitious push to diplomatically resolve the standoff over North Korea's nuclear program, the North on Friday rejected his call for a declaration ending the Korean War, making it clear it...

Shortages cause 'bottleneck recession' for German industry

Sep. 24, 2021 06:49 AM EDT

FRANKFURT, Germany (AP) — Shortages of computer chips and other raw materials are continuing to hit Germany's manufacturers, as bottlenecks leave companies struggling to fill orders from a rebounding global economy. Widespread friction in supply chains sent a closely...

Chinese banks try to calm fears about developer's debts

Sep. 24, 2021 06:43 AM EDT

BEIJING (AP) — Trying to dispel investor fears, some Chinese banks are disclosing what they are owed by a real estate developer that is struggling under $310 billion in debt and say they can cope with a potential default. The announcements came as Evergrande Group...

N. Korea offers talks, likely trying to get sanctions relief

Sep. 24, 2021 06:36 AM EDT

SEOUL, South Korea (AP) — The influential sister of North Korean leader Kim Jong Un said Friday her country is willing to resume talks with South Korea if conditions are met, indicating it wants Seoul to persuade Washington to relax crippling economic sanctions. Kim Yo...

World shares retreat, Japan higher

Sep. 24, 2021 05:21 AM EDT

TOKYO (AP) — World markets were mostly lower Friday though Japan’s benchmark jumped as it caught up after a holiday. Shares fell in Paris, London, Shanghai and Hong Kong but climbed 2.1% in Tokyo. U.S. futures also declined. Worries over...

The AP Interview: Hungary committed to contentious LGBT law

Sep. 24, 2021 01:28 AM EDT

UNITED NATIONS (AP) — The right-wing populist government in Hungary is attracting conservative thinkers from the United States who admire its approaches to migration, LGBT issues and national sovereignty — all matters that have put the country at odds with its European partners, who see...

Great Wall of Lights: China’s sea power on Darwin’s doorstep

Sep. 24, 2021 01:15 AM EDT

ABOARD THE OCEAN WARRIOR in the eastern Pacific Ocean (AP) — It’s 3 a.m., and after five days plying through the high seas, the Ocean Warrior is surrounded by an atoll of blazing lights that overtakes the nighttime sky. “Welcome to the party!" said third officer...

Asian shares mixed on China developer, virus concerns

Sep. 23, 2021 23:41 PM EDT

TOKYO (AP) — Asian shares were mixed Friday amid concerns over troubled Chinese real estate developer Evergrande and over the pandemic. Japan’s benchmark jumped after reopening from Thursday’s national holiday, but shares were little changed in South Korea and...

AgCenter: Ida agriculture damage at least $584M in Louisiana

Sep. 23, 2021 19:47 PM EDT

BATON ROUGE, La. (AP) — Hurricane Ida’s winds and floods did at least $584 million in damage to agriculture in Louisiana, experts at the LSU AgCenter estimate. More than half of that — $315.9 million — is timber damage, with another $207 million, or 35% of the...

'Vaccine apartheid': Africans tell UN they need vaccines

Sep. 23, 2021 19:32 PM EDT

As wealthy countries begin to consider whether to offer their populations a third COVID-19 shot, African nations still waiting for their first gave this stark reminder to world leaders at the U.N. General Assembly on Thursday: “No one is safe unless we are all safe.” ...