Latest Economy News
Interest rates will stay high 'as long as necessary,' the European Central Bank's leader says
FRANKFURT, Germany (AP) — The head of the European Central Bank said Monday that interest rates will stay high enough to restrict business activity for “as long as necessary” to beat back inflation. Still, she sympathized with homeowners who have seen their mortgage payments jump. ...
Oil prices have risen. That's making gas more expensive for US drivers and helping Russia's war
FRANKFURT, Germany (AP) — Oil prices have risen, meaning drivers are paying more for gasoline and truckers and farmers more for diesel. The increase also complicates the global fight against inflation and feeds Russia's war chest. That poses problems for politicians as well as the...
Stock market today: Wall Street closes its worst week in six months with more losses
NEW YORK (AP) — Wall Street wheezed to more losses Friday as it limped to the finish of its worst week in six months. The S&P 500 slipped 9.94 points, or 0.2%, to 4,320.06 after a late-day swoon erased a modest gain it had held for most of the day. It capped an ugly slide...
Worries are rising about inflated profit expectations on Wall Street
NEW YORK (AP) — Corporate profits may have already hit bottom: After falling for much of the last year, S&P 500 companies are expected to report 0.2% profit growth for the summer. While that sounds anemic, it would be the first quarter of growth in a year, according to FactSet....
Chinese officials voice faith in economy and keep interest rates steady as forecasts darken
Leading Chinese planners voiced confidence on Wednesday in the outlook for the world’s second-largest economy, holding key interest rates steady amid signs of improvement in some areas such as services. The upbeat tone of officials speaking at a news conference in Beijing was in...
Germany went from envy of the world to the worst-performing major developed economy. What happened?
ESSEN, Germany (AP) — For most of this century, Germany racked up one economic success after another, dominating global markets for high-end products like luxury cars and industrial machinery, selling so much to the rest of the world that half the economy ran on exports. Jobs were...
Greece wins new credit rating boost that stops short of restoring Greek bonds to investment grade
ATHENS, Greece (AP) — Greece's economy received a substantial vote of confidence late Friday from Moody's ratings agency, which upgraded the Greek credit rating by two notches but stopped just short of returning the formerly struggling country to formal financial respectability. ...
Europe's central bank hikes key interest rate to record high even as recession threat grows
FRANKFURT, Germany (AP) — The European Central Bank hiked its key interest rate to a record high Thursday, pressing its fight against stubbornly high inflation that has been plaguing consumers — even as worries grow that higher borrowing costs could help push the economy into recession. ...
Suriname prepares for its first offshore oil project that is expected to ease deep poverty
PARAMARIBO, Suriname (AP) — Suriname for the first time in its history will see offshore oil drilling in its waters after French company TotalEnergies on Wednesday announced a $9 billion project expected to boost the impoverished country’s economy and ease austerity measures imposed by the...
UK economy shrinks in July amid bad weather and doctors' strikes
LONDON (AP) — The British economy shrank by 0.5% in July amid a series of strikes, particularly by doctors at the start of their careers, and unseasonably wet weather, official figures showed Wednesday. The Office for National Statistics said the strikes by so-called junior doctors...
