Latest Financial crisis News

The buildings of the banking district are seen in Frankfurt, Germany, at dawn on early Sunday, May 31, 2020. (AP Photo/Michael Probst)

With Italy at risk, Europe Central Bank could boost stimulus

Jun. 2, 2020 2:28 PM EDT

FRANKFURT, Germany (AP) — The European Central Bank could soon expand its anti-pandemic stimulus program to more than a trillion euros, giving it more firepower to keep the virus crisis from sliding into a new financial crisis for the 19 countries that use the euro. Analysts say that the ECB's 25-member...

FILE - In this May 14, 2020, file photo security officers walk in front of the Supreme Court in Washington. (AP Photo/Andrew Harnik, File)

Supreme Court upholds Puerto Rico financial oversight board

Jun. 1, 2020 12:49 PM EDT

WASHINGTON (AP) — The Supreme Court on Monday upheld the oversight board established by Congress to help Puerto Rico out of a devastating financial crisis that has been exacerbated by the coronavirus outbreak, recent earthquakes and damage from Hurricane Maria in 2017. The justices reversed a lower court...

Protesters and National Guardsmen face off on East Lake Street, Friday, May 29, 2020, in St. Paul, Minn.  The massive protests sweeping across U.S. cities following the police killing of a black man in Minnesota have elevated fears of a new surge in cases of the coronavirus. Images showing thousands of screaming, unmasked protesters have sent shudders through the health community, who worry their calls for social distancing during the demonstrations are unlikely to be heard.   (AP Photo/John Minchillo)

US cities fear protests may fuel new wave of virus outbreaks

May. 30, 2020 8:18 PM EDT

LOS ANGELES (AP) — The massive protests sweeping across U.S. cities following the police killing of a black man in Minnesota have sent shudders through the health community and elevated fears that the huge crowds will lead to a new surge in cases of the coronavirus. Some leaders appealing for calm in...

First grade teachers, Ellie Morgan, 25, left, Hannah Sprayberry, 28, right, pose for a portrait, and say they are taking around 5 per-cent pay cut on Thursday, May 28, 2020, in Fort Oglethorpe, Ga. With sharp declines in state spending projected because of the economic fallout from the COVID-19 pandemic, America's more than 13,000 local school systems are wrestling with the likelihood of big budget cuts. (AP Photo/Brynn Anderson)

Schools nationwide brace for cuts from new financial crisis

May. 30, 2020 8:14 AM EDT

ATLANTA (AP) — It was during the Great Recession when Catoosa County first shortened its school year, from 180 to 175 instructional days, as it began years of furloughs due to budget cuts. As a result of the coronavirus pandemic, the next school year will be shorter still, with only 170 classroom days. ...

A woman walks into a closing Gordmans store, Thursday, May 28, 2020, in St. Charles, Mo. Stage Stores, which owns Gordmans, is closing all its stores and has filed for Chapter 11 bankruptcy. (AP Photo/Jeff Roberson)

US consumer spending sinks by record 13.6% in face of virus

May. 29, 2020 11:29 AM EDT

WASHINGTON (AP) — U.S. consumer spending plunged by a record-shattering 13.6% in April as the viral pandemic shuttered businesses, forced millions of layoffs and sent the economy into a deep recession. Last month's spending decline was far worse than the revised 6.9% drop in March, which itself had set a...

In this May 21, 2020, photo, grave diggers bury a body at Radwan Cemetery in Aden, Yemen. At a cemetery in Yemen’s largest southern city, dozens of fresh graves are a testament to a spike in deaths amid the coronavirus pandemic. The cemetery workers who bury them don’t know what killed the newly deceased. But there’s no denying that there's been an increasing number of people getting sick in the port city of Aden — likely from the coronavirus. (AP Photo)

The Latest: UN urges $2.4 billion in aid for war-torn Yemen

May. 29, 2020 1:31 AM EDT

The Latest on the coronavirus pandemic. The new coronavirus causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems, it can cause more severe illness or death. TOP OF THE HOUR: — UN urgently appeals for $2.4 billion to help Yemen cope...

A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, May 29, 2020. Shares fell Friday in Asia after Wall Street’s rally petered out amid worries about flaring U.S.-China tensions. (AP Photo/Eugene Hoshiko)

Asia shares fall as US-China tensions douse rally on Wall St

May. 28, 2020 11:57 PM EDT

BANGKOK (AP) — Shares fell Friday in Asia after Wall Street’s rally petered out amid worries about flaring U.S.-China tensions. Benchmarks declined in Hong Kong, Tokyo and Sydney but rose in Shanghai. Investors are nervously awaiting a news conference about China by President Donald Trump later in...

An anti-government protester argues with riot police during a protest against a general amnesty law being proposed in parliament, in Beirut, Lebanon, Thursday, May 28, 2020. (AP Photo/Hussein Malla)

Lebanon removes banking secrecy rules to fight corruption

May. 28, 2020 1:02 PM EDT

BEIRUT (AP) — Lebanon’s parliament approved on Thursday a law to remove decades-old banking secrecy rules in order to better fight rampant corruption that has pushed the country to the edge of economic collapse. The move opens the way for investigations into bank accounts of current and former...

FILE - In this July 22, 2019 photo, trucks hauling shipping containers wait to unload at the Port of Oakland in Oakland, Calif.  The Commerce Department issues its second estimate of how the U.S. economy performed in the first quarter of 2020 on Thursday, May 28, 2020.(AP Photo/Ben Margot, File)

US economy shrank at 5% annual rate in Q1

May. 28, 2020 9:47 AM EDT

WASHINGTON (AP) — The U.S. economy shrank at an even faster pace than initially estimated in the first three months of this year with economists continuing to expect a far worse outcome in the current April-June quarter. The Commerce Department reported Thursday that the gross domestic product, the...

European Commissioners for European Green Deal Frans Timmermans speaks during a joint video press conference on Green and Just recovery at the EU headquarters in Brussels, Thursday, May 28, 2020. (Aris Oikonomou/Pool Photo via AP)

EU pledges to stay green in recovery from coronavirus

May. 28, 2020 8:44 AM EDT

BRUSSELS (AP) — The European Commission pledged Thursday to stay away from fossil-fueled projects in its coronavirus recovery strategy, and to stick to its target of making Europe the first climate neutral continent by the mid-century, but environmental groups said they were unimpressed. To weather the...