Latest Recessions and depressions News
London Irish becomes 3rd club banished from English rugby competitions amid financial crisis
LONDON (AP) — The financial crisis gripping English club rugby claimed another victim Tuesday when London Irish was suspended from the entire league structure for missing its latest deadline to pay staff and players. Worcester Warriors and Wasps have already been banished from the...
Stock market today: Wall Street inches higher toward edge of bull market
NEW YORK (AP) — U.S. stocks drifted higher Tuesday amid a vacuum of market-moving data, nudging Wall Street closer to the edge of what's called a bull market. The S&P 500 rose 10.06 points, or 0.2%, to 4,283.85. It's just 0.2% away from finishing a day 20% above where it was in...
Demolition company vows repairs after a blast of air during an implosion damaged nearby homes
SPRINGDALE, Pa. (AP) — A blast of air and dust from the implosion of two smokestacks at a shuttered coal-fired power plant in western Pennsylvania last week felled power poles and caused damage to nearby homes. But the demolition company is vowing full repairs. The implosion at the...
Switzerland's UBS says it could complete Credit Suisse takeover on June 12
BERLIN (AP) — Switzerland's UBS said Monday that it expects to complete its takeover of longtime rival Credit Suisse as early as next week. The two Zurich-based banks are uniting in a 3 billion-franc ($3.3 billion) deal that was arranged hastily in March by the Swiss government...
UN agency for Palestinian refugees raises just $107 million of $300 million needed
UNITED NATIONS (AP) — Despite a dire warning from the United Nations chief that the U.N. agency for Palestinian refugees “is on the verge of financial collapse,” donors at a pledging conference on Friday provided just $107 million in new funds — significantly less than the $300 million it...
How major US stock indexes fared Friday 6/2/2023
Stocks rushed higher after a strong report on the U.S. job market eased Wall Street’s worries about a possible recession. The S&P 500 jumped 1.5% Friday, while the Dow soared 701 points. The rally brought the S&P 500 nearly 20% above a low hit in October. It’s on the...
Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns
NEW YORK (AP) — Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned Thursday. The alert comes several weeks after the failure of...
IMF says Sri Lanka's economic recovery shows signs of improvement but challenges remain
COLOMBO, Sri Lanka (AP) — Debt-stricken Sri Lanka, which declared bankruptcy last year, is showing signs of economic improvement but its recovery still faces challenges, the International Monetary Fund said Friday. The Indian Ocean island nation declared bankruptcy in April 2022...
Recession ahead? By this metric, one's here now: Earnings fall and Wall Street expects 2Q soreness.
NEW YORK (AP) — The latest round of corporate earnings is leaving Wall Street with a confounding sense of relief and lingering anxiety. Companies are in the midst of an “earnings recession," meaning profits have contracted for two straight quarters, starting with a 4.6% drop at...
Sri Lanka reduces interest rates for 1st time since bankruptcy as economy shows signs of rebounding
COLOMBO, Sri Lanka (AP) — The Central Bank of Sri Lanka reduced its interest rates Thursday for the first time since the island nation declared bankruptcy, after stern fiscal controls, improved foreign currency income and help from an International Monetary Fund program resulted in inflation...
