Financial crisis

May 26, 2020 - 6:59 pm
SAN JUAN, Puerto Rico (AP) — A federal control board that oversees Puerto Rico’s finances said Tuesday that the island could be hit with a deficit earlier than expected and see its surplus plunge by 65% in upcoming years, warning the government cannot afford to pay current debt obligations. The...
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In this Saturday, May 23, 2020 photo, an Ethiopian domestic worker cleans her employer's balcony, in Beirut, Lebanon. Some 250,000 registered migrant laborers in Lebanon — maids, garbage collectors, farm hands and construction workers — are growing more desperate as a crippling economic and financial crisis sets in, coupled with coronavirus restrictions. With no functioning airports and exorbitant costs of repatriation flights, many are trapped, unable to go home. (AP Photo/Hussein Malla)
May 26, 2020 - 3:02 am
BEIRUT (AP) — Long before the pandemic struck, they lived and worked in conditions that rights groups called exploitative — low wages, long hours, no labor law protections. Now, some 250,000 registered migrant laborers in Lebanon — maids, garbage collectors, farm hands and construction workers —...
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The logo of French carmaker Renault is pictured at the Flins plant of French carmaker Renault in Aubergenville, west of Paris, Monday, May 25, 2020. French President Emmanuel Macron is set to unveil sweeping new measures to rescue France's car industry, hammered by virus lockdown and the resulting recession. The issue is politically sensitive, since France is proud of its auto industry, which employs 400,000 people and is an important part of the country's remaining manufacturing sector. (AP Photo/Christophe Ena)
May 26, 2020 - 2:53 am
PARIS (AP) — French President Emmanuel Macron is set to unveil on Tuesday new measures to rescue the country's car industry, which has been hammered by the virus lockdown and the resulting recession. Macron tweeted that the government’s support for the national car industry, which includes brands...
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A currency trader talks on the phone near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Monday, May 25, 2020. Asian shares are mostly higher, with Tokyo stocks gaining on expectations that a pandemic state of emergency will be lifted for all of Japan. But shares fell in Hong Kong on Monday after police used tear gas to quell weekend protests over a proposed national security bill for the former British colony. (AP Photo/Lee Jin-man)
May 25, 2020 - 2:45 am
TOKYO (AP) — Global shares rose Monday, with Europe tracking gains in Asia despite news that the German economy fell into recession in the first quarter of the year amid the coronavirus pandemic. France's CAC 40 gained 0.8% in early trading to 4,479.60, while Germany's DAX jumped 1.2% to 11,206.26...
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After being closed for several weeks due to the coronavirus outbreak, Chandler Fashion Center Mall welcomes back patrons with many social distancing guideline signs Sunday, May 17, 2020, in Chandler, Ariz. Much of the country remains unlikely to venture out to bars, restaurants, theaters or the gym anytime soon, despite state and local officials increasingly allowing businesses to reopen. That's according to a new survey by The Associated Press-NORC Center for Public Affairs Research. (AP Photo/Ross D. Franklin)
AP News
May 22, 2020 - 5:00 am
WASHINGTON (AP) — Much of the country remains unlikely to venture out to bars, restaurants, theaters or gyms anytime soon, despite state and local officials across the country increasingly allowing businesses to reopen, according to a new survey by The Associated Press-NORC Center for Public...
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FILE - In this Oct. 1, 2019, file photo, soldiers from China's People's Liberation Army (PLA) Navy let out a yell as they march in formation during a parade to commemorate the 70th anniversary of the founding of Communist China in Beijing. China will boost defense spending by just 6.6% in 2020, the lowest rate in years as it battles an economic crisis brought on by the coronavirus outbreak, the government said Friday, May 22, 2020. (AP Photo/Mark Schiefelbein, File)
May 21, 2020 - 10:00 pm
BEIJING (AP) — China will increase its defense spending by 6.6% in 2020, the lowest rate in years as it battles an economic crisis brought on by the coronavirus outbreak, the government said Friday. The figure is down from the double-digit percentage increases of just a few years ago that have...
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May 21, 2020 - 12:21 pm
WASHINGTON (AP) — Efforts to forecast the U.S. economy's path to recovery from the current deep downturn face “a whole new level of uncertainty," Federal Reserve Chairman Jerome Powell said Thursday. Not only is there the difficulty predicting how the coronavirus pandemic will play out, it is also...
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This April 16, 2020 photo shows a real estate company sign that marks a home for sale in Harmony, Pa. U.S. new home sales plunged 15.4% in March as the lockdowns that began in the middle of the month began to rattle the housing market. The Commerce Department reported Thursday, April 23, that sales of new single-family homes dropped to a seasonally ajdjusted annual rate of 627,000 last month after sales had fallen 4.6% in February. (AP Photo/Keith Srakocic)
May 21, 2020 - 8:04 am
WASHINGTON (AP) — Sales of existing homes plunged 17.8% in April with the real estate market still in the grips of the coronavirus pandemic. The National Association of Realtors said Thursday that last month's decline pushed sales down to a seasonally adjusted annual rate of 4.33 million units, the...
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A man with a facemask walks past a wall mural in Singapore’s Little India district on Saturday, May 16, 2020. Wearing of facemarks is mandatory for everyone who goes outside their homes to control the spread of the coronavirus in the city state. Singapore has reported more than 27,000 COVID-19 cases, with 90% of the cases linked to foreign workers dormitories, but it has a low fatality rate of 21 deaths. (AP Photo/YK Chan)
May 19, 2020 - 9:31 pm
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 Secretary-General warns virus pandemic threatens...
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Treasury Secretary Steven Mnuchin speaks during a meeting with restaurant industry executives about the coronavirus response, in the State Dining Room of the White House, Monday, May 18, 2020, in Washington. (AP Photo/Evan Vucci)
May 19, 2020 - 12:01 am
WASHINGTON (AP) — Treasury Secretary Steven Mnuchin will likely come under tough questioning from senators Tuesday about a small business lending program included in the government's $2 trillion relief package. Lawmakers from both parties have criticized the Payroll Protection Program, which...
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