Protesters in Beirut smash banks as Lebanese pound spiralsFebruary 16, 2023 GMT
BEIRUT (AP) — Angry protesters in Lebanon Thursday smashed windows and set tires on fire outside two of the country's biggest banks in the capital city, as the value of the local currency hit a new low and poverty deepens.
China confirms offer to Sri Lanka of debt moratoriumFebruary 3, 2023 GMT
BEIJING (AP) — China’s government on Friday confirmed it is offering Sri Lanka a two-year moratorium on loan repayments as the Indian Ocean island nation struggles to restructure $51 billion in foreign debt that pushed it into a financial crisis.
Greek economic growth seen lower in 2023 amid energy woesNovember 21, 2022 GMT
ATHENS, Greece (AP) — Greece’s economy is projected to grow by 1.8% next year, according to the country’s 2023 budget, slightly lower than the figures predicted last month as higher energy costs and inflation take a toll.
UN boosts food aid budget to feed a third of LebanonNovember 21, 2022 GMT
BEIRUT (AP) — Lebanon's caretaker prime minister and the United Nations World Food Program said Tuesday that it has boosted its food assistance to the struggling nation, effectively feeding one-third of the crisis-hit population.
Size, scope of FTX failure gets clearer as users fear worstNovember 16, 2022 GMT
NEW YORK (AP) — Just days after cryptocurrency's third-largest exchange collapsed, the public is starting to get an idea of how messy FTX's bankruptcy case could be.
US to give Lebanon $80.5 million in aid amid economic crisisNovember 9, 2022 GMT
MAJDAL ANJAR, Lebanon (AP) — The United States announced Wednesday that it will give $80.5 million in aid for food assistance and solar-powered water pumping stations in the crisis-battered country of Lebanon.
Ex-Wilmington Trust president reaches settlement with SECNovember 1, 2022 GMT
DOVER, Del. (AP) — The former president of the only financial institution to be criminally charged in connection with the federal bank bailout program in the wake of the 2008 financial crisis has reached a settlement with federal securities regulators in a related civil action.
Pakistan: World Bank estimates floods caused $40B in damagesOctober 19, 2022 GMT
ISLAMABAD (AP) — Pakistan said Wednesday that the World Bank estimates this summer's record-breaking floods have caused $40 billion in damages in this impoverished South Asian nation. The figure is $10 billion more than an earlier estimate by the Pakistani government.
English rugby faces government on club financial crisisOctober 17, 2022 GMT
LONDON (AP) — English rugby bosses are headed to a parliamentary hearing next month to address the game's financial crisis.
Wasps joined Worcester in administration on Monday, making 167 members of staff including players and coaches redundant.
Credit Suisse pays $495M tied to mortgage-backed securitiesOctober 17, 2022 GMT
Credit Suisse has agreed to pay $495 million as part of a settlement with the U.S. over a yearslong dispute tied to mortgage-backed securities, an investment vehicle that played a central role in the 2008 financial crisis.
UK leader Liz Truss goes from triumph to trouble in 6 weeksOctober 16, 2022 GMT
LONDON (AP) — When Liz Truss was running to lead Britain this summer, an ally predicted her first weeks in office would be turbulent.
But few were prepared for the scale of the sound and fury -– least of all Truss herself.
English rugby in turmoil with Wasps close to bankruptcyOctober 12, 2022 GMT
The financial crisis gripping English rugby deepened Wednesday when Wasps, one of the nation's most storied clubs, said it was likely to enter into administration because of its debts.
This comes a week after another top-flight club, Worcester Warriors, was placed in compulsory liquidation as it is pursued for unpaid tax.
Ex-Fed Chair Bernanke shares Nobel for bank failure researchOctober 11, 2022 GMT
STOCKHOLM (AP) — Former Federal Reserve Chair Ben Bernanke and two other U.S.-based economists won the Nobel Prize in economics for research into bank failures -- work that built on lessons learned in the Great Depression and helped shape America’s aggressive response to the 2007-2008 financial crisis.
Germany to spend billions to tackle high energy pricesSeptember 29, 2022 GMT
BERLIN (AP) — Germany plans to spend up to 200 billion euros ($195 billion) helping consumers and businesses as surging energy prices due to the war in Ukraine are pushing Europe's largest economy into a looming recession.
Asian stocks follow Wall St higher after UK calms marketsSeptember 29, 2022 GMT
BEIJING (AP) — Asian stock markets followed Wall Street higher Thursday after Britain's central bank moved forcefully to stop a budding financial crisis.
How major US stock indexes fared Wednesday 9/28/2022September 28, 2022 GMT
Stocks on Wall Street soared to their first gain in more than a week as some calm returns to financial markets around the world.
The S&P 500 jumped 2% Wednesday for its best day in seven weeks.
Economic storm tests UK’s new leader, alarms ConservativesSeptember 28, 2022 GMT
LONDON (AP) — New British Prime Minister Liz Truss came under growing pressure Wednesday from opponents — and inside her Conservative Party — to reverse announced tax cuts that are fueling a financial crisis in an already struggling economy.
Recession clouds gather in Germany, Europe’s largest economySeptember 26, 2022 GMT
FRANKFURT, Germany (AP) — Europe's largest economy is sending recession signals.
Brazilian club Cruzeiro promoted after Ronaldo’s investmentSeptember 22, 2022 GMT
SAO PAULO (AP) — Less than year after former Brazil great Ronaldo got involved with the club, Cruzeiro has made it back into the country's top soccer league.
The Brazilian team clinched a top-four spot in the second division on Wednesday by beating Vasco da Gama 3-0 at the Mineirao Stadium.
Depositors storm 5 banks as Lebanon’s cash crisis worsensSeptember 16, 2022 GMT
BEIRUT (AP) — Lebanese depositors, including one armed with a hunting rifle, broke into at least five banks on Friday to demand their trapped savings, a sign of growing chaos in the small Mediterranean nation amid a historic economic meltdown.
IOC president Bach discusses ‘challenges’ for 2026 GamesSeptember 16, 2022 GMT
ROME (AP) — Costly construction delays, a leadership vacancy linked to a volatile political climate and a lack of sponsors amid a spreading financial crisis has prompted International Olympic Committee president Thomas Bach to acknowledge the “challenges” facing organizers of the 2026 Winter Games in Milan and Cortina d’Ampezzo.
Ex-chancellor Merkel’s memoirs to be published in 2024September 8, 2022 GMT
BERLIN (AP) — Angela Merkel, who served as chancellor of Germany for 16 years, will release her political memoirs in 2024.
Her publisher announced Thursday that the former chancellor, who is co-authoring the book with her longtime adviser Beate Baumann, will provide an exclusive, personal look into her political life and work.
Scottish club Rangers back in big time after bruising decadeSeptember 6, 2022 GMT
The thought of playing in the Champions League would have been unimaginable for the players and supporters of Scottish soccer giant Rangers 10 years ago while they were making trips to obscure, far-flung corners of the nation as something of a pariah club.
Rangers, Copenhagen advance to Champions League group stageAugust 24, 2022 GMT
EINDHOVEN, Netherlands (AP) — Rangers returned to the Champions League group stage following a 12-year absence and a humiliating financial crisis, advancing through the playoff round Wednesday by winning 1-0 at PSV Eindhoven.
Canada minister: Not safe yet for Syrian refugees to go homeAugust 17, 2022 GMT
BEIRUT (AP) — Syria is not safe yet for millions of refugees to start going back home, a Canadian minister cautioned during a visit to Lebanon on Wednesday. He spoke days after Lebanese officials announced a plan to start returning 15,000 Syrian refugees to their war-shattered country every month.
Beirut bank standoff exposes desperation of economic crisisAugust 12, 2022 GMT
BEIRUT (AP) — A judge ordered a gunman who took up to 10 hostages at a Beirut bank to force the release of his trapped savings to stay behind bars Friday, apparently a bid to prevent copycats as desperation deepens over Lebanon's economic meltdown.
Famed bubble caller Jeremy Grantham: Stocks can fall moreJuly 18, 2022 GMT
NEW YORK (AP) — Early this year, with the S&P 500 near its all-time high, famed investor Jeremy Grantham warned that stocks were in a “super bubble.” Since then, their prices have fallen about 20%, and Grantham says they can still drop more.
Lebanon LGBTQ community suffers setback amid wider clampdownJuly 18, 2022 GMT
BEIRUT (AP) — Nour never felt entirely safe as a queer person in Lebanon. But in the past few years, the 25-year-old pharmacist had begun letting his guard down, meeting with friends in LGBTQ-friendly spaces in Beirut and even performing in drag shows.
Sri Lanka’s crisis rings alarm for other troubled economiesJuly 8, 2022 GMT
BANGKOK (AP) — Sri Lanka is desperate for help with weathering its worst crisis in recent memory. Its schools are closed for lack of fuel to get kids and teachers to classrooms.
Incumbent Lebanese PM keeps post as economic crisis deepensJune 23, 2022 GMT
BEIRUT (AP) — Lebanese Prime Minister Najib Mikati won the support of more than 50 legislators Thursday to keep his post following last month's parliamentary elections as the country's multiple crises deepen with no solution in sight.
UN report: Ukraine war is increasing suffering of millionsJune 8, 2022 GMT
UNITED NATIONS (AP) — The ripple effects of the war in Ukraine are increasing the suffering of millions of people by escalating food and energy prices and worsening a financial crisis, coming on top of the impact of the COVID-19 pandemic and climate change, a U.N.
Cyprus labor minister dies after suffering brain aneurismJune 6, 2022 GMT
NICOSIA, Cyprus (AP) — Cyprus’ Labor and Social Insurance Minister Zeta Emilianidou died in a hospital in the Greek capital after suffering a brain aneurism last month, the government announced late Monday.
Fitch Ratings warns of elections’ impact on Lebanese economyMay 27, 2022 GMT
BEIRUT (AP) — A leading international credit ratings agency warned Friday that the results of this month’s parliamentary elections in Lebanon make it difficult for any coalition to have a governing majority, potentially complicating implementation of reforms.
Sri Lankan leader seeks world’s help during financial crisisMay 26, 2022 GMT
TOKYO (AP) — Sri Lankan President Gotabaya Rajapaksa asked for urgent international help on Thursday as his country suffers from a financial crisis.
“We are presently undergoing a severe economic crisis that has profoundly impacted the lives of all Sri Lankans, resulting in social unrest,” Rajapaksa said in a video message to an international conference in Tokyo.
China becomes wild card in Sri Lanka’s debt crisisMay 20, 2022 GMT
COLOMBO, Sri Lanka (AP) — China says its initiative to build ports and other infrastructure across Asia and Africa, paid for with Chinese loans, will boost trade. But in a cautionary tale for borrowers, Sri Lanka's multibillion-dollar debt to Beijing threatens to hinder efforts to resolve a financial crisis so severe that the Indian Ocean nation cannot import food or gasoline.
UN chief urges free, transparent elections in Lebanon May 15May 5, 2022 GMT
UNITED NATIONS (AP) — The U.N. chief called for Lebanon’s parliamentary elections on May 15 to be “free, fair transparent and inclusive” in a report circulated Wednesday and urged the quick formation of a government afterward that gives priority to implementing reforms addressing the country’s multiple crises.
Tech stocks sink again, Nasdaq has worst month since 2008April 29, 2022 GMT
The Dow Jones Industrial Average slumped more than 900 points Friday as another sharp sell-off led by technology stocks added to Wall Street's losses in April, leaving the S&P 500 with its biggest monthly skid since the start of the pandemic.
Lebanon army says thwarts fresh migrant trafficking attemptApril 29, 2022 GMT
BEIRUT (AP) — Lebanon's military on Friday said it has detained five people in the northern city of Tripoli as they prepared to smuggle 85 migrants by boat to Europe.
The announcement came days after a boat carrying more than 60 migrants capsized on April 23 off the coast of Tripoli.
Greece gets 3.6 billion euros from European recovery fundApril 8, 2022 GMT
ATHENS, Greece (AP) — Greece has received a 3.6 billion euro ($3.9 billion) payment out of its allotted 30.5 billion from the European Union’s pandemic recovery fund.
The announcement was made Friday by Valdis Dombrovskis, the European Commission’s executive vice president, via video link with Greek Prime Minister Kyriakos Mitsotakis.
Greece completes early repayment of bailout loans to IMFApril 4, 2022 GMT
ATHENS, Greece (AP) — Greece has repaid its outstanding debts dating back to its financial crisis to the International Monetary Fund, two years ahead of schedule, the country's finance minister said Monday.
UK relinquishes control of former Royal Bank of ScotlandMarch 28, 2022 GMT
LONDON (AP) — The British government has relinquished control of the former Royal Bank of Scotland for the first time since it bailed out the lender during the global financial crisis almost 15 years ago.
Sri Lanka imposes rolling power cuts as cash crisis deepensFebruary 23, 2022 GMT
COLOMBO, Sri Lanka (AP) — Authorities in Sri Lanka are imposing rolling power cuts across the island nation as its deepening financial crisis leads to shortages of fuel and handicaps its power grid.
Greek parliament approves major arms deals with FranceFebruary 15, 2022 GMT
ATHENS, Greece (AP) — Greece’s parliament on Tuesday approved a 3 billion euro ($3.4 billion) agreement for three new French-made frigates that defense officials say are vital for addressing ongoing tensions with neighboring Turkey.
Divisions in Lebanon over questioning of central bank chiefFebruary 15, 2022 GMT
BEIRUT (AP) — An investigative judge said Tuesday she may sue Lebanon’s police chief, accusing him of preventing a security force from bringing in for questioning the central bank governor, who is accused of corruption.
Bank of England hikes interest rates again as prices surgeFebruary 3, 2022 GMT
LONDON (AP) — The Bank of England raised interest rates for the second time in three months on Thursday, putting the United Kingdom far ahead of the rest of Europe and the U.S.
Cyprus president nixes luxury car use for top civil servantsJanuary 24, 2022 GMT
NICOSIA, Cyprus (AP) — Cyprus' president has scrapped plans to grant free-of-charge, around-the-clock use of state-financed luxury vehicles to top civil servants amid a public outcry over a perceived waste of taxpayers’ money, a government spokesman said Monday.
$5M gift made to Hampshire College in honor of Ken BurnsJanuary 5, 2022 GMT
AMHERST, Mass. (AP) — Hampshire College has received an anonymous $5 million gift in honor of one of its most famous alumni, award-winning documentary filmmaker Ken Burns, that will help the Massachusetts school continue its academic transformation.
Chinese developer asking bondholders to postpone repaymentJanuary 5, 2022 GMT
BEIJING (AP) — A troubled Chinese real estate developer with $310 billion of debt is asking investors in one of its bonds to postpone when they will be repaid.
Evergrande Group will conduct a three-day online vote starting Friday for holders of the 4.5 billion yuan ($700 million) bond, according to an announcement made through the Shenzhen Stock Exchange in southern China.
Late Senate leader Harry Reid remembered as `man of action’December 30, 2021 GMT
WASHINGTON (AP) — Presidents and former Senate colleagues are lauding longtime Majority Leader Harry Reid for a political legacy that included an expansion of health insurance coverage for millions of Americans and helping secure an economic aid package and banking overhaul following the 2008 financial crisis.
Former Greek President Karolos Papoulias dies at 92December 26, 2021 GMT
ATHENS, Greece (AP) — Karolos Papoulias, a former president of Greece has died at the age of 92, Greece’s state news agency ANA reports.
Papoulias, a longtime socialist lawmaker and minister, was close to Andreas Papandreou, the founder of the Socialist PASOK party, and an opponent of Papandreou’s successor, the moderate modernizer Costas Simitis.
UN chief warns Lebanon Cabinet paralysis may dampen supportDecember 21, 2021 GMT
BEIRUT (AP) — The U.N. chief warned Tuesday that the international community is unlikely to come forth with much-needed support for Lebanon amid its persistent government paralysis and as the country struggles through a “very dramatic” crisis.
UN: Lebanese crisis exposes children to abuse, exploitationDecember 17, 2021 GMT
BEIRUT (AP) — The U.N. children’s agency said Friday the number of cases of child abuse and exploitation it has handled in Lebanon has nearly doubled in the past year amid the Mideast country’s economic meltdown.
Struggling Chinese developer warns it could run out of moneyDecember 3, 2021 GMT
BEIJING (AP) — A Chinese developer that is struggling under $310 billion in debt warned Friday it may run out of money to “perform its financial obligations” — sending regulators scrambling to reassure investors that China’s financial markets can be protected from a potential impact.
Review: In ‘The Humans,’ a family’s bonds are sorely testedNovember 23, 2021 GMT
Laughter and tears. Fun and disappointment. Affection and insults. Anxieties, hostilities, too much food, too much alcohol.
In other words: Thanksgiving.
This year, Thanksgiving stories in the news are about COVID, and how families will navigate inter-generational mingling.
New Mexico recoups $24 million in mortgage-crisis settlementNovember 23, 2021 GMT
SANTA FE, N.M. (AP) — New Mexico's public pension and investment funds will receive $24 million from several major financial institutions to resolve a lawsuit over mortgage-backed securities and the financial crisis more than a decade ago, state prosecutors said.
Latest exit from Fed’s board gives Biden three slots to fillNovember 8, 2021 GMT
WASHINGTON (AP) — Randal Quarles announced Monday that he will resign from the Federal Reserve's Board of Governors at the end of the year after completing a four-year term as its top bank regulator, opening up another vacancy on the Fed's influential board for President Joe Biden to fill.
Indonesia seizes land owned by Suharto son’s companyNovember 5, 2021 GMT
JAKARTA, Indonesia (AP) — Indonesian authorities on Friday seized four plots of land owned by the youngest son of former dictator Suharto as part of efforts to recover money owed the government since the 1997-1998 Asian financial crisis.
Lebanon’s oldest English-language daily folds amid crisisNovember 2, 2021 GMT
BEIRUT (AP) — Lebanon’s Daily Star, one of the leading English-language newspapers in the Arab world and Lebanon’s oldest, has folded following a years-long financial struggle.
An email reviewed Tuesday by The Associated Press informed employees of the decision to lay off all staff as of October 31.
Kuwait, UAE join Saudi Arabia with measures against LebanonOctober 31, 2021 GMT
BEIRUT (AP) — Lebanese politicians scrambled to resolve a diplomatic spat with Saudi Arabia and other Gulf nations on Saturday, after comments by a Cabinet minister about the war in Yemen stoked their ire.
Germany’s Merkel ready to have more time to read, travelOctober 30, 2021 GMT
BERLIN (AP) — German Chancellor Angela Merkel says she is satisfied with the timing of her departure after 16 years at the helm of the country and is now looking forward to dedicating time to things she had to neglect during her chancellorship.